ctc media investor presentationctcmedia.ru/upload/iblock/7f0/7f01638c12b1ec3b85cd69f10e...audience...

June 2015

CTC Media, Inc.

Investor Presentation

Contents

1

Company Overview 2-8

Strategy Overview 9

Company’s Market Position 10-17

Areas for Further Development 18-21

Q1 2015 Financial & Operational Highlights 22-28

Appendix 29-36

2

A Leading Independent Broadcasting Company in Russia

From Private TV Network to Public Media Holding

1989 1994 2002 2005 2006 2008 2009 2010 2011 2012 2013 2014 2015

CTC Media is

founded as Story

First

Communications

Launch of CTC

Network

Modern Times

Group becomes a

shareholder of

CTC Media

Launch of

Domashny

Network

Initial Public

Offering

on NASDAQ

Acquisition of

DTV (rebranded to

Peretz in 2011)

Acquisition of

Channel 31 in

Kazakhstan and a

TV company in

Moldova

Launch of CTC-

international in

Kazakhstan,

Kyrgyzstan,

Armenia, Georgia,

Azerbaijan, Thailand

and uplink to HOT

BIRD

CTC and Domashny

receive digital

licenses

Launch of CTC-

international in

Germany, North America

and the Baltics

Telcrest Investments

Limited acquires a 25%

stake in СTС Media

from Alfa Group

Launch of Domashniy.ru

women’s portal

Launch of

CTC-

international

in USA

Launch of CTC-

international in

Israel

Establishment of

CTC Media’s

internal advertising

sales house

‘Everest Sales’

Launch of

Videomore.ru

online content

portal

Development of in-

house creative

production center

Launch of Peretz

International in

Belarus

Launch of CTC Love

Channel on cable

and satellite

Launch of Sweet Me

brand

Launch of first

Russian TV series in

the US on the HULU

subscription service

Launch of Second

Screen App

3

Launch of mobile

social network game

based on TV show

Molodezhka

Acquisition of

CarambaTV

Launch of movie

streaming services

on CTC Media on-

line properties

TRANSMEDIA

CTC MEDIA INTERNATIONAL

CHANNELS’ GROUP (PAY-TV)

AD SALES

FREE-TO-AIR (CIS)

We Fully Capture the Value Chain by Being an Integrated TV Broadcaster

BROADCASTING ( RUSSIA)

Free-to-air

TV ad maket growth1

International version of CTC channel

Mobile, smart TV, second screen, transmedia projects

Ctc.ru, Domashniy.ru, Peretz.ru

Online video portal Videomore.ru

CTC – target audience All 10-45

Domashny – target audience Females 25-59

Peretz – target audience All 25-49

International version of Peretz channel

Kazakhstan Channel 31 – target audience All 6-54

Internal advertising sales house Everest

CTC Love – target audience All 11-34

4

International version of Domashny channel

We Are the Largest Independent FTA-Broadcaster in Russia with Premium Audiences

Combined audience shares, %

(all 10-45 demographic)

5

26.9

13.6 12.8 12.3

8.2

4.5

Gazprom-Media VGTRK (Rossiya) СTС Media Channel One National Media Group UTV Russia Holding

Q1 2015

We Operate in Different Markets with Russian Speaking Populations

Sources: Vi, Russian Association of Communications Agencies, ZenithOptimedia, CIA World Factbook, Russkiy Mir Foundation

Kazakhstan

Kyrgyzstan North America

Germany

Russia

Israel

Moldova

Baltic states

Since February 2012

CTC-international is available on

the HOT

BIRD 8 satellite

(W/E Europe, North Africa,

Middle East and Central Asia

coverage)

Thailand

Armenia, Georgia, Azerbaijan

Belarus

6

CTC Media Shareholder Structure

CTC Media, Inc.

Shareholder of CTC Media

since 2002

Modern Times Group

MTG AB

39%

Number of common shares outstanding

(as of March 31, 2015)

Shareholder of CTC Media

since 2011

Telcrest Investments

Limited

25%

IPO on NASDAQ in June 2006

Free float

36%

155,834,739

Kaj Gradevik

Director

Irina Gofman

Director

Natasha Tsukanova

Co-chairman

Board of Directors

Angelo Codignoni

Co-Chairman

Alexander Pentya

Director

Timur Weinstein

Director

Tamjid Basunia

Director

Werner Klatten

Director

Jean-Pierre Morel

Director

7

Strong Management Team

Julia Moskvitina

Chief Commercial Officer

Joined CTC Media in

1999

More than 15 years’

experience in

advertising sales

Elmira Makhmutova

Head of CTC Channel

Joined CTC Media in

2008


experience in marketing

and media business

Lilia Omasheva

Chief of Operational Efficiency

and Organizational Development

Joined CTC Media in 2013

More than 10 years’ experience

in the advertising industry

Sergey Petrov

Chief Broadcasting Officer


20 years‘ experience in TV

industry

Lika Blank

Head of Domashny and

CTC Love Channels



experience in media

business

Stanislav Ploschenko

Chief Financial Officer

Joined in 2014


experience in finance

Ruben Oganesyan

Head of Peretz Channel

Joined CTC Media in

2014


experience in media

businesses

Alexey Pivovarov

Head of Transmedia

Projects Department

Joined CTC Media in

2013

More than 20 years in

TV industry

Yuliana Slashcheva

Chief Executive Officer

Joined in 2013

20 years in high-growth

media related businesses

Oleg Kuzmin

Chief Strategic

Communications Officer


15 years‘ experience in

communications and

marketing

8

Delivering on Strategic Priorities

New approach to

monetization through digital

projects and partnerships

Digital & Transmedia

revenue up 12% in RUB in Q1

2015 and continues to grow

CarambaTV provides an

opportunity for additional

monetization

Revenue of CTC Media

International channels

increased by 136% in RUB in

Q1 2015

Launch of movie streaming

services on CTC Media

online properties

Channels' websites become

full scale platforms

Second screen App

successfully launched in

November 2014

Successful launch of a

social network game based

on TV show Molodezhka

Centralized content

purchases to secure

synergies, longer content

life span and sharing among

platforms

Centralized programming to

avoid cannibalization

Further steps towards more

local content

Prioritize content

and synergies

STRATEGIC GOAL: To become a leader in content creation, management and distribution

on all potentially monetizable platforms

Grow combined

audience share

Expand digital

offerings

Diversify revenue

streams

1 2 3 4

Launch of CTC Love to

cover a complementary

audience segment

New Head of Domashny

upgrades Channel’s content

and programming to attract

younger audience

New Heads of CTC and

Peretz to strengthen

channels’ market positions

9

Strong Market Position in a Challenging Market Environment

CTC Remains № 3 in “All 10-45” – Most Commercially Attractive Demographic – in Q1 2015…

Audience shares1, %

(1) Source: TNS Russia, CTC Media’s Research Department

(2) Includes audience shares of regional and non-FTA channels

11

(*) CTC Love started to be measured by TNS Russia from September 2014

11.6

13.0

10.8

9.3

8.5

4.7

3.8 3.0

1.9 2.0 2.0 2.7

1.9 2.2

1.8 1.4 1.3 1.7

0.6

17.7

12.6 12.3

8.3 8.1

6.8

4.3 3.9

3.5

2.7 2.6 2.4 2.3 2.1 1.8 1.8 1.5 1.5

1.4

0.6 0.6

22.6

TNT ChannelOne

CTC Russia 1 NTV Ren TV Channel 5 TV-3 Russia24

Pyatniza Disney Russia 2 Domashny Peretz TV Centr Zvezda 2X2 U CTC Love* RussiaK

Other

Q1 2014

Q1 2015

2

13.1

11.6 11.3

8.69.0

4.94.2

3.0

0.91.7

2.2 2.4 2.0 2.2 1.8 1.8 1.61.4

0.7

18.7

13.0

12.1

10.2

8.3 7.8

4.2 4.03.1

2.62.2 2.2 2.0 2.0 2.0 1.7 1.6 1.5

1.5

0.6

20.1

TNT ChannelOne

CTC Russia 1 NTV Ren TV Channel 5 TV-3 Russia24

Pyatniza ***Russia 2 Disney * Domashny Peretz TV Centr U ** 2X2 Zvezda RussiaK

Other

12M 2013

12M 2014

…As Well As in 12M 2014

Audience shares1, %



2

12

CTC Media Channels’ Viewership Position

13

2.02.1 2.1

2.7

2.4

2.1

2009 2010 2011 2012 2013 2014

1.51.7

2.42.8 2.8

3.2 3.23.6 3.5

3.3

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

11.6 11.2

15.2 14.7

13.2 13.9

2009 2010 2011 2012 2013 2014

13.0 13.7 13.4

12.1 11.0 11.3

10.2

2008 2009 2010 2011 2012 2013 2014

Target audience All 10-45


Target audience Females 25-59


232226

246 243 243

222

249251 257

133142

134

188210

170 169

166160

5 613

2339

47

5866

87

4537

46 5144 40

42 41

40

2006 2007 2008 2009 2010 2011 2012 2013 2014

TV

Radio

Internet

Other

Internet Is Growing, But Not at the Expense of TV Viewing

Source: TNS Gallup Media, Russia

* Change in TNS Measurement panel in 2012 increase proportion of 2+ Tv-sets per household

TV Usage (Minutes per day, All 16+)

Min

ute

s p

er

da

y

*

14

Fragmentation of Russian TV Market Enables Niche Channels to Grow Further

Audience shares, all 10-45 demographic

Top 3 state-controlled channels

1st tier channels

2nd tier channels

Notes: top 3 state-controlled channels: Channel One, Rossiya 1, NTV; 1st tier channels: CTC, TNT, Ren-TV;

2nd tier channels: TV-3, Domashny, Peretz, Rossiya K, Channel 5, Rossiya 2, Euronews, Zvezda, Pyatniza, Rossiya 24, U, 2x2, TV Center, Disney, RU TV

Non-FTA and regional channels

15

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2nd Tier Channels’ audience share –

including Domashny, Peretz – is growing

rapidly

Stable Consumer Goods Client Base with Large Multi-National and Local Advertisers

Ad spending on CTC Media’s Russian channels by category

Notes: (*) National advertising sales for CTC, Domashny and Peretz Networks

(**) National advertising sales for CTC, Domashny, Peretz and CTC Love Channels

16

1Q 2014 1Q 2015

1 Pharmaceuticals and vitamins 22% 26%

2 Food and beverages 24% 26%

3 Cosmetics and personal care products 17% 17%

4 Other goods 16% 14%

5 Telecoms 7% 6%

6 Retail 4% 4%

7 Auto 3% 3%

8 Detergents 3% 2%

9 Appliances 3% 2%

10 Finance 1% 0%

■ Vast majority of CTC Media’s Russian

advertisers are focused on basic consumer

goods

■ Over 80% of CTC Media’s advertisers’

budgets are coming from multinationals

** *

Advertising Sales Structure

Advertisers

Advertising Agencies

Internal Sales Houses External Sales Houses

Everest Sales Gazprom-Media / Alkasar Vi

Consultancy services

17

Developing in Attractive CIS, International and Transmedia Markets

10,0 11,9 16,9 23.6 25,8 22,6

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Revenue OIBDA margin

29.7%

Strong Market Positions in Kazakhstan

Channel 31, Kazakhstan (all 6-54 demographics)* Kazakhstan revenue and OIBDA margin dynamics

US

$ m

ln

Source: (*) TNS Central Asia

17.4% 21.8%

30.4%

16.2%

Power ratio up to 1.2x from 1.5x

31.0%

19

11.6 11.2 15.2 14.7 13.2 13.9

11%12%

14%

17%

18%

19%

2009 2010 2011 2012 2013 2014

Target audience share Market share

Revenue CAGR – 21%

Entering New Platforms to Be Wherever Our Viewers Are

20 20

Q1 2015 reach in all digital platforms

11.4 mln unique users: 9.1 mln – WEB, 1.5 mln – Mobile 20

New Businesses and Partnerships

New Businesses

and Revenues

Streams

Key Projects

Launched partnership with Magnit, the largest retail chain in Russia. This project is one of

the most prominent, large-scale examples of the use of a TV brand in a Russian retail

network

Launched partnership between CTC Media’s “Sweet Me” and Wildberries, one of the

largest online retailers in Russia, to reach sales target of 200 million rubles by year-end

Digital & Transmedia business’ revenue increased by 12% and OIBDA increased by 14 %

CarambaTV provides an opportunity for additional monetization

Revenue of CTC Media International channels increased by 136% in ruble terms

CTC Love channel’s revenue reached 1% of Group total revenue

Launched movie streaming services on our online properties. This new service will also

be monetized through advertising

2nd screen App – Molodezhka-2, Londongrad will be fully monetized through different digital

platforms

Premium services, which will increase margins of the digital & transmedia businesses

21

Q1 2015 Financial Results

22

Q1 2015 Key Operating Highlights

Q1 2015 Key

Operating

Highlights

Double-digit OIBDA* margin of 10.6%

OIBDA* remained positive

Around 95% of inventory was sold

Group’s power ratio reached high level of 1.75

Operating expenses decreased by 5%

Programming optimization was 4%

Group total revenue down to 4.9 bln rub

All Other (Transmedia digital, СTC Love, CTC International) businesses’ share increased reaching

4% of the Group total revenue

Launch of movie streaming services on CTC Media on-line properties

Launch of partnership with Wildberries, one of the largest online retailers in Russia

Launch of cooperation with Magnit, largest retail chain in Russia

• OIBDA is defined as operating income before depreciation and amortization. OIBDA margin is defined as OIBDA divided by total operating revenues. Both OIBDA and OIBDA margin are non-GAAP

financial measures. Please see the financial tables included in the Company’s earnings release dated April 30, 2015, available on the Company’s website at www.ctcmedia.ru, for a reconciliation of OIBDA

to operating income and OIBDA margin to operating income margin.

6,5

4,9

Q1 2014 Q1 2015

Group Total Revenue

RUB Billion

1,3%

3,9%

Q1 2014 Q1 2015

Total Revenue of All Other Businesses Within Group Total

Revenue

Q2 2015 Key

Business

Highlights

23

http://www.ctcmedia.ru/

Audience Share Performance in Q1 2015 vs Q1 2014

#3 most watched FTA channel for the target audience (all 10-45)

Set of new premieres and series scheduled for Q2 and Q3 2015 CTC

Peretz

Domashny

31 Kazakhstan

The highest audience share within the last few years

Younger audience share growth

End of hit series “The Magnificent Century” didn’t result in audience share loss

Further improvement to the channel’s content policy

More compelling and attractive viewing grid from an advertiser’s perspective

Target audience share grew from 11.7% to 14.8% YoY

Successful changes in the programming grid, flexible and balanced approach to bilingual

broadcasting

3,1

3,4

Q1'14 Q1'15

0,8

1Q1'15

CTC Love

CTC Love’s audience share continued its successful growth and reached 0.8% of its All 11-34

target audience

The channel contributed RUB 58 million to the group’s revenue

11,7

14,8

Q1'14 Q1'15

Channel 31

10,8

8,3

Q1'14 Q1'15

2,4

1,9

Q1'14 Q1'15

24

Update on Response to Amendments to the Mass Media Law

Amended Mass Media Law limits aggregate non-Russian ownership or control of Russian mass

media to no more than 20%, starting 2016

Ongoing effort to evaluate and implement an appropriate response that achieves compliance with

the new law while safeguarding the interest of all stockholders

Have not yet identified an alternative that would comply with the new law without a material change

in the ownership of the Group’s Russian businesses or a sale or buyback of a material portion of

the common stock of the Company

Financial advisors recently conducted an initial, formal process to identify and solicit offers from

potential bidders; no offers have been received in that formal process

The Board of Directors and management reviewing strategic options including exploring potential

transactions with a limited number of additional parties

No assurance of success; limited pool of potential purchasers: transaction may not reflect the

underlying value of the business

Challenge

The Company’s

Response

25

Total Revenue Breakdown

Russian channels negatively affected by 21% decline in advertising market

Domashny demonstrated growth in audience share as a result of efficient content management

Geographic and business diversification partially offset negative revenue dynamics in 3 main channels

Transmedia and Other businesses including CTC Love, licensing and CTC International demonstrated superior growth

rates, in line with the Company’s strategy to diversify revenue streams

Actual 1Q'14 Transmedia Other Actual 1Q'15

mRUB

1Q 2014 vs 1Q 2015

-1 628 -25%

-1 501 -113 +91 -213 +102 +6

-32% -12% -32% +68% +12% > +100% 4 918 6 546

mRUB

26

Decrease in revenues of our Russian channels was the main contributor to OIBDA decline

Expenses for participation in the second digital multiplex and annual inflation in analog transmission costs (including new

CTC Love) affected our direct operating expenses

Cost optimization reduced SG&A and Programming expenses to address revenue decline despite negative FX effect,

social tax growth and legal and consulting expenses related to compliance with the new Mass Media Law

Stock-based compensation increase reflects non-cash effect of re-measurement of awards in 2014 at their fair value

Actual 1Q'14 Revenue Direct operating expenses Selling, general andadministrative expenses

Programming expense Stock-based compensation expense

Actual 1Q'15

mRUB

1Q 2014 vs 1Q 2015

14%

30.3%

10.6%

mRUB

-1 464 -74%

-59 +214 -90 +99

522 1 986

14% 15% 4% > +100%

-1 628

27

OIBDA Breakdown by Revenue and Expenses

Actual 1Q'14 Transmedia Other Actual1Q'15

1Q 2014 vs 1Q 2015

mRUB

30.3%

10.6%

Despite challenging market conditions, Group OIBDA margin remained double digit at 10.6%

Decline in revenues in Russian channels resulted in decreased OIBDA margin, with CTC channel as a main contributor to

OIBDA decline

Transmedia OIBDA increased as a result of efficient cost control and growing revenues

Other segments OIBDA includes expenses of our corporate headquarters, CTC International, and CTC Love. The decrease

in OIBDA of these segments is mainly due to legal and consulting expenses in response to the amendment to the Russian

Mass Media Law

mRUB

1 986

-1 464 -74%

-1 131 -76 -18 -127 +3

-76% -26% -58% -81% 14%

-115

<-100% 522

28

OIBDA Breakdown by Segments

Appendix

Audience Shares In “All 4+” Demographic in Q1 2015 vs Q1 2014

Audience shares1, %



30

(*) CTC Love started to be measured by TNS Russia from September 2014

15.0

14.0

12.2

6.3

5.3

6.2

4.7

3.0

2.1 2.9

2.3 2.7

2.2 1.5

1.8 1.4

1.2 1.0 0.6

17.7

14.5

12.8

10.4

6.7

5.5 4.8

3.9 3.3

3.0 2.9 2.6 2.5 2.2

1.8 1.5 1.4 1.4 0.8

0.7 0.4

20.4

ChannelOne

Russia 1 NTV TNT Channel 5 CTC Ren TV TV Centr Russia 24 TV-3 Domashny Russia 2 Zvezda Disney Peretz Russia K Pyatniza U 2X2 CTC Love* Other

Q1 2014

Q1 2015

Audience Shares In “All 4+” Demographic



Audience shares1, %

2

31

14.0

12.9 12.8

7.2 6.7

5.7 5.1

2.9

1.1

2.6 2.5 2.1 2.3

2.0 1.8 1.7 1.0 0.9 0.8

17.3

14.8

13.2

11.4

6.9

5.9 5.5

4.1

3.1 2.9 2.5 2.4 2.3 2.2

1.6 1.6 1.4 1.2 0.9

0.8

18.6

ChannelOne

Rossiya 1 NTV TNT CTC Channel 5 Ren-TV TV Center Rossiya 24 TV-3 Domashny Zvezda Rossiya 2 Peretz Disney Rossiya K Pyatnica U 2x2 Other

12M 2013

12M 2014

87%

65%

54%

88%

71%

61%

91%

76%

68%

94%

82%

73%

95%

85%80%

95%

89%84%

95%90%

85%

96%91%

88%

Consistent Growth in 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

Technical Penetration1, %

2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014

32

(US$ million, RUB million except per share data) Q1 2014 USD Q1 2015 USD Q1 2014 RUB Q1 2015 RUB

Total operating revenues 186.2 79.1 6,546.3 4,917.9

Advertising revenues 184.6 77.4 6,487.2 4,807.2

Total operating expenses (138.1) (74.3) (4,833.4) (4,615.6)

OIBDA* 56.0 8.4 1,985.9 521.7

OIBDA margin* 30.1% 10.6% 30.3% 10.6%

Adjusted net income attributable to CTC Media, Inc.

stockholders 31.2 8.4 1,119.8 511.6

Fully diluted earnings per share $0.20 $0.05 nm nm

Summary Income Statement

• OIBDA is defined as operating income before depreciation and amortization. OIBDA margin is defined as OIBDA divided by total operating revenues. Both OIBDA and OIBDA margin are non-GAAP

financial measures. Please see the financial tables included in the Company’s earnings release dated April 30, 2015, available on the Company’s website at www.ctcmedia.ru, for a reconciliation of OIBDA

to operating income and OIBDA margin to operating income margin.

33


Summary Balance Sheet

(US$ mln) AS OF MARCH 31, 2014 USD AS OF MARCH 31, 2015 USD

Total assets 904.5 572.6

including goodwill 124.1 51.6

including broadcasting licenses 51.3 25.8

including programming rights 282.0 185.4

Working capital* 282.4 127.0

Stockholders’ equity 674.4 385.1

Net cash position** 195.2 108.0

* Working capital = current assets – current liabilities

** Net cash position = cash and cash equivalents + short-term investments - total debt

34

Summary Cash Flow Statement

(US$ mln) Q1 2014 USD Q1 2015 USD

Cash at beginning of period 30.6 37.8

Net cash provided by operating activities 32.4 (3.3)

including acquisition of programming and sublicensing rights (84.7) (42.5)

Net cash used in investing activities 3.5 68.6

including CapEx (1.0) (0.6)

including net receipts from cash deposits 4.5 68.5

Net cash used in financing activities (27.4) (27.5)

Cash at end of period 37.7 73.9

CapEx (1.0) (0.6)

CapEx as % of total revenue 0.5% 0.8%

Free cash flow* 31.4 (3.9)

* Free cash flow = cash flow from operating activities - acquisitions of property and equipment and intangible assets

35

Contact Information and Disclaimer

For further information please visit www.ctcmedia.ru or contact: E-mail: [email protected] Tel: +7 (495) 981 0740

DISCLAIMER

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 include, among others, statements regarding the impact of recent amendments to the Russian law

“On Mass Media” and the Company’s potential actions in response to this change in law, developments in the macroeconomic environment, including the impact of

international economic sanctions; developments in the Company’s market; and the Company’s estimates for the development of the overall Russian TV advertising

market and of its revenues, expenses and audience shares in 2015. These 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 or implied by forward-looking statements

include, among others, the impact of recent amendments to the Russian law “On Mass Media” and the success of the Company’s efforts to respond to this law;

geopolitical events involving Russia and the other countries in which the Company operates, including any potential negative economic impact of such events;

depreciation of the value of the Russian ruble compared to the US dollar; the effect of international economic sanctions; changes in the size of the Russian

television advertising market compared with current estimates of anticipated market; the continued successful operation of the Company’s own internal sales house

structure; competitive pressures; the Company’s ability to deliver audience share, particularly in primetime, to its advertisers; and free-to-air television remaining a

significant advertising forum in Russia. These and other risks are described in the "Risk Factors" section of CTC Media's quarterly report on Form 10-Q filed with

the SEC on May 1, 2015. 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 of new information, future events or otherwise.

36


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