Financial Results for the Third Quarter & Nine Months Ended September 30, 2009

MOSCOW, Russia - CTC Media, Inc. (”CTC Media” or the “Company”) (NASDAQ: CTCM), Russia’s leading independent media company, today announced its unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009.

Three Months Nine Months Ended September 30, Ended September 30, (US$ 000’s except per 2008 2009 Change 2008 2009 Change share data) Total operating revenues $143,307 $106,935 -25.4% $452,823 $325,607 -28.1% Total operating expenses (92,222) (71,592) -22.4% (278,671) (209,852) -24.7% OIBDA(1) 55,030 38,201 -30.6% 183,706 123,874 -32.6% OIBDA margin 38.4% 35.7% -2.7% 40.6% 38.0% -2.6% Net income attributable to CTC Media, Inc. stockholders 20,969 25,855 23.3% 111,498 79,502 -28.7% Diluted earnings per share $0.13 $0.16 23.1% $0.70 $0.51 -27.1% THIRD QUARTER FINANCIAL HIGHLIGHTS - Total revenues down 4% year-on-year in ruble terms - Russian advertising revenues down 4% year-on-year in ruble terms - Total operating expenses flat year-on-year in ruble terms - OIBDA of $38.2 million with an OIBDA margin of 35.7% - Net income of $25.9 million and fully diluted earnings per share of $0.16 - Net cash position of $55.9 million THIRD QUARTER OPERATING HIGHLIGHTS - Average combined 4+ audience share in Russia up year-on-year to 13.6% from 13.2% - Target audience shares up year-on-year for all three Russian networks - CTC 6-54 audience share of 13.2% in September was at highest level since 2006

Anton Kudryashov, Chief Executive Officer of CTC Media, commented: “We continued to outperform the Russian television advertising market in the third quarter, with our Russian advertising sales declining by 4% year-on-year in ruble terms. Video International has estimated that the Russian television advertising market was down 21% year-on-year in the quarter, due to the impact of the ongoing economic crisis on advertising spending levels.

“Our increased investment in programming ahead of the highly competitive fall season proved successful and resulted in higher ratings in the third quarter for all three Russian networks. The CTC Network’s target audience share rose to 13.2% in September, which is the highest monthly average since 2006. We were also able to effectively monetize this additional inventory with a sell-out ratio of 97% in the quarter and increased advertising market shares. Furthermore, we reduced our non-programming costs further year-on-year and were therefore able to maintain a flat cost base and deliver a healthy margin for the quarter.

“We have continued to build on these target audience share gains in the fourth quarter, albeit not at the exceptional levels achieved in the third quarter. We therefore currently expect that our Russian advertising revenues will be down by between 4% and 6% year-on-year in ruble terms for the full year 2009, compared to the estimated television advertising market decline of over 20%. Furthermore, we still expect our organic costs to be flat year-on-year for the full year. We have significantly enhanced our competitive market position in the year to date, but visibility continues to be limited moving forward and we expect overall market conditions to remain challenging in 2010.”

Operating Review Revenues(1) Three Months Nine Months Ended September 30, Ended September 30, (US$ 000’s) 2008 2009 Change 2008 2009 Change Operating revenues: CTC Network $ 89,372 $68,409 -23.5% $297,067 $210,618 -29.1% Domashny Network 13,305 10,521 -20.9% 44,976 31,972 -28.9% DTV Network 10,190 9,435 -7.4% 22,405 27,285 21.8% CTC Television Station Group 21,372 13,544 -36.6% 67,364 39,672 -41.1% Domashny Television Station Group 3,783 1,703 -55.0% 11,348 5,660 -50.1% DTV Station Television Group 1,531 794 -48.1% 3,335 2,582 -22.6% CIS Group 3,608 2,413 -33.1% 5,980 7,293 22.0% Production Group 146 116 -20.5% 348 525 50.9% Total operating revenues $143,307 $106,935 -25.4% $452,823 $325,607 -28.1%

Total operating revenues for the three months ended September 30, 2009 were down by 25% year-on-year in US dollar terms. The third quarter results in both 2008 and 2009 included full quarterly contributions from DTV Group in Russia and Channel 31 Group in Kazakhstan, which were both acquired in the first half of 2008.

The reported decline in revenues reflected the underlying weakness in the advertising markets, as well as the year-on-year depreciation of the Company’s principal operating currency (the ruble) against the Company’s reporting currency (the US dollar). The depreciation had a negative impact of approximately 22% on the Company’s ruble-denominated sales. Advertising sales in Russia, which accounted for 95% of total third quarter revenues in both 2009 and 2008, were down 4% year-on-year in the third quarter in ruble terms.

The year-on-year development in advertising revenues for the Russian Television Station Groups once again reflected a sharp decline in the regional Russian advertising markets and was due to the weighting of spending by large advertisers towards national campaigns, resulting in significant decreases in regional advertising rates compared with national rates.

CIS Group revenues were down by 33% year-on-year in the third quarter of 2009 primarily due to the year-on-year depreciation of the Kazakh tenge against the US dollar, lower sell-out ratios and decreased audience shares, which were partially offset by increased advertising rates. Channel 31 generated over 90% of CIS Group revenues in the quarter.

Share of Viewing in Target Demographics Average Audience Shares (%) Q3 2008 Q2 2009 Q3 2009 CTC Network (all 6-54) 12.0 12.5 12.2 Domashny Network (females 25-60) 2.8 2.9 3.2 DTV Network (all 25-54) 2.1 2.4 2.3 Channel 31 (all 6-54) 16.6 11.7 11.6

Each of the Russian networks delivered higher target audience shares in the third quarter and improvements year-on-year, which reflected a successful beginning to the new Fall season.

The increased ratings for the flagship CTC Network reflected the successful launch of the new Fall season programming. The target audience share in September averaged 13.2%, which was the highest monthly average since 2006. Major audience share drivers included the new seasons of the ‘Daddy’s Girls’ sitcom and ‘Ranetki’ series, as well as the premier season of the’Margosha’ series, which is based on the Argentine ‘LaLola’ format. All of these prime-time shows were produced in-house and gained audience shares above the average audience share for the channel. The broader programming schedule that included a number of locally produced premier shows and infotainment programs also supported the positive viewing share development.

Domashny’s audience share also increased year-on-year from 2.8% to 3.2% due to the continued strong performance of re-runs of CTC hit series ‘Born Not Pretty’, which was supported by a successful line-up of movies and documentaries and enhanced weekend programming. The recently launched new season of ‘Desperate Housewives’ is also gradually increasing its share of viewing.

DTV has been focused on the 25-54 year-old target group since January 2009 and increased its viewing share in the third quarter following the continued success of locally produced ‘Marital Fiction’, as well as the late prime-time slots for Russian and foreign criminal investigation and action series. DTV continues to work on refining its channel positioning and introduced a number of locally produced short cycles of programs in various genres oriented towards the target demographic.

Channel 31 maintained its position as the second-most watched broadcaster in Kazakhstan in the third quarter, with a well-balanced mix of CTC-branded, international and locally produced Kazakh content.

Expenses Three Months Nine Months Ended September 30, Ended September 30, (US$ 000’s) 2008 2009 Change 2008 2009 Change Operating expenses: Direct operating expenses $10,312 $7,866 -23.7% $27,308 $22,848 -16.3% Selling, general & administrative expenses 28,492 17,686 -37.9% 70,463 52,936 -24.9% Amortization of programming rights 48,007 42,580 -11.3% 164,229 120,878 -26.4% Amortization of sublicensing rights and own production cost 1,466 602 -58.9% 7,117 5,071 -28.7% Depreciation & amortization 3,945 2,858 -27.6% 9,554 8,119 -15.0% Total operating expenses $92,222 $71,592 -22.4% $278,671 $209,852 -24.7%

Total operating expenses for the three months ended September 30, 2009 were down 22% year-on-year in US dollar terms and included full quarterly contributions from DTV Group and Channel 31 Group in both 2008 and 2009. The reported decrease in expenses reflected the year-on-year depreciation of the Company’s ruble and other operating currencies against the US dollar reporting currency while, in ruble terms, total operating expenditure was flat year-on-year.

Direct operating expenses were down 24% year-on-year in the third quarter in US dollar terms, while selling, general and administrative expenses were down 38%. Stock-based compensation expenses, most of which were allocated to selling, general and administrative expenses, were down year-on-year to $3.4 million in the third quarter of 2009 from $5.2 million in the same period of 2008.

Programming expenses decreased by 11% year-on-year and represented 39.8% of revenues, up from 33.5% in the third quarter of 2008. The year-on-year increase in programming costs as a percentage of revenue reflected a decreased top-line and a relatively more expensive programming mix in the third quarter of 2009 compared to the third quarter of 2008, which were partially offset by the effect of changes in certain content amortization rates from the beginning of 2009. Increased investment in programming was connected with the launch of the Fall season schedule, including new episodes of successful in-house produced series and sitcoms on the CTC Network, new local entertainment and infotainment shows and programs, and top quality international movies.

The amortization rates for certain types of Russian-produced programming were changed with effect from the beginning of 2009, in order better to reflect expected revenue generation patterns. These changes in the amortization policy resulted in a decrease in amortization expenses of $0.4 million during the third quarter of 2009 compared with the third quarter of 2008. Excluding the impact of these amortization policy changes, programming expenses were down 10% year-on-year in the third quarter in US dollar terms.

The 59% year-on-year decline in sublicensing and own production costs primarily reflected the lower cost of in-house produced series and sitcoms that were sold to third-party broadcasters in Ukraine. The decrease in costs was mainly due to the depreciation of the Russian ruble against the US dollar.

Consolidated OIBDA was therefore lower year-on-year at $38.2 million (Q3 2008: $55.0 million) and the OIBDA margin declined to 35.7% (Q3 2008: 38.4%).

Group depreciation and amortization charges decreased by 27.6% year-on-year to $2.9 million (Q3 2008: $3.9 million) in the third quarter, and consolidated operating income totaled $35.3 million (Q3 2008: $51.1 million).

The net interest expenses were down year-on-year by 85.7% to $0.6 million in the quarter (Q3 2008: $4.0 million) primarily due to partial repayments of principal amount of the Company’s syndicated loan in December 2008 and June 2009.

The Company’s pre-tax income amounted to $35.2 million (Q3 2008: $34.2 million) in the quarter. The effective tax rate decreased year-on-year in the third quarter to 26% (Q3 2008: 36%) mainly due to the decrease in statutory income tax rates in Russia (from 24% to 20%) and Kazakhstan (from 30% to 20%) from the beginning of 2009.

Consolidated net income attributable to CTC Media, Inc. stockholders therefore totaled $25.9 million (Q3 2008: $21.0 million) in the third quarter and fully diluted earnings per share amounted to $0.16 (Q3 2008: $0.13).

Cash Flow

The Company’s net cash flow from operations totaled $75.7 million in the first nine months of 2009 (first nine months of 2008: $94.1 million) and reflected the net effect of lower advertising sales and lower spending for programming and sublicensing rights in the first half of 2009.

Cash used in investing activities totaled $23.9 million during the first nine months of 2009 (first nine months of 2008: $411.5 million) and included $11.0 million in payments related to the acquisitions of Costafilm and Soho Media, as well as purchases of equipment and software for the Company’s new digital broadcasting center in Moscow. The investments in the first nine months of 2008 included the acquisition of DTV Group in Russia, Channel 31 Group in Kazakhstan, the Costafilm and Soho Media production companies in Russia, and a number of local owned-and-operated stations in Russia.

Cash used for financing activities amounted to $36.5 million for the first nine months of the year (first nine months of 2008: $55.5 million). This included a $33.8 million part repayment of a syndicated loan, which the Company drew down in July 2008 in order to finance the acquisition of DTV Group.

The Company’s cash and cash equivalents amounted to $112.6 million at September 30, 2009, compared to $98.1 million at the end of 2008 and $54.3 million at September 30, 2008.

Borrowings

The Company’s total borrowings and accrued interest amounted to $56.7 million (September 30, 2008: $124.6 million) at the end of the reporting period, compared to $90.6 million at the end of 2008. The Company therefore had a net cash position, which is defined as cash and cash equivalents less interest-bearing liabilities, of $55.9 million (September 30, 2008: net debt of $70.3 million) at the end of the reporting period, compared to a net cash position of $7.5 million at the end of 2008.

Conference Call

The Company will host a conference call to discuss its third quarter financial results today, Thursday, November 5, 2009, at 9:00 a.m. ET (5:00 p.m. Moscow time, 2:00 p.m. London time). To access the conference call, please dial +1-718-247-0884 (US/International) or +44(0)20-7806-1966 (UK/International). The pass code for the call is 7619644. A live webcast of the conference call will also be available via the investor relations section of the Company’s corporate web site - www.ctcmedia.ru/investors. The webcast will also be archived on the Company’s web site for two weeks.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with US GAAP, the Company uses the following non-GAAP financial measures: OIBDA (on a consolidated and segment basis) and OIBDA margin. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the accompanying financial tables included at the end of this release.

The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain expenses that may not be indicative of its recurring core business operating results, meaning its operating performance excluding certain non-cash charges. These metrics are used by management to further its understanding of the Company’s operating performance in the ordinary, ongoing and customary course of operations. The Company also believes that these metrics provide investors and equity analysts with a useful basis for analyzing operating performance against historical data and the results of comparable companies.

OIBDA and OIBDA margin. OIBDA is defined as operating income before depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights). OIBDA margin is defined as OIBDA divided by total operating revenues. The most directly comparable GAAP measures to OIBDA and OIBDA margin are operating income and operating income margin, respectively. Unlike operating income, OIBDA excludes depreciation and amortization, other than amortization of programming rights and sublicensing rights. The purchase of programming rights is the Company’s most significant expenditure that enables it to generate revenues, and OIBDA includes the impact of the amortization of these rights. Expenditures for capital items such as property, plant and equipment have a materially less significant impact on the Company’s ability to generate revenues. For this reason, the Company excludes the related depreciation expense for these items from OIBDA. Moreover, a significant portion of its intangible assets were acquired in business acquisitions. The amortization of intangible assets is therefore also excluded from OIBDA.

About CTC Media, Inc.

CTC Media is a leading independent media company in Russia, with operations throughout Russia and elsewhere in the CIS. It operates three free-to-air television networks in Russia - CTC, Domashny and DTV, Channel 31 in Kazakhstan and TV companies in Uzbekistan and Moldova. The combined population of the countries in which CTC Media operates is over 180 million people. CTC Media also owns two TV content production companies, Costafilm and Soho Media. The Company’s common stock is traded on The NASDAQ Global Select Market under the symbol “CTCM”. For more information on CTC Media, please visit www.ctcmedia.ru.

Caution Concerning Forward Looking Statements

Certain statements in this press release 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 potential impact of the current unfavorable macroeconomic environment globally and in Russia on the size of the Russian television advertising market, its impact on the Company’s revenues, and the split of advertising sales between national and local markets. 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 by forward-looking statements include, among others, further depreciation of the value of the Russian ruble compared to the US dollar, changes in the size of the Russian television advertising market, particularly in light of the current economic instability in Russia and globally; the Company’s ability to deliver audience share, particularly in primetime, to its advertisers; 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 quarterly report on Form 10-Q for the second quarter of 2009, filed with the SEC on August 6, 2009, which will be updated in the company’s quarterly report on Form 10-Q for the third quarter of 2009, to be filed on November 5, 2009.

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.

CTC MEDIA, INC, AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (in thousands of US dollars, except share and per share data) Three months ended Nine months ended September 30, September 30, 2008 2009 2008 2009 REVENUES: Advertising $ 139,469 $ 103,625 $ 440,245 $ 311,386 Sublicensing and own production revenue 3,149 3,022 10,601 12,914 Other revenue 689 288 1,977 1,307 Total operating revenues 143,307 106,935 452,823 325,607 EXPENSES: Direct operating expenses (exclusive of amortization of programming rights and sublicensing rights, shown below, exclusive of depreciation and amortization of $3,147 and $2,453 for the three months and $7,179 and $6,524 for the nine months ended September 30, 2008 and 2009 respectively; and inclusive of stock-based compensation of $213 and $151 for the three months and $639 and $452 for the nine months ended September 30, 2008 and 2009, respectively) (10,312) (7,866) (27,308) (22,848) Selling, general and administrative (exclusive of depreciation and amortization of $799 and $406 for the three months and $2,375 and $1,596 for the nine months ended September 30, 2008 and 2009, respectively; inclusive of stock-based compensation of $4,959 and $3,228 for the three months and $11,249 and $11,699 for the nine months ended September 30, 2008 and 2009, respectively) (28,492) (17,686) (70,463) (52,936) Amortization of programming rights (48,007) (42,580) (164,229) (120,878) Amortization of sublicensing rights and own production cost (1,466) (602) (7,117) (5,071) Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights) (3,945) (2,858) (9,554) (8,119) Total operating expenses (92,222) (71,592) (278,671) (209,852) OPERATING INCOME 51,085 35,343 174,152 115,755 FOREIGN CURRENCY GAINS (LOSSES) (13,978) 274 (11,772) (4,462) INTEREST INCOME 288 725 5,255 2,494 INTEREST EXPENSE (4,249) (1,290) (6,508) (5,704) OTHER NON-OPERATING INCOME (LOSSES), net 719 123 620 (5) EQUITY IN INCOME OF INVESTEE COMPANIES 319 74 1,064 309 Income before income tax 34,184 35,249 162,811 108,387 INCOME TAX EXPENSE (12,322) (9,138) (48,552) (28,615) CONSOLIDATED NET INCOME $ 21,862 $ 26,111 $ 114,259 $ 79,772 LESS: INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST $ (893) $ (256) $ (2,761) $ (270) NET INCOME ATTRIBUTABLE TO CTC MEDIA, INC. STOCKHOLDERS $ 20,969 $ 25,855 $ 111,498 $ 79,502 Net income per share attributable to CTC Media, Inc. stockholders - basic $ 0.14 $ 0.17 $ 0.73 $ 0.52 Net income per share attributable to CTC Media, Inc. stockholders - diluted $ 0.13 $ 0.16 $ 0.70 $ 0.51 Weighted average common shares outstanding - basic 152,155,213 152,155,213 152,143,653 152,155,213 Weighted average common shares outstanding - diluted 158,212,439 157,770,126 158,945,038 157,361,626 CTC MEDIA, INC, AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of US dollars) Nine months ended June 30, 2008 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated net income $ 114,259 $ 79,772 Adjustments to reconcile net income to net cash provided by operating activities: Deferred tax benefit (12,504) (2,958) Depreciation and amortization 9,554 8,120 Amortization of programming rights 164,229 120,878 Amortization of sublicensing rights and own production cost 7,117 5,071 Stock based compensation expense 11,889 11,610 Equity in income of unconsolidated investees (1,064) (309) Foreign currency (gains) losses 11,772 4,462 Changes in operating assets and liabilities: Trade accounts receivable (16,357) 1,320 Prepayments (419) 151 Other assets (125) 3,352 Accounts payable and accrued liabilities 7,336 4,169 Deferred revenue (1,568) (6,021) Other liabilities 4,839 (13,713) Dividends received from equity investees 1,335 522 Acquisition of programming and sublicensing rights (206,234) (140,715) Net cash provided by operating activities 94,059 75,711 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of property and equipment and intangible assets (8,768) (10,653) Acquisitions of businesses, net of cash acquired (402,336) (12,145) Other (431) (1,097) Net cash used in investing activities (411,535) (23,895) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 1,811 - Proceeds from loans 135,000 - Repayments of loans (76,443) (33,750) (Incease) Decrease in restricted cash (50) 121 Dividends paid to minority interest (4,855) (2,832) Net cash provided by financing activities 55,463 (36,461) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 9,226 (799) Net increase (decrease) in cash and cash equivalents (252,787) 14,556 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 307,073 98,055 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 54,286 $ 112,611 CTC MEDIA, INC, AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands of US dollars, except share and per share data) December September 31, 2008 30, 2009 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 98,055 $ 112,611 Trade accounts receivable, net of allowance for doubtful accounts (December 31, 2008 - $1,355; September 30, 2009 - $1,141) 33,670 31,728 Taxes reclaimable 8,171 10,971 Prepayments 29,005 29,183 Programming rights, net 71,976 74,872 Deferred tax assets 14,166 17,255 Other current assets 7,720 5,392 TOTAL CURRENT ASSETS 262,763 282,012 RESTRICTED CASH 210 89 PROPERTY AND EQUIPMENT, net 22,722 20,666 INTANGIBLE ASSETS, net: Broadcasting Licenses 166,173 161,823 Cable Network Connection 25,205 28,863 Trade names 17,587 17,172 Network affiliation agreements 9,214 7,365 Other intangible assets 1,244 1,085 Net intangible assets 219,423 216,308 GOODWILL 223,027 216,181 PROGRAMMING RIGHTS, net 48,031 67,497 SUBLICENSING RIGHTS, net 1,221 625 INVESTMENTS IN AND ADVANCES TO INVESTEES 5,311 4,949 PREPAYMENTS 6,238 3,282 DEFERRED TAX ASSET 15,154 18,763 OTHER NON-CURRENT ASSETS 2,729 8,344 TOTAL ASSETS $ 806,829 $ 838,716 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable 41,025 56,485 Accrued liabilities 41,573 29,578 Taxes payable 30,154 13,880 Short-term loans and interest accrued 62,165 56,546 Deferred revenue 14,683 5,869 Deferred tax liability 2,778 2,916 TOTAL CURRENT LIABILITIES 192,378 165,274 LONG-TERM LOANS 28,438 186 DEFERRED TAX LIABILITY 38,943 36,024 STOCKHOLDERS’ EQUITY: Common stock; $0.01 par value; shares authorized 175,772,173; shares issued and outstanding December 31, 2008 and September 30, 2009 - 152,155,213) 1,522 1,522 Additional paid-in capital 365,362 376,975 Retained earnings 232,321 311,823 Accumulated other comprehensive loss (54,615) (53,079) Non-controlling interest 2,481 (9) TOTAL STOCKHOLDERS’ EQUITY 547,070 637,232 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 806,829 $ 838,716 CTC MEDIA, INC. AND SUBSIDIARIES UNAUDITED SEGMENT FINANCIAL INFORMATION (in thousands of US dollars) Three months ended September 30, 2008 Operating revenue from Operating Depreciation external Intersegment income/ and customers revenue (loss) amortization OIBDA CTC Network $89,372 $456 $44,610 $(243) $44,853 Domashny Network 13,305 2 3,136 (164) 3,300 DTV Network 10,190 3 4,123 (622) 4,745 CTC Television 21,372 433 10,438 (559) 10,997 Station Group Domashny 3,783 290 784 (677) 1,461 Television Station Group DTV Television 1,531 170 (1,125) (1,016) (109) Station Group CIS Group 3,608 - (1,023) (268) (755) Production Group 146 7,468 (410) (6) (404) Corporate Office - - (9,812) (389) (9,423) Business segment results $143,307 $8,822 $50,721 $(3,944) $54,665 Eliminations and other - (8,822) 364 (1) 365 Consolidated results $143,307 - $51,085 $(3,945) $55,030 Three months ended September 30, 2009 Operating revenue from Operating Depreciation external Intersegment income/ and customers revenue (loss) amortization OIBDA CTC Network $68,409 $490 $29,867 $(95) $29,962 Domashny 10,521 20 1,844 (72) 1,916 Network DTV Network 9,435 - 3,014 (708) 3,722 CTC Television 13,544 317 8,086 (515) 8,601 Station Group Domashny 1,703 360 (157) (348) 191 Television Station Group DTV Television 794 49 (972) (856) (116) Station Group CIS Group 2,413 - (1,067) (177) (890) Production 116 12,338 1,247 (40) 1,287 Group Corporate - - (6,534) (77) (6,457) Office Business $106,935 $13,574 $35,328 $(2,888) $38,216 segment results Eliminations - (13,574) 15 30 (15) and other Consolidated $106,935 - $35,343 $(2,858) $38,201 results (Continued on the next page) CTC MEDIA, INC. AND SUBSIDIARIES UNAUDITED SEGMENT FINANCIAL INFORMATION (continued) (in thousands of US dollars) Nine months ended September 30, 2008 Operating revenue from Operating Depreciation external Intersegment income/ and customers revenue (loss) amortization OIBDA CTC Network $297,067 $4,081 $143,767 $(752) $144,519 Domashny Network 44,976 9 10,870 (509) 11,379 DTV Network 22,405 8 9,748 (897) 10,645 CTC Television 67,364 1,364 39,966 (1,590) 41,556 Station Group Domashny 11,348 815 820 (1,960) 2,780 Television Station Group DTV Television 3,335 223 (1,755) (1,729) (26) Station Group CIS Group 5,980 - (2,896) (622) (2,274) Production Group 348 22,096 253 (44) 297 Corporate Office - - (25,549) (1,451) (24,097) Business segment $452,823 $28,596 $175,224 $(9,554) $184,779 results Eliminations and other - (28,596) (1,072) - (1,073) Consolidated results $452,823 - $174,152 $(9,554) $183,706 Nine months ended September 30, 2009 Operating revenue from Operating Depreciation external Intersegment income/ and customers revenue (loss) amortization OIBDA CTC Network $210,618 $2,175 $99,560 $(318) $99,878 Domashny Network 31,972 30 7,780 (258) 8,038 DTV Network 27,285 - 10,181 (1,922) 12,103 CTC Television 39,672 921 23,707 (1,384) 25,091 Station Group Domashny 5,660 970 286 (977) 1,263 Television Station Group DTV Television 2,582 116 (2,943) (2,390) (553) Station Group CIS Group 7,293 - (2,784) (608) (2,176) Production Group 525 32,506 2,838 (94) 2,932 Corporate Office - - (21,610) (234) (21,376) Business segment $325,607 $36,718 $117,015 $(8,185) $125,200 results Eliminations and other - (36,718) (1,260) 66 (1,326) Consolidated results $325,607 - $115,755 $(8,119) $123,874 CTC MEDIA, INC. AND SUBSIDIARIES RECONCILIATION OF CONSOLIDATED OIBDA TO CONSOLIDATED OPERATING INCOME (in thousands of US dollars) Three months ended Nine months ended September 30, September 30, 2008 2009 2008 __2009_ OIBDA $55,030 $38,201 $183,706 $123,874 Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights) __(3,945) __(2,858) __(9,554) __(8,119) Operating income $51,085 $35,343 $174,152 $115,755 CTC MEDIA, INC. AND SUBSIDIARIES RECONCILIATION OF CONSOLIDATED OIBDA MARGIN TO CONSOLIDATED OPERATING INCOME MARGIN Three months ended Nine months ended September 30, September 30, 2008 2009 2008 2009 OIBDA margin 38.4% 35.7% 40.6% 38.0% Depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights) as a percentage of total operating revenues -2.8% -2.6% -2.1% -2.4% Operating income margin 35.6% 33.1% 38.5% 35.6% CTC MEDIA, INC. AND SUBSIDIARIES RECONCILIATION OF SEGMENT OIBDA TO SEGMENT OPERATING INCOME (in thousands of US dollars) Three Months Ended September 30, 2008 Depreciation and amortization (exclusive of OIBDA amortization of Operating programming income rights, sublicensing rights and own production cost) CTC Network $44,853 $(243) $44,610 Domashny Network 3,300 (164) 3,136 DTV Network 4,745 (622) 4,123 CTC Television 10,997 (559) 10,438 Station Group Domashny Television 1,461 (677) 784 Station Group DTV Television (109) (1,016) (1,125) Station Group CIS Group (755) (268) (1,023) Production Group (404) (6) (410) Corporate (9,423) (389) (9,812) Business Segment $54,665 $(3,944) $50,721 Results Eliminations and Other 365 (1) 364 Consolidated Results $55,030 $(3,945) $51,085 Three Months Ended September 30, 2009 Depreciation and amortization (exclusive of OIBDA amortization of Operating programming income rights, sublicensing rights and own production cost) CTC Network $29,962 $(95) $29,867 Domashny Network 1,916 (72) 1,844 DTV Network 3,722 (708) 3,014 CTC Television 8,601 (515) 8,086 Station Group Domashny Television 191 (348) (157) Station Group DTV Television (116) (856) (972) Station Group CIS Group (890) (177) (1,067) Production Group 1,287 (40) 1,247 Corporate (6,456) (78) (6,534) Business Segment $38,216 $(2,888) $35,328 Results Eliminations and Other (15) 30 15 Consolidated Results $38,201 $(2,858) $35,343 CTC MEDIA, INC. AND SUBSIDIARIES RECONCILIATION OF SEGMENT OIBDA TO SEGMENT OPERATING INCOME (Continued) (in thousands of US dollars) Nine Months Ended September 30, 2008 Depreciation and amortization (exclusive of amortization of programming rights and sublicensing OIBDA rights) Operating income CTC Network $144,519 $(752) $143,767 Domashny Network 11,379 (509) 10,870 DTV Network 10,645 (897) 9,748 CTC Television 41,556 (1,590) 39,966 Station Group Domashny 2,780 (1,960) 820 Television Station Group DTV Television (26) (1,729) (1,755) Station Group CIS Group (2,274) (622) (2,896) Production Group 297 (44) 253 Corporate (24,097) (1,451) (25,549) Business Segment $184,779 $(9,554) $175,224 Results Eliminations and Other (1,073) - (1,072) Consolidated $183,706 $(9,554) $174,152 Results Nine Months Ended September 30, 2009 Depreciation and amortization (exclusive of OIBDA amortization Operating income of programming rights and sublicensing rights) CTC Network $99,878 $(318) $99,560 Domashny Network 8,038 (258) 7,780 DTV Network 12,103 (1,922) 10,181 CTC Television 25,091 (1,384) 23,707 Station Group Domashny 1,263 (977) 286 Television Station Group DTV Television (553) (2,390) (2,943) Station Group CIS Group (2,176) (608) (2,784) Production Group 2,932 (94) 2,838 Corporate (21,376) (234) (21,610) Business Segment $125,200 $(8,185) $117,015 Results Eliminations and (1,326) 66 (1,260) Other Consolidated $123,874 $(8,119) $115,755 Results ———————————

(1) OIBDA is defined as operating income before depreciation and amortization (excluding the amortization of programming rights and sublicensing rights). OIBDA margin is defined as OIBDA divided by total operating revenues. Both OIBDA and OIBDA margin are non-GAAP financial measures. Please see the accompanying financial tables at the end of this release for a reconciliation of OIBDA to operating income and OIBDA margin to operating margin.

(1) Segment revenues are shown from external customers only, net of intercompany revenues of $8.8 million in the third quarter of 2008, $13.6 million in the third quarter of 2009, $28.6 million in the first nine months of 2008, and $36.7 million in the first nine months of 2009, most of which related to revenues from the Production Group that have been eliminated in the consolidation of the Company’s revenues.

For further information, please visit www.ctcmedia.ru or contact: CTC Media, Inc. Investor Relations Ekaterina Ostrova or Ekaterina Tsukanova Tel: +7-495-783-3650 ir@ctcmedia.ru Media Relations Ekaterina Osadchaya or Angelika Larionova Tel: +7-495-785-6333 pr@ctcmedia.ru

Source: CTC Media, Inc

CTC Media, Inc.: Investor Relations, Ekaterina Ostrova or Ekaterina Tsukanova, Tel: +7-495-783-3650, ir at ctcmedia.ru; Media Relations: Ekaterina Osadchaya or Angelika Larionova, Tel: +7-495-785-6333, pr at ctcmedia.ru