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
More than 18 years’
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
Joined CTC Media in 1995
20 years‘ experience in TV
industry
Lika Blank
Head of Domashny and
CTC Love Channels
Joined CTC Media in 2014
More than 16 years’
experience in media
business
Stanislav Ploschenko
Chief Financial Officer
Joined in 2014
More than 13 years’
experience in finance
Ruben Oganesyan
Head of Peretz Channel
Joined CTC Media in
2014
More than 16 years’
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
Joined CTC Media in 2014
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, %
(1) Source: TNS Russia, CTC Media’s Research Department
(2) Includes audience shares of regional and non-FTA channels
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 All 25-49
Target audience Females 25-59
Target audience All 6-54
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
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, %
(1) Source: TNS Russia, CTC Media’s Research Department
(2) Includes audience shares of regional and non-FTA channels
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
(1) Source: TNS Russia, CTC Media’s Research Department
(2) Includes audience shares of regional and non-FTA channels
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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