CTC MEDIA ANNOUNCEMENT

June 1 2006

NOT FOR DISTRIBUTION IN THE UNITED STATES, THE RUSSIAN FEDERATION, AUSTRALIA, CANADA OR JAPAN

Modern Times Group MTG AB, the international entertainment broadcasting group, notes that CTC Media, Inc., has today announced the pricing of its initial public offering of its common stock. The CTC Media announcement can be found on the Company’s corporate website at www.ctcmedia.ru. MTG owned 43.1% of CTC Media prior to the offering and has not sold any shares in the offering.

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