CTC Media announces intention to pay dividends in 2011

March 1 2011

Modern Times Group MTG AB (publ.) (‘MTG’ or ‘the Group’), the international entertainment broadcasting group, notes that CTC Media, Inc. (‘CTC Media’) has today announced its intention to pay aggregate cash dividends of USD 100 million in 2011 in four quarterly instalments. The first instalment equals USD 0.16 per share, or a total of approximately USD 25 million, and has been approved by the CTC Media Board of Directors. It will be paid on or about 31 March 2011, with a record date of 1 March 2011.

MTG holds 60,008,800 shares in CTC Media, which represents 38.2% of the issued and outstanding share capital in the Company. The Group therefore expects to receive USD 9.6 million in cash dividends from CTC Media on or about 31 March 2010, and dividends of approximately USD 38.2 million for the full year 2011.

CTC Media paid four quarterly cash dividends totalling USD 80 million in 2010, including a USD 50 million dividend in the fourth quarter. The Group therefore received dividend payments totalling USD 31 million (SEK 216 million) during 2010.

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