CTC Media provides update on anticipated timing of transaction

MTG notes the announcement today by CTC Media, Inc., Russia’s leading
independent media company of which MTG owns 38%, that the Office of Foreign
Assets Control of the U.S. Treasury Department has issued a license authorizing
CTC Media to proceed with the previously announced merger transaction. The CTC
Media Board of Directors is currently finalizing preparations for the merger,
including awaiting the receipt of a tax refund from the U.S. Internal Revenue
Service, and currently anticipates that the merger will be completed early in
the second quarter of 2016.
CTC Media’s full announcement can be found at http://www.ctcmedia.ru/press
-center/releases. CTC Media’s common stock is traded on the NASDAQ Global Select
Market under the symbol “CTCM”.

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MTG (Modern Times Group MTG AB (publ.)) is a leading international entertainment
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according to the Securities Market Act and/or the Financial Instruments Trading
Act, and was released at 15:40 CET on 29 March 2016.