CTC Investments, a leading Russian content holding (CTC Investments or the “Holding”), has announced the election of members of its Board of Directors.

The Board includes three representatives of UTV Management, a Russian company that currently holds a 75% ownership interest in CTC Investments, one representative of CTC Media Inc., a Delaware corporation that currently holds a 25% ownership interest in CTC Investments, and a representative of CTC Investments' executive team.

The Board was elected as follows:

· Ivan Tavrin, Chief Executive Officer, PAO Megafon

· Andrey Dimitrov, Chief Executive Officer, UTV Management

· Vladimir Zhelonkin, Chairman of Board of Directors, Kommersant Publishing House

· Yuliana Slashcheva, Chief Executive Officer, CTC Investments

· Jean-Pierre Morel, CEO & CFO, CTC Media, Inc.

The Chairman will be elected at the first Board meeting.

According to the Charter of CTC Investments the newly elected Board will establish the Holding’s development strategy, approve the business plan, the budget and large transactions.