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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>1. ORGANIZATION </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The accompanying consolidated financial statements include the accounts of CTC Media, Inc. and all consolidated subsidiaries (the "Company"). CTC Media, Inc., a Delaware corporation, operates the CTC, Domashny and Peretz television networks in Russia. Before October 2011, the Peretz channel operated under the DTV brand name. The DTV television network and DTV Television Station Group are hereinafter referred to as "Peretz television network" and "Peretz Television Station Group", respectively. The Company transmits its signals by satellite to its owned-and-operated affiliate stations and repeater transmitters and to independent affiliate stations. The Company's Russian network operations, including its relationships with its independent affiliates, are managed by its network subsidiaries: the CTC, Domashny and Peretz television networks (the "Networks"). The CTC, Domashny and Peretz Television Station Groups (the "Television Station Groups") manage the owned-and-operated affiliate stations and repeater transmitters for each respective Russian network. In addition, the Company operates the Channel 31 network, a Kazakh television broadcaster, and a broadcaster in Moldova. These two broadcasters comprise an additional business segment—the Commonwealth of Independent States Group (the "CIS Group"). Moreover, the Company has a Production segment ("the Production Group"), responsible for the Company's in-house production operations, specializing in producing sitcoms, series, sketchcoms and entertainment TV shows for Russian networks. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company generates substantially all of its revenues from the sale of television advertising on both a national and regional basis. At the national level and for substantially all of the stations in the Television Station Groups, this advertising is currently placed through the Company's own advertising sales house, which serves as the exclusive advertising sales agent for all of the Company's Russian networks and Television Station Groups in respect of Moscow-based clients. The Company also generates revenues from the sublicensing of programming rights and licensing of internally-produced programming to third parties. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The accompanying unaudited condensed consolidated financial statements for the three months ended March 31, 2012 should be read in conjunction with the consolidated financial statements contained in the Company's Annual Report on Form 10-K filed with the US Securities and Exchange Commission (the "SEC") on February 28, 2012. The Company's accounting policies are more fully described in Annual Report. The preparation of our unaudited condensed consolidated financial statements requires the Company to make judgments in selecting appropriate assumptions for calculating financial estimates, which inherently contain some degree of uncertainty. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The following discussion addresses the Company's most critical accounting policies, which require management's most difficult, subjective and complex judgments. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Basis of Presentation </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been recorded. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for the complete financial statements. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2011. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Principles of Consolidation </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Wholly owned subsidiaries and majority owned ventures where the Company has operating and financial control, as well as variable interest entities where the Company has been deemed the primary beneficiary with power and ability to control, are consolidated. Those ventures where the Company exercises significant influence, but does not exercise operating and financial control, are accounted for under the equity method. The Company uses the purchase method of accounting for all business combinations. Results of subsidiaries acquired and accounted for under the purchase method are included in operations from the date of acquisition. Noncontrolling interests represent a noncontrolling shareholder's proportionate share of the equity in certain of the Company's consolidated entities. Intercompany accounts and transactions are eliminated upon consolidation. Disposals are reflected at the time risks and rewards of ownership have been transferred. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company is the primary beneficiary of the Channel 31 Group, a variable interest entity consisting of a 20% participation interest in Teleradiokompaniya 31st Kanal LLP ("Channel 31"), and a 70% and 60% interest in Prim LLP and Advertising and Marketing LLP, respectively, which provide programming content and the advertising sales function to Channel 31 (together, the "Channel 31 Group"). These interests provide the Company with a right to 60% of the economic interest of the Channel 31 Group. The Company consolidates the Channel 31 Group. As of March 31, 2012, the Channel 31 Group had assets (excluding intercompany assets) totaling $23,080 and liabilities (excluding intercompany liabilities) totaling $10,848. These assets and liabilities primarily relate to broadcasting licenses, and the related deferred tax liabilities and tax contingencies assumed at acquisition of the Channel 31 Group. The Company finances the Channel 31 Group's operations during the ordinary course of business. As of March 31, 2012 the amount of intercompany payables of the Channel 31 Group totaled $5,104. Channel 31 Group's net loss attributable to CTC Media, Inc. stockholders totaled $189 for the three months ended March 31, 2012. This amount includes intercompany expenses of $149. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Seasonality </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company experiences seasonal fluctuations in overall television viewership and advertising revenues. Overall television viewership is lower during the summer months and highest in the first and fourth quarters. Seasonal fluctuations in consumer patterns also affect television advertising expenditures. In 2011, approximately 31% of our total advertising revenues were generated in the fourth quarter. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Use of Estimates </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The preparation of financial statements in conformity with the accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in the financial statements include, among others, the estimate of fair values in business combinations, estimates of the fair value of the Company's common stock in determining stock- based compensation, the amortization method and periods for programming rights and sublicensing rights, useful lives of tangible and intangible assets, impairment of goodwill, valuation of intangible assets and long-lived assets, estimates of contingencies, and the determination of valuation allowances for deferred tax assets. Consequently, actual results may differ from those estimates. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Revenue Recognition </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Revenue is recognized when there is persuasive evidence of an arrangement, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. An allowance for doubtful accounts is maintained for estimated losses resulting from the customers' inability to make payments. The Company recognizes advertising revenues at the moment when the advertising is broadcast and net of Value Added Taxes ("VAT"). </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's own sales house serves as the exclusive advertising sales agent for all of its networks in Russia, and the advertising is placed with advertisers and their agencies under direct sales arrangements with them. The sales house is primarily responsible for all of national and regional advertising sales, with the exception of advertising sales to several local clients of regional stations, which is made through Video International. The Company recognizes its Russian advertising revenues, excluding regional advertising revenues from local clients, based on the gross amounts billed to the advertisers and their agencies under direct sales arrangements. Advertising sales to local clients of regional stations under the Company's agency agreements with Video International are recognized net of agency commissions. Compensation expenses payable to Video International for the use of advertising software, related maintenance and analytical support and consulting services are included in selling, general and administrative expenses in the Company's consolidated statement of income. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Sublicensing, own production and other revenue primarily represent revenue the Company earns from sublicensing its rights to programming and from licensing of internally-produced programming. Sublicensing and own production revenue is recognized at such time as there is persuasive evidence that a sale or arrangement with a customer exists, the underlying programming is complete and has been transferred to the customer, the licensing period has commenced and the customer can begin use, the arrangement fee is fixed or determinable, and collection of the arrangement fee is reasonably assured. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Payments received in advance for advertising and other revenue are recorded as deferred revenue until earned. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Fair Value Measurements </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by the standard contains three levels as follows: </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Level 1—Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Level 2—Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets in non-active markets; (3) inputs other than quoted prices that are observable for the asset or liability; and (4) inputs that are derived principally from or corroborated by other observable market data. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Level 3—Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        There were no transfers between categories during the periods presented. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The fair values of the Company's derivative assets of $1,258 and derivative liabilities of $2,150 have been classified as Level 2. The fair value of the Company's foreign exchange forward contracts is determined based on the present value of future cash flows using market-based observable inputs such as forward rates, discounts rates and foreign currency exchange rates. Counterparty credit risk did not have a material impact on derivative fair value estimates. The Company's derivative instruments are short-term in nature, primarily one month to one year in duration. See also Note 10. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The carrying amounts of the Company's financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable and accounts payable approximate their fair value as of December 31, 2011 and March 31, 2012, respectively. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Goodwill and Indefinite-Lived Intangible Assets Impairment Tests </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company evaluates goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if events or changes in circumstances indicate that such carrying value may not be recoverable. Other than its annual review, factors the Company considers important that could trigger an impairment review are under-performance of operating segments or changes in projected results, changes in the manner of utilization of the asset, and negative market conditions or economic trends. Therefore, the Company's use of its assets and its judgment as to the future prospects of each of its businesses can have a significant impact on the Company's reported results and financial condition. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        As the result of impairment reviews performed in 2011, the Company recorded non-cash impairment losses totaling $23.6 million related to several regional broadcasting licenses and $71.7 million related to Peretz goodwill. The decline in fair values of these assets was due to revised estimates of future cash flows during the third and fourth quarters of 2011 primarily to reflect the revised expectations of the total advertising market, following reduced advertising demand and increased uncertainty in the medium-term. In addition, of the total impairment losses, $11.1 million related to impairment of the DTV trade name as a result of the re-branding of the channel. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        During the first quarter of 2012, internal and external estimates of the TV advertising markets in which the Company operates indicated there were no downward revisions to the Company's internal cash flow projections. There were no indicators of additional impairment for the Company's goodwill or long-lived assets, and the Company was not required to record any additional impairment charges. See also Note 10. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Programming rights </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Programming rights are stated at the lower of their amortized cost or net realizable value. The Company reports an asset and liability for the rights acquired and obligations incurred at the commencement of the licensing period when the cost of the programming is known or reasonably determinable, the program material has been accepted and the programming is available for airing. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's programming rights also include internally produced programming. The cost of such programming includes expenses related to the acquisition of format rights, direct costs associated with production and capitalized overhead. The Company capitalizes production costs, including costs of individuals or departments with exclusive or significant responsibility for the production of programming that can be allocated to such particular programming, as a component of film costs. Internally-produced programming is reported at the lower of amortized cost or fair value. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Purchased program rights are classified as current or non-current assets based on anticipated usage. Internally produced programming is classified as non-current. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company amortizes programming based on expected revenue generation patterns, based on the proportion that current estimated revenues bear to the estimated remaining total lifetime revenues. If the initial airing of content allowed by a license is expected to provide more value than subsequent airings, the Company applies an accelerated method of amortization. These accelerated methods of amortization depend on the estimated number of runs the content is expected to receive, and are determined based on a study of historical results for similar programming. For content that is expected to be aired only once, the entire cost is recognized as an expense on the first run. To the extent that the revenues the Company expects to earn from broadcasting a program are lower than the book value, the program rights are written down to their net realizable value by way of recording an additional amortization charge. Such write-downs establish a new cost basis for programming rights. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Stock-based compensation expense </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company estimates the fair value of stock options at the date of grant using the Black-Scholes option pricing model. The Black-Scholes pricing model was originally developed for use in estimating the fair value of traded options, which have different characteristics than the Company's employee stock options. The model is also sensitive to changes in the subjective assumptions, which can materially affect the fair value estimate. These subjective assumptions include expected volatility, the expected life of the options, future employee turnover rates, future employee stock option exercise behavior and the fair value of the Company's common stock on the date of grant. The Company determines the fair value of its common stock by using closing prices as quoted on the NASDAQ Global Select Market. Performance-based nonvested share awards require management to make assumptions regarding the likelihood of achieving the set goals. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Once the Company has estimated the fair value of the equity instruments, it recognizes this estimated cost as a stock-based compensation expense over the service period. Equity-based incentive awards that meet liability accounting criteria are remeasured at each reporting date at their fair value until settlement. The fair value of such unsettled equity-based incentive awards is recognized in liabilities. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Financial instruments and hedging activities </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company measures derivatives at fair value and recognize them as either assets or liabilities on the balance sheet. The Company designates derivatives as either fair value hedges or cash flow hedges when the required criteria are met. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statement of income together with any changes in the fair value of the hedged asset or liability that is attributed to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in equity. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of income. For derivatives that do not meet the conditions for hedge accounting, gains and losses from changes in the fair value are included in the consolidated statement of income. See Note 10, Commitments and Contingiencies below. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Tax provisions and valuation allowance for deferred tax assets </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company records valuation allowances related to the tax effects of deductible temporary differences and loss carryforwards when, in the opinion of management, it is more likely than not that the respective tax assets will not be realized. Changes in the Company's assessment of the probability of realization of deferred tax assets may affect the Company's effective income tax rate. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company records temporary differences related to investments in its Russian subsidiaries. These temporary differences consisted primarily of undistributed earnings that the Company does not plan to permanently reinvest in operations outside the U.S. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Significant judgment is required to determine when income tax provisions should be recorded and, when facts and circumstances change, when such provisions should be released. Although the Company believes that its judgments and estimates are reasonable, actual results could differ, and the Company may be exposed to impairment losses that could be material. </font></p>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>New Accounting Pronouncements </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Effective January 1, 2012, the Company adopted Accounting Standards Update 2011-08, Testing Goodwill for Impairment ("ASU 2011-08"), Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("ASU 2011-04") and Accounting Standards Update 2011-05, Presentation of Comprehensive Income ("ASU 2011-05"). The adoption of these amendments did not have a material impact on the Company's condensed consolidated balance sheet or results of operations. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>3. NET INCOME PER SHARE </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Basic net income per share for the three months ended March 31, 2011 and 2012 is computed on the basis of the weighted average number of common shares outstanding. Diluted net income per common share is computed using the "if converted method" with the weighted average number of common shares outstanding plus the effect of outstanding stock options calculated using the "treasury stock" method. The number of shares excluded from the diluted net income per common share computation, because their effect was antidilutive, was 4,691,163 and 4,233,472 for the three months ended March 31, 2011 and 2012, respectively. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The components of basic and diluted net income per share were as follows: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="74"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="74"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Three months<br />
ended March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net income attributable to CTC Media, Inc. stockholders</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">22,792</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">32,622</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted average common shares outstanding—basic</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Common stock</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">157,001,909</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">157,495,591</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Dilutive effect of:</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Common stock options</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">1,000,286</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">309,893</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted average common shares outstanding—diluted</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">158,002,195</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">157,805,484</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net income per share attributable to CTC Media, Inc. stockholders:</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Basic</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.15</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.21</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Diluted</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.14</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.21</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        The numerator used to calculate diluted net income per common share for the three months ended March 31, 2011 and 2012 was net income attributable to CTC Media, Inc. stockholders. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>4. CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS; BANK OVERDRAFT </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's cash and cash equivalents and short-term investments comprise bank accounts and term deposits. Deposits with an original maturity ranging from 91 to 365 days are classified in short-term investments. Below are breakdowns of cash and cash equivalents and short-term investments: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 70%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 15%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Cash and cash equivalents:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Russian ruble bank accounts</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,434</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,916</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">US dollar bank accounts</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4,479</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">18,316</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,418</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,425</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total cash and cash equivalents</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>12,331</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>30,657</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"> <br /></font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="73" align="right"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="73" align="right"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="4" align="center"><font size="1"><b>December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="4" align="center"><font size="1"><b>March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Annual<br />
interest rate </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amount </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Annual<br />
interest rate </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amount </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Short-term investments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Ruble-denominated deposits</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4.1% - 8.7%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">102,068</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5.0% - 8.7%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">87,867</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">US dollar-denominated deposits</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2.1% - 2.2%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">15,165</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">0.9% - 2.6%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,948</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total Short-term investments</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>117,233</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>98,815</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><i>        Bank overdraft</i></font><font size="2">—In October 2011, the Company signed a Ruble-denominated overdraft agreement with Alfa Bank bearing annual interest at 7.2% with a credit limit of approximately $34,000. As of December 31, 2011 and March 31, 2012, the Company had an overdraft position of $16,941 and $18,457, respectively, that is presented as a current liability separately on the Company's balance sheets. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>5. PROGRAMMING RIGHTS, NET </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Programming rights as of December 31, 2011 and March 31, 2012 comprise the following: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="56"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Internally produced—TV broadcasting and theatrical:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Released:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 30pt"><font size="2">Historical cost</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">122,454</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">143,411</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 30pt"><font size="2">Accumulated amortization</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(111,999</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(136,912</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Released, net book value</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,455</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,499</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Completed and not released</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,528</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">In production</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">521</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">772</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>12,504</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>9,852</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Acquired rights:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Historical cost</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">554,310</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">582,585</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Accumulated amortization</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(367,733</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(370,989</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Net book value</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>186,577</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>211,596</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total programming rights</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>199,081</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>221,448</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Current portion</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>106,947</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>126,691</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Non-current portion</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>92,134</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>94,757</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        The Company expects to amortize approximately $9,350 of internally produced TV programming for its completed and released programs and completed but not yet released programs during the twelve months ending March 31, 2013. In addition, the Company expects to amortize all of its unamortized internally produced programming rights within the three years following March 31, 2012. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>6. GOODWILL </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Goodwill as of December 31, 2011 and March 31, 2012 comprises the following: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="54"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Balance<br />
December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Foreign<br />
currency<br />
translation<br />
adjustment </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Balance<br />
March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">CTC Network</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">48,850</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4,777</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">53,627</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Domashny Network</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">16,094</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,574</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">17,668</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Peretz Network</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">57,683</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,641</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">63,324</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">CTC Television Station Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,977</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">193</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,170</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Domashny Television Station Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9,309</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">910</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,219</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">CIS Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">99</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">99</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Production Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">30,363</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,969</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">33,332</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>164,375</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>16,064</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>180,439</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        The Company has accumulated impairment losses against goodwill totaling $71,688 at each balance sheet date presented related to the Peretz Network, recorded as a result of impairment tests performed during 2011. In addition, the Company has accumulated impairment losses against goodwill totaling $58,189 at each balance sheet date presented related to the CIS segment, recorded as a result of impairment tests performed during 2008. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>8. STOCK-BASED COMPENSATION </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company has several stock-based compensation programs. See the Annual Report on Form 10-K filed with the SEC on February 28, 2012—Item 8. Financial Statements—Note 16, Stockholders' Equity" for a discussion of these programs. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        On January 6, 2012, the Compensation Committee of the Company's Board approved the additional grants of options to purchase up to 560,000 shares of common stock to certain employees of the Company, at an exercise price of $9.07, under the Company's 2009 Stock Incentive Plan. The exercise price represents the closing price of the Company's common stock on the grant date. These options are divided equally into two tranches: options that vest over four years and are subject only to the passage of time (with 25% of options vesting on the first anniversary and the remainder vesting on a quarterly basis over the following three years) (the "Time-based Tranche") and options that are subdivided in four equal sub-tranches that vest upon the achievement of certain performance criteria set by the board of directors for each of 2012, 2013, 2014 and 2015 (the "Performance-based Tranche"). </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The following assumptions were used in the option-pricing model to assess the fair values of the options granted in the three months ended March 31, 2012: </font></p>
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<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="74"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Options </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Risk free interest rate</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">0.38 - 1.20</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">%</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Expected option life (years)</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2.5 - 5.5</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Expected dividend yield</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5.40 - 5.61</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">%</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Volatility factor</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">51.44 - 84.69</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">%</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted-average grant date fair value (per share)</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$2.23</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr></table></div>
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<p style="FONT-FAMILY: times"><font size="2">        As of March 31, 2012, the total compensation cost related to unvested granted awards not yet recognized of $12,577 is to be recognized over a weighted average period of 3.2 years. </font></p></td></tr></table>
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<p style="FONT-FAMILY: times"><font size="2"><b>9. INCOME TAX </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company is subject to US (domestic), Russian and Kazakh income taxes, based on US legislation, Russian tax legislation, Kazakh legislation and the Double Tax Treaty of 1992 between the US and Russia (the "Treaty"). The Company's Russian- and Kazakh-based subsidiaries are subject to Russian and Kazakh income tax. The statutory income tax rate in Russia and Kazakhstan in 2011 and the three months ended March 31, 2012 was 20%. US taxable income or losses recorded are reported on CTC Media, Inc.'s US income tax return. CTC Media, Inc.'s taxable revenues consist predominantly of dividends and interest paid by its Russian subsidiaries. Dividends distributed to CTC Media, Inc. are subject to Russian withholding tax of 5% under the Treaty. Dividends distributed within Russia are subject to a withholding tax of 9% in case of ownership of less than 50%. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's effective income tax rate was 39% and 34% for the three months ended March 31, 2011 and 2012, respectively. The decrease in effective tax rate when comparing the three-month periods ended March 31, 2011 and 2012 was primarily due to decreases, as a percentage of consolidated income before tax, in stock-based compensation expense, and the recognition of certain foreign tax credits that will be deducted from US income tax. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        As of December 31, 2011 and March 31, 2012, the Company included accruals for unrecognized income tax benefits and related interest and penalties totaling $3,819 and $3,781, respectively, as a component of accrued liabilities, including amounts relating to pre-acquisition operations of the Channel 31 Group of $2,091 and $2,100, respectively. All of the unrecognized income tax benefits, if recognized, would affect the Company's effective tax rate. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Although the Company believes it is more likely than not that all recognized income tax benefits would be sustained upon examination, the Company has recognized some income tax benefits that have a reasonable possibility of being successfully challenged by the tax authorities. These income tax positions could result in total unrecognized tax benefits increasing by up to $2,596 if the Company were to lose such a challenge by the tax authorities. However, the Company believes that it is reasonably possible that only $417 of the total $2,596 potential increase could occur within 12 months from March 31, 2012. This amount mainly represents certain recognized income tax benefits which may be challenged by the tax authorities during their current inspection of Kostafilm, one of the Company's production subsidiaries, and upcoming inspections of CTC Network and certain income tax penalties which may be imposed by US tax authorities as a result of CTC Media, Inc.'s late payment of estimated tax for 2007. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The total amount of unrecognized tax benefit that could significantly change within 12 months due to a lapse of the statutory limitations period was $518 as of March 31, 2012. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The tax years ended December 31, 2009, 2010 and 2011 remain subject to examination by the Russian and US tax authorities. The tax years ended December 31, 2007 through 2011 remain subject to examination by the Kazakh tax authorities. </font></p></td></tr></table>
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<p style="FONT-FAMILY: times"><font size="2"><b>10. COMMITMENTS AND CONTINGENCIES </b></font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Operating environment </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Russia and Kazakhstan continue to implement economic reforms and to develop the legal, tax and regulatory frameworks to support a market economy. The future stability of the Russian and Kazakh economies is largely dependent upon these reforms and developments and the effectiveness of economic, financial and monetary measures undertaken by their governments. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Russian and Kazakh economies are vulnerable to market downturns and economic slowdowns elsewhere in the world. Although conditions generally improved in 2010, considerable uncertainty remains concerning economic stability globally in the medium-term. The economic downturn experienced in the second half of 2011, in both the European and global economies, has resulted in reduced growth in the advertising market. A continuation of this economic downturn could adversely affect further economic growth, access to capital and cost of capital, which could negatively affect the Company's future financial position, results of operations and business prospects. In the three months ended March 31, 2012, the Russian and Kazakh governments continued to take measures to support their economies in order to overcome the consequences of the economic downturn. Despite some indications of recovery there continues to be uncertainty regarding further economic growth, access to capital and cost of capital, which could negatively affect the Company's future financial position, results of operations and business prospects. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        While management believes it is taking appropriate measures to support the sustainability of the Company's business in the current circumstances, unexpected further deterioration in the areas described above could negatively affect the Company's results and financial position in a manner not currently determinable. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Assets with indefinite useful lives </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company has assets recorded on its consolidated balance sheet, such as broadcasting licenses, trademarks and goodwill, which have indefinite lives and represent a significant portion of the Company's total assets. Assets with indefinite useful lives are not subject to amortization but are tested for impairment annually, in the fourth quarter, or between annual tests if events or changes in circumstances indicate that an asset might be impaired. Outside the annual review, there are a number of factors which could trigger an impairment review including under-performance of operating segments or changes in projected results; changes in the manner of utilization of an asset; severe and sustained declines in the traded price of the Company's common stock that are not attributable to factors other than the underlying value of its assets; negative market conditions or economic trends; and specific events, such as new legislation, new market entrants, changes in technology or adverse legal judgments that the Company believes could have a negative impact on its business. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The economic slowdown experienced in the second half of 2011, in both the European and global economies, has resulted in reduced advertiser demand. The instability in the macroeconomic environment adversely affected our expectations for the total advertising market in medium-term and, in turn, affected the fair values of certain of the Company's assets as of December 31, 2011. For the year ended December 31, 2011, the Company recorded non-cash impairment losses totaling $106.4 million related to certain intangible assets and goodwill. For discussion on sensitivity of major assumptions on fair values of indefinite-lived assets, refer to the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2011. Peretz reporting unit and Peretz umbrella license, as well as several regional broadcasting licenses are the most sensitive to changes in the television advertising growth assumptions. During the first quarter of 2012, internal and external estimates of the TV advertising markets in which the Company operates were for the most part unchanged and there were no downward revisions to the Company's internal cash flow projections. There were no indicators of additional impairment for the Company's goodwill or long-lived assets, and the Company was not required to record any additional impairment charges. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company considers all current information in respect of determining the need for impairment loss; however, future changes in events or circumstances, such as a continuation or worsening of the current economic instability, decreases in audience shares or ratings, increased competition from cable providers or others, or changes in the audience measurement system, could result in decreases in the fair value of our long-lived assets and require the Company to record additional impairment charges that could have a material adverse impact on its net income. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Exchange rate </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Although the Company's reporting currency is the US dollar, it generates almost all of its revenues through the sale of advertising, which in Russia is sold primarily in rubles. The ruble is also the functional currency of the Company's principal operating subsidiaries. As a result, the Company's reported revenues and results of operations are impacted by fluctuations in the exchange rate between the US dollar and the Russian ruble. Additionally, given that substantially all of its revenues are generated in rubles, the Company faces exchange rate risk relating to payments that it must make in currencies other than the ruble. In the three months ended March 31, 2012, the Russian ruble appreciated against the US dollar by 8.9%, but was on average 3% lower than the average value of the Russian ruble compared to the US dollar during the three months ended March 31, 2011.If the exchange rate between the ruble and the US dollar were to depreciate, the revenues and operating results of the Company, as reported in US dollars, would be adversely affected. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Derivative Financial instruments </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        As part of its risk management strategy, the Company uses derivative financial instruments, primarily foreign exchange forward contracts, to mitigate its exposure to currency exchange risk related to US-dollar denominated payments. The Company's objective is to offset gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them, thereby reducing volatility of earnings or protecting fair values of assets and liabilities. It is the Company's policy to enter into foreign currency derivative transactions only to the extent considered necessary to meet its objectives as stated above. The Company does not enter into these transactions or any other hedging transactions for speculative purposes. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The following table summarizes the fair value of the Company's assets and liabilities related to derivative financial instruments and the respective line items in which they were recorded in the Company's condensed consolidated balance sheets as of the dates presented: </font></p>
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<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="134" align="center"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="25"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="39"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
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<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="2"> </font></th>
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Balance sheet location </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Assets:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Derivatives designated as hedging instruments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Other current assets</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,034</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>1,034</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Derivatives non designated as hedging instruments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Other current assets</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">224</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>224</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Derivatives designated as hedging instruments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Other current liabilities</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,150</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>2,150</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><i>Fair Value Hedges </i></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        From January 2012, the Company entered in certain foreign exchange forward contracts designated as fair value hedges to protect the value of its existing foreign currency assets, liabilities and firm commitments. For these derivative instruments that were designated and qualify as fair value hedges, the Company recognized the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item immediately in the foreign currency gain (loss) on the condensed consolidated statement of income (loss). The notional amount of these foreign exchange forward contracts was $42,800 as of March 31, 2012. The following tabular disclosure summarizes the effect of the Company's derivative financial instruments designated as fair value hedges on the condensed consolidated statement of income (loss) for the periods presented: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="158" align="center"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="25"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="44"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="2"> </font></th>
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" colspan="5" align="center"><font size="1"><b>March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" align="center"><font size="1"><b>Location of gain (loss) recognized<br />
in the statement of income (loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 110pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Fair Value Hedging Instrument <!-- COMMAND=ADD_SCROPPEDRULE,110pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Foreign currency gain (loss)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(1,609</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Hedged items</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Foreign currency gain (loss)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,451</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>158</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><i>Economic (Non-designated) Hedges </i></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        While certain of the Company's derivative instruments are designated as hedging instruments, the derivative instruments that are designed to hedge a risk, but are not designated as hedging instruments are referred to as an "economic hedge" or "non-designated hedges". Changes in the fair value of these non-designated hedging instruments are recognized in the expense line item in the condensed consolidated statement of income that is consistent with the nature of the hedged risk. During the first quarter of 2012, the Company entered into short-term non-designated hedges to mitigate its exposure related to US-dollar denominated payments of dividends. The notional amount of these foreign exchange forward contracts was $12,000 as of March 31, 2012. The following tabular disclosure summarizes the effect of the Company's outstanding economic hedges as of the dates presented: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="158" align="center"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="25"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="34"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="2"> </font></th>
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" colspan="5" align="center"><font size="1"><b>March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" align="center"><font size="1"><b>Location of gain (loss) recognized<br />
in the statement of income (loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 110pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Fair Value Hedging Instrument <!-- COMMAND=ADD_SCROPPEDRULE,110pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Foreign currency gain (loss)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(494</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><b>Purchase commitments </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The table below summarizes information with respect to our commitments as of March 31, 2012: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 62%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"130%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="130%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Total </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2013 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2014 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2015 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2016 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="FONT-FAMILY: times" colspan="17" align="center"><font size="1"><b>(in thousands)</b></font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Acquisition of programming rights</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">265,477</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">162,641</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">74,488</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">28,348</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Transmission and satellite fees</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">105,582</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">15,563</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">20,994</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">21,904</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">22,988</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">24,133</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Leasehold obligations</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">26,915</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4,023</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,411</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,598</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,820</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,063</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Cable connections</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,016</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3,553</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,720</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Acquisition of format rights</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,700</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,700</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Payments for intellectual rights</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3,825</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">734</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">776</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">774</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">772</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">769</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Network affiliation agreements</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,531</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">663</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">596</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">570</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">524</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">178</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other contractual obligations</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,713</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">708</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,005</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>418,759</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>190,585</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>104,990</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>58,775</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>31,685</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>32,724</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><i>        Leasehold obligations</i></font><font size="2">—The Company has several operating leases for satellite transponders and office space with terms ranging from one to eleven years. Pursuant to the lease agreements, the Company is leasing an aggregate of 9,365 square meters of office space in an office building in central Moscow, with annual rent fees of $4,432 (at the exchange rate as of March 31, 2012). In addition to the lease payments described above, the Company is also required to pay technical costs arising from maintenance of the premises, taxes and some supplementary municipal services, in the total amount of $613 annually. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Non-Income Taxes </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's policy is to accrue for contingencies related to non-income taxes in the accounting period in which the liability is deemed probable and the amount is reasonably determinable. In this regard, because of the uncertainties associated with the Russian tax system, the Company's final Russian taxes may be in excess of the estimated amount expensed to date and accrued at December 31, 2011 and March 31, 2012. This is due to a combination of the evolving nature of applicable tax legislation, varying approaches by regional and local tax inspectors, and inconsistent rulings on technical matters at the judicial level. The tax authorities have also aggressively imposed material tax assessments on Russian businesses, at times without a clear legislative basis. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        As of December 31, 2011 and March 31, 2012, the Company included accruals for contingencies related to non-income taxes totaling $2,722 and $2,800, respectively, as a component of accrued liabilities, including amounts relating to pre-acquisition operations of the Channel 31 Group of $1,700 and $1,707, respectively. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Additionally, the Company has identified possible contingences related to non-income taxes, which are not accrued. Such possible non-income tax contingencies could materialize and require the Company to pay additional amounts of tax. As of March 31, 2012, management estimates such contingencies related to non-income taxes to be up to approximately $1,272. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        It is the opinion of management that the ultimate resolution of the Company's tax liabilities, to the extent not previously provided for, will not have a material effect on the financial condition of the Company. However, depending on the amount and timing of an unfavorable resolution of any contingencies associated with taxes, it is possible that the Company's future operations or cash flows could be materially affected in a particular period. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Broadcast Licenses </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        All broadcast television stations in Russia are required to have broadcasting and other operating licenses. Only a limited number of such licenses are available in each locality. These licenses generally require renewal every five years. In November 2011, the federal law "Improving Regulation of Mass Media, Television and Radio Broadcasting" came into force and introduced the new concept of a so-called "universal license". A universal license permits the channel to broadcast through free-to-air, cable and satellite broadcasting, in either digital or analog format. Currently, it is uncertain how this law will be interpreted by the applicable authorities. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        A broadcaster must conform its programming to the programming concept outlined in the broadcasting license. In particular, the broadcaster is obliged to ensure the compliance of its programming with the declared genres of the channel and to sustain the volume-genre ratio of broadcasted materials prescribed in the license. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The broadcasting license of Channel 31 in Kazakhstan contains various restrictions and obligations. Recently, the Kazakh government enacted a law requiring that broadcasters broadcast at least 50% of their programming in the Kazakh language during every six-hour slot. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company may not always be in full compliance with these requirements. Also, the Company's independent affiliates have not always been in full compliance with all requirements of their licenses or obtained all the licenses necessary for broadcasting. If the terms of a license are not complied with, or if a television station otherwise violates applicable Russian legislation or regulations, the license, after a warning notice from the regulator, may be suspended or terminated (which decision may be appealed in court). If an independent affiliate were to broadcast without all the necessary licenses, broadcasting may be terminated and fines could be imposed. Management believes that the probability of initiation of action against any material owned-and operated station or independent affiliate is remote. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Net Assets Position in Accordance with Statutory Requirements </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        In accordance with Russian legislation, joint stock companies must maintain a level of equity (net assets) that is greater than their charter capital. In the event that a company's net assets, as determined under Russian accounting legislation, fall below certain minimum levels, specifically below zero, the company can be forced to liquidate. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Certain of the Company's regional subsidiaries have had, and some continue to have, negative equity as reported in their Russian statutory financial statements. Management believes that the risk of the initiation of statutory liquidation procedures or other material adverse actions is remote. However, if such actions were taken, it could have a material adverse effect on the Company's results of operations, financial position and operating plans. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Legal and Tax Proceedings </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        In the ordinary course of business, the Company may be party to various legal and tax proceedings, and subject to claims, certain of which relate to the developing markets and evolving fiscal and regulatory environments in which the Company operates. In late 2011, a lawsuit was filed in Russia against the Company (Peretz Channel) and other unrelated parties concerning alleged patent infringement in connection with a process used in a TV program aired in 2009 and 2010. As of December 31, 2011, the Company assessed any potential liability as not material. In March 2012, the plaintiffs filed an amended claim substantially increasing the amount of damages sought and alleging joint liability on the part of the Company and the other defendants. Under Russian law, plaintiffs may recover the full claimed amount from any of the defendants found to be jointly liable. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        As of the date of this report, the plaintiffs have not provided support for their claimed damages, as instructed by the court during preliminary hearings. The Company intends to vigorously defend this claim. Although the course and outcome of litigation cannot be predicted with certainty, the Company expects that this matter will be resolved in the next year. The Company has reassessed the minimum amount of damages that it has determined to be probable; such amount is not material. If the Company is unsuccessful in defending this claim, it is possible that the damages could be significant, but management is unable to estimate any additional losses that are reasonably possible of being incurred in this matter at this time. As of the date of this report, a court date has not been established to commence hearings on the merits of this case. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>11. SEGMENT INFORMATION </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company operates in eight business segments—CTC Network, Domashny Network, Peretz Network, CTC Television Station Group, Domashny Television Station Group, Peretz Television Station Group, CIS Group and Production Group. The Company evaluates performance based on the operating results of each segment, among other performance measures. </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="54"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="60"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="20" align="center"><font size="1"><b>Three months ended March 31, 2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
revenue<br />
from<br />
external<br />
customers </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Intersegment<br />
revenue </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
income/<br />
(loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Identifiable<br />
assets </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Depreciation<br />
and<br />
amortization </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
programming<br />
rights </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
sublicensing<br />
rights and<br />
own cost of<br />
production </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">108,293</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">130</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">33,036</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">792,937</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(571</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(52,611</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(426</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">19,748</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3,158</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">64,092</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(224</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(9,914</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">12,671</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(435</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">193,561</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(744</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,114</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">17,859</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">468</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">10,716</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">108,068</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(551</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(86</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">2,629</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">710</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">438</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">55,572</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(427</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,054</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">383</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,750</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">124,655</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,164</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CIS Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3,079</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(359</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">23,902</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(152</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,850</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Production Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">22</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">2,213</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(553</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">50,409</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(23</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,748</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Business segment results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>165,355</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>3,907</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>44,251</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>1,413,196</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(3,856</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(72,577</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(2,174</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Eliminations and other</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">186</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(3,907</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,323</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(357,758</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(80</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,839</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,860</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Consolidated results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>165,541</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>—</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>35,928</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>1,055,438</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(3,936</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(70,738</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(314</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="1"> <br /></font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 54%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="54"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="60"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="20" align="center"><font size="1"><b>Three months ended March 31, 2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
revenue<br />
from<br />
external<br />
customers </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Intersegment<br />
revenue </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
income/<br />
(loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Identifiable<br />
assets </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Depreciation<br />
and<br />
amortization </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
programming<br />
rights </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
sublicensing<br />
rights and<br />
own cost of<br />
production </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">124,633</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">75</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">40,799</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">884,979</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,429</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(53,538</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(2,735</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">22,876</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">9</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">2,062</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">85,544</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(359</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(12,752</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">15,680</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,935</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">106,188</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(776</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(7,499</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">17,793</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">400</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">10,649</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">96,238</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(495</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(84</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3,485</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,013</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,287</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">60,013</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(711</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,469</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">552</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,203</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">113,083</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,211</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CIS Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">4,308</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(254</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">23,944</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(117</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(2,995</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Production Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">33</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">6,186</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(578</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">49,916</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(7</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(5,863</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Business segment results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">190,277</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">8,235</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">54,697</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,419,905</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(5,105</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(76,869</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,598</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Eliminations and other</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">843</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,235</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(4,726</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(436,349</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(52</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,110</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">5,863</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Consolidated results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">191,120</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">49,971</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">983,556</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(5,157</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(75,759</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(2,735</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>12. SUBSEQUENT EVENTS </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        On April 27, 2012, the Company's Board declared a dividend of $0.13 per outstanding share of common stock, or approximately $20,561 in total, which will be paid on or about June 20, 2012 to shareholders of record as of June 1, 2012. The Company's Board currently intends to pay further dividends in each of the following quarters of 2012. Although it is the Board's current intention to declare and pay further dividends in the remaining quarters of 2012, there can be no assurance that such additional dividends will in fact be declared and paid. Any such declaration is at the discretion of the Board and will depend upon factors such as Company's earnings, financial position and cash requirements. </font></p></td></tr></table>
CTC Media, Inc.
0001354513
10-Q
2012-03-31
false
--12-31
Yes
Large Accelerated Filer
2012
Q1
158160719
3368000
-358000
-15805000
77410000
-13243000
344000
85198000
12280000
4031000
7726000
-38597000
26840000
3901000
25115000
186000
-21400000
-26296000
23294000
515000
-15783000
4262000
21982000
1965000
18326000
59565000
81547000
166000
2136000
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2
4691163
4233472
1000286
309893
91
365
10916000
18316000
6434000
4479000
1425000
1418000
87867000
10948000
102068000
15165000
0.050
0.087
0.026
0.009
0.041
0.087
0.022
0.021
122454000
143411000
111999000
136912000
10455000
6499000
1528000
2581000
521000
772000
12504000
9852000
554310000
367733000
370989000
186577000
211596000
199081000
221448000
9350000
3
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>Basis of Presentation </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been recorded. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for the complete financial statements. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2011. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Principles of Consolidation </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        Wholly owned subsidiaries and majority owned ventures where the Company has operating and financial control, as well as variable interest entities where the Company has been deemed the primary beneficiary with power and ability to control, are consolidated. Those ventures where the Company exercises significant influence, but does not exercise operating and financial control, are accounted for under the equity method. The Company uses the purchase method of accounting for all business combinations. Results of subsidiaries acquired and accounted for under the purchase method are included in operations from the date of acquisition. Noncontrolling interests represent a noncontrolling shareholder's proportionate share of the equity in certain of the Company's consolidated entities. Intercompany accounts and transactions are eliminated upon consolidation. Disposals are reflected at the time risks and rewards of ownership have been transferred. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company is the primary beneficiary of the Channel 31 Group, a variable interest entity consisting of a 20% participation interest in Teleradiokompaniya 31st Kanal LLP ("Channel 31"), and a 70% and 60% interest in Prim LLP and Advertising and Marketing LLP, respectively, which provide programming content and the advertising sales function to Channel 31 (together, the "Channel 31 Group"). These interests provide the Company with a right to 60% of the economic interest of the Channel 31 Group. The Company consolidates the Channel 31 Group. As of March 31, 2012, the Channel 31 Group had assets (excluding intercompany assets) totaling $23,080 and liabilities (excluding intercompany liabilities) totaling $10,848. These assets and liabilities primarily relate to broadcasting licenses, and the related deferred tax liabilities and tax contingencies assumed at acquisition of the Channel 31 Group. The Company finances the Channel 31 Group's operations during the ordinary course of business. As of March 31, 2012 the amount of intercompany payables of the Channel 31 Group totaled $5,104. Channel 31 Group's net loss attributable to CTC Media, Inc. stockholders totaled $189 for the three months ended March 31, 2012. This amount includes intercompany expenses of $149. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Use of Estimates </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The preparation of financial statements in conformity with the accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in the financial statements include, among others, the estimate of fair values in business combinations, estimates of the fair value of the Company's common stock in determining stock- based compensation, the amortization method and periods for programming rights and sublicensing rights, useful lives of tangible and intangible assets, impairment of goodwill, valuation of intangible assets and long-lived assets, estimates of contingencies, and the determination of valuation allowances for deferred tax assets. Consequently, actual results may differ from those estimates. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Revenue Recognition </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Revenue is recognized when there is persuasive evidence of an arrangement, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. An allowance for doubtful accounts is maintained for estimated losses resulting from the customers' inability to make payments. The Company recognizes advertising revenues at the moment when the advertising is broadcast and net of Value Added Taxes ("VAT"). </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's own sales house serves as the exclusive advertising sales agent for all of its networks in Russia, and the advertising is placed with advertisers and their agencies under direct sales arrangements with them. The sales house is primarily responsible for all of national and regional advertising sales, with the exception of advertising sales to several local clients of regional stations, which is made through Video International. The Company recognizes its Russian advertising revenues, excluding regional advertising revenues from local clients, based on the gross amounts billed to the advertisers and their agencies under direct sales arrangements. Advertising sales to local clients of regional stations under the Company's agency agreements with Video International are recognized net of agency commissions. Compensation expenses payable to Video International for the use of advertising software, related maintenance and analytical support and consulting services are included in selling, general and administrative expenses in the Company's consolidated statement of income. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Sublicensing, own production and other revenue primarily represent revenue the Company earns from sublicensing its rights to programming and from licensing of internally-produced programming. Sublicensing and own production revenue is recognized at such time as there is persuasive evidence that a sale or arrangement with a customer exists, the underlying programming is complete and has been transferred to the customer, the licensing period has commenced and the customer can begin use, the arrangement fee is fixed or determinable, and collection of the arrangement fee is reasonably assured. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Payments received in advance for advertising and other revenue are recorded as deferred revenue until earned. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Fair Value Measurements </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by the standard contains three levels as follows: </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Level 1—Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Level 2—Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets in non-active markets; (3) inputs other than quoted prices that are observable for the asset or liability; and (4) inputs that are derived principally from or corroborated by other observable market data. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Level 3—Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        There were no transfers between categories during the periods presented. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The fair values of the Company's derivative assets of $1,258 and derivative liabilities of $2,150 have been classified as Level 2. The fair value of the Company's foreign exchange forward contracts is determined based on the present value of future cash flows using market-based observable inputs such as forward rates, discounts rates and foreign currency exchange rates. Counterparty credit risk did not have a material impact on derivative fair value estimates. The Company's derivative instruments are short-term in nature, primarily one month to one year in duration. See also Note 10. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The carrying amounts of the Company's financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable and accounts payable approximate their fair value as of December 31, 2011 and March 31, 2012, respectively. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Goodwill and Indefinite-Lived Intangible Assets Impairment Tests </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company evaluates goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if events or changes in circumstances indicate that such carrying value may not be recoverable. Other than its annual review, factors the Company considers important that could trigger an impairment review are under-performance of operating segments or changes in projected results, changes in the manner of utilization of the asset, and negative market conditions or economic trends. Therefore, the Company's use of its assets and its judgment as to the future prospects of each of its businesses can have a significant impact on the Company's reported results and financial condition. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        As the result of impairment reviews performed in 2011, the Company recorded non-cash impairment losses totaling $23.6 million related to several regional broadcasting licenses and $71.7 million related to Peretz goodwill. The decline in fair values of these assets was due to revised estimates of future cash flows during the third and fourth quarters of 2011 primarily to reflect the revised expectations of the total advertising market, following reduced advertising demand and increased uncertainty in the medium-term. In addition, of the total impairment losses, $11.1 million related to impairment of the DTV trade name as a result of the re-branding of the channel. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        During the first quarter of 2012, internal and external estimates of the TV advertising markets in which the Company operates indicated there were no downward revisions to the Company's internal cash flow projections. There were no indicators of additional impairment for the Company's goodwill or long-lived assets, and the Company was not required to record any additional impairment charges. See also Note 10. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Programming rights </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        Programming rights are stated at the lower of their amortized cost or net realizable value. The Company reports an asset and liability for the rights acquired and obligations incurred at the commencement of the licensing period when the cost of the programming is known or reasonably determinable, the program material has been accepted and the programming is available for airing. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company's programming rights also include internally produced programming. The cost of such programming includes expenses related to the acquisition of format rights, direct costs associated with production and capitalized overhead. The Company capitalizes production costs, including costs of individuals or departments with exclusive or significant responsibility for the production of programming that can be allocated to such particular programming, as a component of film costs. Internally-produced programming is reported at the lower of amortized cost or fair value. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Purchased program rights are classified as current or non-current assets based on anticipated usage. Internally produced programming is classified as non-current. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company amortizes programming based on expected revenue generation patterns, based on the proportion that current estimated revenues bear to the estimated remaining total lifetime revenues. If the initial airing of content allowed by a license is expected to provide more value than subsequent airings, the Company applies an accelerated method of amortization. These accelerated methods of amortization depend on the estimated number of runs the content is expected to receive, and are determined based on a study of historical results for similar programming. For content that is expected to be aired only once, the entire cost is recognized as an expense on the first run. To the extent that the revenues the Company expects to earn from broadcasting a program are lower than the book value, the program rights are written down to their net realizable value by way of recording an additional amortization charge. Such write-downs establish a new cost basis for programming rights. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Stock-based compensation expense </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company estimates the fair value of stock options at the date of grant using the Black-Scholes option pricing model. The Black-Scholes pricing model was originally developed for use in estimating the fair value of traded options, which have different characteristics than the Company's employee stock options. The model is also sensitive to changes in the subjective assumptions, which can materially affect the fair value estimate. These subjective assumptions include expected volatility, the expected life of the options, future employee turnover rates, future employee stock option exercise behavior and the fair value of the Company's common stock on the date of grant. The Company determines the fair value of its common stock by using closing prices as quoted on the NASDAQ Global Select Market. Performance-based nonvested share awards require management to make assumptions regarding the likelihood of achieving the set goals. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Once the Company has estimated the fair value of the equity instruments, it recognizes this estimated cost as a stock-based compensation expense over the service period. Equity-based incentive awards that meet liability accounting criteria are remeasured at each reporting date at their fair value until settlement. The fair value of such unsettled equity-based incentive awards is recognized in liabilities. </font></p></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Financial instruments and hedging activities </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company measures derivatives at fair value and recognize them as either assets or liabilities on the balance sheet. The Company designates derivatives as either fair value hedges or cash flow hedges when the required criteria are met. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statement of income together with any changes in the fair value of the hedged asset or liability that is attributed to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in equity. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statement of income. For derivatives that do not meet the conditions for hedge accounting, gains and losses from changes in the fair value are included in the consolidated statement of income. See Note 10, Commitments and Contingiencies below. </font></p></td></tr></table>
0.20
0.70
0.60
0.60
23080000
10848000
5104000
-189000
149000
53627000
17668000
63324000
2170000
10219000
99000
33332000
-16064000
-2969000
-4777000
-1574000
-5641000
-193000
-910000
48850000
16094000
57683000
1977000
9309000
99000
30363000
0.13
0.13
20561000
840649
4615000
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="WIDTH: 444px; FONT-FAMILY: 'Times New Roman',times,serif; HEIGHT: 92px; FONT-SIZE: 10pt">
<tr>
<td>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="68"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="68"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 16pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Type <!-- COMMAND=ADD_SCROPPEDRULE,16pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December 31, 2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>March 31, 2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Common stock outstanding</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>157,320,070</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>158,160,719</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="WIDTH: 668px; FONT-FAMILY: 'Times New Roman',times,serif; HEIGHT: 136px; FONT-SIZE: 10pt">
<tr>
<td>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="47"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="47"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="89"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="89"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 59pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Declaration date <!-- COMMAND=ADD_SCROPPEDRULE,59pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Per Share<br />
Dividend </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Aggregate<br />
Dividend </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Record Date </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Payment Date </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">February 24, 2012</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">0.13</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">20,561</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">March 15, 2012</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">March 30, 2012</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        </font></p></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<p style="FONT-FAMILY: times"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 100.35%; PADDING-RIGHT: 0pt; HEIGHT: 349px; MARGIN-LEFT: 15%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"> </p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="74"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="74"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>Three months<br />
ended March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net income attributable to CTC Media, Inc. stockholders</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">22,792</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">32,622</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted average common shares outstanding—basic</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Common stock</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">157,001,909</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">157,495,591</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Dilutive effect of:</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Common stock options</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">1,000,286</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">309,893</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted average common shares outstanding—diluted</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">158,002,195</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">157,805,484</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net income per share attributable to CTC Media, Inc. stockholders:</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Basic</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.15</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.21</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Diluted</font></p></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.14</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="2">0.21</font></td>
<td style="FONT-FAMILY: times"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">   </font></p></td></tr></table></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 136.62%; PADDING-RIGHT: 0pt; HEIGHT: 211px; MARGIN-LEFT: 15%; PADDING-TOP: 0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Cash and cash equivalents:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Russian ruble bank accounts</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,434</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,916</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">US dollar bank accounts</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4,479</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">18,316</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,418</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,425</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total cash and cash equivalents</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>12,331</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>30,657</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><br /></font> </p></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><br /></font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 100.26%; PADDING-RIGHT: 0pt; HEIGHT: 272px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="73" align="right"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="73" align="right"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="4" align="center"><font size="1"><b>December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="4" align="center"><font size="1"><b>March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Annual<br />
interest rate </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amount </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Annual<br />
interest rate </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amount </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Short-term investments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Ruble-denominated deposits</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4.1% - 8.7%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">102,068</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5.0% - 8.7%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">87,867</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">US dollar-denominated deposits</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2.1% - 2.2%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">15,165</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">0.9% - 2.6%</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,948</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total Short-term investments</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>117,233</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>98,815</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><i>   </i></font></p></td></tr></table></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 99.74%; PADDING-RIGHT: 0pt; HEIGHT: 341px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="56"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Internally produced—TV broadcasting and theatrical:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Released:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 30pt"><font size="2">Historical cost</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">122,454</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">143,411</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 30pt"><font size="2">Accumulated amortization</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(111,999</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(136,912</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Released, net book value</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,455</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,499</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Completed and not released</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,528</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">In production</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">521</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">772</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>12,504</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>9,852</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Acquired rights:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Historical cost</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">554,310</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">582,585</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Accumulated amortization</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(367,733</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(370,989</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Net book value</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>186,577</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>211,596</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total programming rights</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>199,081</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>221,448</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Current portion</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>106,947</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>126,691</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Non-current portion</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>92,134</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>94,757</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">       </font></p></td></tr></table></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<p style="FONT-FAMILY: times"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 100.25%; PADDING-RIGHT: 0pt; HEIGHT: 275px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"> </p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="54"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Balance<br />
December 31,<br />
2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Foreign<br />
currency<br />
translation<br />
adjustment </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Balance<br />
March 31,<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">CTC Network</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">48,850</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4,777</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">53,627</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Domashny Network</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">16,094</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,574</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">17,668</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Peretz Network</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">57,683</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,641</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">63,324</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">CTC Television Station Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,977</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">193</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,170</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Domashny Television Station Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9,309</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">910</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,219</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">CIS Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">99</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">99</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Production Group</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">30,363</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,969</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">33,332</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Total</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>164,375</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>16,064</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>180,439</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        </font></p></td></tr></table></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 66.52%; PADDING-RIGHT: 0pt; HEIGHT: 482px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="54"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="60"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="20" align="center"><font size="1"><b>Three months ended March 31, 2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
revenue<br />
from<br />
external<br />
customers </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Intersegment<br />
revenue </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
income/<br />
(loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Identifiable<br />
assets </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Depreciation<br />
and<br />
amortization </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
programming<br />
rights </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
sublicensing<br />
rights and<br />
own cost of<br />
production </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">108,293</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">130</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">33,036</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">792,937</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(571</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(52,611</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(426</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">19,748</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3,158</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">64,092</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(224</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(9,914</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">12,671</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(435</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">193,561</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(744</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,114</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">17,859</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">468</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">10,716</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">108,068</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(551</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(86</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">2,629</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">710</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">438</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">55,572</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(427</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,054</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">383</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,750</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">124,655</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,164</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CIS Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3,079</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(359</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">23,902</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(152</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,850</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Production Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">22</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">2,213</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(553</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">50,409</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(23</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,748</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Business segment results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>165,355</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>3,907</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>44,251</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>1,413,196</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(3,856</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(72,577</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(2,174</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Eliminations and other</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">186</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(3,907</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,323</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(357,758</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(80</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,839</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,860</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Consolidated results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>165,541</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>—</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>35,928</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>1,055,438</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(3,936</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(70,738</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>$</b></font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1"><b>(314</b></font></td>
<td style="FONT-FAMILY: times"><font size="1"><b>)</b></font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="1"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 66.98%; PADDING-RIGHT: 0pt; HEIGHT: 482px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="1"><!-- COMMAND=ADD_TABLEWIDTH,"150%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="150%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="49"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="54"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="60"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="64"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="6" align="right"></td>
<td style="FONT-FAMILY: times" width="61"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="20" align="center"><font size="1"><b>Three months ended March 31, 2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
revenue<br />
from<br />
external<br />
customers </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Intersegment<br />
revenue </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Operating<br />
income/<br />
(loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Identifiable<br />
assets </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Depreciation<br />
and<br />
amortization </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
programming<br />
rights </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Amortization<br />
of<br />
sublicensing<br />
rights and<br />
own cost of<br />
production </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">124,633</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">75</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">40,799</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">884,979</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,429</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(53,538</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(2,735</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">22,876</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">9</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">2,062</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">85,544</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(359</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(12,752</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Network</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">15,680</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,935</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">106,188</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(776</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(7,499</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CTC Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">17,793</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">400</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">10,649</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">96,238</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(495</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(84</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Domashny Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">3,485</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,013</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,287</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">60,013</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(711</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Peretz Television Station Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,469</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">552</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,203</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">113,083</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(1,211</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">CIS Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">4,308</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(254</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">23,944</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(117</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(2,995</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Production Group</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">33</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">6,186</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(578</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">49,916</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(7</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(5,863</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Business segment results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">190,277</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">8,235</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">54,697</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,419,905</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(5,105</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(76,869</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,598</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="white">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1">Eliminations and other</font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">843</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(8,235</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(4,726</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(436,349</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(52</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">1,110</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">5,863</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times">
<p style="TEXT-INDENT: -8pt; FONT-FAMILY: times; MARGIN-LEFT: 8pt"><font size="1"><b>Consolidated results</b></font></p></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">191,120</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">—</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">49,971</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">983,556</font></td>
<td style="FONT-FAMILY: times"><font size="1"> </font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(5,157</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(75,759</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">$</font></td>
<td style="FONT-FAMILY: times" align="right"><font size="1">(2,735</font></td>
<td style="FONT-FAMILY: times"><font size="1">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></td></tr></table></td></tr></table></td></tr></table></td></tr></table>
0.0038
2.5
0.5144
0.0120
5.5
0.0561
0.0540
0.8469
2.23
3819000
3781000
2091000
2100000
2596000
417000
518000
0.20
0.20
0.20
0.20
0.05
0.50
0.09
124633000
75000
40799000
884979000
1429000
53538000
2735000
22876000
9000
2062000
85544000
359000
12752000
15680000
1935000
106188000
776000
7499000
17793000
400000
10649000
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495000
84000
3485000
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60013000
711000
1000
1469000
552000
-1203000
113083000
1211000
4308000
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23944000
117000
2995000
33000
6186000
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49916000
7000
190277000
8235000
54697000
1419905000
5105000
76869000
8598000
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52000
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108293000
130000
33036000
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19748000
3000
3158000
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12671000
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744000
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17859000
468000
10716000
108068000
551000
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2629000
710000
438000
55572000
427000
1000
1054000
383000
-1750000
124655000
1164000
1000
3079000
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23902000
152000
1850000
22000
2213000
-553000
50409000
23000
1748000
165355000
3907000
44251000
1413196000
3856000
72577000
2174000
186000
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80000
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582585000
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<p style="FONT-FAMILY: times"> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 100.24%; PADDING-RIGHT: 0pt; HEIGHT: 192px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"> </p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="74"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Options </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Risk free interest rate</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">0.38 - 1.20</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">%</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Expected option life (years)</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2.5 - 5.5</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Expected dividend yield</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5.40 - 5.61</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">%</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Volatility factor</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">51.44 - 84.69</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">%</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Weighted-average grant date fair value (per share)</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$2.23</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        </font></p></td></tr></table></td></tr></table></td></tr></table>
0.13
0.089
0.03
9365
613000
265477000
162641000
74488000
28348000
2700000
2700000
105582000
15563000
20994000
21904000
22988000
24133000
10016000
3553000
1720000
1581000
1581000
1581000
418759000
190585000
104990000
58775000
31685000
32724000
2722000
2800000
1700000
1707000
1272000
5
0.50
1
11
4432000
0.072
34000000
71688000
58189000
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<p style="FONT-FAMILY: times"><font size="2"><b>7. STOCKHOLDERS' EQUITY </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        As of December 31, 2011, and March 31, 2012 the Company's outstanding share capital was as follows: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="68"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="68"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 16pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Type <!-- COMMAND=ADD_SCROPPEDRULE,16pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>December 31, 2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>March 31, 2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Common stock outstanding</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>157,320,070</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>158,160,719</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><b>Common Stock and Additional-paid-in capital </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        In the three months ended March 31, 2012, the Company's former CEO exercised options to purchase 840,649 shares of common stock, for aggregate consideration of $4,615. The increase in additional paid-in capital includes proceeds in excess of par value from exercises of stock options and stock-based compensation expenses recognized in the Company's earnings. </font></p>
<p style="FONT-FAMILY: times"><font size="2"><b>Dividends </b></font></p>
<p style="FONT-FAMILY: times"><font size="2">        In the three months ended March 31, 2012, the following dividends were declared and paid: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="47"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="47"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="89"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="89"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 59pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Declaration date <!-- COMMAND=ADD_SCROPPEDRULE,59pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Per Share<br />
Dividend </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Aggregate<br />
Dividend </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Record Date </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Payment Date </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">February 24, 2012</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">0.13</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">20,561</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">March 15, 2012</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">March 30, 2012</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2">        The following table summarizes the changes in stockholders' equity during the three months ended March 31, 2011 and 2012: </font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="78"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="70"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Total </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>CTC Media, Inc.<br />
stockholders </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Noncontrolling<br />
interest </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, December 31, 2010</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>794,641</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>793,024</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>1,617</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net Income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">23,694</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">22,792</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">902</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">58,031</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">57,897</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">134</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">81,725</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">80,689</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,036</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Share capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Additional paid-in capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9,538</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9,538</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Dividends declared</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(25,301</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(25,115</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(186</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, March 31, 2011</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>860,606</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>858,139</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>2,467</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"> <br /></font></p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 80%; PADDING-RIGHT: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="78"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="70"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Total </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>CTC Media, Inc.<br />
stockholders </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Noncontrolling<br />
interest </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, December 31, 2011</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>697,208</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>693,972</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>3,236</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net Income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">33,612</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">32,622</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">990</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">69,560</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">69,207</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">353</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">103,172</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">101,829</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,343</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Share capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Additional paid-in capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,391</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,391</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Dividends declared</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(21,076</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(20,561</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(515</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, March 31, 2012</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>785,704</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>781,640</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>4,064</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></td></tr></table>
-15000
2678000
-4371000
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<ul>
<li style="list-style: none">
<p style="FONT-FAMILY: times"><font size="2"><b>Tax provisions and valuation allowance for deferred tax assets </b></font></p></li></ul>
<p style="FONT-FAMILY: times"><font size="2">        The Company records valuation allowances related to the tax effects of deductible temporary differences and loss carryforwards when, in the opinion of management, it is more likely than not that the respective tax assets will not be realized. Changes in the Company's assessment of the probability of realization of deferred tax assets may affect the Company's effective income tax rate. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        The Company records temporary differences related to investments in its Russian subsidiaries. These temporary differences consisted primarily of undistributed earnings that the Company does not plan to permanently reinvest in operations outside the U.S. </font></p>
<p style="FONT-FAMILY: times"><font size="2">        Significant judgment is required to determine when income tax provisions should be recorded and, when facts and circumstances change, when such provisions should be released. Although the Company believes that its judgments and estimates are reasonable, actual results could differ, and the Company may be exposed to impairment losses that could be material. </font></p></td></tr></table>
0.31
20561000
12577000
3.2
560000
9.07
P4Y
2
0.25
3
4
0.39
0.34
8
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 77.41%; PADDING-RIGHT: 0pt; HEIGHT: 479px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="130%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="45"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Total </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2013 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2014 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2015 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Through<br />
2016 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="FONT-FAMILY: times" colspan="17" align="center"><font size="1"><b>(in thousands)</b></font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Acquisition of programming rights</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">265,477</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">162,641</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">74,488</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">28,348</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Transmission and satellite fees</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">105,582</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">15,563</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">20,994</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">21,904</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">22,988</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">24,133</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Leasehold obligations</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">26,915</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">4,023</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,411</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,598</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">5,820</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,063</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Cable connections</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">10,016</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3,553</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,720</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,581</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Acquisition of format rights</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,700</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,700</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Payments for intellectual rights</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3,825</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">734</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">776</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">774</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">772</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">769</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Network affiliation agreements</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,531</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">663</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">596</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">570</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">524</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">178</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other contractual obligations</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,713</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">708</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,005</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 20pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>418,759</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>190,585</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>104,990</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>58,775</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>31,685</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>32,724</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><i>        </i></font></p></td></tr></table></td></tr></table></td></tr></table>
26915000
4023000
5411000
5598000
5820000
6063000
3825000
734000
776000
774000
772000
769000
2531000
663000
596000
570000
524000
178000
1713000
708000
1005000
1055438000
304000
16079000
1206000
-1596000
8850000
3002000
4615000
678000
20561000
1258000
2150000
1
1
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="FONT-FAMILY: 'Times New Roman',times,serif; FONT-SIZE: 10pt">
<tr>
<td>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 113.83%; PADDING-RIGHT: 0pt; HEIGHT: 235px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" width="78"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="70"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Total </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>CTC Media, Inc.<br />
stockholders </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Noncontrolling<br />
interest </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, December 31, 2010</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>794,641</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>793,024</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>1,617</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net Income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">23,694</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">22,792</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">902</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">58,031</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">57,897</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">134</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">81,725</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">80,689</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,036</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Share capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">3</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Additional paid-in capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9,538</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9,538</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Dividends declared</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(25,301</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(25,115</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(186</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, March 31, 2011</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>860,606</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>858,139</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>2,467</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div>
<p style="FONT-FAMILY: times"><font size="2"><br /></font> </p>
<div style="POSITION: relative; PADDING-BOTTOM: 0pt; PADDING-LEFT: 0pt; WIDTH: 114.22%; PADDING-RIGHT: 0pt; HEIGHT: 247px; MARGIN-LEFT: 10%; PADDING-TOP: 0pt">
<p style="FONT-FAMILY: times"><font size="2"><!-- COMMAND=ADD_TABLEWIDTH,"100%" --></font></p>
<!-- User-specified TAGGED TABLE -->
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px"><!-- TABLE COLUMN WIDTHS SET -->
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="51"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="78"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="70"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Total </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>CTC Media, Inc.<br />
stockholders </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>Noncontrolling<br />
interest </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, December 31, 2011</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>697,208</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>693,972</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>3,236</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Net Income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">33,612</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">32,622</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">990</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Other comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">69,560</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">69,207</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">353</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Comprehensive income</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">103,172</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">101,829</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,343</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Share capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">9</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Additional paid-in capital</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,391</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">6,391</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Dividends declared</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(21,076</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(20,561</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(515</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Stockholders' equity, March 31, 2012</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>785,704</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>781,640</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>4,064</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></div></td></tr></table></td></tr></table>
793024000
1617000
794641000
22792000
902000
57897000
134000
58031000
80689000
1036000
860606000
858139000
2467000
693972000
3236000
32622000
990000
69560000
69207000
353000
101829000
1343000
781640000
4064000
9538000
9538000
3000
3000
25115000
186000
25301000
9000
9000
6391000
6391000
20561000
21076000
515000
1034000
1034000
224000
224000
2150000
2150000
1609000
42800000
12000000
-494000
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" width="134" align="center"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="25"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="39"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="2"> </font></th>
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="5" align="center"><font size="1"><b>March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align="center"><font size="1"><b>Balance sheet location </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Assets:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Derivatives designated as hedging instruments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Other current assets</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,034</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>1,034</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Derivatives non designated as hedging instruments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Other current assets</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">224</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>224</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2"><b>Liabilities:</b></font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Derivatives designated as hedging instruments:</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Other current liabilities</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">2,150</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>2,150</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="WIDTH: 557px; FONT-FAMILY: 'Times New Roman',times,serif; HEIGHT: 190px; FONT-SIZE: 10pt">
<tr>
<td>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" align="left"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="158" align="center"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="25"></td>
<td style="FONT-FAMILY: times" width="12"></td>
<td style="FONT-FAMILY: times" width="7" align="right"></td>
<td style="FONT-FAMILY: times" width="44"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="2"> </font></th>
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" colspan="5" align="center"><font size="1"><b>March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" align="center"><font size="1"><b>Location of gain (loss) recognized<br />
in the statement of income (loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 110pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Fair Value Hedging Instrument <!-- COMMAND=ADD_SCROPPEDRULE,110pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Foreign currency gain (loss)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(1,609</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="white">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Hedged items</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Foreign currency gain (loss)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">1,451</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Total</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>—</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>$</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2"><b>158</b></font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></td></tr></table></td></tr></table>
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;">
<tr>
<td>
<table style="WIDTH: 522px; FONT-FAMILY: 'Times New Roman',times,serif; HEIGHT: 155px; FONT-SIZE: 10pt">
<tr>
<td>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="HEIGHT: 0px">
<td style="FONT-FAMILY: times" width="34"></td>
<td style="FONT-FAMILY: times" width="12"></td><!-- TABLE COLUMN WIDTHS END --></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times"><font size="2"> </font></th>
<th style="FONT-FAMILY: times" align="left"><font size="2"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" colspan="5" align="center"><font size="1"><b>March 31, </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" align="left"><font size="1"> </font><br /></th>
<th style="FONT-FAMILY: times" rowspan="2"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" rowspan="2" align="center"><font size="1"><b>Location of gain (loss) recognized<br />
in the statement of income (loss) </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="bottom">
<th style="FONT-FAMILY: times" nowrap="nowrap" align="left">
<div style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 110pt; MARGIN-BOTTOM: 0pt"><font size="1"><b>Fair Value Hedging Instrument <!-- COMMAND=ADD_SCROPPEDRULE,110pt --></b></font></div></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2011 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th>
<th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colspan="2" align="center"><font size="1"><b>2012 </b></font></th>
<th style="FONT-FAMILY: times"><font size="1"> </font></th></tr>
<tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF">
<td style="FONT-FAMILY: times" valign="bottom">
<p style="TEXT-INDENT: -10pt; FONT-FAMILY: times; MARGIN-LEFT: 10pt"><font size="2">Foreign exchange forward contract</font></p></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="center"><font size="2">Foreign currency gain (loss)</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">—</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2"> </font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">$</font></td>
<td style="FONT-FAMILY: times" valign="bottom" align="right"><font size="2">(494</font></td>
<td style="FONT-FAMILY: times" valign="bottom"><font size="2">)</font></td></tr>
<tr style="HEIGHT: 0px; FONT-SIZE: 1.5pt" valign="top">
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td>
<td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" valign="bottom" colspan="2" align="right"> </td>
<td style="FONT-FAMILY: times" valign="bottom"> </td></tr></table></div>
<!-- end of user-specified TAGGED TABLE --></td></tr></table></td></tr></table>
0.13
106400000
23600000
11100000
71700000
5863000
-5863000
-1451000
-158000