RMG Royal Mail Plc

    


Rambler Media Limited



Rambler Media Ltd. ("Rambler" or "the Company"), operating one of Russia's most
popular internet brands, announces that it has agreed to sell its contextual
advertising company ZAO Begun ("Begun") and related subsidiaries to Google.
Rambler currently holds 50.1% of Begun. The transaction will consist of Rambler
buying the remaining 49.9% stake in Begun from Bannatyne Limited, affiliated
with the Finam group of companies, immediately after which Rambler will sell
100% of Begun to Google subject to certain approvals and conditions precedent
for a total cash consideration of US$140 million, of which US$69.9 million is
attributable to Bannatyne, with customary closing adjustments.

Rambler's net gain from the disposal is expected to be approximately US$50
million after all direct costs associated with the transaction. Proceeds
received in respect of the sale of its holdings in Begun will be retained by the
Company for further investments and potential acquisitions in line with
Rambler's stated strategy. The Company's net cash position after the completion
of this sale is expected to reach US$100 million. The Company's directors
consider, having consulted with its nominated adviser, ING, that the terms of
the transaction are fair and reasonable insofar as its shareholders are
concerned.

Google is the world's most popular search engine. Begun is one of Russia's
leading search and contextual text based advertising services with local
expertise, efficient sales systems and the number of its advertisers exceeds
40,000. Begun's partner network includes over 143,000 Russian language sites.

Mark Opzoomer, Chief Executive Officer of Rambler Media, commented: "Begun is an
excellent business which can become even stronger under Google's ownership.
Google has the advertising technology and financial capacity to build upon
Begun's established advertising network in Russia. By working together, we aim
to create superior growth for Rambler, better monetisation for our business and
stronger value for our shareholders going forward. We look forward to continuing
to work closely with Alexey Basov and his team at Begun. This is a positive
event for Rambler and an important step in our ambition to best serve our users,
advertisers and partners and successfully build Russia's leading gateway to the
web."

Alexey Basov, General Director of Begun further commented: "The entire industry
will benefit from this transaction as there is a high potential for synergies.
It brings together Google's visionary technology and Begun's six years of
successful experience in building advertising and dealer networks and direct
sales in Russia."

"Google is committed to giving Russian users, advertisers and partners the best
possible service and experience," said Mohammad Gawdat, Managing Director
Emerging Markets, Google. "This agreement means more Russian users, advertisers
and partners will get better search results and more relevant advertising."

GUIDANCE UPDATE

Upon completion, which is expected in September, Begun will no longer be a
consolidated subsidiary of Rambler. Gross assets of Begun on Rambler's books
were US$43.9 million as of the latest balance sheet dated 31 December 2007.
Begun had previously been consolidated within Rambler's accounts from 1 August
2007. During the first four months of 2008, based on the preliminary unaudited
management accounts, Begun generated profits before taxation and minority
interest of approximately US$3.4 million.

After allowing for the impact of not consolidating Begun in Q4 2008, Rambler
continues to confirm its earlier revenue guidance between US$100 million to
US$110 million for the full year 2008. Rambler also confirms its guidance of
improving its EBITDA margin to between 20-25% for the full year 2008 and expects
this transaction to support further margin improvement in future years.

The advertising market in Russia is growing very strongly, and internet
advertising is growing twice as fast. Search related text-based advertising on
Russian-language internet sites soared to US$225 million in 2007 from US$110
million in 2006. Rambler estimates that internet advertising in Russia will
continue to grow at around 50% per annum to reach over US$1 billion in 2010,
with an approximately equal split between text-based and display advertising.

Rambler's vision is to become Russia's favourite homepage and an open,
multi-branded gateway to the internet for millions of Russians every day. The
group's mission is to build the largest internet audience in Russia by providing
the best suite of search, communications, media and entertainment content in one
place.

                                       ***

For further information, please visit www.ramblermedia.com or contact:

Rambler Media                         Shared Value Limited
Mark Opzoomer / Arthur Akopyan       Nicolas Duperrier
Tel. +7 495 500 3826                 Tel. +44 (0) 20 7321 5010
                                     rambler@sharedvalue.net

ING Wholesale Banking
Daniel Friedman / Francis Moore
Tel. +44 (0) 20 7767 1000

                                       ***

ABOUT RAMBLER MEDIA

Rambler Media is an internet media and services group which operates or has
interests in leading Russian language internet brands including the original
Russian internet homepage and search engine 'Rambler.ru', on-line newspaper
'Lenta.ru', product comparison website 'Price.ru', internet catalogue and
navigation system 'Top 100', instant messaging service 'Rambler-ICQ', digital
advertising agency 'Index20' and contextual advertising company 'Begun'. Rambler
Media's shares are traded on AIM, the junior market of the London Stock Exchange
under the symbol 'RMG'. For more information on Rambler Media, visit our
corporate website at www.ramblermedia.com.

This release contains certain forward-looking statements with respect to the
financial condition, results of operations and business of the Company. These
forward-looking statements represent the Company's expectations or beliefs
concerning future events and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ materially from
those expressed or implied in such statements. Nothing in this disclaimer is
intended to nor does it affect the Company's obligations and responsibilities
pursuant to the AIM Rules for Companies.

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