Statement re RAMBLER MEDIA TO APPOINT NIKITA SERGUIENKO AS CHIEF FINANCIAL OFFICER

Rambler Media Ltd. (“Rambler”), operating one of Russia’s most popular internet brands, is pleased to announce the appointment of Mr. Nikita Serguienko as the Group’s new Chief Financial Officer (“CFO”) with effect from 31 October 2008. Mr. Serguienko will succeed Mr. Arthur Akopyan, Rambler’s current CFO and an Executive Director on the Board, who will leave the Company to pursue other interests with effect from 31 October 2008. Nikita Serguienko will commence employment on 1 October 2008 and will have a one month transition with Arthur Akopyan. He will be appointed to the Board with effect from 31 October 2008.

Nikita Serguienko, aged 38, joins Rambler Media from Tele2 Russia, part of the European telecommunications holding Tele2 and one of Russia’s largest mobile operators. Nikita first joined Tele2 Russia in 2001 as Regional Finance Director. In 2004, he became Finance Director of the Ural-Volga region before being appointed CFO of Tele2 Russia the following year. Since 2005 Nikita has been a member of the Management Board for Tele2 Russia. In 2007, Nikita was appointed Executive Vice President of Tele2 Russia. Most recently, Mr. Serguienko was responsible for all aspects of business development, including reorganisation, mergers and acquisitions and new business line start ups. Prior to his career at Tele2 Russia, Nikita Serguienko was Chief Accountant for the Global Gas Group, Taxes and Legal Adviser for the SEB Group (Tefal, Rowenta) and Finance Director and member of the Board at KLP Soft Drinks (Irn Bru) between 1997 and 2001. Before that, he was Deputy Controller for the ELF Aquitaine Group and Accounting Officer in Industrial-Construction Bank of USSR and Mosbusinessbank.

Mr. Serguienko holds a Bachelor degree in International Economics from Moscow State University, a diploma in audit, accounting and financial analysis from the Russian Academy of Economics and an Executive MBA from Duke University, Fuqua School of Business. He also holds CPA, CMA/CFA certificates and is a Certified Professional Accountant and Certified Auditor.

Mark Opzoomer, Rambler Media’s Chief Executive Officer commented: “We are delighted to welcome Nikita Serguienko to Rambler Media. His professional qualifications, understanding of the regional Russian markets, M&A experience and his operating financial skills will continue to enhance the development of Rambler’s financial management and reporting processes. On behalf of the Board, I wish to thank Arthur for his significant contribution to the recent improvement in Rambler’s finances and in restructuring our operations. We wish him every success in his new career.”

Mr. Nikita Serguienko has, or has during the last five years been, director or partner of the following companies or partnerships:

Nikita Serguienko

CURRENT		PAST
		ZAO Sotovaya Svyaz Udmurtii (TELE2 Izhevsk) OAO TELE2 Sankt-Peterburg OAO TELE2 Lenoblast

Save as set out in this Announcement, there are no further disclosures to be made in accordance with paragraph (g) of Schedule Two to the AIM Rules.

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

Rambler Media		Shared Value Limited
Mark Opzoomer		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 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.