r a m b l e r internet mobile television Rambler Media October 2006 Capitalising on the fastest growing media market and online community in Europe

2 Rambler Media at a glance Rambler Media was a pioneer in identifying the internet opportunity in Russia, and commenced operations in years on, its main search engine and media portal, Rambler.ru has become the largest multi- service internet resource for the Russian speaking community worldwide and provides innovative solutions to advertisers –65% of internet users in Russia regularly visit rambler.ru* –Over 23 million monthly users of Rambler Media web properties* –A one stop shop offering over 50 different information, communication, e-commerce and entertainment services Source: *Comcon – First Quarter 2006 ; Company – July In 2004, Rambler Media launched Rambler Mobile to provide mobile value added services and capitalise on growing widespread mobile usage in Russia and the CIS Revenue sharing agreement with major GSM operators, reaching 95% of mobile users in Russia Services include Ringtones, interactive SMS, SMS Chat/Dating/Voting, News Internet TVMobile In 2003, Rambler Media launched Rambler TV, adding a new media channel to its internet offering and tapping into the $2.3bn TV advertising market in Russia A documentary and entertainment TV channel reaching 40 million viewers Attracting a premium audience with high disposable income

3 …in the early phase of its growth Russian Advertising Market From $1.3bn to $7.1bn* in 5 years +40% CAGR (US$m) Note: Figures for 2001 and 2002 are based on above-the-line advertising only. Figures for 2003 onwards include above-the-line and below-the-line advertising Source: *Russian Association of Advertising Agencies Russian Advertising market is one of the Worlds largest and fast growing – over $6bn in 2005 Internet has emerged as a new efficient and targeted media channel, set to outpace the overall market growth (+65% CAGR between 2002 and 2005) Mobile usage is also accelerating with Value Added Services revenues growing 115% CAGR since 2001 at $1.5bn in 2005 Television continues to grow and remains the principal advertising channel, generating $2.3bn in 2005 Russian Internet and Mobile penetration** 18% internet and 69% mobile penetration in 2006 (000s) Sources: **Company / Ministry of Communications / Central Bank / Json & Partners Note: Mobile Value Added services include voice content, SMS, MMS and premium SMS content 3

4 A leading brand & essential partner… Core business since creation in 1996 A preferred web resource for Russian speaking audiences worldwide Offering proprietary web search, , news, instant messaging, e-commerce services: – : main internet portal and search engine – : online Russian newspaper – : price comparison – : website creation / editing – : parenting information – : health related advice – : computer equipment information Generating revenues primarily from banner advertising, sponsored key word searches and e-commerce Supported by a full-service wholly-owned advertising agency 20.9 million unique users of Rambler.ru every month 1.5 billion monthly page views… 4 Internet

5 …for users Established brands –Rambler.ru reaches 65% of internet users in Russia* –Lenta.ru attracts 2.6 million unique visitors per month** Proprietary search engine with Russian language tailored morphological module Advanced multi-service portal – , News, Radio –Search engine by word or category –E-commerce, instant messaging… B2B platform – Top 100 Rating and Classification –Real time monitoring of over 900,000 websites across 57 industries –Recording number of unique users and page views –ISO 9001:2000 Certified Search News Services Top 100 Weather Horoscopes On line radio 5 Source: *Comcon – First Quarter 2006 Source: **Company – July 2006 Rambler-ICQ instant messaging Internet

6 Operating Highlights 100% period on period increase in total revenue to US$ 16 million (US$ 8 million) Internet revenue up 137% to US$ 12.3 million (US$ 5.2 million) TV sales up 129% to US$ 2.2 million (US$ 0.96 million) Group EBITDA* profitable for second consecutive half year Over 50% increase in number of internet unique monthly users of Rambler.ru to 21 million vs 25-30% of Internet penetration growth in Russia More than 1.6 million Rambler-ICQ instant messaging unique users per month in less than one year after lauch Acquisition of 51% of Price Express, a leading Russian price comparison internet company Exclusive partnership with Trader Media East Ltd to launch online classified ads in Russia with leading newspaper Iz Ruk V Ruki Acquisition of 51% of online Russian social network Damochka.ru and 51% of online banner technology company Bannerbank First Half 2006 results highlights *Earnings before interest, tax, depreciation and amortization 6

7 100% revenue growth period on period to US$16 million (US$ 8 million) 78% of total revenue came from internet Net profit of US$ 2.5 million (net loss of US$ 2.3 million) Strong balance sheet with $20 million cash at end of June 2006 First Half 2006 Revenue and EBITDA* (1.4) (0.3) InternetMobile VASTV US$m RevenueEBITDA* Financial Highlights Revenue composition Revenue and EBITDA* growth *Earnings before interest, tax, depreciation and amortization Moving into Profitability US$m