Luxembourg and Moscow, 1 September 2005 – Talks on the purchase by Surgutneftegas of 35% stake in REN TV Media Holding from Severstal Group are concluded, the technical execution of the transaction is expected to be finalized in the coming days, Surgutneftegas First Deputy CEO on Finance and Tax Issues Vladislav Barankov reported. “Our company is interested in investing into the fast-growing Russian media industry and views the purchase of the stake in REN TV channel as a long-term investment project,” Vladimir Barankov said. “The opportunities to further develop the TV channel in partnership with RTL Group, one of the best known and most professional media companies in the world, guarantees the success of our investment to a significant extent.”

“We are happy to see the channel acquiring a major financial investor willing to commit substantial funds into the development of this business together with our company,” Gerhard Zeiler, Chief Executive Officer of RTL Group, stated. “We believe that Surgutneftegas’ economic resources and our international experience in media will bring new quality to REN TV.”

Alexei Mordashov, CEO of Severstal Group, stressed that the choice of Surgutneftegas as a partner was primarily dictated by the economic potential of the company. “We received a whole range of offers from Russian and international investors, including many of the top players in the media market, but the terms offered by Surgutneftegas appeared to us the most attractive,” Mr. Mordashov said. “We are pleased to note that, apart from willing to pay good price for the stocks of the channel, the company will also be able to invest substantial funds into its operations. According to Alexei Mordashov, the purchase by Surgutneftegas of the stake in REN TV Media Holding was coordinated with RTL Group and the channel's management.

Top managers of all the three companies expressed their confidence for potential fruitful cooperation with the current management of the channel, under Irene and Dmitry Lesnevsky. “The Lesnevsky family have created the TV channel, and we hope we’ll be able to further develop it together,” they said.

For further information:

Andrew Buckhurst
Senior Vice President
External Communications and Investor Relations
RTL Group
Phone: 00352/2486 5075 or 5130
E-mail: andrew.buckhurst@rtlgroup.com