Approval of disposal

17 May 2012 For immediate release

MAIL.RU GROUP LIMITED

Approval of disposal of a portion of Company's shareholding of Facebook, Inc.

Pursuant to the Articles of Association of Mail.ru Group a written resolution approving disposal of a portion of Company's shareholding of Facebook, Inc. on the IPO of Facebook, Inc. has been passed by members of the Company holding shares which represent at least 75% of the total number of votes attached to the issued and outstanding shares. The resolution has been filed on the National Storage Mechanism appointed by the Financial Services Authority and can be accessed at

http://www.hemscott.com/nsm.do.

For further information please contact:

Investors:

Matthew Hammond

Managing Director Mail.Ru Group

Phone: +971 505 56 1315

E-mail: [email protected]

Press:

Ksenia Chabanenko

Phone: +7 916 0906626

E-mail: [email protected]

Notes to Editors

About Mail.Ru Group

Mail.Ru Group (founded in 1998) is a leading Internet company in the high-growth Russian-speaking Internet markets (Russia is today Europe's the largest Internet market measured by number of users, ComScore, September 2011). Mail.Ru Group's sites reach approximately 84 per cent of Russian Internet users on a monthly basis (ComScore, December 2011) and the Company is the world's fifth largest Internet business, based on page views (ComScore, December 2011).

Having the Communitainment (Communications + Entertainment) strategy the Company is moving rapidly to build an integrated communication and entertainment platform. The Company operates two of the three (TNS, December 2011) largest Russian language online social networking sites (Odnoklassniki and Moi Mir (or "My World")). The Company also operates the two largest Instant Messaging ("IM") networks in Russia (Mail.Ru Agent and ICQ), Russia's leading email service and Russia's second largest Internet portal Mail.ru (based on daily and monthly unique users, TNS, December 2011), and the Company operates Russia's largest online games platform.

The Company holds strategic minority equity stakes in VKontakte (a 39.99 per cent stake) and Qiwi, formerly OE Investments (21.35 per cent interest). The Company also holds small minority stakes in international Internet companies including Facebook, Zynga and Groupon as well as a number of small venture capital investments in various Internet companies in Russia and Ukraine.