Changes in Capital Structure

13th August 2014 For immediate release

MAIL.RU GROUP LIMITED

Changes in Capital Structure of Largest Voting Shareholder

Dubai, UAE - MAIL.RU GROUP LIMITED ("Mail.Ru Group" or the "Company") has been informed that USM Holdings Limited ("USM") has announced a share buy-back involving the repurchase of 10% of USM's shares from its majority shareholder, Alisher Usmanov.

These shares, Mail.Ru Group understands, are being allocated among and acquired by senior executives, including Ivan Streshinsky, the Chairman of Metalloinvest, Ivan Tavrin, the CEO of MegaFon, and members of the Board of Directors of USM. While ceding control, Mr Usmanov will remain the largest USM shareholder with a total voting power of 48%.

Mail.ru Group has also been informed that separately, two long-term friends and associates of Mr. Usmanov are each converting their indirect economic interest that they have had for a significant period of time in USM into an interest in 1% for each of them of USM.

Simultaneously, Mr. Usmanov's indirect voting power in NMTI and Ardoe is also reducing to 48%.

There is no change to the number, or composition, of the elected directors on the board of Mail.Ru Group as a result of these changes.

For further information please contact:

Investors:

Matthew Hammond

Mail.Ru Group

Phone: +971 505 56 1315

E-mail: [email protected]

Press:

Ksenia Chabanenko

Phone: +7 916 0906626

E-mail: [email protected]

About Mail.Ru Group

Mail.Ru Group (LSE:MAIL, listed since November 5, 2010) is a leading Internet company in the high-growth Russian-speaking Internet markets (Russia is Europe's largest Internet market measured by the number of users, comScore). Mail.Ru Group's sites reach approximately 94% of Russian Internet users on a monthly basis (comScore, December 2013) and the Company is the fifth largest Internet business globally, based on the total time spent (comScore, December 2013).

In line with the "communitainment" (communication plus entertainment) strategy, the Company is moving rapidly to build an integrated communications and entertainment platform. The Company owns Russia's leading email service and Russia's largest internet portal, Mail.Ru (TNS, all Russia, age 12-64, December 2013). The Company operates two of the three largest Russian language social networks, Odnoklassniki (OK) and Moi Mir (My World), and Russia's largest online games business. The Company's portfolio also includes Mail.Ru Agent and ICQ - two instant messaging services popular in Russia and CIS.

The Company holds non-controlling equity stakes in VK.com (51.99%) and Qiwi (5,23%). The Company also holds a number of small venture capital investments in various Internet companies in Russia, Ukraine and Israel.