Conversion of Class A shares of the Company

18 September 2012 For immediate release

MAIL.RU GROUP LIMITED

MGL Announcement re conversion of Class A shares of the Company

12m Class A Shares, belonging to Gregory Finger, were converted today to 12m Ordinary Shares pursuant to a request made to the Company's Board by Gregory Finger pursuant to Clause 5.4.3.1 (ii) of the Company's Memorandum of Association. As a result of the conversion, the percentage of votes, attaching to the Company's issued share capital, held by Class A shareholders are as follows:

Ends

For further information please contact:

Investor Relations Contacts:

Matthew Hammond

Managing Director Mail.Ru Group

Phone: +971 505 56 1315

Email: [email protected]

Press Contacts:

Ksenia Chabanenko

PR Director Mail.Ru Group (Russia)

Phone: +7 495 725 6359 / +7 916 090 6626

Email: [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.