Managing Director Change & Announcement of Options

15 April 2011 For immediate release

MAIL.RU GROUP LIMITED

Managing Director Change & Announcement of Options

London / Moscow -MAIL.RU GROUP LIMITED ("Mail.ru Group" or the "Company"), the largest Internet company in the Russian-speaking world based on monthly unique users, announces that Alexander Tamas has advised the Board that he wishes to resign as the Managing Director of Mail.Ru Group with effect from 6 April 2011. The Board announces that Matthew Hammond, currently a Director of Mail.Ru Group be appointed to replace Alexander Tamas as Managing Director with effect from the same date.

Directors Options

In keeping with the management option plans as outlined in the IPO Prospectus, the Board of Mail.Ru Group has approved 53,532 options over ordinary shares of the Company to be assigned to each Director other than Chairman, i.e. to each of:

Marcos Galperin

Sang Hun Kim

Gregory Finger

Vladimir Streshinskiy

Hein Pretorius

Vasileios Sgourdos

Ardavan Moshiri

Matthew Hammond

Mark Remon Sorour

The Board has also exercised their discretion as outlined in the IPO Prospectus, to assign 305,132 options over ordinary shares of the Company to Yuri Milner, Chairman.

For further information please contact:

Yuri Mikhalev

VP, Corporate Finance and Investor Relations

Phone: +7 495 651 6595

E-mail: [email protected]

Financial Dynamics

About Mail.ru

Mail.ru Group is the largest Internet company in the high-growth Russian-speaking Internet markets. Mail.ru Group's sites reach approximately 70 per cent of Russian Internet users on a monthly basis and the Company is the world's seventh largest Internet business, based on page viewsi. Russia is today Europe's second largest Internet market measured by number of usersii.

The origins of the Company date back to 1998 and since its formation as a group in 2005, and particularly since the end of 2008, the Company has moved rapidly to build an integrated communication and entertainment platform that allows it to attract and monetise one of the largest daily Internet audiences in the Russian speaking world. The Company, which is incorporated in the British Virgin Islands, operates two of the threeiii 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 (Agent and ICQ), Russia's leading email service and Russia's second largest Internet portal based on daily and monthly unique users (Mail.ru), and the Company operates Russia's largest online games platform.

The Company holds strategic minority equity stakes in vKontakte and Qiwi (formerly OE Investments). It holds a 32.5 per cent stake in vKontakte, Russia's largest social networking site measured by daily unique users, and it holds a 21.4 per cent interest in Qiwi, one of Russia's leading payment processing companies. 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.