Notice of Trading Update

21 February 2011 For immediate release

MAIL.RU GROUP LIMITED

Notification of Trading Update

London / Moscow - MAIL.RU GROUP LIMITED ("Mail.ru Group" or the "Company") will release its preliminary trading update for the full year ended 31 December 2010 after market close on Thursday 24 February 2011. An analyst conference call will be held at 5 pm GMT on Thursday 24 February, dial in details to follow.

Ends

For further information please contact:

Yuri Mikhalev

VP, Corporate Finance and Investor Relations

Phone: +7 495 651 6595

E-mail: [email protected]

FD

London +44 (0)20 7831 3113 Moscow +7 495 795 06 23

James Melville-Ross Leonid Solovyev

Matt Dixon

Emma Appleton

Notes to Editors

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 views[i]. Russia is today Europe's second largest Internet market measured by number of users[ii].

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 three[iii] 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 with a network of over 180,000 Point of Sale ("PoS") payment terminals. 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.