Completion of Transaction

For immediate release

16 November 2010

MAIL.RU GROUP LIMITED

("Mail.ru Group" or the "Company")

COMPLETION OF TRANSACTION

London / Moscow - MAIL.RU GROUP LIMITED (LSE: MAIL), the largest Internet company in the Russian-speaking world based on monthly unique users, is pleased to confirm that it has today completed the planned acquisition of a further 7.5% equity stake in vKontakte, Russia's largest social networking site, and simultaneously the planned investment of new capital in the business and the acquisition of an option to acquire a further stake in vKontakte, as described in the Company's prospectus.

The completion of this transaction brings Mail.ru Group's total equity stake in vKontakte to 32.5%.

For further information please contact:

FD

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

James Melville-Ross Leonid Solovyev

Matt Dixon

Ends