MAIL.RU GROUP LIMITED (“Mail.Ru Group” or the “Company”) today announces changes in the Board of Directors of the Company.

MF Technologies (“MFT”) has nominated Boris Dobrodeev, Dmitry Sergeev, Alan Vaksman and Sergei Mednov as new Directors to the Board of the Company to replace Sergey Soldatenkov, Ivan Streshinsky, Anna Serebryanikova and Vlad Wolfson.

MF Technologies has informed the Company that USM is no longer the ultimate controlling party of Mail.Ru Group and that as a result there is no single party controlling Mail.Ru Group via MF Technologies. There is no change in the ownership of MF Technologies.

Today MFT has also informed Mail.Ru Group that going forward the CEO (Russia) of Mail.Ru Group will be authorized to exercise the voting rights of the shares held by MegaFon and USM in MF Technologies.  As such MF Technologies has also nominated Boris Dobrodeev and Dmitry Sergeev to the Board of Directors of Mail.Ru Group. Changes in the Board of Directors do not affect the Chairman of the Board Dmitry Grishin. This ensured the presence of three representatives of Mail.Ru Group on the Board of Directors.

Boris Dobrodeev is a CEO (Russia) Mail.Ru Group; Dmitry Sergeev is the First Deputy CEO Mail.Ru Group; Alan Vaksman, Deputy Chairman of the Board of Gazprombank, he has extensive experience in international companies; Sergei Mednov, Senior Vice President of Gazprombank, specializes in finance and technology.

Gevork Vermishyan, Executive Director of PJSC MegaFon: “We are pleased to provide our support of the management and the strategy of Mail.Ru Group by giving this strong vote of confidence in the management team. We believe that this will maximize the value of our stake in Mail.ru Group via our holding in MFT”.

Ivan Streshinsky, General Director of USM Management LLC: “USM has a long term track record of successful investment in the best technology companies globally. One of our key principles in this space was always to support the best management teams. Ultimately the value in these businesses is created by the talent, passion and hardwork of the people who create and power the products. We think that giving the Mail.ru Group’s team, represented by the CEO, the ongoing right to vote our shares in MFT we are giving the clearest sign of our backing for the team and its strategy.  We do not anticipate any further changes in the structure of MFT”.

Boris Dobrodeev, CEO (Russia) of Mail.Ru Group: “We are very flattered and much encouraged by this very significant show of support from the shareholders. We are dedicated to continuing to create the best products for our users and build value for our shareholders and we look forward to welcoming Alan and Sergei to the board”.

For further information please contact:

Investors:
Matthew Hammond
Mail.ru Group
Phone: +971 505 56 1315
E-mail: hammond@corp.mail.ru

Press
Oxana Klichnikova
Phone: +7 985 433 7039
E-mail: o.klichnikova@corp.mail.ru