MAIL.RU GROUP LIMITED ("Mail.ru Group" or the "Company") has been informed of the closing of the acquisitionby MegaFon (LSE: MFON) of 11.5 million Class A shares and 21.9 million ordinary shares, representing an approximately 15.2% economic and 63.8% voting stake in Mail.Ru Group Limited from subsidiaries of USM Holdings.

Mail.Ru Group has been informed that the total consideration for the acquisition was US$ 740 million.  MegaFon paid US$ 640 million in cash at closing earlier today, while the remaining consideration in the amount of US$ 100 million will be paid on a deferred basis in one year after the Closing.

For further information please contact:

Investors:

Matthew Hammond

E-mail: hammond@corp.mail.ru

Press:

Madina Tayupova

E-mail: m.tayupova@corp.mail.ru