Mail.ru has experienced strong growth since its founding in 1998. Some key milestones include launching email, video, and photo services, as well as social networking platforms. In 2007, Mail.ru had over 43 million visitors and generated $55.8 million in revenue, nearly doubling revenue each year since 2003. The company has leveraged its large user base to build a strong monetization model based primarily on display advertising.

1. Investor/Analyst Presentation
Moscow, 18 September 2008

2. I. Background

3. Key Milestones of Development
Mail.ru’s History of Successful Growth
1998: • Agent@mail.ru • Employed more • Video@mail.ru
Creation of was launched than 100 was launched
Port.ru employees
2001 … 2003 … 2005 2006 2007
• Merger of Port.ru • Photo@mail.ru • My World@mail.ru,
2000: and NetBridge, and a social networking
Mail.ru became the Blogs@mail.ru service, was
Founding of main brand of were launched launched
NetBridge combined company • Gogo.ru, a search
Business engine developed
by Mail.ru, was
launched
IV. Mail.ru Overview

4. II. Key Investment Attributes

5. Key Investment Highlights
Large Potential in High
Growth Market
Strong Management Team No. 1 Russian Language
with Proven Track Record Website
Strong Technology Strong and Proven
Platform Monetisation Model
Clear Strategic Roadmap
II. Key Investment Highlights 4

6. Large and High Growth Market
Internet Users (m)
2007-2012E
CAGR: 0.3% 17.1% 4.6% 9.9% 0.9% 18.1% 15.9% c. 23,000 new internet users in Russia per
day vs. c.3,600 in the US in 2008E
418
204
207
190
171
169
137
2007 Russian internet user penetration of
90 24% which is less than the US internet user
80
77
penetration of 30% in May/June 1997
61
38
34
33
33
26
17
15
13
50% growth in broadband accounts in
7
2
Russia in 2008E
US China Western Eastern UK Russia Ukraine
Europe Europe
2003 2007 2012
Internet Display Advertising Market Spend (US$m)
2007-2010E
CAGR: 17.1% 22.5% 22.9% 42.3% 32.9% 65.8% 65.7% Internet advertising dollars adjusted by GDP
25,864
per capita of $6.8 in the Russian 2007
16,112
estimated to grow to $17.5 by 2010E
8,045
7,758
6,400
3,650
4,375
3,447
– $34.4 for US in 2007 on same basis
1,268
1,164
1,034
782
– $33.8 for UK in 2007 on same basis
543
333
227
164
32
50
18
11
1
– $28.2 for Western Europe in 2007 on
US UK Western China Eastern Russia Ukraine same basis
Europe Europe
2003 2007 2010
Source: Pyramid Research December 2007, Zenith OptiMedia March 2008, Harris Poll May 2006
Note: Western Europe includes Germany, Italy, Spain, France. Eastern Europe includes Czech Republic, Poland, Slovakia, Romania, Bulgaria, Hungary.
II. Key Investment Highlights 5

7. Market Size Considerations
2007 Internet Penetration¹
67.5% 2x Difference Internet Penetration
8x Difference Broadband Penetration
54.4% 53.8%
40.8%
46.8%
40.0%
46.5%
72.6%
23.5%
59.2%
15.9% 14.4%
53.5% 60.0%
92.9%
97.4% 83.3%
27.4%
7.1% 2.6% 16.7%
US Western Europe UK Eastern Europe Russia Ukraine China
Broadband Penetration² Non-broadband Penetration
Source: Pyramid Research December 2007
Note: Western Europe includes Germany, Italy, Spain, France. Eastern Europe includes Czech Republic, Poland, Slovakia, Romania, Bulgaria, Hungary
¹ Defined as internet users/population.
² Defined as broadband accounts/households.
III. Internet in Russia 6

8. Global Total Advertising Outlook
Global Total Advertising Overview 2007 (Nominal US$bn)
2007-2010E
CAGR: 2.7% 2.7% 6.1% 17.3% 9.6% 24.3% 24.3%
179.3
5 out of the 10 fastest
55.6 growing advertising markets
globally are in Russia and
CIS
23.3
15.0
9.6 9.0
0.9
US Western Europe UK China Eastern Europe Russia Ukraine
Source: Zenith OptiMedia March 2008
Note: Western Europe includes Germany, Italy, Spain, France. Eastern Europe includes Czech Republic, Poland, Slovakia, Romania, Bulgaria, Hungary
III. Internet in Russia 7

9. Market Size Potential
Internet Display Ad Spend Market Expansion Potential – “What If” Scenarios
18x
Current
“What if?”: 14x
Current $4,370 m
Applying metrics of other regions 12x
and countries to Russia and Current
$3,429 m
Ukraine
$2,893 m
3x
Current
$755 m
$238 m
Russia + Ukraine Market Size based on Market Size based on Market Size based on Market Size based on
Current: Population of Eastern Europe Western Europe UK Statistics US Statistics
189m Statistics Statistics
Internet Penetration1 19.7% 46.8% 54.4% 53.8% 67.5%
2007 Internet Display Ad $6.4 $8.6 $28.2 $33.8 $34.4
Spend Per Internet User2
Russian Market Has Potential to Grow 3x to 18x By Matching Metrics of Other Countries in 2007
Source: Pyramid Research December 2007, Zenith OptiMedia March 2008, EIU
Note: Western Europe includes Germany, Italy, Spain, France. Eastern Europe includes Czech Republic, Poland, Slovakia, Romania, Bulgaria, Hungary
¹ Defined as internet users/population.
² Adjusted for difference in online ad spend per online person as % of GDP per capita with Russia in 2007.
III. Internet in Russia 8

10. Key Stats for Russia and the Ukraine Over Next Three Years
Number of Computers (m) Internet Users (m) and Penetration Internet Advertising Spend (US$m)
Russia Russia
2007-2010E Russia 2007-2010E
CAGR: 15.0% 2007:2010E CAGR: 65.8%
CAGR: 21.0%
1,034
37.8
33.4
59.1
29.0
50.4
689
24.8
41.8
Ukraine Ukraine Ukraine
2007-2010E 33.4 2007-2010E 2007-2010E
CAGR: 20.6% CAGR: 19.9% 414 CAGR: 65.7%
227
11.4 12.7
4.5 5.2 9.2
3.6 7.4
2.9
40 50
11 22
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
Russia Penetration¹ -
Russia: 23.5% 29.5% 35.7% 41.9%
Ukraine
Ukraine: 15.9% 20.0% 24.9% 27.8%
Source: Pyramid Research December 2007, Zenith OptiMedia March 2008
Note: Western Europe includes Germany, Italy, Spain, France. Eastern Europe includes Czech Republic, Poland, Slovakia, Romania, Bulgaria, Hungary
¹ Defined as internet users/population.
9

11. High Broadband Growth
Broadband Accounts (’000)
9,686
Russia 2007-2010E
CAGR: 36.4%
7,665
5,719 Ukraine
2007-2010E
CAGR: 53.9%
3,815
1,852
1,427
896
508
2007 2008 2009 2010
Penetration1:
Russia: 7.1% 10.7% 14.3% 18.0%
Ukraine: 2.6% 4.5% 7.2% 9.3%
Russia Ukraine
Source: Pyramid Research December 2007 Russia is Leapfrogging From Offline to Broadband
¹ Defined as broadband accounts/households.
III. Internet in Russia 10

12. No. 1 Russian Language Website
No. 1 in:
— Email
41m active email
mailboxes
— Video
10,500 videos
uploaded daily
— Photo
550,000 photos
uploaded daily
— Answers
2.2m active users
— Dating
2m active users
Source: Alexa.com, J’son & Partners, company statistics
II. Key Investment Highlights 11

13. The Russian Speaking World
Geographic Distribution of the Russian Language Russian Speakers
Estimated Russian
Speaking People
5th Most Spoken Online: 60m
Language Globally
Over 300m Russian
Speakers
Position Language
1 Mandarin
2 English
3 Hindi
4 Spanish
5 Russian
2007 Russian Speaking People: 306m
Indicates an area where Indicates an area where 60m Online Users - Larger Than
Russian is an official language Russian is spoken Any Other Single European Market
Source: G. Weber, "Top Languages", Language Monthly; J’son & Partners, SIL International
Note: Assumes blended internet penetration rate of 19.7%, which is the average of Russia and Ukraine
III. Internet in Russia 12

14. Unique Position in Russia – Market Dominated by Russian
Companies
Top 13 German Websites Top 20 Russian Language Websites
= non domestic
1. Google - google.de 1. @Mail.ru - mail.ru websites
2. Ebay - ebay.de
3. YouTube - youtube.com 2. V Kontakte - vkontakte.ru
4. Google - google.com
Google is the only
3. .ru - odnoklassniki.ru international website
5. Yahoo! - yahoo.com
5. Yahoo! - yahoo.com
6. Studiverzeichnis - studiverzeichnis.com 4. ndex - yandex.ru that has made any
7. Schuelervz.net - schuelervz.net 5. - rambler.ru inroads into the
8. Wikipedia - wikipedia.org
8. Wikipedia - wikipedia.org Russian market -
9. Gmx.net - gmx.net 6.. Google - google.ru
6 www.google.ru although it remains a
10. Windows Live - live.com
10. Windows Live - live.com 7. Ucoz.ru - ucoz.ru distance behind local
11. Myspace - myspace.com
11. Myspace - myspace.com players
8. Narod.ru - narod.ru
12. Web.de - web.de
13. Amazon.de GmbH - amazon.de
13. Amazon.de GmbH - amazon.de 9. Zaycev.net - zaycev.net Well-known brands in
10. LiveInternet.ru - liveinternet.ru the west like Ebay,
Top 13 Chinese Websites Yahoo and Facebook
11. Ifolder.ru - ifolder.ru
1. Baidu - baidu.com are virtually unkown
12. Torrents.ru - torrents.ru in Russia
2. QQ.com - qq.com
3. Sina - sina.com.cn 13. Nnm.ru - nnm.ru
4. 51.com - 51.com 14. .NET - fishki.net First mover
5. Windowsgoogle.cn
Google - Live - live.com advantage critical in
6. Taobao - taobao.com 15. Ukr.net - ukr.net any market for
7. Youku.com - youku.com 16. Loveplanet.ru - loveplanet.ru Internet
8. ku6.com - ku6.com
9. 163.com - 163.com 17. Ath.cx - ath.cx
Focus on high
10. 56.com - 56.com 18. Readme.ru - readme.ru switching costs and
Wikipedia - wikipedia.org
11. Google - google.com
12. Mop.com - mop.com
19. - - spb.ru sticky services for
13. Poco.cn - poco.cn 20. Radikal.ru - radikal.ru mail to maintain long
term leading position
Source: Alexa.com – Top Russian Language Websites, Top Websites in Germany, Top Websites in the China. All data from April 2008
13

15. Strong and Proven Monetisation Model
Mail.ru Revenue Development (US$m)
55.8
Revenue approx. doubling
every year since 2003
29.3
10.6
c. 4.7
c. 2.2
2003¹ 2004¹ 2005 2006 2007
Source: Company statistics
¹ 2003 and 2004 financials are unaudited financials.
II. Key Investment Highlights 14

16. Monetising the Large User Base
Evolution of Mail.ru Visitors¹ (m) 2007A Revenue Breakdown
4.7% 1.3%
2005-2007 CAGR: 43.9 7.7%
65.6%
1.8%
13.5%
27.2
1.3%
16.0
69.0%
2007 Revenue: $55.8m
Display Advertising (Cash) Revenues
Barter Revenues
Dec-05 Dec-06 Dec-07 Context Revenues
Listing Fees
Partnership Projects Revenues
Source: Company financials and statistics Fee-based Services
¹ Visitors refer to computers or other devices visiting Mail.ru (cookies). This is different from unique users which refer Other
to individuals. An individual, according to company statistics, generates about 1.5 cookies
VIII. Monetization Strategy 15

17. Customer Base is Highly Diverse
Advertisers Worldwide Advertising Agencies
Working with Large and Diverse Range of Multinational Advertisers and Key Advertising Agencies
VIII. Monetization Strategy 16

18. Clear Strategic Roadmap
Communication Services – Core of Strategy Selected Other Verticals
Games – Casual and MMO
Email
Price Comparison
Dating Photo Travel
#1 Automotive
Russian Internet
Communication Real Estate
Social Services
Net- Video
Jobs
working
New Developments
Instant New Search
Messag- Develop-
ing ments
Mail.ru Search
GoGo.ru Search
II. Key Investment Highlights 17

19. Strong Technology Platform
Email Instant Messaging
41 46
Active mailboxes IMs sent per day 05-07
05-07 CAGR: 59% CAGR: 129% 41
Ave. emails
received 31 Peak Concurrent
per day 05-07 IM users
CAGR: 84% 05-07 CAGR: 121%
26
22
941
12 735
20
17
8
411
8
5
150
2005 2006 2007 Q1 2008 2005 2006 2007 Q1 2008
Active email mailboxes (m) IMs sent per day (m)
Average emails received per day (m)¹ Peak concurrent IM users ('000)
Strong Technology Platform With Proven Scalability
Source: Company statistics
¹ After spam-filter
II. Key Investment Highlights 18

20. Strong Management Team with Proven Track Record
Presenter Position Experience
Dmitri Grishin Experience
– Joined Mail.ru in Mar-2000
Chief Executive Officer
– Mail.ru, Technical Director, Executive Director
– netBridge Services, Molotok.ru Project Manager
– Axiom Int. (USA)
Education
– Moscow State Technical University
Dmitri Kreines Experience
– Joined Mail.ru in Aug-2006
Chief Financial Officer
– JSC Razgulyay, Deputy CFO, Head of Corporate Finance
– RAO UES, Deputy Head of Corporate Finance, Head of Treasury
Education
– Finance Academy under the Government of the Russian Federation,
PhD in Finance
Vladimir Gabrielyan Experience
– Joined Mail.ru in Jul-2003
Chief Technical Officer
– Arteysof, Chief Technical Officer
– Web-hosting.ru, Chief Executive Officer
– Markets.ru, Web Developer
Education
– Moscow State Open University
Aleksey Katkov Experience
– Joined Mail.ru in Feb-2000
Commercial Director
– Prior positions in Mail.ru include Head of Sales, Sales Manager and
Clients Manager
Education
– Diploma of Manager; Academy of National Economy under the
Government of the Russian Federation
II. Key Investment Highlights 19

21. III. Competitive Environment
20

22. Leader in Russian Language Communication
Top 3 in 9 out of 10 Segments
Key Service 1st Place (5/10) 2nd Place (2/10) 3rd Place (2/10)
Email
Social Network
Video¹
Photo¹
Answers
Blogs
Dating
News
Instant Messaging
Search
Source: J’son & Partners, Multiple Webcounters, Expert Interviews Q1 2008
¹ Not considering photo/video hostings on social networks (e.g. vKontakte, Odnoklassniki etc.)
21

23. IV.Mail.ru Internet Products

24. Core Offerings – Mail.ru Main Page
Search
E-mail
Paid Ad Paid Ad
Project
Links News
Paid Ad Photos
Videos
Info
Paid Ad
Blog
Shopping
Dating
23

25. Communication Products – Email
Paid Ad
Email Folders
Paid Ad
24

26. Communication Products – IM
IM: KEY METRICS
Total IM registered users 6 million
Average daily number of sent
messages approx. 52.0 million
Peak concurrent users – 941 k
Source: Company statistics as of Q1 2008
25

27. Communication Services – Social Networking
26

28. Communication Services – Dating
Paid Ad
Paid Ad
27

29. Communication Services – News
Paid Ad
Paid Ad
28

30. Communication Services – User Generated Content
Photos Video
29

31. Communication Services – User Generated Content
Answers Blogs
30

32. Search – Mail.ru Search and GoGo.ru
Mail.ru Search Gogo.ru
31

33. Key Verticals – Games and Shopping
Games Shopping
32

34. Key Verticals – Real Estate and Job
Real Estate Listings Job Listings
33

35. Key Verticals – Travel and Auto
Travel Autos
34

36. Strong Technology Platform – Proven Scalability
Email Instant Messaging Photos & Videos
41.0
Mailboxes IMs sent per day 05-07 7.9 4
Photo 05-07
05-07 CAGR: 59% CAGR: 150% 57.5 CAGR: 288%
Emails received 31.0 48.7
per day 05-07
CAGR: 84% Peak Concurrent Video 06-07
IM users Growth: 122% 3
05-07 CAGR: 121%
21.8
941
25.7
735 2.3
12.2
20 1
1.7
17
411
7.8
8
5
150
NA
2005 2006 2007 Q1 2008
2005 2006 2007 Q1 2008 2005 2006 2007 Q1 2008
Email mailboxes (m) IMs sent per day (m) Videos downloaded daily (m)
Emails received per day (m) Peak Concurrent IM users ('000) Photos downloaded daily (m)
Strong Technology Platform With Well Proven Scalability
Source: Company statistics
35

37. Core Offerings
Communication Products Verticals
Email / Social Networking Games
Instant Messenger (IM)
Price Comparison
Dating
User Generated Content:
Photo
Travel
Video
Automotive
Answers
Blogs
Real Estate
Search Products
Mail.ru Search Jobs
Gogo.ru
News
VI. Mail.ru Internet Products 36

38. IX. Financial Overview

39. Thank You
38