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 
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 
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         d e v e l o p m e n t   e x p e n s e s ,   s a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e   e x p e n s e s   ( S G & a m p ; A ) ,   a n d 
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 
         t h e   a b o v e   e x p e n s e   c a t e g o r i e s   i n c l u d e s   p e r s o n n e l - r e l a t e d   c o s t s   a n d   e x p e n s e s , 
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         i n c l u d i n g   r e l a t e d   s h a r e - b a s e d   c o m p e n s a t i o n   e x p e n s e .   I n c r e a s e s   a c r o s s   a l l   c o s t 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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 
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         < s t r o n g > N e t   o p e r a t i n g   c a s h   f l o w   a n d   c a p i t a l   e x p e n d i t u r e s < / s t r o n g >   f o r   Q 1   2 0 1 2 
 
                                                                                                                                             w e r e   R U R   1 . 8 
 
                                                                                                                                             b i l l i o n   ( $ 6 2 . 3 
 
                                                                                                                                             m i l l i o n )   a n d 
 
                                                                                                                                             R U R   0 . 8 
 
                                                                                                                                             b i l l i o n   ( $ 2 6 . 2 
 
                                                                                                                                             m i l l i o n ) , 
 
                                                                                                                                             r e s p e c t i v e l y . 
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         T h e   < s t r o n g > t o t a l < / s t r o n g >   < s t r o n g > n u m b e r   o f   s h a r e s   i s s u e d   a n d 
 
                                                                               o u t s t a n d i n g < / s t r o n g >   a s   o f   M a r c h & n b s p ; 3 1 , 
 
         2 0 1 2   w a s   3 2 5 , 5 4 7 , 2 5 4 ,   i n c l u d i n g   1 6 7 , 7 2 6 , 1 7 0   C l a s s   A   s h a r e s ,   1 5 7 , 8 2 1 , 0 8 3   C l a s s   B 
 
         s h a r e s ,   a n d   o n e   P r i o r i t y   s h a r e   a n d   e x c l u d i n g   C l a s s   C   s h a r e s   o u t s t a n d i n g   s o l e l y 
 
         a s   a   r e s u l t   o f   c o n v e r s i o n   o f   C l a s s   B   s h a r e s   i n t o   C l a s s   A   s h a r e s ;   a l l   s u c h   C l a s s 
 
         C   s h a r e s   w i l l   b e   c a n c e l l e d .   T h e r e   w e r e   a l s o   < s t r o n g > o p t i o n s   o u t s t a n d i n g < / s t r o n g > 
 
         t o   p u r c h a s e   u p   t o   a n   a d d i t i o n a l   1 2 . 8   m i l l i o n   s h a r e s ,   a t   a   w e i g h t e d   a v e r a g e 
 
         e x e r c i s e   p r i c e   o f   $ 4 . 2 0   p e r   s h a r e ,   o f   w h i c h   o p t i o n s   t o   p u r c h a s e   8 . 7   m i l l i o n 
 
         s h a r e s   w e r e   f u l l y   v e s t e d ;   a n d   < s t r o n g > e q u i t y - s e t t l e d   s h a r e   a p p r e c i a t i o n 
 
                                                                                     r i g h t s < / s t r o n g >   e q u a l   t o   0 . 8   m i l l i o n 
 
         s h a r e s ,   a t   a   w e i g h t e d   a v e r a g e   m e a s u r e m e n t   p r i c e   o f   $ 2 0 . 7 7 ,   n o n e   o f   w h i c h   w e r e 
 
         v e s t e d . < / p > 
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         W e   r e a f f i r m   o u r   r e v e n u e   g u i d a n c e   f o r   t h e   f u l l - y e a r   2 0 1 2 ,   a n d   c o n t i n u e   t o   e x p e c t 
 
         y e a r - o n - y e a r   r u b l e - b a s e d   r e v e n u e   g r o w t h   o f   4 0 - 4 5 % . < / p > 
 
 < h 2 > C o n f e r e n c e   C a l l   I n f o r m a t i o n < / h 2 > 
 
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 
         Y a n d e x ' s   m a n a g e m e n t   w i l l   h o l d   a n   e a r n i n g s   c o n f e r e n c e   c a l l   o n   A p r i l   2 6 ,   2 0 1 2   a t 
 
         9 : 0 0   A M   U . S .   E a s t e r n   T i m e   ( 5 : 0 0   P M   M o s c o w   t i m e ;   2 : 0 0   P M   L o n d o n   t i m e ) . < / p > 
 
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         T o   a c c e s s   t h e   c o n f e r e n c e   c a l l   l i v e ,   p l e a s e   d i a l : < / p > 
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         U S :   + 1   8 7 7   3 9 1   1 1 4 8 < b r > 
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         U K :   + 4 4   ( 0 )   1 4 5 2   5 8 0   7 3 3 < b r > 
 
         R u s s i a :   8   1 0   8 0 0   2 5 6 5 2 0 4 4 < / p > 
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         P a s s c o d e :   7 0 7 7 8 1 4 7 # < / p > 
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         A   r e p l a y   o f   t h e   c a l l   w i l l   b e   a v a i l a b l e   u n t i l   M a y   3 ,   2 0 1 2 .   T o   a c c e s s   t h e   r e p l a y , 
 
         p l e a s e   d i a l : < / p > 
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         U S :   + 1   8 6 6   2 4 7   4 2 2 2 < b r > 
 
         R u s s i a / I n t e r n a t i o n a l :   + 4 4   ( 0 )   1 4 5 2   5 5 0 & n b s p ; 0 0 0 < / p > 
 
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         P a s s c o d e :   7 0 7 7 8 1 4 7 # < / p > 
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         A   l i v e   a n d   a r c h i v e d   w e b c a s t   o f   t h i s   c o n f e r e n c e   c a l l   w i l l   b e   a v a i l a b l e   a t 
 
         < a   h r e f = " h t t p : / / i n v e s t o r . s h a r e h o l d e r . c o m / m e d i a / Y a n d e x / e v e n t d e t a i l . c f m ? e v e n t i d = 1 1 1 9 6 9 "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = r A g 4 - G N P q 1 1 l k q R V D 6 w J H C d a U f c Z b N G b F 8 f t 6 D M L - A e F s y r q 4 J _ j 7 C t k t 6 p R x 2 m A n d u X I 8 o n e 3 J S T c 7 i 5 z x c w d S 2 U 6 W q W r J z 2 t 2 l E E Y 1 D Q T Q h Y 0 F S A t o P L H a f U C I v e j j 0 5 D T X Z 1 r y k 1 r b w 1 5 v 7 B m w A U D b o 1 e D k S h j J 5 P B 0 O B 6 P _ 7 O 1 J w m Q u u c 7 j U l z O Z 0 S X d X J P 7 4 I q 1 J Q 8 E n o Z t p 6 L Z y d w t D 4 F 2 N s q X y 4 R Q 7 U B 4 p k 8 % 3 D "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / i n v e s t o r . s h a r e h o l d e r . c o m / m e d i a / Y a n d e x / e v e n t d e t a i l . c f m ? e v e n t i d = 1 1 1 9 6 9 < / a > 
 
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 
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 
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 
         Y a n d e x   ( N a s d a q : Y N D X )   i s   t h e   l e a d i n g   i n t e r n e t   c o m p a n y   i n   R u s s i a ,   o p e r a t i n g   t h e 
 
         c o u n t r y ' s   m o s t   p o p u l a r   s e a r c h   e n g i n e   a n d   m o s t   v i s i t e d   w e b s i t e .   Y a n d e x   a l s o 
 
         o p e r a t e s   i n   U k r a i n e ,   K a z a k h s t a n ,   B e l a r u s   a n d   T u r k e y .   Y a n d e x ' s   m i s s i o n   i s   t o 
 
         a n s w e r   a n y   q u e s t i o n   i n t e r n e t   u s e r s   m a y   h a v e . < / p > 
 
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         T h e   Y a n d e x   C o m p a n y   l o g o   i s   a v a i l a b l e   a t 
 
         < a   h r e f = " h t t p : / / w w w . g l o b e n e w s w i r e . c o m / n e w s r o o m / p r s / ? p k g i d = 1 0 9 3 3 "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = r A g 4 - G N P q 1 1 l k q R V D 6 w J H C B r 7 b r a u Y m D 4 r o 4 M f i i S G t W E O j g O 8 4 c j o I M t U N i s W P _ e J E l V R a 1 O G c P F d v u O 6 T n M j Z m K z f W Z k u q U X k X F m r b l u p y f C L a P S A z 8 y q s o y w 3 E U Q s S - D S o E 5 U W E - E _ x 6 O d 7 2 7 A P F k 7 V r i 5 I W i C z W B k s l X 6 X c % 3 D "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / w w w . g l o b e n e w s w i r e . c o m / n e w s r o o m / p r s / ? p k g i d = 1 0 9 3 3 < / a > 
 
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 
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         T h i s   p r e s s   r e l e a s e   c o n t a i n s   f o r w a r d - l o o k i n g   s t a t e m e n t s   t h a t   i n v o l v e   r i s k s   a n d 
 
         u n c e r t a i n t i e s .   T h e s e   i n c l u d e   s t a t e m e n t s   r e g a r d i n g   t h e   p l a n n e d   g r o w t h   o f   o u r 
 
         b u s i n e s s ,   o u r   a n t i c i p a t e d   r e v e n u e s   f o r   f u l l - y e a r   2 0 1 2   a n d   o u r   p r o d u c t 
 
         d e v e l o p m e n t   e f f o r t s .   A c t u a l   r e s u l t s   m a y   d i f f e r   m a t e r i a l l y   f r o m   t h e   r e s u l t s 
 
         p r e d i c t e d   o r   i m p l i e d   b y   s u c h   s t a t e m e n t s ,   a n d   o u r   r e p o r t e d   r e s u l t s   s h o u l d   n o t   b e 
 
         c o n s i d e r e d   a s   a n   i n d i c a t i o n   o f   f u t u r e   p e r f o r m a n c e .   T h e   p o t e n t i a l   r i s k s   a n d 
 
         u n c e r t a i n t i e s   t h a t   c o u l d   c a u s e   a c t u a l   r e s u l t s   t o   d i f f e r   f r o m   t h e   r e s u l t s 
 
         p r e d i c t e d   o r   i m p l i e d   b y   s u c h   s t a t e m e n t s   i n c l u d e ,   a m o n g   o t h e r s ,   c o m p e t i t i v e 
 
         p r e s s u r e s ,   c h a n g e s   i n   a d v e r t i s i n g   p a t t e r n s ,   c h a n g e s   i n   u s e r   p r e f e r e n c e s ,   c h a n g e s 
 
         i n   t h e   l e g a l   a n d   r e g u l a t o r y   e n v i r o n m e n t ,   t e c h n o l o g i c a l   d e v e l o p m e n t s ,   u n f o r e s e e n 
 
         c h a n g e s   i n   o u r   h i r i n g   p a t t e r n s ,   a n d   o u r   n e e d   t o   e x p e n d   c a p i t a l   t o   a c c o m m o d a t e 
 
         t h e   g r o w t h   o f   t h e   b u s i n e s s ,   a s   w e l l   a s   t h o s e   r i s k s   a n d   u n c e r t a i n t i e s   i n c l u d e d 
 
         u n d e r   t h e   c a p t i o n s   " R i s k   F a c t o r s "   a n d   " O p e r a t i n g   a n d   F i n a n c i a l   R e v i e w   a n d 
 
         P r o s p e c t s "   i n   o u r   A n n u a l   R e p o r t   o n   F o r m   2 0 - F   f o r   t h e   y e a r   e n d e d   D e c e m b e r & n b s p ; 3 1 , 
 
         2 0 1 1 ,   w h i c h   i s   o n   f i l e   w i t h   t h e   S e c u r i t i e s   a n d   E x c h a n g e   C o m m i s s i o n   a n d   i s 
 
         a v a i l a b l e   o n   o u r   i n v e s t o r   r e l a t i o n s   w e b s i t e   a t 
 
         < a   h r e f = " h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / s e c _ f i l i n g . x m l "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = r A g 4 - G N P q 1 1 l k q R V D 6 w J H H E d 8 i k K S l 8 l F V 4 0 v i E n w O i A x 6 S M 2 E 3 d L e z Q c - E f 8 Y k G 1 _ q 5 e 4 u 8 K 7 b w p m e w l E f b J s Q 6 I 9 H G e l a o _ P P z B r - f R S l m F 3 O M T m X a P 9 I f _ S X l C p C 8 G J u p v 7 V V v f 1 X L 9 b T O d J z - i Q a 4 I s U u v u N a _ 4 n 0 u W r _ o t I y Y A 0 9 J L 9 n q H K G e s x O m V J "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / s e c _ f i l i n g . x m l < / a > 
 
         a n d   o n   t h e   S E C   w e b s i t e   a t 
 
         < a   h r e f = " h t t p : / / w w w . s e c . g o v "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = B u Q e Q 1 M 6 q b I A K 3 Z M p 8 T V 9 5 u 3 V w e B h - k O H o T x l 6 U - d 7 Q h C w q l 4 8 O Z X _ y 0 W H 0 v 4 X 0 m "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > w w w . s e c . g o v < / a > . & n b s p ; A l l 
 
         i n f o r m a t i o n   p r o v i d e d   i n   t h i s   r e l e a s e   a n d   i n   t h e   a t t a c h m e n t s   i s   a s   o f   A p r i l   2 6 , 
 
         2 0 1 2 ,   a n d   Y a n d e x   u n d e r t a k e s   n o   d u t y   t o   u p d a t e   t h i s   i n f o r m a t i o n   u n l e s s   r e q u i r e d 
 
         b y   l a w . < / p > 
 
 < h 2 > U S E   O F   N O N - G A A P   F I N A N C I A L   M E A S U R E S < / h 2 > 
 
 < p > 
 
         T o   s u p p l e m e n t   o u r   c o n s o l i d a t e d   f i n a n c i a l   s t a t e m e n t s ,   w h i c h   a r e   p r e p a r e d   a n d 
 
         p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P ,   w e   p r e s e n t   t h e   f o l l o w i n g   n o n - G A A P 
 
         f i n a n c i a l   m e a s u r e s :   e x - T A C   r e v e n u e ,   a d j u s t e d   E B I T D A ,   a d j u s t e d   E B I T D A   m a r g i n , 
 
         a d j u s t e d   e x - T A C   E B I T D A   m a r g i n ,   a d j u s t e d   n e t   i n c o m e ,   a d j u s t e d   n e t   i n c o m e   m a r g i n 
 
         a n d   a d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n .   T h e   p r e s e n t a t i o n   o f   t h e s e   f i n a n c i a l 
 
         m e a s u r e s   i s   n o t   i n t e n d e d   t o   b e   c o n s i d e r e d   i n   i s o l a t i o n   o r   a s   a   s u b s t i t u t e   f o r , 
 
         o r   s u p e r i o r   t o ,   t h e   f i n a n c i a l   i n f o r m a t i o n   p r e p a r e d   a n d   p r e s e n t e d   i n   a c c o r d a n c e 
 
         w i t h   U S   G A A P .   F o r   m o r e   i n f o r m a t i o n   o n   t h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s ,   p l e a s e 
 
         s e e   t h e   t a b l e s   c a p t i o n e d   " R e c o n c i l i a t i o n s   o f   n o n - G A A P   f i n a n c i a l   m e a s u r e s   t o   t h e 
 
         n e a r e s t   c o m p a r a b l e   U S   G A A P   m e a s u r e s , "   i n c l u d e d   f o l l o w i n g   t h e   a c c o m p a n y i n g 
 
         f i n a n c i a l   t a b l e s .   W e   d e f i n e   t h e   v a r i o u s   n o n - G A A P   f i n a n c i a l   m e a s u r e s   w e   u s e   a s 
 
         f o l l o w s : < / p > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > E x - T A C   r e v e n u e   < / s t r o n g > m e a n s   U S   G A A P   r e v e n u e s   l e s s   t o t a l   t r a f f i c 
 
                                                                                 a c q u i s i t i o n   c o s t s   ( T A C ) . 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A   < / s t r o n g > m e a n s   n e t   i n c o m e   p l u s   ( 1 )   d e p r e c i a t i o n   a n d 
 
                                                                                   a m o r t i z a t i o n ,   ( 2 )   s h a r e - b a s e d   c o m p e n s a t i o n 
 
                                                                                   e x p e n s e ,   ( 3 ) & n b s p ; a c c r u a l   o f   e x p e n s e 
 
                                                                                   r e l a t e d   t o   t h e   c o n t i n g e n t   c o m p e n s a t i o n   t h a t 
 
                                                                                   m a y   b e   p a y a b l e   t o   e m p l o y e e s & n b s p ; i n 
 
                                                                                   c o n n e c t i o n   w i t h   o u r   a c q u i s i t i o n   o f   t h e & n b s p ; m o b i l e 
 
                                                                                   s o f t w a r e   b u s i n e s s   o f   S P B & n b s p ; S o f t w a r e   a n d 
 
                                                                                   ( 4 )   p r o v i s i o n   f o r   i n c o m e   t a x e s ,   l e s s   ( A ) 
 
                                                                                   i n t e r e s t   i n c o m e   a n d   ( B )   o t h e r 
 
                                                                                   i n c o m e / ( e x p e n s e ) . 
 
         < / l i > 
 
         < l i > 
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                 < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y   U S 
 
                                                                                                 G A A P   r e v e n u e s . 
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 
                                                                                                               b y   e x - T A C   r e v e n u e . 
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 
                                                                                           e x p e n s e   a d j u s t e d   f o r   t h e   i n c o m e   t a x 
 
                                                                                           r e d u c t i o n   a t t r i b u t a b l e   t o   S B C   e x p e n s e , 
 
                                                                                           ( 2 ) & n b s p ; a c c r u a l   o f   e x p e n s e   r e l a t e d   t o 
 
                                                                                           t h e   c o n t i n g e n t   c o m p e n s a t i o n   t h a t   m a y   b e 
 
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 
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 
                                                                                           s o f t w a r e   b u s i n e s s   o f   S P B   S o f t w a r e   a n d 
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 
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 
                                                                                           l o s s e s   ( g a i n s ) . 
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 
                                                                                                         d i v i d e d   b y   U S   G A A P   r e v e n u e s . 
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 
                                                                                                                       d i v i d e d   b y   e x - T A C 
 
                                                                                                                       r e v e n u e s . 
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 
         f i n a n c i a l   p e r f o r m a n c e   a s   w e l l   a s   d e c i s i o n - m a k i n g .   M a n a g e m e n t   b e l i e v e s   t h a t   t h e s e 
 
         m e t r i c s   r e f l e c t   t h e   o r g a n i c ,   c o r e   o p e r a t i n g   p e r f o r m a n c e   o f   t h e   c o m p a n y ,   a n d 
 
         t h e r e f o r e   a r e   u s e f u l   t o   a n a l y s t s   a n d   i n v e s t o r s   i n   p r o v i d i n g   s u p p l e m e n t a l 
 
         i n f o r m a t i o n   t h a t   h e l p s   t h e m   u n d e r s t a n d ,   m o d e l   a n d   f o r e c a s t   t h e   e v o l u t i o n   o f   o u r 
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         o p e r a t i n g   b u s i n e s s . < / p > 
 
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         I n   p a r t i c u l a r ,   w e   b e l i e v e   t h a t   i t   m a y   b e   u s e f u l   f o r   i n v e s t o r s   a n d   a n a l y s t s   t o 
 
         r e v i e w   c e r t a i n   m e a s u r e s   b o t h   i n   a c c o r d a n c e   w i t h   U S   G A A P   a n d   n e t   o f   t h e   e f f e c t   o f 
 
         T A C ,   w h i c h   w e   v i e w   a s   c o m p a r a b l e   t o   s a l e s   c o m m i s s i o n s   b u t ,   u n l i k e   s a l e s 
 
         c o m m i s s i o n s ,   a r e   n o t   d e d u c t e d   f r o m   U S   G A A P   r e v e n u e s .   B y   p r e s e n t i n g   r e v e n u e , 
 
         a d j u s t e d   E B I T D A   m a r g i n   a n d   a d j u s t e d   n e t   i n c o m e   m a r g i n   n e t   o f   T A C ,   w e   b e l i e v e 
 
         t h a t   i n v e s t o r s   a n d   a n a l y s t s   a r e   a b l e   t o   o b t a i n   a   c l e a r e r   p i c t u r e   o f   o u r   b u s i n e s s 
 
         w i t h o u t   t h e   i m p a c t   o f   t h e   r e v e n u e s   w e   s h a r e   w i t h   o u r   p a r t n e r s .   I n   a d d i t i o n ,   S B C 
 
         i s   a   s i g n i f i c a n t   e x p e n s e   i t e m ,   a n d   a n   i m p o r t a n t   p a r t   o f   o u r   c o m p e n s a t i o n   a n d 
 
         i n c e n t i v e   p r o g r a m s .   A s   i t   i s   a   n o n - c a s h   c h a r g e ,   h o w e v e r ,   a n d   h i g h l y   d e p e n d e n t   o n 
 
         o u r   s h a r e   p r i c e   a t   t h e   t i m e   o f   e q u i t y   a w a r d   g r a n t s ,   w e   b e l i e v e   t h a t   i t   i s   u s e f u l 
 
         f o r   i n v e s t o r s   a n d   a n a l y s t s   t o   s e e   c e r t a i n   f i n a n c i a l   m e a s u r e s   e x c l u d i n g   t h e 
 
         i m p a c t   o f   t h e s e   c h a r g e s   i n   o r d e r   t o   o b t a i n   a   c l e a r   p i c t u r e   o f   o u r   o p e r a t i n g 
 
         p e r f o r m a n c e .   F u r t h e r ,   t h e   C o m p a n y   m a y   i n c u r   e x p e n s e s   i n   c o n n e c t i o n   w i t h 
 
         a c q u i s i t i o n s   t h a t   a r e   n o t   i n d i c a t i v e   o f   i t s   r e c u r r i n g   c o r e   o p e r a t i n g 
 
         p e r f o r m a n c e .   I n   p a r t i c u l a r ,   w e   a r e   r e q u i r e d   u n d e r   U S   G A A P   t o   a c c r u e   a s   e x p e n s e 
 
         t h e   c o n t i n g e n t   c o m p e n s a t i o n   t h a t   m a y   b e   p a y a b l e   t o   c e r t a i n   e m p l o y e e s   i n 
 
         c o n n e c t i o n   w i t h   o u r   a c q u i s i t i o n   o f   t h e   m o b i l e   s o f t w a r e   b u s i n e s s   o f   S P B   S o f t w a r e 
 
         i n   N o v e m b e r   2 0 1 1 . & n b s p ; T h e   m a x i m u m   a g g r e g a t e   a m o u n t   o f   s u c h   c o n t i n g e n t 
 
         c o m p e n s a t i o n   i s   $ 1 4 . 1   m i l l i o n ,   p a y a b l e   o n   t h e   a c h i e v e m e n t   o f   c e r t a i n   m i l e s t o n e s 
 
         a n d   t h e   c o n t i n u e d   e m p l o y m e n t   o f   t h e   s e l l e r s ,   i n   t w o   i n s t a l l m e n t s   i n   N o v e m b e r 
 
         2 0 1 2   a n d   2 0 1 3 . & n b s p ; S u c h   m a x i m u m   a g g r e g a t e   a m o u n t   i s   b e i n g   a c c r u e d   s u b s t a n t i a l l y 
 
         p r o   r a t a   o v e r   t h e   e i g h t   q u a r t e r s   o f   s u c h   p e r i o d .   W e   h a v e   e l i m i n a t e d   t h i s 
 
         a c q u i s i t i o n - r e l a t e d   e x p e n s e   f r o m   a d j u s t e d   E B I T D A   a n d   a d j u s t e d   n e t   i n c o m e   t o 
 
         p r o v i d e   m a n a g e m e n t   a n d   i n v e s t o r s   a   t o o l   f o r   c o m p a r i n g   o n   a   p e r i o d - t o - p e r i o d 
 
         b a s i s   o u r   o p e r a t i n g   p e r f o r m a n c e   i n   t h e   o r d i n a r y   c o u r s e   o f   o p e r a t i o n s .   F i n a l l y , 
 
         a s   w e   h o l d   s i g n i f i c a n t   a s s e t s   i n   c u r r e n c i e s   o t h e r   t h a n   o u r   R u s s i a n   r u b l e 
 
         o p e r a t i n g   c u r r e n c y ,   a n d   a s   f o r e i g n   e x c h a n g e   f l u c t u a t i o n s   a r e   o u t s i d e   o f   o u r 
 
         o p e r a t i o n a l   c o n t r o l ,   w e   b e l i e v e   t h a t   i t   i s   u s e f u l   t o   p r e s e n t   a d j u s t e d   n e t   i n c o m e 
 
         a n d   r e l a t e d   m a r g i n   m e a s u r e s   e x c l u d i n g   t h e s e   e f f e c t s ,   i n   o r d e r   t o   p r o v i d e   g r e a t e r 
 
         c l a r i t y   r e g a r d i n g   o u r   o p e r a t i n g   p e r f o r m a n c e . < / p > 
 
 < p > 
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         A l t h o u g h   o u r   m a n a g e m e n t   u s e s   t h e s e   m e a s u r e s   f o r   o p e r a t i o n a l   d e c i s i o n   m a k i n g   a n d 
 
         c o n s i d e r s   t h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s   t o   b e   u s e f u l   f o r   a n a l y s t s   a n d 
 
         i n v e s t o r s ,   w e   r e c o g n i z e   t h a t   t h e r e   a r e   a   n u m b e r   o f   l i m i t a t i o n s   r e l a t e d   t o   s u c h 
 
         m e a s u r e s .   I n   p a r t i c u l a r ,   i t   s h o u l d   b e   n o t e d   t h a t   s e v e r a l   o f   t h e s e   m e a s u r e s 
 
         e x c l u d e   s o m e   c o s t s ,   p a r t i c u l a r l y   s h a r e - b a s e d   c o m p e n s a t i o n ,   t h a t   a r e   r e c u r r i n g . 
 
         I n   a d d i t i o n ,   t h e   c o m p o n e n t s   o f   t h e   c o s t s   t h a t   w e   e x c l u d e   i n   o u r   c a l c u l a t i o n   o f 
 
         t h e   m e a s u r e s   d e s c r i b e d   a b o v e   m a y   d i f f e r   f r o m   t h e   c o m p o n e n t s   t h a t   o u r   p e e r 
 
         c o m p a n i e s   e x c l u d e   w h e n   t h e y   r e p o r t   t h e i r   r e s u l t s   o f   o p e r a t i o n s . < / p > 
 
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         T h e   t a b l e s   a t   t h e   e n d   o f   t h i s   r e l e a s e   p r o v i d e   d e t a i l e d   r e c o n c i l i a t i o n s   o f   e a c h 
 
         n o n - G A A P   f i n a n c i a l   m e a s u r e   w e   u s e   t o   t h e   m o s t   d i r e c t l y   c o m p a r a b l e   U S   G A A P 
 
         f i n a n c i a l   m e a s u r e . & n b s p ; < / p > 
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         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
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         < s t r o n g > U n a u d i t e d   C o n d e n s e d   C o n s o l i d a t e d   B a l a n c e   S h e e t s < / s t r o n g > 
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         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   ( " R U R " )   a n d   U . S .   d o l l a r s   ( " $ " ) ,   e x c e p t 
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                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
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                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 4 " > 
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                         < s t r o n g > D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 * < / s t r o n g > < / t d > 
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                         < s t r o n g > M a r c h & n b s p ; 3 1 , < / s t r o n g > < b r > 
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 
                         P r i o r i t y   s h a r e :    1   p a r   v a l u e ;   1   s h a r e   a u t h o r i z e d ,   i s s u e d   a n d   o u t s t a n d i n g 
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 
                         P r e f e r e n c e   s h a r e s :    0 . 0 1   p a r   v a l u e ;   2 , 0 0 0 , 0 0 0 , 0 0 1 ,   s h a r e s   a u t h o r i z e d , 
 
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                          
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 
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                          
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 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 2 " > 
 
                         O r d i n a r y   s h a r e s :   p a r   v a l u e   ( C l a s s & n b s p ; A    0 . 0 1 ,   C l a s s & n b s p ; B    0 . 1 0   a n d 
 
                         C l a s s & n b s p ; C    0 . 0 9 ) ;   s h a r e s   a u t h o r i z e d   ( C l a s s & n b s p ; A :   2 , 0 0 0 , 0 0 0 , 0 0 0 , 
 
                         C l a s s & n b s p ; B :   2 7 3 , 7 6 4 , 3 0 4 ,   a n d   C l a s s & n b s p ; C :   2 7 6 , 0 6 3 , 4 4 5 ) ;   s h a r e s   i s s u e d 
 
                         ( C l a s s & n b s p ; A :   1 5 9 , 2 1 7 , 3 4 8   a n d   1 6 7 , 7 2 6 , 1 7 0 ,   C l a s s & n b s p ; B :   1 6 4 , 6 2 1 , 3 8 2 
 
                         a n d   1 5 7 , 8 2 1 , 0 8 3 ,   a n d   C l a s s & n b s p ; C :   1 0 9 , 1 4 2 , 9 2 2   a n d   1 1 5 , 9 4 3 , 2 2 1 , 
 
                         r e s p e c t i v e l y ) ;   s h a r e s   o u t s t a n d i n g   ( C l a s s & n b s p ; A :   1 5 9 , 2 1 7 , 3 4 8   a n d 
 
                         1 6 7 , 7 2 6 , 1 7 0 ,   C l a s s & n b s p ; B :   1 6 4 , 6 2 1 , 3 8 2   a n d   1 5 7 , 8 2 1 , 0 8 3 ,   r e s p e c t i v e l y , 
 
                         a n d   C l a s s & n b s p ; C :   n i l ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
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