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