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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   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 4 .   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 , & n b s p ; 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 3 ,   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 = " / T r a c k e r ? d a t a = a s B h P c 3 6 R M 5 2 K K s Z 2 I 3 K _ X Z B J G O R b v R d w a i g y 8 Q S 2 h 5 H B y 7 X 2 g 6 u R U H u I S f t G g v X n O o x 4 h n W m e H 2 T v B M W B F K 8 B A J J U L O 3 t G C j n 6 t A 1 9 M l T k % 3 D "   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 >   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 = " / T r a c k e r ? d a t a = A h 6 I B R N A 9 F Y t e q c j N s E u I x 5 3 8 a F 5 F 9 n U l R 9 z S k Q P 2 i a j M G Q y c 3 j J Z r s R J D r H J m 1 Z "   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 4 ,   2 0 1 4 ,   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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                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                                 < e m > < s t r o n g > I n   R U R   m i l l i o n s & n b s p ; < / s t r o n g > < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 6 " > 
 
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                                 & n b s p ; < / t d > 
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                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > U S   G A A P   A c t u a l   N e t   I n c o m e < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
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                                 < s t r o n g > N e t   I n c o m e   M a r g i n   ( 1 ) < / 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 " > 
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                                 < s t r o n g > A d j u s t m e n t   ( 2 ) < / 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 " > 
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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 > < / t d > 
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                         < t d   c l a s s = " g n w _ c o l h e a d " > 
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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   ( 3 ) < / 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 " > 
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                                 < s t r o n g > 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   ( 4 ) < / s t r o n g > < / t d > 
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                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
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                                 T h r e e   m o n t h s   e n d e d   M a r c h & n b s p ; 3 1 ,   2 0 1 4 < / t d > 
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                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
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                                 & n b s p ; 2 , 6 8 0 < / t d > 
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                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
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                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
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                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
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                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
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         ( 1 ) & n b s p ;   N e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   n e t   i n c o m e   d i v i d e d   b y   t o t a l   r e v e n u e s . 
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         ( 2 ) & n b s p ;   A d j u s t e d   t o   e l i m i n a t e   S B C   e x p e n s e   ( a s   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 ) ,   f o r e i g n   e x c h a n g e   g a i n   ( a s   a d j u s t e d   f o r   t h e   r e d u c t i o n   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   t h e   g a i n )   a n d   a m o r t i z a t i o n   o f   d e b t   d i s c o u n t   ( a s   a d j u s t e d   f o r   t h e   r e d u c t i o n   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   t h e   e x p e n s e ) .   F o r   a   r e c o n c i l i a t i o n   o f   a d j u s t e d   n e t   i n c o m e   t o   n e t   i n c o m e ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . 
 
         < b r > 
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         ( 3 ) & n b s p ;   A d j u s t e d   n e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y   t o t a l   r e v e n u e s . & n b s p ; < / t d > 
 
         < b r > 
 
         ( 4 ) & n b s p ;   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   i s   d e f i n e d   a s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y   e x - T A C   r e v e n u e s . & n b s p ; F o r   a   r e c o n c i l i a t i o n   o f   e x - T A C   r e v e n u e s   t o   U S   G A A P   r e v e n u e s ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . & n b s p ; 
 
 < / s p a n > 
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         < b r > 
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 < p > I n v e s t o r   R e l a t i o n s < b r > 
 
 G r e g   A b o v s k y ,   K a t y a   Z h u k o v a < b r > 
 
 P h o n e :   + 7   4 9 5   9 7 4 - 3 5 - 3 8 < b r > 
 
 E - m a i l :   a s k I R @ y a n d e x - t e a m . r u   < b r > < b r > 
 
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 M e d i a   R e l a t i o n s   < b r > 
 
 O c h i r   M a n d z h i k o v ,   V l a d i m i r   I s a e v   < b r > 
 
 P h o n e :   + 7   4 9 5   7 3 9 - 7 0 - 0 0   < b r > 
 
 E - m a i l :   p r @ y a n d e x - t e a m . r u < / p > 
 
 