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