<p align="left">MOSCOW, Russia and AMSTERDAM, the Netherlands, April 27, 2017 (GLOBE
                NEWSWIRE) -- Yandex
                (NASDAQ:YNDX),
                one of Europe's largest internet companies and the leading search
                provider in Russia, today announced its unaudited financial results for
                the first quarter ended March 31, 2017.<br></p>
    <h2>Q1 2017 Financial Highlights(1)(2)</h2>
<ul>
    <li><strong><strong>Revenues </strong></strong>of RUB 20.7 billion ($366.3 million),
                                                   up 25% compared with Q1 2016
    </li>
    <li><strong><strong>Net income</strong></strong> of RUB&nbsp;0.8 billion ($14.5
                                                     million), down 23% compared with Q1
                                                     2016;<strong><strong> net income
                                                                           margin </strong></strong>of
                                                     4.0%
    </li>
    <li><strong><strong>Adjusted net income</strong></strong> of RUB&nbsp;3.7 billion
                                                              ($66.5 million), up 18%
                                                              compared with Q1 2016;
        <strong><strong>adjusted net income margin </strong></strong>of 18.2%
    </li>
    <li><strong><strong>Adjusted EBITDA </strong></strong>of RUB 6.9 billion ($121.9
                                                          million), up 19% compared with
                                                          Q1 2016; <strong><strong>adjusted
                                                                                   EBITDA
                                                                                   margin </strong></strong>of
                                                          33.3%
    </li>
    <li><strong><strong>Cash, cash equivalents, term deposits and short-term investments
                        in debt securities </strong></strong>of RUB 61.4 billion
                                                             ($1,088.6 million) as of
                                                             March 31, 2017
    </li>
</ul>
<h2>Q1 2017 Operational and Corporate Highlights</h2>
<ul>
    <li><strong><strong>Share of Russian search market</strong></strong>, including
                                                                        mobile, averaged
                                                                        55.4% in Q1
                                                                        2017, unchanged
                                                                        from Q4 2016
                                                                        (according to
                                                                        LiveInternet)
    </li>
    <li><strong><strong>Search queries</strong></strong> in Russia grew 2% compared with
                                                         Q1 2016
    </li>
    <li><strong><strong>Paid clicks</strong></strong> on Yandex’s and its partners’
                                                      websites, in aggregate, increased
                                                      12% compared with Q1 2016
    </li>
    <li>Average <strong><strong>cost per click</strong></strong> grew 10% compared with
        Q1 2016
    </li>
    <li><strong><strong>Yandex.Taxi number of rides </strong></strong>grew 484%
                                                                      year-on-year
                                                                      compared with Q1
                                                                      2016
    </li>
    <li>Reached <strong><strong>settlement with Google and the Russian Federal
                                Antimonopoly Service on Android</strong></strong> in
        Russia
    </li>
</ul>
<p>“The recently announced settlement between Yandex, Google, and the FAS will provide
   real choice to users and move us closer to a level playing field in Russia,” said
   Arkady Volozh, Chief Executive Officer of Yandex. &nbsp;“We expect this will open the
   door to market share gains on mobile in 2017 and beyond.”</p>
<p>“Yandex is off to a solid start in 2017 with 25% year-on-year revenue growth in the
   first quarter,” said Alexander Shulgin, Chief Operating Officer of Yandex. &nbsp;“Continued
   investments and innovation in the core search business and our business units are
   delivering results.&nbsp; I am particularly excited about Yandex.Taxi which delivered
   484% growth in rides in Q1.”</p>
<p>The following table provides a summary of our key <strong><strong>consolidated
                                                                     financial
                                                                     results</strong></strong>
   for the three months ended March 31, 2016 and 2017:</p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>

        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>

        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Revenues
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            16,473
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            20,652
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>25%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Ex-TAC revenues<sup>2</sup></td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            13,083
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            16,717
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>28%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Income from operations &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            2,440
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            3,375
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>38%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Adjusted EBITDA<sup>2</sup></td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            5,770
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            6,874
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>19%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Net income
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            1,069
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            819
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>-23%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Adjusted net income<sup>2</sup></td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            3,168
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            3,749
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>18%</em></em></td>
    </tr>

</tbody>
</table>
<p>(1) Pursuant to SEC rules regarding convenience translations, Russian ruble (RUB)
   amounts have been translated into U.S. dollars at a rate of RUB 56.3779 to $1.00, the
   official exchange rate quoted as of March 31, 2017 by the Central Bank of the Russian
   Federation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(2) The following
   measures presented in this release are “non-GAAP financial measures”: ex-TAC
   revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted ex-TAC EBITDA margin;
   adjusted net income; adjusted net income margin and adjusted ex-TAC net income
   margin. Please see the section headed “Use of Non-GAAP Financial Measures” below for
   a discussion of how we define these measures, as well as reconciliations at the end
   of this release of each of these measures to the most directly comparable U.S. GAAP
   measures.</p>
<p><strong><strong>Consolidated revenues breakdown</strong></strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>


        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>


        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Online advertising revenues:
        </td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom gnw_label_i30 hugin">
            <em><em>Yandex properties</em></em></td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            11,404
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            14,356
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>26%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom gnw_label_i30 hugin">
            <em><em>Advertising network</em></em></td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            4,428
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            5,159
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>17%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total online advertising revenues &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            15,832
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            19,515
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>23%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Other
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            641
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            1,137
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>77%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total revenues
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            16,473
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            20,652
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>25%</em></em></td>
    </tr>
</tbody>
</table>
<p><strong><strong>Online advertising revenues</strong></strong> grew 23% in Q1 2017
                                                                 compared with Q1 2016
                                                                 and continued to
                                                                 determine overall
                                                                 top-line performance,
                                                                 contributing 94% of
                                                                 total revenues. Online
                                                                 advertising revenues
                                                                 include revenues
                                                                 derived from
                                                                 performance and brand
                                                                 advertising on Yandex
                                                                 properties and in our
                                                                 advertising network.
</p>
<p><strong><strong>Online advertising revenues from Yandex properties</strong></strong>
    increased 26% in Q1 2017 compared with Q1 2016 and accounted for 70% of total
    revenues.</p>
<p><strong><strong>Online advertising revenues from our
                   advertising&nbsp;</strong></strong><strong><strong>network</strong></strong>
    increased 17% in Q1 2017 compared with Q1 2016 and contributed 25% of total
    revenues.</p>
<p><strong><strong>Other revenues</strong></strong> grew 77% in Q1 2017 compared with Q1
                                                    2016, and were mainly driven by
                                                    growth in Yandex.Taxi revenues.</p>
<p><strong><strong>Segment revenues</strong></strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center gnw_border_right_solid hugin">
            <strong><strong>2016</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center gnw_border_right_solid hugin">
            <strong><strong>2017</strong></strong>
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Revenues:
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Search and Portal &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            15,147
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            18,656
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>23%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            E-commerce
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,043
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,295
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>24%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Taxi
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            445
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            778
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>75%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Classifieds
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            241
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            371
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>54%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Experiments
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            185
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            326
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>76%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Eliminations
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (588)
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (774)
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>32%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total revenues
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            16,473
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            20,652
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>25%</em></em></td>
    </tr>
</tbody>
</table>
<p><em><em>Search and Portal segment includes all our services offered in Russia,
           Ukraine, Belarus and Kazakhstan, other than those described
           below;</em></em><br><em><em>E-commerce segment includes our Yandex.Market
                                       service;</em></em><br><em><em>Taxi segment
                                                                     includes our
                                                                     Yandex.Taxi
                                                                     service;</em></em><br><em><em>Classifieds
                                                                                                   segment
                                                                                                   includes
                                                                                                   Auto.ru,
                                                                                                   Yandex.Realty,
                                                                                                   Yandex.Jobs
                                                                                                   and
                                                                                                   Yandex.Travel;</em></em><br><em><em>Experiments
                                                                                                                                       segment
                                                                                                                                       includes
                                                                                                                                       Media
                                                                                                                                       Services
                                                                                                                                       (including
                                                                                                                                       KinoPoisk,
                                                                                                                                       Yandex.Music,
                                                                                                                                       Yandex.Afisha
                                                                                                                                       and
                                                                                                                                       Yandex.TV
                                                                                                                                       program),
                                                                                                                                       Yandex
                                                                                                                                       Data
                                                                                                                                       Factory,
                                                                                                                                       Discovery
                                                                                                                                       services
                                                                                                                                       (including
                                                                                                                                       Yandex
                                                                                                                                       Zen
                                                                                                                                       and
                                                                                                                                       Yandex
                                                                                                                                       Launcher
                                                                                                                                       international
                                                                                                                                       revenues)
                                                                                                                                       and
                                                                                                                                       Search
                                                                                                                                       and
                                                                                                                                       Portal
                                                                                                                                       in
                                                                                                                                       Turkey.</em></em><br><em><em>Eliminations
                                                                                                                                                                    represent
                                                                                                                                                                    the
                                                                                                                                                                    elimination
                                                                                                                                                                    of
                                                                                                                                                                    transactions
                                                                                                                                                                    between
                                                                                                                                                                    the
                                                                                                                                                                    reportable
                                                                                                                                                                    segments,
                                                                                                                                                                    primarily
                                                                                                                                                                    related
                                                                                                                                                                    to
                                                                                                                                                                    advertising.</em></em>
</p>
<p><strong><strong>Consolidated Operating Costs and Expenses</strong></strong></p>
<p>Yandex’s operating costs and expenses consist of cost of revenues, product
   development expenses, sales, general and administrative expenses (SG&amp;A) and
   depreciation and amortization expenses (D&amp;A). Apart from D&amp;A, each of the
   above expense categories includes personnel-related costs and expenses, relevant
   office space rental, and related share-based compensation expense. Increases across
   all cost categories reflect investments in overall growth. In Q1 2017 Yandex's
   headcount increased by 214 full-time employees. The total number of full-time
   employees was 6,485 as of March 31, 2017, an increase of 3% from December 31, 2016,
   and 19% from March 31, 2016.</p>
<p><strong><strong>Cost of revenues, including traffic acquisition costs (TAC)</strong></strong>
</p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>

        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            TAC:
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">
            <em><em>&nbsp;</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Related to the Yandex advertising network &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,495
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,896
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>16%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Related to distribution partners
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            895
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,039
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>16%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total TAC
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,390
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,935
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>16%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>Total TAC as a % of total revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>20.6%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>19.1%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin" colspan="2">
            <em><em>&nbsp;</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Other cost of revenues
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,114
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,413
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>27%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>Other cost of revenues as a % of revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>6.8%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>6.8%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin" colspan="2">
            <em><em>&nbsp;</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total cost of revenues
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4,504
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5,348
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>19%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>Total cost of revenues as a % of revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>27.3%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>25.9%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin" colspan="2">
            <em><em>&nbsp;</em></em></td>
    </tr>
</tbody>
</table>
<p>TAC grew 16% in Q1 2017 compared with Q1 2016 and represented 19.1% of total
   revenues, 150 basis points lower than in Q1 2016 and 20 basis points down compared
   with Q4 2016. The decrease of partner TAC as a percent of revenues from Yandex
   advertising network was due to changes in partner revenue mix.</p>
<p><strong><strong>Other cost of revenues</strong></strong> in Q1 2017 increased 27%
                                                            compared with Q1 2016.</p>
<p><strong><strong>Product development</strong></strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>

        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Product development &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,877
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4,518
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>17%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>As a % of revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>23.6%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>21.9%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
</tbody>
</table>
<p>Growth in product development expenses in Q1 2017 primarily reflects salary increases
   and new hires in 2016.</p>
<p><strong><strong>Sales, general and administrative (SG&amp;A)</strong></strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>

        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Sales, general and administrative&nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,258
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4,948
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>52%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>As a % of revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>19.8%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>24.0%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">
            <em><em>&nbsp;</em></em></td>
    </tr>
</tbody>
</table>
<p>SG&amp;A expenses grew faster than revenue, increasing by 52% in Q1 2017 compared to
   Q1 2016 as we continued to invest in advertising and marketing to support our
   business units, primarily Taxi.</p>
<p><strong><strong>Share-based compensation (SBC) expense</strong></strong></p>
<p>SBC expense is included in each of the cost of revenues, product development, and SG&amp;A
   categories discussed above.</p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_border_right_solid gnw_align_center hugin">
            <strong><strong>2016</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_border_right_solid gnw_align_center hugin">
            <strong><strong>2017</strong></strong>
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            SBC expense included in cost of revenues
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            49
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            42
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>-14%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            SBC expense included in product development &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            595
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            576
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>-3%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            SBC expense included in SG&amp;A
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            247
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            340
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>38%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total SBC expense
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            891
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            958
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>8%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>As a % of revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>5.4%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>4.6%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
</tbody>
</table>
<p>Total SBC expense increased 8% in Q1 2017 compared with Q1 2016. The increase is
   primarily related to new equity-based grants made in 2016-2017.</p>
<p><strong><strong>D</strong></strong><strong><strong>epreciation and amortization (D&amp;A)
                                                      expense</strong></strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>

        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Depreciation and amortization
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,394
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,463
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>3%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em><em>As a % of revenues</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>14.5%</em></em></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>11.9%</em></em></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">
            <em><em>&nbsp;</em></em></td>
    </tr>
</tbody>
</table>
<p>D&amp;A expense increased 3% in Q1 2017 compared with Q1 2016, primarily reflecting
   investments in servers and data centers made in 2016 and early 2017, and was
   partially offset by the currency translation effect related to the D&amp;A expense of
   our data center in Finland which is denominated in euros.</p>
<p><strong><strong>Income from operations</strong></strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_right hugin">
            <strong><strong>2016&nbsp;</strong></strong></td>

        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_right hugin">
            <strong><strong>2017&nbsp;</strong></strong></td>

        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Income from operations &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            2,440
        </td>

        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            3,375
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>38%</em></em></td>
    </tr>
</tbody>
</table>
<p>Income from operations increased 38% in Q1 2017 compared with Q1 2016.</p>
<p><strong><strong>Adjusted EBITDA</strong></strong></p>
<p>Consolidated adjusted EBITDA</p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom gnw_border_right_solid hugin">
            <strong><strong>2016</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom gnw_border_right_solid hugin">
            <strong><strong>2017</strong></strong>
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Adjusted EBITDA &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            5,770
        </td>

        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            6,874
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>19%</em></em></td>
    </tr>
</tbody>
</table>
<p>Adjusted EBITDA increased 19% in Q1 2017 compared with Q1 2016. The growth was driven
   by our investments in advertising and marketing, primarily related to Taxi, salary
   increases and new hiring, and was partly offset by the impact of the appreciation of
   the Russian ruble.</p>
<p>Adjusted EBITDA by segments</p>
<table class="gnw_table_yandex gnw_table_border_collapse" style="width: 70%;">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions</em></strong></em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>&nbsp;</em></strong></em></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center gnw_border_right_solid hugin">
            <strong><strong>2016</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center gnw_border_right_solid hugin">
            <strong><strong>2017</strong></strong>
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <em><em>Change</em></em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Adjusted EBITDA:
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Search and Portal &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5,911
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            7,973
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>35%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            E-commerce
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            380
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            560
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>47%</em></em></td>
    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Taxi
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            -
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (1,245)
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>n/m</em></em></td>

    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Classifieds
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (6)
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4
        </td>

        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>n/m</em></em></td>

    </tr>
    <tr>
        <td class="gnw_label_i25 gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Experiments
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (515)
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (418)
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>n/m</em></em></td>

    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total adjusted EBITDA
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5,770
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            6,874
        </td>

        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <em><em>19%</em></em></td>
    </tr>
</tbody>
</table>
<p>Adjusted EBITDA of Taxi was negative RUB 1,245 million in Q1 2017, roughly flat
   compared to Q4 2016, and was mainly related to an increase in our advertising and
   marketing costs, primarily driven by expansion to the new cities, introduction of
   minimum fare guarantees to drivers as well as discounts and coupons to our users.</p>
<p><strong><strong>Interest income</strong></strong>&nbsp;in Q1 2017 was RUB 709
                                                    million, down from RUB 873 million
                                                    in Q1 2016.</p>
<p><strong><strong>Interest expense</strong></strong> in Q1 2017 was RUB 228 million,
                                                      down from RUB 350 million in Q1
                                                      2016.</p>
<p><strong><strong>Foreign exchange loss</strong></strong> in Q1 2017 was RUB 2,205
                                                           million, compared with a
                                                           foreign exchange loss of RUB
                                                           1,281 million in Q1 2016.
                                                           This loss reflects the
                                                           appreciation of the Russian
                                                           ruble during Q1 2017 from RUB
                                                           60.6569 to $1.00 on December
                                                           31, 2016, to RUB 56.3779 to
                                                           $1.00 on March 31, 2017.
                                                           Yandex's Russian operating
                                                           subsidiaries' functional
                                                           currency is the Russian
                                                           ruble, and therefore changes
                                                           due to exchange rate
                                                           fluctuations in the ruble
                                                           value of these subsidiaries'
                                                           monetary assets and
                                                           liabilities that are
                                                           denominated in other
                                                           currencies are recognized as
                                                           foreign exchange gains or
                                                           losses within the Other loss,
                                                           net line in the condensed
                                                           consolidated statements of
                                                           income. Although the U.S.
                                                           dollar value of Yandex's U.S.
                                                           dollar-denominated assets and
                                                           liabilities was not impacted
                                                           by these currency
                                                           fluctuations, they resulted
                                                           in a downward revaluation of
                                                           the ruble equivalent of these
                                                           U.S. dollar-denominated
                                                           monetary assets and
                                                           liabilities in Q1 2017.</p>
<p><strong><strong>Income tax expense </strong></strong>for Q1 2017 was RUB 782 million,
                                                        up from RUB 713 million in Q1
                                                        2016. Our effective tax rate of
                                                        48.8% in Q1 2017 was higher than
                                                        in Q1 2016, primarily due to the
                                                        effects of certain provisions
                                                        recognized in Q1 2017 related to
                                                        the results of prior years’ tax
                                                        audits. Adjusted for these
                                                        effects and SBC expense, our
                                                        effective tax rate for Q1 2017
                                                        was 23.8%, compared with 23.4%
                                                        for full year 2016 as adjusted
                                                        for SBC expense and similar
                                                        provisions in that year.</p>
<p><strong><strong>Net income</strong></strong> was RUB 0.8 billion ($14.5 million) in
                                                Q1 2017, down 23% compared with Q1 2016,
                                                mainly due to foreign exchange loss and
                                                an increase in SG&amp;A, which grew
                                                faster than total revenue.</p>
<p><strong><strong>Adjusted net income </strong></strong>in Q1 2017 was RUB 3.7 billion
                                                         ($66.5 million), an 18%
                                                         increase from Q1 2016.</p>
<p><strong><strong>Adjusted net income margin</strong></strong> was 18.2% in Q1 2017,
                                                                compared with 19.2% in
                                                                Q1 2016.</p>
<p>As of March 31, 2017, Yandex had<strong><strong> cash, cash equivalents, term
                                                    deposits and short-term investments
                                                    in debt
                                                    securities </strong></strong>of RUB
   61.4 billion ($1,088.6 million).</p>
<p><strong><strong>Net cash flow provided by operating activities </strong></strong>for
                                                                                    Q1
                                                                                    2017
                                                                                    was
                                                                                    RUB
                                                                                    5.7
                                                                                    billion
                                                                                    ($101.9
                                                                                    million)
                                                                                    and<strong><strong>
        capital expenditures</strong></strong> were RUB 3.9 billion ($68.6 million).</p>
<p>During Q1 2017, we repurchased $8.0 million in principal of our <strong><strong>1.125%
                                                                                   convertible
                                                                                   senior
                                                                                   notes</strong></strong>
   due 2018, for approximately $7.7 million.</p>
<p><strong><strong>Redeemable noncontrolling interests</strong></strong> presented in
                                                                         our condensed
                                                                         consolidated
                                                                         balance sheets
                                                                         relate to the
                                                                         equity
                                                                         incentive
                                                                         arrangements we
                                                                         have made
                                                                         available to
                                                                         the senior
                                                                         employees of
                                                                         the Taxi,
                                                                         Classifieds and
                                                                         E-commerce
                                                                         segments,
                                                                         pursuant to
                                                                         which such
                                                                         persons are
                                                                         eligible to
                                                                         acquire
                                                                         depositary
                                                                         receipts, or
                                                                         receive options
                                                                         to acquire
                                                                         depositary
                                                                         receipts, which
                                                                         entitle them to
                                                                         economic
                                                                         interests in
                                                                         the respective
                                                                         business unit
                                                                         subsidiaries.
</p>
<p>The <strong><strong>total number of shares issued and outstanding </strong></strong>as
   of March 31, 2017 was 323,638,684 including 278,701,949 Class A shares, 44,936,734
   Class B shares, and one Priority share and excluding 6,418,070 Class A shares held in
   treasury and all Class C shares outstanding solely as a result of the conversion of
   Class B shares into Class A shares. All such Class C shares will be cancelled.</p>
<p>There were also employee share options outstanding to purchase up to an additional
   1.9 million shares, at a weighted average exercise price of $5.28 per share, all of
   which were fully vested; equity-settled share appreciation rights (SARs) for 0.2
   million shares, at a weighted average measurement price of $30.46, all of which,
   excluding SARs for approximately 1,000 shares, were fully vested; and restricted
   share units (RSUs) covering 8.9 million shares, of which RSUs to acquire 2.1 million
   shares were fully vested. Equity awards in respect of business unit subsidiaries are
   described under Redeemable noncontrolling interests above.</p>
<p><em><em>Please note that historical information on revenues and adjusted EBITDA of
           our segments is provided in the supplementary slides accompanying our Q1 2017
           earnings release, including quarterly data for the nine quarters from Q1 2015
           through Q1 2017 and annual data for the four years from 2013 through
           2016.</em></em></p>
<h2>Financial outlook</h2>
<p>Based on the solid start of the year, we are increasing our revenue guidance, and
   currently expect our ruble-based revenue to grow in the range of 17% to 20% for the
   full year 2017.&nbsp;</p>
<p>This outlook reflects our current view, based on the trends that we see at this time,
   and may change in light of market and economic developments in the business sectors
   and jurisdictions in which we operate.</p>
<h2>Conference Call Information</h2>
<p>Yandex’s management will hold an earnings conference call on April 27, 2017 at 8:00
   AM U.S. Eastern Time (3:00 PM Moscow time; 1:00 PM London time).</p>
<p>To access the conference call live, please dial:</p>
<p>US: +1 877 280 2296<br>UK/International: +44 20 7136 2050<br>Russia: 8 800 500
   9311<br>Passcode: 5501298#</p>
<p>A replay of the call will be available until May 3, 2017. To access the replay,
   please dial:</p>
<p>US: +1 866 932 5017<br>UK/International: +44 20 3427 0598<br>Russia: 810 800 2870
   1012<br>Passcode: 5501298#</p>
<p>A live and archived webcast of this conference call will be available
   at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=xS9pMHB3-sF_Te_Zk6V4MSQIUFTiL5_P3C8XICGSa99Gvr6Ld-Q1uMoMp4KfpWgVeXP6UDZqrR1MBS8MgHbw9YslGXfXEixKo2bE3hwILS3b-EM1rA4cs6wJtafZaeti4sV_7QDcTgTYUMJiZcxCTg==" rel="nofollow" target="_blank" title="">http://edge.media-server.com/m/p/eyegtrfh</a>
</p>
<h2>ABOUT YANDEX</h2>
<p>Yandex (NASDAQ:YNDX) is a
   technology company that builds intelligent products and services powered by machine
   learning. Our goal is to help consumers and businesses better navigate the online and
   offline world. Since 1997, we have delivered world-class, locally relevant search and
   information services. Additionally, we have developed market-leading on-demand
   transportation services, navigation products, and other mobile applications for
   millions of consumers across the globe. Yandex, which has 17 offices worldwide, has
   been listed on the NASDAQ since 2011.</p>
<p>More information on Yandex can be found at
    <a href="https://www.globenewswire.com/Tracker?data=bWgpFIoLTeexSZebg9TsBm7VDHBAcbi7an8azczJvj59ELJ1lfa_85wfaCja8rXurxvlv0SiFLBMTRi-wPYW2tpNmTIAYd1qtZkrZ3LDEGA=" rel="nofollow" target="_blank" title="">https://yandex.com/company</a>.
</p>
<h2>FORWARD-LOOKING STATEMENTS</h2>
<p>This press release contains forward-looking statements that involve risks and
   uncertainties. These include statements regarding our anticipated revenues for
   full-year 2017. Actual results may differ materially from the results predicted or
   implied by such statements, and our reported results should not be considered as an
   indication of future performance. The potential risks and uncertainties that could
   cause actual results to differ from the results predicted or implied by such
   statements include, among others, macroeconomic and geopolitical developments
   affecting the Russian economy, competitive pressures, changes in advertising
   patterns, changes in user preferences, changes in the political, legal and/or
   regulatory environment, technological developments, and our need to expend capital to
   accommodate the growth of the business, as well as those risks and uncertainties
   included under the captions “Risk Factors” and “Operating and Financial Review and
   Prospects” in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31,
   2016, which is on file with the U.S. Securities and Exchange Commission (SEC) and is
   available on our investor relations website at
    <a href="https://www.globenewswire.com/Tracker?data=xS9pMHB3-sF_Te_Zk6V4MTh1gV3ZNBwEMZcRVQjvri87MrQfdbGNMbevnirZxWxUI-zDpR3Q2Jn7nbf7dvY9DZg1sKotH-5CvzsefkDLges=" rel="nofollow" target="_blank" title="">http://ir.yandex.com/sec.cfm</a>&nbsp;and
   on the SEC website at
    <a href="https://www.globenewswire.com/Tracker?data=nGLNvetqhIgu6UpV7s-OyDEg-r56RF2KNyTH0QuPNiVUcRp9FXH5N08mdr6H044g4E3Jwl4Ct1tFPucao0Ca6A==" rel="nofollow" target="_blank" title="www.sec.gov">www.sec.gov</a>.
   All information in this release and in the attachments is as of April 27, 2017, and
   Yandex undertakes no duty to update this information unless required by law.</p>
<h2>USE OF NON-GAAP FINANCIAL MEASURES</h2>
<p>To supplement our condensed consolidated financial statements, which are prepared and
   presented in accordance with U.S. GAAP, we present the following non-GAAP financial
   measures: ex-TAC revenues, adjusted EBITDA, adjusted EBITDA margin, adjusted ex-TAC
   EBITDA margin, adjusted net income, adjusted net income margin and adjusted ex-TAC
   net income margin. The presentation of these financial measures is not intended to be
   considered in isolation or as a substitute for, or superior to, the financial
   information prepared and presented in accordance with U.S. GAAP. For more information
   on these non-GAAP financial measures, please see the tables captioned
   “Reconciliations of non-GAAP financial measures to the nearest comparable U.S. GAAP
   measures”, included following the accompanying financial tables. We define the
   various non-GAAP financial measures we use as follows:</p>
<ul>
    <li><strong><strong>Ex-TAC revenues</strong></strong> means U.S. GAAP revenues
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">less</span>
                                                          total traffic acquisition
                                                          costs (TAC)
    </li>
    <li><strong><strong>Adjusted EBITDA </strong></strong>means U.S. GAAP net income
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">plus</span>
                                                          (1)&nbsp;depreciation and
                                                          amortization, (2)&nbsp;SBC
                                                          expense, (3)&nbsp;accrual of
                                                          expense related to the
                                                          contingent compensation that
                                                          may be payable to employees in
                                                          connection with certain
                                                          business combinations, (4)
                                                          interest expense, (5) other
                                                          loss, net and (6)&nbsp;provision
                                                          for income taxes,
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">less</span>
                                                          interest income
    </li>
    <li><strong><strong>Adjusted EBITDA margin</strong></strong> means adjusted EBITDA
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">divided</span>
                                                                 by U.S. GAAP revenues
    </li>
    <li><strong><strong>Adjusted ex-TAC EBITDA margin</strong></strong> means adjusted
                                                                        EBITDA
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">divided</span>
                                                                        by ex-TAC
                                                                        revenues
    </li>
    <li><strong><strong>Adjusted net income</strong></strong> means U.S. GAAP net income
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">plus</span>
                                                              (1)&nbsp;SBC expense
                                                              adjusted for the income
                                                              tax reduction attributable
                                                              to SBC expense, (2)&nbsp;accrual
                                                              of expense related to the
                                                              contingent compensation
                                                              that may be payable to
                                                              certain employees in
                                                              connection with certain
                                                              business combinations, (3)
                                                              foreign exchange losses
                                                              adjusted for reduction in
                                                              income tax attributable to
                                                              the foreign exchange
                                                              losses and (4)&nbsp;amortization
                                                              of debt discount related
                                                              to our convertible debt
                                                              adjusted for the related
                                                              reduction in income tax;
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">less</span>
                                                              gains/losses from
                                                              repurchases of our
                                                              convertible notes adjusted
                                                              for the related
                                                              increase/reduction in
                                                              income tax
    </li>
    <li><strong><strong>Adjusted net income margin </strong></strong>means adjusted net
                                                                     income
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">divided</span>
                                                                     by U.S. GAAP
                                                                     revenues
    </li>
    <li><strong><strong>Adjusted ex-TAC net income margin </strong></strong>means
                                                                            adjusted net
                                                                            income
        <span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">divided</span>
                                                                            by ex-TAC
                                                                            revenues
    </li>
</ul>
<p>These non-GAAP financial measures are used by management for evaluating financial
   performance as well as decision-making. Management believes that these metrics
   reflect the organic, core operating performance of the company, and therefore are
   useful to analysts and investors in providing supplemental information that helps
   them understand, model and forecast the evolution of our operating business.</p>
<p>Although our management uses these non-GAAP financial measures for operational
   decision-making and considers these financial measures to be useful for analysts and
   investors, we recognize that there are a number of limitations related to such
   measures. In particular, it should be noted that several of these measures exclude
   some recurring costs, particularly share-based compensation. In addition, the
   components of the costs that we exclude in our calculation of the measures described
   above may differ from the components that our peer companies exclude when they report
   their results of operations.</p>
<p>Below we describe why we make particular adjustments to certain U.S. GAAP financial
   measures:</p>
<p><em><em>TAC</em></em></p>
<p>We believe that it may be useful for investors and analysts to review certain
   measures both in accordance with U.S. GAAP and net of the effect of TAC, which we
   view as comparable to sales commissions but, unlike sales commissions, are not
   deducted from U.S. GAAP revenues. By presenting revenue, adjusted EBITDA margin and
   adjusted net income margin net of TAC, we believe that investors and analysts are
   able to obtain a clearer picture of our business without the impact of the revenues
   we share with our partners.</p>
<p><em><em>SBC</em></em></p>
<p>SBC is a significant expense item, and an important part of our compensation and
   incentive programs. As it is a non-cash charge, however, and highly dependent on our
   share price at the time of equity award grants, we believe that it is useful for
   investors and analysts to see certain financial measures excluding the impact of
   these charges in order to obtain a clearer picture of our operating performance.</p>
<p><em><em>Acquisition-related costs</em></em></p>
<p>We may incur expenses in connection with acquisitions that are not indicative of our
   recurring core operating performance. In particular, we are required under U.S. GAAP
   to accrue as expense the contingent compensation that is payable to certain employees
   in connection with certain business combinations. We eliminate these
   acquisition-related expenses from adjusted EBITDA and adjusted net income to provide
   management and investors a tool for comparing on a period-to-period basis our
   operating performance in the ordinary course of operations.</p>
<p><em><em>Foreign exchange losses</em></em></p>
<p>Because we hold significant assets and liabilities in currencies other than our
   Russian ruble operating currency, and because foreign exchange fluctuations are
   outside of our operational control, we believe that it is useful to present adjusted
   net income and related margin measures excluding these effects, in order to provide
   greater clarity regarding our operating performance.</p>
<p><em><em>Amortization of debt discount</em></em></p>
<p>We also adjust net income for interest expense representing amortization of the debt
   discount related to our convertible notes issued in Q4 2013 and Q1 2014.We have
   eliminated this expense from adjusted net income as it is non-cash in nature and is
   not indicative of our ongoing operating performance.</p>
<p><em><em>Gain from repurchases of convertible debt</em></em></p>
<p>Adjusted net income is also adjusted for a loss from the repurchase of $8.0 million
   in principal of our 1.125% convertible senior notes due 2018 for approximately $7.7
   million that we recorded in Q1 2017. We have eliminated this loss from adjusted net
   income as it is not indicative of our ongoing operating performance.</p>
<p>The tables at the end of this release provide detailed reconciliations of each
   non-GAAP financial measure we use to the most directly comparable U.S. GAAP financial
   measure.</p>
<p><br></p>
<p class="text-align-center">
    <strong>YANDEX&nbsp;N.V.</strong><br><br><strong><strong>Unaudited Condensed
                                                                                                         Consolidated
                                                                                                         Balance
                                                                                                         Sheets</strong></strong><br><br><strong><strong>(in
                                                                                                                                                         millions
                                                                                                                                                         of
                                                                                                                                                         Russian
                                                                                                                                                         rubles
                                                                                                                                                         and
                                                                                                                                                         U.S.
                                                                                                                                                         dollars,
                                                                                                                                                         except
                                                                                                                                                         share
                                                                                                                                                         and
                                                                                                                                                         per
                                                                                                                                                         share
                                                                                                                                                         data)</strong></strong>
</p>
<table class="gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="8">
            <strong><strong>As of</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>December&nbsp;31,</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>March&nbsp;31,&nbsp;</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>March&nbsp;31,&nbsp;</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <strong><strong>2016*</strong></strong></td>
        <td class="gnw_vertical_align_bottom gnw_align_center hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_vertical_align_bottom gnw_align_center hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom gnw_align_center hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>RUB</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>RUB</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>$</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>ASSETS</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Current assets:</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash equivalents</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            28,232
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            19,983
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            354.4
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Term deposits</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            31,769
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            35,897
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            636.7
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Investments in debt securities</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,033
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,819
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            50.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Accounts receivable, net</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            7,741
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            7,556
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            134.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Prepaid expenses</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,481
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,510
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            26.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Other current assets</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,714
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,241
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            57.5
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Total current assets</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            74,970
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            71,006
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,259.5
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Property and equipment, net</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            18,817
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            20,276
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            359.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Intangible assets, net</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5,514
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5,093
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            90.3
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Goodwill</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            8,436
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            8,385
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            148.7
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Long-term prepaid expenses</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,385
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,453
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            25.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Term deposits, non-current</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            -
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,678
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            47.5
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Investments in non-marketable equity
                                                    securities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,513
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,567
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            27.8
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Deferred tax assets</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            662
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            869
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            15.4
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Other non-current assets</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,811
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,838
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            50.3
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin"><strong><strong>TOTAL
                                                                    ASSETS</strong></strong>
        </td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;114,108</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;114,165</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;2,025.0</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin"><strong><strong>LIABILITIES AND
                                                                    SHAREHOLDERS’
                                                                    EQUITY</strong></strong>
        </td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Current liabilities:</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Accounts payable and accrued
                                                    liabilities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            9,532
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            10,142
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            180.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Taxes payable</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,963
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,600
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            46.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Deferred revenue</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,127
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,976
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            35.0
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Total current liabilities</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            14,622
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            14,718
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            261.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Convertible debt</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            18,750
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            17,173
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            304.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Deferred tax liabilities</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,040
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,256
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            22.3
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Other accrued liabilities</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,104
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            685
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            12.1
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Total liabilities</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            35,516
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            33,832
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            600.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Commitments and contingencies</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Redeemable noncontrolling
                                                    interests
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,506
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,911
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            33.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Shareholders’ equity:</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Priority share: €1.00 par value; 1
                                                    share authorized, issued and
                                                    outstanding
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            —
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            —
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            —
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Preference shares: €0.01 par value;
                                                    1,000,000,001 shares authorized, nil
                                                    shares issued and outstanding
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            —
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            —
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            —
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Ordinary shares: par value (Class A
                                                    €0.01, Class B €0.10 and Class C
                                                    €0.09); shares authorized (Class A:
                                                    1,000,000,000, Class B: 46,997,887
                                                    and Class C: 46,997,887); shares
                                                    issued (Class A: 285,019,019 and
                                                    285,120,019, Class B: 45,037,734 and
                                                    44,936,734, and Class C: 560,235 and
                                                    661,235, respectively); shares
                                                    outstanding (Class A: 277,579,206
                                                    and 278,701,949, Class B: 45,037,734
                                                    and 44,936,734, and Class C: nil)
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            284
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            284
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Treasury shares at cost (Class A:
                                                    7,439,813 and 6,418,070,
                                                    respectively)
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (8,368
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (6,943
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            (123.2
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Additional paid-in capital</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            16,579
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            16,192
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            287.2
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Accumulated other comprehensive
                                                    income
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            896
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            780
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            13.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Retained earnings</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            67,695
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            68,109
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,208.1
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Total shareholders’ equity</td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            77,086
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            78,422
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,391.0
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin"><strong><strong>TOTAL LIABILITIES
                                                                    AND SHAREHOLDERS’
                                                                    EQUITY</strong></strong>
        </td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;114,108</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;114,165</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;2,025.0</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">*&nbsp;<em><em>Derived from audited
                                                                   consolidated
                                                                   financial
                                                                   statements</em></em>
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
</tbody>
</table>
<p><br></p>
<p
        class="text-align-center"><strong><strong>YANDEX&nbsp;N.V.</strong></strong><br><br><strong><strong>
    Unaudited</strong>
                                            Condensed Consolidated Statements of Income</strong><br><br><strong><strong>(in
                                                                                                                        millions
                                                                                                                        of
                                                                                                                        Russian
                                                                                                                        rubles
                                                                                                                        and
                                                                                                                        U.S.
                                                                                                                        dollars,
                                                                                                                        except
                                                                                                                        share
                                                                                                                        and
                                                                                                                        per
                                                                                                                        share
                                                                                                                        data)</strong></strong></p>
<table class="gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="8">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2016</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_vertical_align_bottom gnw_align_center hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom gnw_align_center hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_vertical_align_bottom gnw_align_center hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom gnw_align_center hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>RUB</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>RUB</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>$</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Revenues</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            16,473
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            20,652
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            366.3
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Operating costs and expenses:</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cost of revenues(1)</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4,504
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            5,348
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            94.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Product development(1)</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,877
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4,518
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            80.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Sales, general and
                                                    administrative(1)
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,258
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4,948
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            87.7
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Depreciation and amortization</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,394
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,463
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            43.7
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_label_i10 gnw_vertical_align_bottom hugin">Total operating costs
                                                                  and expenses
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            14,033
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            17,277
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            306.4
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Income from operations</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2,440
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3,375
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            59.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Interest income</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            873
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            709
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            12.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Interest expense</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(350
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(228
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(4.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Other loss, net</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(1,181
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(2,255
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(40.1
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_label_i10 gnw_vertical_align_bottom hugin">Net income before
                                                                  income taxes
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,782
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,601
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            28.4
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Provision for income taxes</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            713
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            782
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            13.9
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net income</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            1,069
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            819
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            14.5
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net loss attributable to
                                                    noncontrolling interests
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;-
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            16
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            0.3
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net income attributable to Yandex
                                                    N.V.
        </td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>1,069</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>835</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>14.8</strong></strong></td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net income per Class&nbsp;A and
                                                    Class&nbsp;B share:
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Basic</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3.35
        </td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2.58
        </td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            0.05
        </td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Diluted</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            3.31
        </td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            2.54
        </td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_double gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            0.05
        </td>
        <td class="gnw_border_bottom_double gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Weighted average number of Class A
                                                    and Class B shares outstanding
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Basic</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            319,433,919
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            323,245,441
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            323,245,441
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Diluted</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            322,969,840
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            328,457,556
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            328,457,556
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">
            &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin" colspan="2">
            &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom hugin">&nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin" colspan="10">(1) These balances
                                                                 exclude depreciation
                                                                 and amortization
                                                                 expenses, which are
                                                                 presented separately,
                                                                 and include share-based
                                                                 compensation expenses
                                                                 of:
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cost of revenues</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">49</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">42</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">0.7</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Product development</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">595</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">576</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">10.2</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Sales, general and administrative
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">247</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">340</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom gnw_align_right hugin">6.1</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
    </tr>
</tbody>
</table>
<p>&nbsp;</p>
<p class="text-align-center"><strong>YANDEX&nbsp;N.V.</strong><br><br><strong><strong>Unaudited
                                                                      Condensed
                                                                                                     Consolidated
                                                                                                     Statements of Cash
                                                                                                     Flows</strong></strong><br><br><strong><strong>(in
                                                                                                                                                    millions
                                                                                                                                                    of
                                                                                                                                                    Russian
                                                                                                                                                    rubles
                                                                                                                                                    and
                                                                                                                                                    U.S.
                                                                                                                                                    dollars)</strong></strong>
</p>
<table class="gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="8">
            <strong><strong>Three months ended March&nbsp;31,&nbsp;</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_vertical_align_bottom gnw_align_center hugin" colspan="2">
            <strong><strong>2016*</strong></strong></td>
        <td class="gnw_vertical_align_bottom gnw_align_center hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_vertical_align_bottom gnw_align_center hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom gnw_align_center hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_vertical_align_bottom gnw_align_center hugin">
            <strong><strong>2017</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>RUB</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>RUB</strong></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin"><strong><strong>&nbsp;</strong></strong>
        </td>
        <td class="gnw_align_center gnw_vertical_align_bottom hugin" colspan="2">
            <strong><strong>$</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">CASH FLOWS PROVIDED BY OPERATING
                                                    ACTIVITIES:
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net income</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1,069
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;819
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;14.5
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Adjustments to reconcile net income
                                                    to net cash provided by operating
                                                    activities:
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Depreciation of property and
                                                    equipment
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1,923
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1,965
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;34.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Amortization of intangible assets
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;471
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;498
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;8.8
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Amortization of debt discount and
                                                    issuance costs
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;262
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;173
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;3.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Share-based compensation expense
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;891
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;958
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;17.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Deferred income taxes</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(116
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;17
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;0.3
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Foreign exchange losses</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1,281
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;2,205
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;39.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">(Gain)/loss from repurchases of
                                                    convertible debt
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(53
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;3
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;0.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Other</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(36
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;77
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1.3
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Changes in operating assets and
                                                    liabilities excluding the effect of
                                                    acquisitions:
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Accounts receivable, net</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(116
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;144
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;2.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Prepaid expenses and other assets
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;517
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(927
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(16.4
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Accounts payable and accrued
                                                    liabilities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(331
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(48
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(0.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Deferred revenue</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(137
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(140
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(2.5
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net cash provided by operating
                                                    activities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;5,625</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;5,744</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;101.9</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">CASH FLOWS PROVIDED BY/(USED IN)
                                                    INVESTING ACTIVITIES:
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Purchases of property and equipment
                                                    and intangible assets
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(1,455
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(3,865
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(68.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Proceeds from sale of property and
                                                    equipment
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;22
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;0.2
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Investments in non-marketable equity
                                                    securities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(220
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(34
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(0.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Proceeds from sale of equity
                                                    securities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;-
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;216
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;3.8
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Investments in term deposits</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(21,685
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(40,258
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(714.1
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Maturities of term deposits</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;24,669
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;31,438
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;557.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Loans (granted)/repaid</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(56
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;2
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;0.1
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net cash provided by/(used in)
                                                    investing activities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;1,275</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(12,495</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(221.6</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">CASH FLOWS USED IN FINANCING
                                                    ACTIVITIES:
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Proceeds from exercise of share
                                                    options
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;46
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;91
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Repurchases of convertible debt</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(1,490
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(448
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(7.9
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Payment for contingent
                                                    consideration
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(593
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(195
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(3.5
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Other financing activities</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;-
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;73
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1.3
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net cash used in financing
                                                    activities
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(2,037</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(479</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(8.5</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Effect of exchange rate changes on
                                                    cash and cash balances
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(1,584
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(1,056
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;(18.8
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            )
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Net change in cash and cash
                                                    balances
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;3,279</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(8,286</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            <strong><strong>&nbsp;(147.0</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            <strong><strong>)</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash balances at beginning
                                                    of period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;25,628
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;28,810
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;511.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash balances at end of
                                                    period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;28,907
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;20,524
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;364.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin"><strong><strong>Reconciliation of
                                                                    cash and cash
                                                                    balances:</strong></strong>
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash equivalents, beginning
                                                    of period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;24,238
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;28,232
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;500.8
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Restricted cash, beginning of
                                                    period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;1,390
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;578
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;10.2
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash balances, beginning of
                                                    period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;25,628
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;28,810
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;511.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_vertical_align_bottom hugin" colspan="2">&nbsp;</td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash equivalents, end of
                                                    period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;28,075
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;19,983
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;354.4
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Restricted cash, end of period</td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;832
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;541
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;9.6
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin">Cash and cash balances, end of
                                                    period
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;28,907
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;20,524
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_vertical_align_bottom hugin">&nbsp;</td>
        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;364.0
        </td>
        <td class="gnw_padding_left_none gnw_align_left gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin" colspan="10">
            <em><em>&nbsp;</em></em></td>
    </tr>
    <tr>
        <td class="gnw_vertical_align_bottom hugin" colspan="10"><em><em>* In Q1 2017,
                                                                         Yandex elected
                                                                         to early adopt
                                                                         Accounting
                                                                         Standards
                                                                         Update ("ASU")
                                                                         No.
                                                                         2016-18—Statement
                                                                         of Cash Flows
                                                                         (Topic 230):
                                                                         Restricted
                                                                         Cash, which
                                                                         provided
                                                                         revised
                                                                         guidance on the
                                                                         classification
                                                                         and
                                                                         presentation of
                                                                         restricted cash
                                                                         in the
                                                                         statement of
                                                                         cash flows on a
                                                                         retrospective
                                                                         basis. Prior
                                                                         periods have
                                                                         been adjusted
                                                                         accordingly.</em></em>
        </td>
    </tr>
</tbody>
</table>
<p align="center">&nbsp;<br></p>
<p class="text-align-center">
    <strong>YANDEX N.V.</strong>
    <br><br>
    <strong>RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES</strong>
    <br>
    <strong>TO THE NEAREST COMPARABLE U.S. GAAP MEASURES</strong>
    <br><br>
    <strong>Reconciliation of Ex-TAC Revenues to U.S. GAAP Revenues</strong>
</p>
<table class="gnw_table_yandex gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em>In RUB millions</em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong>Three months ended March&nbsp;31,&nbsp;</strong></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em>&nbsp;</em></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <strong>2016</strong></td>


        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <strong>2017</strong></td>


        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid gnw_border_right_solid hugin">
            <em>Change</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Total revenues
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            16,473
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            20,652
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>25%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Less: </em>traffic acquisition costs (TAC)
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            3,390
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            3,935
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>16%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Ex-TAC revenues
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            13,083
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            16,717
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>28%</em></td>
    </tr>
</tbody>
</table>
<p class="text-align-center">
    <strong>Reconciliation of Adjusted EBITDA to U.S. GAAP Net Income</strong>
</p>
<table class="gnw_table_yandex gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em>In RUB millions</em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong>Three months ended March&nbsp;31,&nbsp;</strong></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em>&nbsp;</em></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <strong>2016</strong></td>


        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <strong>2017</strong></td>


        <td class="gnw_vertical_align_bottom gnw_border_bottom_solid gnw_border_right_solid gnw_align_center hugin">
            <em>Change</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Net income
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            1,069
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            819
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-23%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>depreciation and amortization
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            2,394
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            2,463
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>3%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>share-based compensation expense
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            891
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            958
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>8%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>compensation expense related to contingent consideration
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            45
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            78
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>73%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Less:</em> interest income
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (873)
        </td>

        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (709)
        </td>

        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-19%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>interest expense
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            350
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            228
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-35%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>other loss, net
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            1,181
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            2,255
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>91%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add:</em> provision for income taxes
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            713
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            782
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>10%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Adjusted EBITDA
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            5,770
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            6,874
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>19%</em></td>
    </tr>
</tbody>
</table>
<p class="text-align-center">
    <strong>Reconciliation of Adjusted Net Income to U.S. GAAP Net
                                                        Income</strong>
</p>
<table class="gnw_table_yandex gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em>In RUB millions</em></strong></td>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="3">
            <strong>Three months ended March&nbsp;31,&nbsp;</strong></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em>&nbsp;</em></strong></td>
        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <strong>2016</strong></td>


        <td class="gnw_align_center gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <strong>2017</strong></td>


        <td class="gnw_vertical_align_bottom gnw_border_bottom_solid gnw_border_right_solid gnw_align_center hugin">
            <em>Change</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Net income
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            1,069
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            819
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-23%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add:</em> SBC expense
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            891
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            958
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>8%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Less: </em>reduction in income tax attributable to SBC expense
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (14)
        </td>

        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (12)
        </td>

        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-14%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>compensation expense related to contingent consideration
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            45
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            78
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>73%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add:</em> foreign exchange losses
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            1,281
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            2,205
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>72%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Less:</em> decrease in income tax attributable to foreign exchange
                           losses
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (260)
        </td>

        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (431)
        </td>

        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>66%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Less: (</em>gain)/loss from repurchases of convertible debt
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (53)
        </td>

        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            3
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-106%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add:</em> increase/(reduction) in income tax attributable to gain/(loss)
                          from repurchases of convertible debt
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            13
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (1)
        </td>

        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-108%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Add: </em>amortization of debt discount
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            262
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            173
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-34%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <em>Less: </em>reduction in income tax attributable to amortization of debt
                           discount
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (66)
        </td>

        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            (43)
        </td>

        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>-35%</em></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Adjusted net income
        </td>
        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            3,168
        </td>


        <td class="gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            3,749
        </td>


        <td class="gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom gnw_border_bottom_solid hugin">
            <em>18%</em></td>
    </tr>
</tbody>
</table>
<p><strong><strong>&nbsp;</strong></strong></p>
<p class="text-align-center">
    <strong>Reconciliation of Adjusted EBITDA Margin and Adjusted Ex-TAC EBITDA
                                                        Margin to U.S. GAAP Net Income Margin</strong>
</p>
<table class="gnw_table_yandex gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions </em></strong></em></strong></td>
        <td
                class="gnw_border_top_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="6">
            <strong><strong>&nbsp;</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>U.S.<br>GAAP<br>Actual<br>Net<br>Income</strong></strong>
        </td>


        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Net<br></strong></strong><strong><strong>Income<br></strong></strong><strong><strong>Margin<br></strong></strong><strong><strong>(1)</strong></strong>
        </td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjustment<br>(2)</strong></strong></td>


        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjusted<br>EBITDA</strong></strong></td>


        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjusted<br>EBITDA<br>Margin<br>(3)</strong></strong></td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjusted<br>Ex-TAC<br>EBITDA<br>Margin&nbsp;(4)</strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Three months ended March&nbsp;31,&nbsp;2017
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;819
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4.0%
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;6,055
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;6,874
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            33.3%
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            41.1%
        </td>
    </tr>

</tbody>
</table>
<p>(1) Net income margin is defined as net income divided by total revenues.<br>(2)
   Adjusted to eliminate depreciation and amortization expense, SBC expense, expense
   related to contingent compensation, interest income, interest expense, other loss,
   net, and provision for income taxes. For a reconciliation of adjusted EBITDA to net
   income, please see the table above.<br>(3) Adjusted EBITDA margin is defined as
   adjusted EBITDA divided by total revenues.<br>(4) Adjusted ex-TAC EBITDA margin is
   defined as adjusted EBITDA divided by ex-TAC revenues. For a reconciliation of ex-TAC
   revenues to U.S. GAAP revenues, please see the table above.</p>
<p class="text-align-center"><strong>Reconciliation of Adjusted Net Income Margin and Adjusted
                         Ex-TAC Net
                                                    Income Margin to U.S. GAAP Net Income Margin</strong></p>
<table class="gnw_table_yandex gnw_table_border_collapse">
<tbody>
    <tr>
        <td class="gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            <strong><em><strong><em>In RUB millions </em></strong></em></strong></td>
        <td
                class="gnw_border_top_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin" colspan="6">
            <strong><strong>&nbsp;</strong></strong></td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            &nbsp;
        </td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>U.S.<br>GAAP<br>Actual<br>Net<br>Income</strong></strong>
        </td>


        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Net<br>Income<br>Margin<br>(1)</strong></strong></td>
        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjustment<br>(2)</strong></strong></td>


        <td class="gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjusted<br>Net<br>Income</strong></strong></td>


        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjusted<br>Net<br>Income<br>Margin<br>(3)</strong></strong>
        </td>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_align_center gnw_vertical_align_bottom hugin">
            <strong><strong>Adjusted<br>Ex-TAC<br>Net<br>Income<br>Margin&nbsp;(4)</strong></strong><strong><strong><br></strong></strong>
        </td>
    </tr>
    <tr>
        <td class="gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_vertical_align_bottom hugin">
            Three months ended March&nbsp;31,&nbsp;2017
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;819
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            4.0%
        </td>
        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;2,930
        </td>


        <td class="gnw_border_bottom_solid gnw_align_right gnw_vertical_align_bottom hugin">
            &nbsp;3,749
        </td>


        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            18.2%
        </td>
        <td class="gnw_border_bottom_solid gnw_padding_right_none gnw_align_right gnw_vertical_align_bottom hugin">
            22.4%
        </td>
    </tr>

</tbody>
</table>
<p>(1) Net income margin is defined as net income divided by total revenues.<br>(2)
   Adjusted to eliminate SBC expense (as adjusted for the income tax reduction
   attributable to SBC expense), expense related to contingent compensation, foreign
   exchange losses (as adjusted for the decrease in income tax attributable to the
   losses), gain from repurchases of convertible debt (as adjusted for the increase in
   income tax attributable to the gain) and amortization of debt discount (as adjusted
   for the reduction in income tax attributable to the expense). For a reconciliation of
   adjusted net income to net income, please see the table above.<br>(3) Adjusted net
   income margin is defined as adjusted net income divided by total revenues.<br>(4)
   Adjusted ex-TAC net income margin is defined as adjusted net income divided by ex-TAC
   revenues. For a reconciliation of ex-TAC revenues to U.S. GAAP revenues, please see
   the table above.</p>
<p><strong>Contacts</strong>:<br><br>

Investor Relations<br>
Katya Zhukova <br>
Phone: +7 495 974-35-38 <br>
E-mail: askIR@yandex-team.ru <br><br>

Media Relations <br>
Ochir Mandzhikov, Ksenia Korneeva<br>
Phone: +7 495 739-70-00<br>
E-mail: pr@yandex-team.ru</p>

