< p > M O S C O W   a n d   T H E   H A G U E ,   N e t h e r l a n d s ,   F e b .   2 2 ,   2 0 1 2   ( G L O B E   N E W S W I R E )   - -   Y a n d e x   ( N a s d a q : Y N D X ) ,   t h e   l e a d i n g   i n t e r n e t   c o m p a n y   i n   R u s s i a   o p e r a t i n g   t h e   c o u n t r y ' s   m o s t   p o p u l a r   s e a r c h   e n g i n e   a n d   m o s t   v i s i t e d   w e b s i t e ,   t o d a y   a n n o u n c e d   i t s   f i n a n c i a l   r e s u l t s   f o r   t h e   f o u r t h   q u a r t e r   a n d   t h e   f u l l   y e a r   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 . < / p > 
 
 < h 2 > Q 4   2 0 1 1   F i n a n c i a l   H i g h l i g h t s < / h 2 > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > R e v e n u e s   < / s t r o n g > o f   R U R   6 . 4   b i l l i o n   ( $ 2 0 0 . 0   m i l l i o n < s u p > 1 < / s u p > ) ,   u p   5 6 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 < b r > 
 
                 < s t r o n g > E x - T A C   r e v e n u e s < / s t r o n g > < s u p > 2 < / s u p >   ( e x c l u d i n g   t r a f f i c   a c q u i s i t i o n   c o s t s )   u p   5 0 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > I n c o m e   f r o m   o p e r a t i o n s   < / s t r o n g > o f   R U R   2 . 6   b i l l i o n   ( $ 8 0 . 8   m i l l i o n ) ,   u p   4 4 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A < / s t r o n g > < s u p > 2   < / s u p > o f   R U R   3 . 3   b i l l i o n   ( $ 1 0 1 . 5   m i l l i o n ) ,   u p   4 8 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > O p e r a t i n g   m a r g i n < / s t r o n g >   o f   4 0 . 4 %   < b r > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   5 0 . 8 %   < b r > 
 
                 < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   E B I T D A   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   6 0 . 1 % < / l i > 
 
         < l i > 
 
                 < s t r o n g > N e t   i n c o m e < / s t r o n g >   o f   R U R   2 . 1   b i l l i o n   ( $ 6 5 . 9   m i l l i o n ) ,   u p   5 1 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e < / s t r o n g > < s u p > 2 < / s u p >   o f   R U R & n b s p ; 2 . 2   b i l l i o n   ( $ 6 8 . 3   m i l l i o n ) ,   u p   5 0 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > N e t   i n c o m e   m a r g i n < / s t r o n g >   o f   3 3 . 0 %   < b r > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   3 4 . 1 %   < b r > 
 
                 < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   n e t   i n c o m e   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   4 0 . 4 % < / l i > 
 
 < / u l > 
 
 < h 2 > F Y   2 0 1 1   F i n a n c i a l   H i g h l i g h t s < / h 2 > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > R e v e n u e s   < / s t r o n g > o f   R U R   2 0 . 0   b i l l i o n   ( $ 6 2 2 . 2   m i l l i o n < s u p > 1 < / s u p > ) ,   u p   6 0 %   c o m p a r e d   w i t h   F Y   2 0 1 0 < b r > 
 
                 < s t r o n g > E x - T A C   r e v e n u e s < / s t r o n g > < s u p > 2 < / s u p >   ( e x c l u d i n g   t r a f f i c   a c q u i s i t i o n   c o s t s )   u p   5 6 %   c o m p a r e d   w i t h   F Y   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > I n c o m e   f r o m   o p e r a t i o n s   < / s t r o n g > o f   R U R   7 . 0   b i l l i o n   ( $ 2 1 8 . 5   m i l l i o n ) ,   u p   4 6 %   c o m p a r e d   w i t h   F Y   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A < / s t r o n g > < s u p > 2   < / s u p > o f   R U R   9 . 2   b i l l i o n   ( $ 2 8 6 . 9   m i l l i o n ) ,   u p   5 0 %   c o m p a r e d   w i t h   F Y   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > O p e r a t i n g   m a r g i n < / s t r o n g >   o f   3 5 . 1 %   < b r > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   4 6 . 1 %   < b r > 
 
                 < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   E B I T D A   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   5 4 . 2 % < / l i > 
 
         < l i > 
 
                 < s t r o n g > N e t   i n c o m e < / s t r o n g >   o f   R U R   5 . 8   b i l l i o n   ( $ 1 7 9 . 3   m i l l i o n ) ,   u p   5 1 %   c o m p a r e d   w i t h   F Y   2 0 1 0 < b r > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e < / s t r o n g > < s u p > 2 < / s u p >   o f   R U R & n b s p ; 6 . 0   b i l l i o n   ( $ 1 8 6 . 5   m i l l i o n ) ,   u p   5 1 %   c o m p a r e d   w i t h   F Y   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > N e t   i n c o m e   m a r g i n < / s t r o n g >   o f   2 8 . 8 %   < b r > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   3 0 . 0 %   < b r > 
 
                 < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   n e t   i n c o m e   m a r g i n < / s t r o n g > < s u p > 2 < / s u p >   o f   3 5 . 2 % < / l i > 
 
 < / u l > 
 
 < p > 
 
         " Y a n d e x   d e m o n s t r a t e d   s t r o n g   t r a f f i c   a n d   r e v e n u e   g r o w t h ,   c a p p i n g   o f f   r e s u l t s   f o r   2 0 1 1   a t   t h e   t o p   e n d   o f   o u r   g u i d a n c e   r a n g e   a n d   b u i l d i n g   u p o n   o u r   c l e a r   l e a d e r s h i p   i n   t h e   R u s s i a n   s e a r c h   m a r k e t , "   s a i d   A r k a d y   V o l o z h ,   C h i e f   E x e c u t i v e   O f f i c e r   o f   Y a n d e x .   " D u r i n g   t h e   p a s t   y e a r   w e   c o n t i n u e d   t o   i n n o v a t e   a n d   o f f e r   n e w   s e r v i c e s   t h a t   m a k e   a   d i f f e r e n c e   i n   t h e   l i v e s   o f   o u r   u s e r s ,   i n c l u d i n g   t h o s e   i n   T u r k e y ,   o u r   f i r s t   m a r k e t   o u t s i d e   t h e   C I S .   T h i s   p a s t   y e a r ' s   s i g n i f i c a n t   i n v e s t m e n t s   i n   t a l e n t   a n d   i n f r a s t r u c t u r e ,   a l o n g   w i t h   o u r   f o c u s   o n   t h e   n e e d s   o f   u s e r s ,   p o s i t i o n   u s   w e l l   g o i n g   f o r w a r d .   W e   w i l l   c o n t i n u e   t o   d e v e l o p   a   b r o a d   r a n g e   o f   s e r v i c e s   t h a t   c o m p l e m e n t   o u r   c o r e   s e a r c h   p l a t f o r m ,   i n c l u d i n g   m a p s   a n d   p e r s o n a l   s e r v i c e s   o n   t h e   d e s k t o p   a n d   o n   m o b i l e   p l a t f o r m s ,   e m p h a s i z i n g   c o l l a b o r a t i o n   w i t h   o u r   s t r a t e g i c   p a r t n e r s . " < / p > 
 
 < p > 
 
         T h e   f o l l o w i n g   t a b l e   p r o v i d e s   a   s u m m a r y   o f   k e y   f i n a n c i a l   r e s u l t s   f o r   t h e   t h r e e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 0   a n d   2 0 1 1   a n d   f i s c a l   y e a r s   2 0 1 0   a n d   2 0 1 1 : < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                                 < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 R e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 1 2 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 4 3 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 2 , 5 0 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 0 , 0 3 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 0 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 E x - T A C   r e v e n u e s < s u p > 2 < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 6 1 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 4 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 0 , 9 2 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 7 , 0 3 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 6 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 I n c o m e   f r o m   < b r > 
 
                                 o p e r a t i o n s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 8 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 6 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 8 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 7 , 0 3 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 6 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 A d j u s t e d   E B I T D A < s u p > 2 < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 2 0 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 2 6 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 8 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 1 6 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 , 2 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 0 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 4 1 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 1 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 8 1 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 1 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 A d j u s t e d   n e t   < b r > 
 
                                 i n c o m e < s u p > 2 < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 4 7 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 9 6 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 0 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 1 % < / i > < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p   i d = " f t n 1 " > 
 
         < s u p > 1   < / s u p > P u r s u a n t   t o   S E C   r u l e s   r e g a r d i n g   c o n v e n i e n c e   t r a n s l a t i o n s ,   R u s s i a n   r u b l e   ( R U R )   a m o u n t s   h a v e   b e e n   t r a n s l a t e d   i n t o   U . S .   d o l l a r s   a t   a   r a t e   o f   R U R   3 2 . 1 9 6 1   t o   $ 1 . 0 0 ,   t h e   o f f i c i a l   e x c h a n g e   r a t e   q u o t e d   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1   b y   t h e   C e n t r a l   B a n k   o f   t h e   R u s s i a n   F e d e r a t i o n . < / p > 
 
 < p > 
 
         < s u p > 2 < / s u p >   T h i s   i s   a   n o n - G A A P   f i n a n c i a l   m e a s u r e .   P l e a s e   s e e   " U s e   o f   N o n - G A A P   F i n a n c i a l   M e a s u r e s "   b e l o w   f o r   a   d i s c u s s i o n   o f   h o w   w e   d e f i n e   t h i s   n o n - G A A P   f i n a n c i a l   m e a s u r e .   Y o u   w i l l   f i n d   a   r e c o n c i l i a t i o n   o f   t h i s   n o n - G A A P   f i n a n c i a l   m e a s u r e   t o   t h e   m o s t   d i r e c t l y   c o m p a r a b l e   U S   G A A P   m e a s u r e   i n   t h e   a c c o m p a n y i n g   f i n a n c i a l   t a b l e s   a t   t h e   e n d   o f   t h i s   r e l e a s e . < / p > 
 
 < h 2 > Q 4   2 0 1 1   O p e r a t i o n a l   H i g h l i g h t s < / h 2     > 
 
 < u l   t y p e = " d i s c " > 
 
         < l i > 
 
                 < s t r o n g > S h a r e   o f   R u s s i a n   s e a r c h   m a r k e t < / s t r o n g >   a v e r a g e d   6 0 . 8 %   i n   Q 4   2 0 1 1   ( a c c o r d i n g   t o   L i v e I n t e r n e t ) < / l i > 
 
         < l i > 
 
                 < s t r o n g > S E R P s   < / s t r o n g > ( s e a r c h   e n g i n e   r e s u l t   p a g e s )   g r e w   3 6 %   f r o m   Q 4   2 0 1 0 < / l i > 
 
         < l i > 
 
                 < s t r o n g > N u m b e r   o f   a d v e r t i s e r s < / s t r o n g >   w a s   m o r e   t h a n   1 7 3 , 0 0 0 ,   u p   4 3 %   f r o m   Q 4   2 0 1 0   a n d   u p   1 0 %   f r o m   Q 3   2 0 1 1 .   F o r   F Y   2 0 1 1 ,   t h e   n u m b e r   o f   a d v e r t i s e r s   i n c r e a s e d   b y   4 4 %   t o   m o r e   t h a n   2 7 0 , 0 0 0 < / l i > 
 
         < l i > 
 
                 A c q u i s i t i o n   o f   t h e   m o b i l e   b u s i n e s s   o f   S P B   S o f t w a r e < / l i > 
 
         < l i > 
 
                 I m p o r t a n t   p a r t n e r s h i p s   i n   m o b i l e :   Y a n d e x   b e c a m e   t h e   d e f a u l t   s e a r c h   e n g i n e   f o r   t h e   W i n d o w s   P h o n e   i n   R u s s i a   a n d   o n   b a d a   p h o n e s   i n   t h e   C I S < / l i > 
 
         < l i > 
 
                 B u i l t   u p o n   o u r   l a u n c h   i n   T u r k e y   b y   a d d i n g   a   n e w   m a p   s e r v i c e   t h a t   i n c l u d e s   b u i l t - i n   t r a f f i c   m a p s   a s   w e l l   a s   p a n o r a m i c   s t r e e t   i m a g e s & n b s p ; o f   I s t a n b u l   a n d   A n k a r a < / l i > 
 
 < / u l > 
 
 < p > 
 
         < s t r o n g > R e v e n u e s < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                                 < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > & n b s p ; < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > 2 0 1 0 < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > 2 0 1 1 < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > 2 0 1 0 < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > 2 0 1 1 < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 A d v e r t i s i n g   r e v e n u e s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                                 < i > T e x t - b a s e d   a d v e r t i s i n g < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 2 5 " > 
 
                                 < i > Y a n d e x   w e b s i t e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 0 7 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 4 0 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 3 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 , 4 5 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 4 , 5 9 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 4 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 2 5 " > 
 
                                 < i > A d   n e t w o r k < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 4 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 0 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 3 1 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 5 0 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 9 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 9 4 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                                 < i > T o t a l   t e x t - b a s e d   a d v e r t i s i n g < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 5 2 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 4 4 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 0 , 9 6 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 7 , 5 1 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 0 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                                 < i > D i s p l a y   a d v e r t i s i n g < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 0 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 6 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 2 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 2 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 0 9 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 1 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T o t a l   a d v e r t i s i n g   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 0 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 3 0 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 7 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 2 , 1 8 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 9 , 6 0 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 1 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 O n l i n e   p a y m e n t   c o m m i s s i o n s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 1 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 6 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 8 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 6 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 O t h e r < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 2 9 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > ( 1 3 % ) < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T o t a l   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 1 2 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 4 3 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 2 , 5 0 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 0 , 0 3 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 0 % < / i > < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p > 
 
         < s t r o n g > T e x t - b a s e d   a d v e r t i s i n g   r e v e n u e s < / s t r o n g > ,   a c c o u n t i n g   f o r   8 5 %   o f   t o t a l   r e v e n u e s   i n   Q 4   2 0 1 1 ,   c o n t i n u e d   t o   d e t e r m i n e   o v e r a l l   t o p - l i n e   p e r f o r m a n c e . < / p > 
 
 < p > 
 
         < s t r o n g > T e x t - b a s e d   a d v e r t i s i n g   r e v e n u e s   < / s t r o n g > f r o m   Y a n d e x ' s   o w n   w e b s i t e s   a c c o u n t e d   f o r   6 8 %   o f   t o t a l   r e v e n u e s   d u r i n g   Q 4   2 0 1 1 ,   a n d   i n c r e a s e d   b y   4 3 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 .   T e x t - b a s e d   a d v e r t i s i n g   r e v e n u e s   f r o m   o u r   a d   n e t w o r k   i n c r e a s e d   1 3 1 %   c o m p a r e d   w i t h   Q 4   2 0 1 0   a n d   c o n t r i b u t e d   1 6 %   o f   t o t a l   r e v e n u e s   d u r i n g   Q 4   2 0 1 1 .   T h e   e n h a n c e d   p e r f o r m a n c e   o f   o u r   Y a n d e x   a d   n e t w o r k   r e f l e c t s   t h e   a d d i t i o n   o f   R a m b l e r   t o   o u r   a d   n e t w o r k   i n   m i d - 2 0 1 1   a s   w e l l   a s   i m p r o v e d   m o n e t i z a t i o n   f r o m   o u r   c o n t e x t u a l   p a r t n e r   n e t w o r k   s i t e s   d u e   t o   i m p r o v e m e n t s   i n   o u r   a d v e r t i s i n g   t e c h n o l o g y . & n b s p ; < / p > 
 
 < p > 
 
         < s t r o n g > P a i d   c l i c k s < / s t r o n g >   o n   Y a n d e x ' s   a n d   i t s   p a r t n e r s '   w e b s i t e s ,   i n   a g g r e g a t e ,   i n c r e a s e d   6 5 %   i n   Q 4   2 0 1 1   c o m p a r e d   w i t h   Q 4   2 0 1 0 ,   w h i l e   t h e   a v e r a g e   c o s t   p e r   c l i c k   d e c r e a s e d   7 %   d u r i n g   t h e   s a m e   p e r i o d   a s   a   r e s u l t   o f   o u r   e f f o r t s   t o   i m p r o v e   C T R   ( c l i c k   t h r o u g h   r a t e )   o n   b o t h   o u r   o w n   s i t e s   a n d   o u r   a d   n e t w o r k ,   m a k e   o u r   p l a t f o r m   m o r e   a t t r a c t i v e   t o   n e w   a d v e r t i s e r s   p r i m a r i l y   f r o m   t h e   r e g i o n s   a n d   i n c r e a s e   t h e   e f f i c i e n c y   o f   o u r   c l i e n t s '   a d v e r t i s i n g   s p e n d . < / p > 
 
 < p > 
 
         < s t r o n g > D i s p l a y   a d v e r t i s i n g   r e v e n u e ,   < / s t r o n g > a c c o u n t i n g   f o r   1 3 %   o f   t o t a l   r e v e n u e s   d u r i n g   Q 4   2 0 1 1 ,   i n c r e a s e d   7 2 %   c o m p a r e d   w i t h   Q 4   2 0 1 0   r e f l e c t i n g   t h e   s t r o n g   c o m m i t m e n t   o f   o u r   d i s p l a y   a d v e r t i s i n g   c l i e n t s   t o   m a i n t a i n i n g   t h e i r   p r e s e n c e   o n l i n e . < / p > 
 
 < p > 
 
         < s t r o n g > O n l i n e   p a y m e n t   c o m m i s s i o n s < / s t r o n g >   a c c o u n t e d   f o r   2 %   o f   r e v e n u e   d u r i n g   Q 4   2 0 1 1 ,   a n d   i n c r e a s e d   4 0 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 . < / p > 
 
 < p > 
 
         < s t r o n g > O p e r a t i n g   C o s t s   a n d   E x p e n s e s < / s t r o n g > < / p > 
 
 < p > 
 
         Y a n d e x ' s   o p e r a t i n g   c o s t s   a n d   e x p e n s e s   c o n s i s t   o f   c o s t   o f   r e v e n u e s ,   p r o d u c t   d e v e l o p m e n t   e x p e n s e s ,   s a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e   e x p e n s e s   ( S G & a m p ; A ) ,   a n d   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e s   ( D & a m p ; A ) .   A p a r t   f r o m   D & a m p ; A ,   e a c h   o f   t h e   a b o v e   e x p e n s e   c a t e g o r i e s   i n c l u d e s   p e r s o n n e l - r e l a t e d   c o s t s   a n d   e x p e n s e s ,   i n c l u d i n g   r e l a t e d   s h a r e - b a s e d   c o m p e n s a t i o n   e x p e n s e .   I n c r e a s e s   a c r o s s   a l l   c o s t   c a t e g o r i e s ,   e x c l u d i n g   D & a m p ; A ,   r e f l e c t   i n v e s t m e n t s   i n   o v e r a l l   g r o w t h ,   i n c l u d i n g   p e r s o n n e l .   I n   Q 4   2 0 1 1 ,   Y a n d e x   a d d e d   1 4 9   f u l l - t i m e   e m p l o y e e s ,   a n   i n c r e a s e   o f   5 %   f r o m   S e p t e m b e r   3 0 ,   2 0 1 1 ,   a n d   u p   3 9 %   f r o m   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 0 .   T h e   t o t a l   n u m b e r   o f   f u l l - t i m e   e m p l o y e e s   w a s   3 , 3 1 2   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 .   T o t a l   s h a r e - b a s e d   c o m p e n s a t i o n   e x p e n s e   i n c r e a s e d   5 0 %   i n   Q 4   2 0 1 1 . < / p > 
 
 < p > 
 
         < s t r o n g > C o s t s   o f   r e v e n u e s ,   i n c l u d i n g   t r a f f i c   a c q u i s i t i o n   c o s t s   ( T A C ) < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                                 < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T A C : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                                 < i > R e l a t e d   t o   t h e   Y a n d e x   a d   n e t w o r k < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 7 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 6 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 4 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 2 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 8 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 0 1 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                                 < i > R e l a t e d   t o   d i s t r i b u t i o n   p a r t n e r s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 3 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 7 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 5 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 4 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 6 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T o t a l   T A C < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 0 0 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 9 8 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 5 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 9 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 9 1 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > T o t a l   T A C   a s   a   %   o f   t o t a l   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 2 . 3 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 5 . 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 2 . 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 5 . 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 O t h e r   c o s t   o f   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 8 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 8 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 8 %   < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 0 1 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 7 0 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 9 %   < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > O t h e r   c o s t   o f   r e v e n u e s   a s   a   %   o f   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 . 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 . 5 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 8 . 1 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 8 . 5 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T o t a l   c o s t   o f   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 7 9 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 4 8 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 8 7 %   < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 5 8 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 7 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 8 2 %   < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > T o t a l   c o s t   o f   r e v e n u e s   a s   a   %   o f   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 9 . 3 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 2 3 . 1 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 2 0 . 7 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 2 3 . 5 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > < / t b o d y > < / t a b l e > 
 
 < p > 
 
         < s t r o n g > T A C < / s t r o n g >   i n c r e a s e d   f r o m   1 4 . 4 %   o f   t e x t - b a s e d   r e v e n u e s   i n   Q 4   2 0 1 0   t o   1 8 . 4 %   i n   Q 4   2 0 1 1 ,   r e s u l t i n g   p r i m a r i l y   f r o m   g r o w t h   i n   t h e   p e r c e n t a g e   o f   o u r   t e x t - b a s e d   r e v e n u e s   g e n e r a t e d   f r o m   o u r   a d   n e t w o r k   f o r   t h e   p e r i o d   a n d ,   i n   t u r n ,   t h e   g r o w t h   i n   t h e   s h a r e   o f   t h o s e   r e v e n u e s   p a i d   t o   o u r   a d   n e t w o r k   p a r t n e r s . < / p > 
 
 < p > 
 
         < s t r o n g > O t h e r   c o s t   o f   r e v e n u e s < / s t r o n g >   i n   Q 4   2 0 1 1   i n c r e a s e d   6 8 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 ,   r e f l e c t i n g   p r i n c i p a l l y   a n   i n c r e a s e   i n   d a t a c e n t e r - r e l a t e d   c o s t s   a n d   u t i l i t i e s ,   p e r s o n n e l   e x p e n s e s   a n d   c o n t e n t   a c q u i s i t i o n   c o s t s .   T h e   n u m b e r   o f   p e o p l e   e m p l o y e d   i n   t h e   d e p a r t m e n t s   a l l o c a t e d   t o   c o s t s   o f   r e v e n u e s   i n c r e a s e d   4 8 % ,   f r o m   2 1 9   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 0   t o   3 2 5   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 ,   w i t h   6   e m p l o y e e s   a d d e d   s i n c e   S e p t e m b e r   3 0 ,   2 0 1 1 . < / p > 
 
 < p > 
 
         < s t r o n g > P r o d u c t   d e v e l o p m e n t < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                         < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                         e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                         e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
         < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > & n b s p ; < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 P r o d u c t   d e v e l o p m e n t < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 9 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 0 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 1 2 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 1 %   < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > A s   a   %   o f   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 4 . 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 3 . 2 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 6 . 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 5 . 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p > 
 
         T h e   i n c r e a s e   i n   p r o d u c t   d e v e l o p m e n t   e x p e n s e s   i n   Q 4   2 0 1 1   p r i m a r i l y   r e f l e c t s   t h e   i n c r e a s e   i n   p e r s o n n e l - r e l a t e d   e x p e n s e s .   H e a d c o u n t   i n   d e v e l o p m e n t   s t a f f   i n c r e a s e d   4 0 %   f r o m   1 , 3 1 3   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 0 ,   t o   1 , 8 4 2   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 ,   w i t h   1 0 4   e m p l o y e e s   a d d e d   s i n c e   S e p t e m b e r   3 0 ,   2 0 1 1 . < / p > 
 
 < p > 
 
         < s t r o n g > S e l l i n g ,   g e n e r a l   a n d   a d m i n i s t r a t i v e   ( S G & a m p ; A ) < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                                 < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > < s t r o n g > & n b s p ; < / s t r o n g > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 S G & a m p ; A < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 8 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 8 3 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 2 9 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 9 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > A s   a   %   o f   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 4 . 2 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 4 . 2 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 4 . 7 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 6 . 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p > 
 
         T h e   i n c r e a s e   i n   S G & a m p ; A   i n   Q 4   2 0 1 1   w a s   d r i v e n   p r i m a r i l y   b y   i n c r e a s e d   p e r s o n n e l - r e l a t e d   c o s t s   a s   w e l l   a s   i n c r e a s e d   a d v e r t i s i n g   a n d   m a r k e t i n g   e x p e n s e s .   H e a d c o u n t   i n   d e p a r t m e n t s   w h o s e   c o s t s   a r e   a l l o c a t e d   t o   S G & a m p ; A   i n c r e a s e d   3 4 % ,   f r o m   8 5 3   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 0   t o   1 , 1 4 5   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 ,   w i t h   3 9   e m p l o y e e s   a d d e d   s i n c e   S e p t e m b e r & n b s p ; 3 0 ,   2 0 1 1 . < / p > 
 
 < p > 
 
         < s t r o n g > < s t r o n g > S h a r e - b a s e d   c o m p e n s a t i o n   ( S B C )   e x p e n s e   < / s t r o n g > < / s t r o n g > < / p > 
 
 < p > 
 
         S B C   e x p e n s e   i s   i n c l u d e d   i n   e a c h   o f   t h e   c o s t   o f   r e v e n u e s ,   p r o d u c t   d e v e l o p m e n t   a n d   S G & a m p ; A   c a t e g o r i e s   d i s c u s s e d   a b o v e . < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                                 < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 S B C   e x p e n s e   i n c l u d e d   i n   c o s t   o f   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 6 3 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 S B C   e x p e n s e   i n c l u d e d   i n   p r o d u c t   d e v e l o p m e n t < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 4 5 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 6 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 S B C   e x p e n s e   i n c l u d e d   i n   S G & a m p ; A < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 9 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 5 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 6 3 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T o t a l   S B C   e x p e n s e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 6 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 0 6 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > A s   a   %   o f   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 . 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 . 3 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 . 3 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 1 . 6 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p > 
 
         T o t a l   S B C   e x p e n s e   i n c r e a s e d   5 0 %   i n   Q 4   2 0 1 1   c o m p a r e d   w i t h   Q 4   2 0 1 0 .   T h e   i n c r e a s e   i s   p r i m a r i l y   r e l a t e d   t o   s h a r e - b a s e d   c o m p e n s a t i o n   o n   o p t i o n s   g r a n t e d   t o   e m p l o y e e s   i n   2 0 1 0   a n d   2 0 1 1 ,   w h i c h   h a d   f a i r   v a l u e s   s i g n i f i c a n t l y   h i g h e r   t h a n   p r e v i o u s   g r a n t s . < / p > 
 
 < p > 
 
         < s t r o n g > D e p r e c i a t i o n   a n d   a m o r t i z a t i o n   ( D & a m p ; A )   e x p e n s e < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e " > 
 
                                 < s t r o n g > < i > I n   R U R   m i l l i o n s < / i > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 ,   < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < i > C h a n g e < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 D & a m p ; A   e x p e n s e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 4 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 8 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 7 0 %   < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 8 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 8 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 5 9 % < / i > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < i > A s   a   %   o f   r e v e n u e s < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 8 . 3 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 9 . 0 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 9 . 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < i > 9 . 4 % < / i > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p > 
 
         D & a m p ; A   e x p e n s e   i n c r e a s e d   7 0 %   i n   Q 4   2 0 1 1   c o m p a r e d   w i t h   Q 4   2 0 1 0 ,   p r i m a r i l y   r e f l e c t i n g   o u r   c o n s i d e r a b l e   r e c e n t   i n v e s t m e n t s   i n   s e r v e r s   a n d   d a t a   c e n t e r s . < / p > 
 
 < p > 
 
         A s   a   r e s u l t   o f   t h e   f a c t o r s   d e s c r i b e d   a b o v e , < s t r o n g >   i n c o m e   f r o m   o p e r a t i o n s < / s t r o n g >   w a s   R U R   2 . 6   b i l l i o n   ( $ 8 0 . 8   m i l l i o n )   i n   Q 4   2 0 1 1 ,   a   4 4 %   i n c r e a s e   f r o m   Q 4   2 0 1 0 ,   w h i l e   < s t r o n g > a d j u s t e d   E B I T D A < / s t r o n g >   r e a c h e d   R U R   3 . 3   b i l l i o n   ( $ 1 0 1 . 5   m i l l i o n )   i n   Q 4   2 0 1 1 ,   u p   4 8 %   f r o m   Q 4   2 0 1 0 . < / p > 
 
 < p > 
 
         < s t r o n g > I n t e r e s t   i n c o m e < / s t r o n g >   i n   Q 4   2 0 1 1   w a s   R U R   1 0 5   m i l l i o n ,   u p   f r o m   R U R   4 6   m i l l i o n   i n   Q 4   2 0 1 0 .   W e   d e r i v e   a   c o n s i d e r a b l e   p o r t i o n   o f   o u r   i n t e r e s t   i n c o m e   f r o m   r u b l e   t e r m   d e p o s i t s   h e l d   i n   m a j o r   R u s s i a n   b a n k s .   I n v e s t m e n t s   o f   o u r   c a s h   h e l d   i n   U S D   i n   t h e   N e t h e r l a n d s   i n   b a n k   d e p o s i t s ,   m o n e y   m a r k e t   f u n d s   a n d   d e b t   s e c u r i t i e s   g e n e r a l l y   y i e l d   c o n s i d e r a b l y   l o w e r   r e t u r n s .   I n t e r e s t   i n c o m e   i n c r e a s e d   p r i n c i p a l l y   d u e   t o   i n v e s t i n g   m o r e   o f   o u r   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s   i n   R u s s i a ,   w h e r e   o u r   i n v e s t m e n t s   e a r n   h i g h e r   r e t u r n s .   A d d i t i o n a l l y ,   w e   e a r n e d   s i g n i f i c a n t l y   m o r e   i n t e r e s t   i n c o m e   i n   t h e   N e t h e r l a n d s   d u e   t o   t h e   i n v e s t m e n t   o f   o u r   I P O   p r o c e e d s . & n b s p ; < / p > 
 
 < p > 
 
         < s t r o n g > F o r e i g n   e x c h a n g e   g a i n < / s t r o n g >   i n   Q 4   2 0 1 1   w a s   R U R   6   m i l l i o n ,   c o m p a r e d   t o   a   f o r e i g n   e x c h a n g e   l o s s   o f   R U R   5   m i l l i o n   i n   Q 4   2 0 1 0 . & n b s p ; B e c a u s e   t h e   f u n c t i o n a l   c u r r e n c y   o f   Y a n d e x ' s   o p e r a t i n g   s u b s i d i a r i e s   i n   R u s s i a   i s   t h e   R u s s i a n   r u b l e ,   c h a n g e s   i n   t h e   r u b l e   v a l u e   o f   t h e s e   s u b s i d i a r i e s '   m o n e t a r y   a s s e t s   a n d   l i a b i l i t i e s   t h a t   a r e   d e n o m i n a t e d   i n   o t h e r   c u r r e n c i e s   ( p r i m a r i l y   U . S .   d o l l a r - d e n o m i n a t e d   c a s h ,   c a s h   e q u i v a l e n t s   a n d   t e r m   d e p o s i t s   m a i n t a i n e d   i n   R u s s i a )   d u e   t o   e x c h a n g e   r a t e   f l u c t u a t i o n s   a r e   r e c o g n i z e d   a s   f o r e i g n   e x c h a n g e   g a i n s   o r   l o s s e s   i n   t h e   i n c o m e   s t a t e m e n t .   A l t h o u g h   t h e   U . S .   d o l l a r   v a l u e   o f   Y a n d e x ' s   U . S .   d o l l a r - d e n o m i n a t e d   c a s h ,   c a s h   e q u i v a l e n t s   a n d   t e r m   d e p o s i t s   w a s   n o t   i m p a c t e d   b y   t h e s e   c u r r e n c y   f l u c t u a t i o n s ,   t h e y   r e s u l t e d   i n   u p w a r d   a n d   d o w n w a r d   r e v a l u a t i o n s ,   r e s p e c t i v e l y ,   o f   t h e   r u b l e   e q u i v a l e n t   o f   t h e s e   U . S   d o l l a r - d e n o m i n a t e d   m o n e t a r y   a s s e t s   i n   Q 4   2 0 1 1   a n d   Q 4   2 0 1 0 . < / p > 
 
 < p > 
 
         < s t r o n g > I n c o m e   t a x   e x p e n s e   < / s t r o n g > f o r   Q 4   2 0 1 1   w a s   R U R   5 7 3   m i l l i o n ,   u p   f r o m   R U R   4 4 1   m i l l i o n   i n   Q 4   2 0 1 0 .   O u r   e f f e c t i v e   t a x   r a t e   d e c r e a s e d   f r o m   2 3 . 8 %   i n   Q 4   2 0 1 0   t o   2 1 . 3 %   i n   Q 4   2 0 1 1 ,   p r i m a r i l y   r e f l e c t i n g   a   c h a n g e   i n   o u r   t r e a s u r y   p o l i c y   f o l l o w i n g   t h e   I P O .   I n   r e c e n t   y e a r s ,   Y a n d e x ' s   p r i n c i p a l   R u s s i a n   o p e r a t i n g   s u b s i d i a r y   h a d   b e e n   p a y i n g   d i v i d e n d s   t o   i t s   N e t h e r l a n d s   p a r e n t   c o m p a n y   a n d   i n c u r r e d   a   5 %   w i t h h o l d i n g   t a x   i n   R u s s i a   w h e n   t h e s e   d i v i d e n d s   w e r e   p a i d .   U n d e r   t h e   n e w   t r e a s u r y   p o l i c y ,   h o w e v e r ,   m a n a g e m e n t   d o e s   n o t   c u r r e n t l y   e x p e c t   t h e   c o m p a n y ' s   R u s s i a n   o p e r a t i n g   s u b s i d i a r y   t o   p a y   d i v i d e n d s   t o   t h e   p a r e n t   c o m p a n y   o u t   o f   2 0 1 1   e a r n i n g s .   T h e r e f o r e ,   n o   a c c r u a l   f o r   d i v i d e n d   w i t h h o l d i n g   t a x   w a s   r e q u i r e d   f o r   2 0 1 1 . < / p > 
 
 < p > 
 
         < s t r o n g > A d j u s t e d   n e t   i n c o m e   < / s t r o n g > i n   Q 4   2 0 1 1   w a s   R U R   2 . 2   b i l l i o n   ( $ 6 8 . 2   m i l l i o n ) ,   a   5 0 %   i n c r e a s e   f r o m   Q 4   2 0 1 0 ,   b r o a d l y   i n   l i n e   w i t h   t h e   u n d e r l y i n g   o p e r a t i n g   r e s u l t s .   I t   w a s   p o s i t i v e l y   i m p a c t e d   b y   a   c h a n g e   i n   t h e   e f f e c t i v e   i n c o m e   t a x   r a t e   r e s u l t i n g   f r o m   t h e   e l i m i n a t i o n   o f   t h e   d i v i d e n d   w i t h h o l d i n g   t a x   a c c r u a l .   < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n < / s t r o n g >   w a s   3 4 %   i n   Q 4   2 0 1 1 ,   c o m p a r e d   t o   3 6 %   i n   Q 4   2 0 1 0 . < / p > 
 
 < p > 
 
         < s t r o n g > N e t   i n c o m e < / s t r o n g >   w a s   R U R   2 . 1   b i l l i o n   ( $ 6 5 . 9   m i l l i o n )   i n   Q 4   2 0 1 1 ,   u p   5 1 %   c o m p a r e d   w i t h   Q 4   2 0 1 0 .   T h e   h i g h e r   g r o w t h   i n   n e t   i n c o m e   c o m p a r e d   w i t h   a d j u s t e d   n e t   i n c o m e   w a s   p r i m a r i l y   t h e   r e s u l t   o f   S B C   e x p e n s e s   r e p r e s e n t i n g   a   s m a l l e r   p o r t i o n   o f   o t h e r   o p e r a t i n g   c o s t s   a n d   e x p e n s e s   w h e n   c o m p a r i n g   Q 4   2 0 1 1   t o   Q 4   2 0 1 0 . < / p > 
 
 < p > 
 
         A s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 ,   Y a n d e x   h a d   < s t r o n g > c a s h ,   c a s h   e q u i v a l e n t s ,   t e r m   d e p o s i t s   ( i n c l u d i n g   l o n g - t e r m   d e p o s i t s )   a n d   l o n g - t e r m   d e b t   s e c u r i t i e s < / s t r o n g >   o f   R U R   2 0 . 7   b i l l i o n   ( $ 6 4 2 . 3   m i l l i o n ) . < / p > 
 
 < p > 
 
         < s t r o n g > N e t   o p e r a t i n g   c a s h   f l o w   a n d   c a p i t a l   e x p e n d i t u r e s < / s t r o n g >   f o r   Q 4   2 0 1 1   w e r e   R U R   2 . 7   b i l l i o n   ( $ 8 5 . 0   m i l l i o n )   a n d   R U R   1 . 8   b i l l i o n   ( $ 5 4 . 3   m i l l i o n ) ,   r e s p e c t i v e l y . < / p > 
 
 < p > 
 
         T h e   < s t r o n g > t o t a l < / s t r o n g >   < s t r o n g > n u m b e r   o f   s h a r e s   i s s u e d   a n d   o u t s t a n d i n g < / s t r o n g >   a s   o f   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1   w a s   3 2 3 , 8 3 8 , 7 3 1 ,   i n c l u d i n g   1 5 9 , 2 1 7 , 3 4 8   C l a s s   A   s h a r e s ,   1 6 4 , 6 2 1 , 3 8 2   C l a s s   B   s h a r e s ,   a n d   o n e   P r i o r i t y   s h a r e   a n d   e x c l u d i n g   C l a s s   C   s h a r e s   o u t s t a n d i n g   s o l e l y   a s   a   r e s u l t   o f   c o n v e r s i o n   o f   C l a s s   B   s h a r e s   i n t o   C l a s s   A   s h a r e s ;   a l l   s u c h   C l a s s   C   s h a r e s   w i l l   b e   c a n c e l l e d .   T h e r e   w e r e   a l s o   < s t r o n g > o p t i o n s   o u t s t a n d i n g < / s t r o n g >   t o   p u r c h a s e   u p   t o   a n   a d d i t i o n a l   1 4 . 3   m i l l i o n   s h a r e s ,   a t   a   w e i g h t e d   a v e r a g e   e x e r c i s e   p r i c e   o f   $ 4 . 1 9   p e r   s h a r e ,   o f   w h i c h   o p t i o n s   t o   p u r c h a s e   9 . 8   m i l l i o n   s h a r e s   w e r e   f u l l y   v e s t e d ;   a n d   e q u i t y - s e t t l e d   s h a r e   a p p r e c i a t i o n   r i g h t s   e q u a l   t o   0 . 8   m i l l i o n   s h a r e s ,   a t   a   w e i g h t e d   a v e r a g e   m e a s u r e m e n t   p r i c e   o f   $ 2 0 . 8 0 ,   n o n e   o f   w h i c h   w e r e   v e s t e d . < / p > 
 
 < h 2 > O u t l o o k   f o r   2 0 1 2 < / h 2 > 
 
 < p > 
 
         Y a n d e x   e x p e c t s   t o   r e p o r t   f u l l - y e a r   r u b l e - b a s e d   r e v e n u e   g r o w t h   o f   4 0 - 4 5 %   f o r   t h e   f u l l   y e a r   2 0 1 2 . < / p > 
 
 < h 2 > C o n f e r e n c e   C a l l   I n f o r m a t i o n < / h 2 > 
 
 < p > 
 
         Y a n d e x ' s   m a n a g e m e n t   w i l l   h o l d   a n   e a r n i n g s   c o n f e r e n c e   c a l l   o n   F e b r u a r y   2 2 ,   2 0 1 2   a t   9 : 0 0   A M   U . S .   E a s t e r n   T i m e   ( 6 : 0 0   P M   M o s c o w   t i m e ;   2 : 0 0   P M   L o n d o n   t i m e ) . < / p > 
 
 < p > 
 
         T o   a c c e s s   t h e   c o n f e r e n c e   c a l l   l i v e ,   p l e a s e   d i a l : < / p > 
 
         < p > 
 
                 U S :   + 1   6 3 1   5 1 0   7 4 9 8 < / p > 
 
         < p > 
 
                 U K :   + 4 4   ( 0 )   1 4 5 2   5 5 5   5 6 6 < / p > 
 
         < p > 
 
                 R u s s i a :   8   1 0   8 0 0   2 0 9 7 2 0 4 4 < / p > 
 
         < p > 
 
                 P a s s c o d e :   4 5 2 8 5 9 0 2 # < / p > 
 
 < p > 
 
         A   r e p l a y   o f   t h e   c a l l   w i l l   b e   a v a i l a b l e   t h r o u g h   F e b r u a r y   2 9 ,   2 0 1 2 .   T o   a c c e s s   t h e   r e p l a y ,   p l e a s e   d i a l : < / p > 
 
         < p > 
 
                 U S :   + 1   8 6 6   2 4 7   4 2 2 2 , < / p > 
 
         < p > 
 
                 R u s s i a / I n t e r n a t i o n a l :   + 4 4   ( 0 )   1 4 5 2   5 5 0 & n b s p ; 0 0 0 < / p > 
 
         < p > 
 
                 P a s s c o d e :   4 5 2 8 5 9 0 2 # < / p > 
 
 < p > 
 
         A   l i v e   a n d   a r c h i v e d   w e b c a s t   o f   t h i s   c o n f e r e n c e   c a l l   w i l l   b e   a v a i l a b l e   a t   < a   h r e f = " h t t p : / / i n v e s t o r . s h a r e h o l d e r . c o m / m e d i a / Y a n d e x / e v e n t d e t a i l . c f m ? e v e n t i d = 1 0 8 3 3 5 "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = y Q s H o f T e k J 6 n C u f 5 m C P 8 m r 3 4 H p 0 a n R U e d p E X O s c a S 4 P i I g p 5 H r v 0 l s X b Q z V t 6 s v - E r C v E o j Y r B n u 4 v u P n 9 E k 1 2 Y B 6 s v d i j d H - m 4 x n I 8 a C z d v a L g l b t 8 c B N 1 j l O F s T e 7 Q H A 5 _ j 1 8 r h m Y U m 7 X 1 C v n e c C r Y J f n C k j Z u T J l D 9 i s S - n I T f 8 U 1 3 3 b r q y Q I k 8 U W l C u Y n L K D Q 5 z g H D l c c p L Y 8 - O W n G 8 a U _ o U R v V 9 i 8 d U B a 4 q V 0 Y % 3 D "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / i n v e s t o r . s h a r e h o l d e r . c o m / m e d i a / Y a n d e x / e v e n t d e t a i l . c f m ? e v e n t i d = 1 0 8 3 3 5 < / a > < / p > 
 
 < h 2 > A B O U T   Y A N D E X < / h 2 > 
 
 < p > 
 
         Y a n d e x   ( N a s d a q : Y N D X )   i s   t h e   l e a d i n g   i n t e r n e t   c o m p a n y   i n   R u s s i a ,   o p e r a t i n g   t h e   c o u n t r y ' s   m o s t   p o p u l a r   s e a r c h   e n g i n e   a n d   m o s t   v i s i t e d   w e b s i t e .   Y a n d e x   a l s o   o p e r a t e s   i n   U k r a i n e ,   K a z a k h s t a n ,   B e l a r u s   a n d   T u r k e y .   Y a n d e x ' s   m i s s i o n   i s   t o   a n s w e r   a n y   q u e s t i o n   i n t e r n e t   u s e r s   m a y   h a v e . < / p > 
 
 < h 2 > F O R W A R D - L O O K I N G   S T A T E M E N T S   < / h 2 > 
 
 < p > 
 
         T h i s   p r e s s   r e l e a s e   c o n t a i n s   f o r w a r d - l o o k i n g   s t a t e m e n t s   t h a t   i n v o l v e   r i s k s   a n d   u n c e r t a i n t i e s .   T h e s e   i n c l u d e   s t a t e m e n t s   r e g a r d i n g   t h e   p l a n n e d   g r o w t h   o f   o u r   b u s i n e s s   a n d   o u r   a n t i c i p a t e d   r e v e n u e   f o r   f u l l - y e a r   2 0 1 2 .   A c t u a l   r e s u l t s   m a y   d i f f e r   m a t e r i a l l y   f r o m   t h e   r e s u l t s   p r e d i c t e d   o r   i m p l i e d   b y   s u c h   s t a t e m e n t s ,   a n d   o u r   r e p o r t e d   r e s u l t s   s h o u l d   n o t   b e   c o n s i d e r e d   a s   a n   i n d i c a t i o n   o f   f u t u r e   p e r f o r m a n c e .   T h e   p o t e n t i a l   r i s k s   a n d   u n c e r t a i n t i e s   t h a t   c o u l d   c a u s e   a c t u a l   r e s u l t s   t o   d i f f e r   f r o m   t h e   r e s u l t s   p r e d i c t e d   o r   i m p l i e d   b y   s u c h   s t a t e m e n t s   i n c l u d e ,   a m o n g   o t h e r s ,   c o m p e t i t i v e   p r e s s u r e s ,   c h a n g e s   i n   a d v e r t i s i n g   p a t t e r n s ,   c h a n g e s   i n   t h e   l e g a l   a n d   r e g u l a t o r y   e n v i r o n m e n t ,   t e c h n o l o g i c a l   d e v e l o p m e n t s ,   u n f o r e s e e n   c h a n g e s   i n   o u r   h i r i n g   p a t t e r n s ,   a n d   o u r   n e e d   t o   e x p e n d   c a p i t a l   t o   a c c o m m o d a t e   t h e   g r o w t h   o f   t h e   b u s i n e s s ,   a s   w e l l   a s   t h o s e   r i s k s   a n d   u n c e r t a i n t i e s   i n c l u d e d   u n d e r   t h e   c a p t i o n s   " R i s k   F a c t o r s "   a n d   " M a n a g e m e n t ' s   D i s c u s s i o n   a n d   A n a l y s i s   o f   F i n a n c i a l   C o n d i t i o n   a n d   R e s u l t s   o f   O p e r a t i o n s "   i n   o u r   P r o s p e c t u s   d a t e d   M a y   2 4 ,   2 0 1 1 ,   w h i c h   i s   o n   f i l e   w i t h   t h e   S e c u r i t i e s   a n d   E x c h a n g e   C o m m i s s i o n   a n d   i s   a v a i l a b l e   o n   o u r   i n v e s t o r   r e l a t i o n s   w e b s i t e   a t   < a   h r e f = " h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / s e c _ f i l i n g . x m l "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = y Q s H o f T e k J 6 n C u f 5 m C P 8 m v O S A h 6 q E b w k s L J P 7 U j b 2 k 5 U l V 9 J Z g v r d 2 F N E h W u U H N r U y _ 7 i l A k 2 h i f 9 C f y K 3 B J M 7 O 5 R q r l 1 n v 6 Y x H D h J 9 G L u c _ V O - f 9 t 5 z j k h D g S i _ h S p Z N c A t l B K E k q x v N F Q Z c l R 0 y q U 4 5 h J p 0 r D P D E - - d s 7 o V P c s k T 4 L 9 F - W P 5 T y S _ r x C C R H "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > h t t p : / / c o m p a n y . y a n d e x . c o m / i n v e s t o r _ r e l a t i o n s / s e c _ f i l i n g . x m l < / a >   a n d   o n   t h e   S E C   w e b s i t e   a t   < a   h r e f = " h t t p : / / w w w . s e c . g o v / "   r e l = " n o f o l l o w " > < / a > < a   h r e f = " h t t p : / / g l o b e n e w s w i r e . c o m / T r a c k e r ? d a t a = p M o R n F T J S l t M j - P n 7 l J K u K U I Q u 7 S H L m h P R 6 q n n 4 Z t R k d 7 t O d J I i c 7 H K a s j I O c N o z "   t a r g e t = " _ t o p "   r e l = " n o f o l l o w " > w w w . s e c . g o v < / a > .   & n b s p ; A d d i t i o n a l   r i s k   f a c t o r   d i s c l o s u r e   a n d   r e l a t e d   i n f o r m a t i o n   w i l l   a l s o   b e   s e t   f o r t h   i n   o u r   A n n u a l   R e p o r t   i n   F o r m   2 0 - F   f o r   t h e   y e a r   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 .   A l l   i n f o r m a t i o n   p r o v i d e d   i n   t h i s   r e l e a s e   a n d   i n   t h e   a t t a c h m e n t s   i s   a s   o f   F e b r u a r y   2 2 ,   2 0 1 2 ,   a n d   Y a n d e x   u n d e r t a k e s   n o   d u t y   t o   u p d a t e   t h i s   i n f o r m a t i o n   u n l e s s   r e q u i r e d   b y   l a w . < / p > 
 
 < h 2 > U S E   O F   N O N - G A A P   F I N A N C I A L   M E A S U R E S < / h 2 > 
 
 < p > 
 
         T o   s u p p l e m e n t   o u r   c o n s o l i d a t e d   f i n a n c i a l   s t a t e m e n t s ,   w h i c h   a r e   p r e p a r e d   a n d   p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P ,   w e   p r e s e n t   t h e   f o l l o w i n g   n o n - G A A P   f i n a n c i a l   m e a s u r e s :   e x - T A C   r e v e n u e ,   a d j u s t e d   E B I T D A ,   a d j u s t e d   E B I T D A   m a r g i n ,   a d j u s t e d   e x - T A C   E B I T D A   m a r g i n ,   a d j u s t e d   n e t   i n c o m e ,   a d j u s t e d   n e t   i n c o m e   m a r g i n   a n d   a d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n .   T h e   p r e s e n t a t i o n   o f   t h e s e   f i n a n c i a l   m e a s u r e s   i s   n o t   i n t e n d e d   t o   b e   c o n s i d e r e d   i n   i s o l a t i o n   o r   a s   a   s u b s t i t u t e   f o r ,   o r   s u p e r i o r   t o ,   t h e   f i n a n c i a l   i n f o r m a t i o n   p r e p a r e d   a n d   p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P .   F o r   m o r e   i n f o r m a t i o n   o n   t h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s ,   p l e a s e   s e e   t h e   t a b l e s   c a p t i o n e d   " R e c o n c i l i a t i o n s   o f   n o n - G A A P   f i n a n c i a l   m e a s u r e s   t o   t h e   n e a r e s t   c o m p a r a b l e   U S   G A A P   m e a s u r e s , "   i n c l u d e d   f o l l o w i n g   t h e   a c c o m p a n y i n g   f i n a n c i a l   t a b l e s .   W e   d e f i n e   t h e   v a r i o u s   n o n - G A A P   f i n a n c i a l   m e a s u r e s   w e   u s e   a s   f o l l o w s : < / p > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > E x - T A C   r e v e n u e   < / s t r o n g > m e a n s   U S   G A A P   r e v e n u e s   l e s s   t o t a l   t r a f f i c   a c q u i s i t i o n   c o s t s   ( T A C ) . < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A < / s t r o n g >   m e a n s   n e t   i n c o m e   p l u s   ( 1 )   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n ,   ( 2 )   S B C   e x p e n s e   a n d   ( 3 )   p r o v i s i o n   f o r   i n c o m e   t a x e s ,   l e s s   ( A )   i n t e r e s t   i n c o m e   a n d   ( B )   o t h e r   i n c o m e / ( e x p e n s e ) . < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y   U S   G A A P   r e v e n u e s . < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   e x - T A C   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y   e x - T A C   r e v e n u e . < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e < / s t r o n g >   m e a n s   U S   G A A P   n e t   i n c o m e   p l u s   ( 1 )   S B C   e x p e n s e   a d j u s t e d   f o r   t h e   i n c o m e   t a x   r e d u c t i o n   a t t r i b u t a b l e   t o   S B C   e x p e n s e   a n d   ( 2 )   f o r e i g n   e x c h a n g e   l o s s e s   ( l e s s   f o r e i g n   e x c h a n g e   g a i n s )   a d j u s t e d   f o r   t h e   ( r e d u c t i o n )   i n c r e a s e   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   t h e   f o r e i g n   e x c h a n g e   l o s s e s   ( g a i n s ) . < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n   < / s t r o n g > m e a n s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y   U S   G A A P   r e v e n u e s . < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n   < / s t r o n g > m e a n s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y   e x - T A C   r e v e n u e s . < / l i > 
 
 < / u l > 
 
 < p > 
 
         T h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s   a r e   u s e d   b y   m a n a g e m e n t   f o r   e v a l u a t i n g   f i n a n c i a l   p e r f o r m a n c e   a s   w e l l   a s   d e c i s i o n - m a k i n g .   M a n a g e m e n t   b e l i e v e s   t h a t   t h e s e   m e t r i c s   r e f l e c t   t h e   o r g a n i c ,   c o r e   o p e r a t i n g   p e r f o r m a n c e   o f   t h e   c o m p a n y ,   a n d   t h e r e f o r e   a r e   u s e f u l   t o   a n a l y s t s   a n d   i n v e s t o r s   i n   p r o v i d i n g   s u p p l e m e n t a l   i n f o r m a t i o n   t h a t   h e l p s   t h e m   u n d e r s t a n d ,   m o d e l   a n d   f o r e c a s t   t h e   e v o l u t i o n   o f   o u r   o p e r a t i n g   b u s i n e s s . < / p > 
 
 < p > 
 
         I n   p a r t i c u l a r ,   w e   b e l i e v e   t h a t   i t   m a y   b e   u s e f u l   f o r   i n v e s t o r s   a n d   a n a l y s t s   t o   r e v i e w   c e r t a i n   m e a s u r e s   b o t h   i n   a c c o r d a n c e   w i t h   U S   G A A P   a n d   n e t   o f   t h e   e f f e c t   o f   T A C ,   w h i c h   w e   v i e w   a s   c o m p a r a b l e   t o   s a l e s   c o m m i s s i o n s   b u t ,   u n l i k e   s a l e s   c o m m i s s i o n s ,   a r e   n o t   d e d u c t e d   f r o m   U S   G A A P   r e v e n u e s .   B y   p r e s e n t i n g   r e v e n u e ,   a d j u s t e d   E B I T D A   m a r g i n   a n d   a d j u s t e d   n e t   i n c o m e   m a r g i n   n e t   o f   T A C ,   w e   b e l i e v e   t h a t   i n v e s t o r s   a n d   a n a l y s t s   a r e   a b l e   t o   o b t a i n   a   c l e a r e r   p i c t u r e   o f   o u r   b u s i n e s s   w i t h o u t   t h e   i m p a c t   o f   t h e   r e v e n u e s   w e   s h a r e   w i t h   o u r   p a r t n e r s .   I n   a d d i t i o n ,   S B C   i s   a   s i g n i f i c a n t   e x p e n s e   i t e m ,   a n d   a n   i m p o r t a n t   p a r t   o f   o u r   c o m p e n s a t i o n   a n d   i n c e n t i v e   p r o g r a m s .   H o w e v e r ,   a s   i t   i s   a   n o n - c a s h   c h a r g e ,   a n d   h i g h l y   d e p e n d e n t   o n   o u r   s h a r e   p r i c e   a t   t h e   t i m e   o f   e q u i t y   a w a r d   g r a n t s ,   w e   b e l i e v e   t h a t   i t   i s   u s e f u l   f o r   i n v e s t o r s   a n d   a n a l y s t s   t o   s e e   c e r t a i n   f i n a n c i a l   m e a s u r e s   e x c l u d i n g   t h e   i m p a c t   o f   t h e s e   c h a r g e s   i n   o r d e r   t o   o b t a i n   a   c l e a r   p i c t u r e   o f   o u r   o p e r a t i n g   p e r f o r m a n c e .   F i n a l l y ,   a s   w e   h o l d   s i g n i f i c a n t   a s s e t s   i n   c u r r e n c i e s   o t h e r   t h a n   o u r   R u s s i a n   r u b l e   o p e r a t i n g   c u r r e n c y ,   a n d   a s   f o r e i g n   e x c h a n g e   f l u c t u a t i o n s   a r e   o u t s i d e   o f   o u r   o p e r a t i o n a l   c o n t r o l ,   w e   b e l i e v e   t h a t   i t   i s   u s e f u l   t o   p r e s e n t   a d j u s t e d   n e t   i n c o m e   a n d   r e l a t e d   m a r g i n   m e a s u r e s   e x c l u d i n g   t h e s e   e f f e c t s ,   i n   o r d e r   t o   p r o v i d e   g r e a t e r   c l a r i t y   r e g a r d i n g   o u r   o p e r a t i n g   p e r f o r m a n c e . < / p > 
 
 < p > 
 
         A l t h o u g h   o u r   m a n a g e m e n t   u s e s   t h e s e   m e a s u r e s   f o r   o p e r a t i o n a l   d e c i s i o n   m a k i n g   a n d   c o n s i d e r s   t h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s   t o   b e   u s e f u l   f o r   a n a l y s t s   a n d   i n v e s t o r s ,   w e   r e c o g n i z e   t h a t   t h e r e   a r e   a   n u m b e r   o f   l i m i t a t i o n s   r e l a t e d   t o   s u c h   m e a s u r e s .   I n   p a r t i c u l a r ,   i t   s h o u l d   b e   n o t e d   t h a t   s e v e r a l   o f   t h e s e   m e a s u r e s   e x c l u d e   s o m e   c o s t s ,   p a r t i c u l a r l y   s h a r e - b a s e d   c o m p e n s a t i o n ,   t h a t   a r e   r e c u r r i n g .   I n   a d d i t i o n ,   t h e   c o m p o n e n t s   o f   t h e   c o s t s   t h a t   w e   e x c l u d e   i n   o u r   c a l c u l a t i o n   o f   t h e   m e a s u r e s   d e s c r i b e d   a b o v e   m a y   d i f f e r   f r o m   t h e   c o m p o n e n t s   t h a t   o u r   p e e r   c o m p a n i e s   e x c l u d e   w h e n   t h e y   r e p o r t   t h e i r   r e s u l t s   o f   o p e r a t i o n s . < / p > 
 
 < p > 
 
         T h e   t a b l e s   a t   t h e   e n d   o f   t h i s   r e l e a s e   p r o v i d e   d e t a i l e d   r e c o n c i l i a t i o n s   o f   e a c h   n o n - G A A P   f i n a n c i a l   m e a s u r e   w e   u s e   t o   t h e   m o s t   d i r e c t l y   c o m p a r a b l e   U S   G A A P   f i n a n c i a l   m e a s u r e . < / p > 
 
 
 
 < p > & n b s p ; < / p > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n s o l i d a t e d   B a l a n c e   S h e e t s < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   ( " R U R " )   a n d   U . S .   d o l l a r s   ( " $ " ) ,   e x c e p t   s h a r e   a n d   p e r   s h a r e   d a t a ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > A s   o f   D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 * < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > $ < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 < s t r o n g > A S S E T S < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C u r r e n t   a s s e t s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 3 7 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 , 3 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 9 6 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T e r m   d e p o s i t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 3 6 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 , 1 6 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 6 0 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c o u n t s   r e c e i v a b l e ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 2 5 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 8 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F u n d s   r e c e i v a b l e ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r e p a i d   e x p e n s e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 9 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 3 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 9 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   t a x   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 9 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O t h e r   c u r r e n t   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 9 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 6 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 0 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T o t a l   c u r r e n t   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 , 1 9 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 4 , 5 0 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 5 0 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o p e r t y   a n d   e q u i p m e n t ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 9 8 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 , 9 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 1 6 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n t a n g i b l e   a s s e t s ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 8 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 5 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 G o o d w i l l & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 6 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 1 3 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 5 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 L o n g - t e r m   p r e p a i d   e x p e n s e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 7 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 9 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 R e s t r i c t e d   c a s h & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 5 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 4 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T e r m   d e p o s i t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 1 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 4 5 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 6 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   n o n - m a r k e t a b l e   e q u i t y   s e c u r i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 6 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 7 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   d e b t   s e c u r i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 , 7 3 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 0 9 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   t a x   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 0 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O t h e r   n o n - c u r r e n t   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 4 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 < s t r o n g > T O T A L   A S S E T S < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 < s t r o n g > 1 2 , 6 1 7 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 < s t r o n g > 3 4 , 0 7 6 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 < s t r o n g > 1 , 0 5 8 . 4 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 < s t r o n g > L I A B I L I T I E S   A N D   S H A R E H O L D E R S '   E Q U I T Y < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C u r r e n t   l i a b i l i t i e s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c o u n t s   p a y a b l e   a n d   a c c r u e d   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 7 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 7 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 3 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T a x e s   p a y a b l e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 8 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 8 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   r e v e n u e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 5 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 0 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 8 . 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F u n d s   p a y a b l e   a n d   a m o u n t s   d u e   t o   c u s t o m e r s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 2 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 6 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T o t a l   c u r r e n t   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 9 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 , 7 1 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 4 6 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   t a x   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 8 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O t h e r   a c c r u e d   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T o t a l   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 0 0 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 5 9 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C o m m i t m e n t s   a n d   c o n t i n g e n c i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 S h a r e h o l d e r s '   e q u i t y : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r i o r i t y   s h a r e :    1   p a r   v a l u e ;   1   s h a r e   a u t h o r i z e d ,   i s s u e d   a n d   o u t s t a n d i n g & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r e f e r e n c e   s h a r e s :    0 . 0 1   p a r   v a l u e ;   n i l   a n d   2 , 0 0 0 , 0 0 0 , 0 0 1   s h a r e s   a u t h o r i z e d ,   n i l   a n d   n i l   s h a r e s   i s s u e d   a n d   o u t s t a n d i n g ,   r e s p e c t i v e l y & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O r d i n a r y   s h a r e s :   p a r   v a l u e   ( C l a s s & n b s p ; A    0 . 0 1 ,   C l a s s & n b s p ; B    0 . 1 0   a n d   C l a s s & n b s p ; C    0 . 0 9 ) ;   s h a r e s   a u t h o r i z e d   ( C l a s s & n b s p ; A :   4 , 5 3 9 , 5 2 5 , 9 0 0   a n d   2 , 0 0 0 , 0 0 0 , 0 0 0 ,   C l a s s & n b s p ; B :   3 0 2 , 6 3 5 , 0 6 0   a n d   2 7 3 , 7 6 4 , 3 0 4 ,   a n d   C l a s s & n b s p ; C :   3 0 2 , 6 3 5 , 0 6 0   a n d   2 7 6 , 0 6 3 , 4 4 5 ) ;   s h a r e s   i s s u e d   ( C l a s s & n b s p ; A :   3 0 , 0 5 8 , 2 1 4   a n d   1 5 9 , 2 1 7 , 3 4 8 ,   C l a s s & n b s p ; B :   2 7 3 , 7 6 4 , 3 0 4   a n d   1 6 4 , 6 2 1 , 3 8 2 ,   a n d   C l a s s & n b s p ; C :   2 , 2 9 9 , 1 4 1   a n d   1 0 9 , 1 4 2 , 9 2 2   r e s p e c t i v e l y ) ;   s h a r e s   o u t s t a n d i n g   ( C l a s s & n b s p ; A :   3 0 , 0 5 1 , 2 1 4   a n d   1 5 9 , 2 1 7 , 3 4 8 ,   C l a s s & n b s p ; B :   2 7 3 , 7 6 4 , 3 0 4   a n d   1 6 4 , 6 2 1 , 3 8 2 ,   r e s p e c t i v e l y   a n d   C l a s s & n b s p ; C :   n i l ) & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 7 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 9 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 8 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A d d i t i o n a l   p a i d - i n   c a p i t a l & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 6 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 2 , 7 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 9 5 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c u m u l a t e d   o t h e r   c o m p r e h e n s i v e   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 4 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 8 2 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 6 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 R e t a i n e d   e a r n i n g s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 , 0 2 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 3 , 8 0 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 2 8 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 T o t a l   s h a r e h o l d e r s '   e q u i t y & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 , 6 1 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 8 , 9 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 9 9 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 < s t r o n g > T O T A L   L I A B I L I T I E S   A N D   S H A R E H O L D E R S '   E Q U I T Y < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 < s t r o n g > 1 2 , 6 1 7 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 < s t r o n g > 3 4 , 0 7 6 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 < s t r o n g > 1 , 0 5 8 . 4 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 4 " > 
 
                                 < e m > *   D e r i v e d   f r o m   a u d i t e d   f i n a n c i a l   s t a t e m e n t s < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > U n a u d i t e d < / s t r o n g >   < s t r o n g > C o n d e n s e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   I n c o m e < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ,   e x c e p t   s h a r e   a n d   p e r   s h a r e   d a t a ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > $ < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 R e v e n u e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 , 1 2 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 , 4 3 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 0 0 . 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 O p e r a t i n g   c o s t s   a n d   e x p e n s e s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 C o s t   o f   r e v e n u e s < s u p > ( 1 ) < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 9 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 4 8 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 6 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 P r o d u c t   d e v e l o p m e n t < s u p > ( 1 ) < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 9 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 6 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 S a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e < s u p > ( 1 ) < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 8 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 8 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 D e p r e c i a t i o n   a n d   a m o r t i z a t i o n & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 4 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 8 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 8 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 T o t a l   o p e r a t i n g   c o s t s   a n d   e x p e n s e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 3 1 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 8 3 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 1 9 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 I n c o m e   f r o m   o p e r a t i o n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 8 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 6 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 0 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 I n t e r e s t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 0 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 O t h e r   e x p e n s e ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 0 . 4 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ i 1 0 " > 
 
                                 N e t   i n c o m e   b e f o r e   i n c o m e   t a x e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 8 5 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 6 9 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 3 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 P r o v i s i o n   f o r   i n c o m e   t a x e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 4 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 7 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 N e t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 , 4 1 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 6 5 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 N e t   i n c o m e   p e r   C l a s s & n b s p ; A   a n d   C l a s s & n b s p ; B   s h a r e : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 B a s i c & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 4 . 6 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 6 . 5 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 0 . 2 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 D i l u t e d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 4 . 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 6 . 3 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 0 . 2 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 W e i g h t e d   a v e r a g e   n u m b e r   o f   C l a s s   A   a n d   C l a s s   B   s h a r e s   o u t s t a n d i n g < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 B a s i c & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 0 3 , 8 1 5 , 5 1 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 2 3 , 2 4 1 , 4 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 2 3 , 2 4 1 , 4 7 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 D i l u t e d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 1 1 , 5 7 0 , 8 8 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 3 4 , 8 6 4 , 8 8 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 3 4 , 8 6 4 , 8 8 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 4 " > 
 
                                 ( 1 )   T h e s e   b a l a n c e s   e x c l u d e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e s ,   w h i c h   a r e   p r e s e n t e d   s e p a r a t e l y ,   a n d   i n c l u d e   s h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e s   o f : < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C o s t   o f   r e v e n u e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 0 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o d u c t   d e v e l o p m e n t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 S a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 . 1 < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   I n c o m e < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ,   e x c e p t   s h a r e   a n d   p e r   s h a r e   d a t a ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > Y e a r   e n d e d   D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 * < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > $ < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 R e v e n u e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 2 , 5 0 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 0 , 0 3 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 2 2 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 O p e r a t i n g   c o s t s   a n d   e x p e n s e s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 C o s t   o f   r e v e n u e s < s u p > ( 1 ) < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 5 8 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 , 7 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 4 6 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 P r o d u c t   d e v e l o p m e n t < s u p > ( 1 ) < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 0 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 1 2 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 7 . 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 S a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e < s u p > ( 1 ) < / s u p > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 8 3 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 2 9 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 0 2 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 D e p r e c i a t i o n   a n d   a m o r t i z a t i o n & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 8 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 8 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 8 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 T o t a l   o p e r a t i n g   c o s t s   a n d   e x p e n s e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 7 , 6 7 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 2 , 9 9 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 0 3 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 I n c o m e   f r o m   o p e r a t i o n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 , 8 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 , 0 3 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 1 8 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 I n t e r e s t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 5 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 O t h e r   i n c o m e ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ i 1 0 " > 
 
                                 N e t   i n c o m e   b e f o r e   i n c o m e   t a x e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 , 0 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 , 3 1 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 2 7 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 P r o v i s i o n   f o r   i n c o m e   t a x e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 8 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 5 4 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 8 . 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 N e t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 3 , 8 1 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 7 9 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 N e t   i n c o m e   p e r   C l a s s & n b s p ; A   a n d   C l a s s & n b s p ; B   s h a r e : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 B a s i c & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 2 . 5 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 8 . 3 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 0 . 5 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 D i l u t e d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 2 . 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 7 . 5 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 0 . 5 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 W e i g h t e d   a v e r a g e   n u m b e r   o f   C l a s s   A   a n d   C l a s s   B   s h a r e s   o u t s t a n d i n g < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 B a s i c & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 0 3 , 8 1 7 , 3 8 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 1 5 , 5 4 1 , 6 3 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 1 5 , 5 4 1 , 6 3 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   g n w _ l a b e l _ i 1 0 " > 
 
                                 D i l u t e d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 0 8 , 5 8 0 , 6 0 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 2 8 , 1 5 5 , 0 8 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 2 8 , 1 5 5 , 0 8 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 ( 1 )   T h e s e   b a l a n c e s   e x c l u d e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e s ,   w h i c h   a r e   p r e s e n t e d   s e p a r a t e l y ,   a n d   i n c l u d e   s h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e s   o f : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C o s t   o f   r e v e n u e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 0 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o d u c t   d e v e l o p m e n t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 S a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 5 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 4 " > 
 
                                 < e m > *   D e r i v e d   f r o m   a u d i t e d   f i n a n c i a l   s t a t e m e n t s < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n d e n s e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   C a s h   F l o w s < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ) < / s t r o n g > 
 
 < / p > 
 
 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > $ < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C A S H   F L O W S   F R O M   O P E R A T I N G   A C T I V I T I E S : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 4 1 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 5 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A d j u s t m e n t s   t o   r e c o n c i l e   n e t   i n c o m e   t o   n e t   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e p r e c i a t i o n   a n d   a m o r t i z a t i o n   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 7 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A m o r t i z a t i o n   o f   a c q u i s i t i o n  r e l a t e d   i n t a n g i b l e   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 0 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 S h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   i n c o m e   t a x e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 7 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 0 . 2 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F o r e i g n   e x c h a n g e   l o s s e s / ( g a i n s ) & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 0 . 2 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O t h e r & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 0 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C h a n g e s   i n   o p e r a t i n g   a s s e t s   a n d   l i a b i l i t i e s   e x c l u d i n g   t h e   e f f e c t   o f   a c q u i s i t i o n s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c o u n t s   r e c e i v a b l e ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 3 4 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 9 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 9 . 2 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F u n d s   r e c e i v a b l e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 7 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 . 4 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r e p a i d   e x p e n s e s   a n d   o t h e r   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 8 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 3 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 0 . 3 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c o u n t s   p a y a b l e   a n d   a c c r u e d   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 3 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   r e v e n u e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 2 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F u n d s   p a y a b l e   a n d   a m o u n t s   d u e   t o   c u s t o m e r s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 1 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 1 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 3 5 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 7 3 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 5 . 0 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C A S H   F L O W S   U S E D   I N   I N V E S T I N G   A C T I V I T I E S : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P u r c h a s e   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 7 1 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 , 7 4 9 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 5 4 . 3 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c q u i s i t i o n s   o f   b u s i n e s s e s ,   n e t   o f   c a s h   a c q u i r e d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 7 3 5 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 2 . 8 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   n o n - m a r k e t a b l e   e q u i t y   s e c u r i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   d e b t   s e c u r i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 , 4 2 9 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 0 6 . 5 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   t e r m   d e p o s i t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 , 9 1 4 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 4 , 2 9 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 3 3 . 3 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 M a t u r i t i e s   o f   t e r m   d e p o s i t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 3 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 , 1 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 6 0 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 E s c r o w   c a s h   d e p o s i t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 4 3 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 3 . 4 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c a s h   u s e d   i n   i n v e s t i n g   a c t i v i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 3 1 9 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 5 , 4 6 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 6 9 . 7 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C A S H   F L O W S   ( U S E D   I N ) / P R O V I D E D   B Y   F I N A N C I N G   A C T I V I T I E S : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D i v i d e n d s   p a i d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O r d i n a r y   s h a r e s   i s s u a n c e   c o s t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 5 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 0 . 2 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o c e e d s   f r o m   i s s u a n c e   o f   o r d i n a r y   s h a r e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o c e e d s   f r o m   e x e r c i s e   o f   s h a r e   o p t i o n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 R e p u r c h a s e   o f   s h a r e   o p t i o n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c a s h   ( u s e d   i n ) / p r o v i d e d   b y   f i n a n c i n g   a c t i v i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 E f f e c t   o f   e x c h a n g e   r a t e   c h a n g e s   o n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 2 0 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 1 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c h a n g e   i n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 0 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 , 3 3 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 7 2 . 4 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C a s h   a n d   c a s h   e q u i v a l e n t s   a t   b e g i n n i n g   o f   p e r i o d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 3 5 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 , 6 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 6 8 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C a s h   a n d   c a s h   e q u i v a l e n t s   a t   e n d   o f   p e r i o d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 3 , 3 7 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 6 , 3 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 9 6 . 4 < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   C a s h   F l o w s < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " _ u l i n e   g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > Y e a r s   e n d e d   D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 * < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                                 < s t r o n g > $ < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C A S H   F L O W S   F R O M   O P E R A T I N G   A C T I V I T I E S : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 8 1 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 7 9 . 3 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l   " > 
 
                                 A d j u s t m e n t s   t o   r e c o n c i l e   n e t   i n c o m e   t o   n e t   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e p r e c i a t i o n   a n d   a m o r t i z a t i o n   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 1 4 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 8 2 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 5 6 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A m o r t i z a t i o n   o f   a c q u i s i t i o n  r e l a t e d   i n t a n g i b l e   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 S h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 6 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 8 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 8 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   i n c o m e   t a x e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 6 9 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 5 . 3 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F o r e i g n   e x c h a n g e   g a i n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 0 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 . 1 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O t h e r & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 4 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C h a n g e s   i n   o p e r a t i n g   a s s e t s   a n d   l i a b i l i t i e s   e x c l u d i n g   t h e   e f f e c t   o f   a c q u i s i t i o n s : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c o u n t s   r e c e i v a b l e ,   n e t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 4 3 7 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 4 3 4 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 3 . 5 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F u n d s   r e c e i v a b l e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 2 5 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 . 9 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r e p a i d   e x p e n s e s   a n d   o t h e r   a s s e t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 7 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 , 0 9 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 3 3 . 9 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c c o u n t s   p a y a b l e   a n d   a c c r u e d   l i a b i l i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 6 4 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 , 0 4 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 2 . 5 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D e f e r r e d   r e v e n u e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 6 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 4 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 0 . 8 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 F u n d s   p a y a b l e   a n d   a m o u n t s   d u e   t o   c u s t o m e r s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 7 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 4 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 0 . 9 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 9 6 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 7 , 7 9 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 4 2 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C A S H   F L O W S   U S E D   I N   I N V E S T I N G   A C T I V I T I E S : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P u r c h a s e   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m   " > 
 
                                 ( 2 , 1 9 9 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 5 , 5 6 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 7 2 . 9 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 A c q u i s i t i o n s   o f   b u s i n e s s e s ,   n e t   o f   c a s h   a c q u i r e d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 4 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 7 3 5 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 2 . 9 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   n o n - m a r k e t a b l e   e q u i t y   s e c u r i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 9 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 4 7 8 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 4 . 8 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   d e b t   s e c u r i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 6 , 5 4 8 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 0 3 . 4 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 I n v e s t m e n t s   i n   t e r m   d e p o s i t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 5 , 2 4 8 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 1 3 , 5 1 9 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 4 1 9 . 9 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 M a t u r i t i e s   o f   t e r m   d e p o s i t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 , 6 1 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 , 4 8 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 9 4 . 6 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 E s c r o w   c a s h   d e p o s i t & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 4 3 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 3 . 4 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c a s h   u s e d   i n   i n v e s t i n g   a c t i v i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 4 , 0 6 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 7 , 7 9 4 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 5 5 2 . 7 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C A S H   F L O W S   ( U S E D   I N ) / P R O V I D E D   B Y   F I N A N C I N G   A C T I V I T I E S : < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 D i v i d e n d s   p a i d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 9 0 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 O r d i n a r y   s h a r e s   i s s u a n c e   c o s t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 2 8 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 ( 0 . 9 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o c e e d s   f r o m   i s s u a n c e   o f   o r d i n a r y   s h a r e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 1 , 4 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 3 5 4 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 P r o c e e d s   f r o m   e x e r c i s e   o f   s h a r e   o p t i o n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 3 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 7 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 R e p u r c h a s e   o f   s h a r e   o p t i o n s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 8 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 0 . 3 ) < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c a s h   ( u s e d   i n ) / p r o v i d e d   b y   f i n a n c i n g   a c t i v i t i e s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 9 0 7 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 1 , 5 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 6 0 . 2 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 E f f e c t   o f   e x c h a n g e   r a t e   c h a n g e s   o n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 2 4 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 3 5 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 2 . 1 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 N e t   c h a n g e   i n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 6 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 2 , 9 5 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m " > 
 
                                 9 1 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C a s h   a n d   c a s h   e q u i v a l e n t s   a t   b e g i n n i n g   o f   p e r i o d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 4 0 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 3 7 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 0 4 . 7 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 C a s h   a n d   c a s h   e q u i v a l e n t s   a t   e n d   o f   p e r i o d & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 3 , 3 7 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 6 , 3 2 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                                 1 9 6 . 4 < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 < e m > *   D e r i v e d   f r o m   a u d i t e d   f i n a n c i a l   s t a t e m e n t s < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l " > 
 
                                 & n b s p ; < / t d > 
 
                 < / t r > 
 
 
 
 < / t b o d y > < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > R E C O N C I L I A T I O N S   O F   N O N - G A A P   F I N A N C I A L   M E A S U R E S & n b s p ; < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > T O   T H E   N E A R E S T   C O M P A R A B L E   U S   G A A P   M E A S U R E S < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > R e c o n c i l i a t i o n   o f   E x - T A C   R e v e n u e s   t o   U S   G A A P   R e v e n u e s < / s t r o n g > 
 
 < / p > 
 
 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
   < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                                 < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 , & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 , & n b s p ; < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < e m > C h a n g e < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < e m > C h a n g e < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T o t a l   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 , 1 2 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 4 3 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 6 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 2 , 5 0 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 0 , 0 3 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 6 0 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > L e s s < / e m > :   t r a f f i c   a c q u i s i t i o n   c o s t s   ( T A C ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 0 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 0 0 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 9 8 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 5 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 9 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 9 1 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 E x - T A C   r e v e n u e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 6 1 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 4 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 0 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 0 , 9 2 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 7 , 0 3 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 6 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < / t b o d y > 
 
                 < / t a b l e > 
 
                 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
                         < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   E B I T D A   t o   U S   G A A P   N e t   I n c o m e < / s t r o n g > 
 
                 < / p > 
 
                 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                                 < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 , & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < e m > C h a n g e < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < e m > C h a n g e < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 4 1 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 1 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 8 1 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 1 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > A d d < / e m > :   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 4 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 8 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 7 0 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 8 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 8 7 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 9 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > A d d < / e m > :   s h a r e - b a s e d   c o m p e n s a t i o n   ( S B C )   e x p e n s e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 0 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 6 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 1 0 6 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > L e s s :   < / e m > i n t e r e s t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 4 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 0 5 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 1 2 8 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 5 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 2 2 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 4 2 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > A d d :   < / e m > o t h e r   e x p e n s e   /   ( i n c o m e ) ,   n e t < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 2 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                         < t d   c l a s s = " _ u l i n e   g n w _ n u m _ u l i n e " > 
 
                                 ( 2 4 ) < / t d > 
 
                         < t d   c l a s s = " _ u l i n e   g n w _ n u m _ u l i n e " > 
 
                                 ( 6 2 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > A d d :   < / e m > p r o v i s i o n   f o r   i n c o m e   t a x e s < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 4 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 3 0 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 8 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 5 4 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 3 0 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 A d j u s t e d   E B I T D A < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 2 0 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 2 6 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 4 8 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 1 6 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 , 2 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 0 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < / t b o d y > 
 
                 < / t a b l e > 
 
                 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
                         < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   N e t   I n c o m e   t o   U S   G A A P   N e t   I n c o m e < / s t r o n g > 
 
                 < / p > 
 
                 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                                 < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                 e n d e d   D e c e m b e r & n b s p ; 3 1 , & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                                 < s t r o n g > T w e l v e   m o n t h s   < b r > 
 
                                 e n d e d & n b s p ; D e c e m b e r & n b s p ; 3 1 , < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < e m > C h a n g e < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 0 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > 2 0 1 1 < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < e m > C h a n g e < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 4 1 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 1 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 8 1 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 1 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > A d d < / e m > :   S B C   e x p e n s e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 8 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 0 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 6 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 2 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 1 0 6 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > L e s s < / e m > :   r e d u c t i o n   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   S B C   e x p e n s e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 4 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e   " > 
 
                                  < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e   " > 
 
                                 ( 1 3 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > A d d < / e m > :   f o r e i g n   e x c h a n g e   l o s s   / ( g a i n ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 6 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e   " > 
 
                                 ( 1 0 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 8 1 8 % < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 < e m > L e s s < / e m > :   r e d u c t i o n   /   ( i n c r e a s e ) & n b s p ; i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   f o r e i g n   e x c h a n g e   l o s s   / ( g a i n ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 ( 1 ) < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > n / m < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 A d j u s t e d   n e t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 4 7 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 0 % < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 9 6 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 0 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 < e m > 5 1 % < / e m > < / t d > 
 
                 < / t r > 
 
 
 
                 < / t b o d y > 
 
                 < / t a b l e > 
 
 
 
                 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
                         < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   E B I T D A   M a r g i n   a n d   A d j u s t e d   E x - T A C   E B I T D A   M a r g i n   t o   U S   G A A P   N e t   I n c o m e   M a r g i n   f o r   t h e   T h r e e   M o n t h s   a n d   T w e l v e   M o n t h s   E n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 < / s t r o n g > 
 
                 < / p > 
 
 
 
                 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                                 < e m > < s t r o n g > I n   R U R   m i l l i o n s & n b s p ; < / s t r o n g > < / e m > < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 6 " > 
 
                                 < e m > < s t r o n g > & n b s p ; < / s t r o n g > < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > U S   < b r > 
 
                                 G A A P   < b r > 
 
                                 A c t u a l < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > N e t   < b r > 
 
                                 I n c o m e   < b r > 
 
                                 M a r g i n   ( 1 ) < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > A d j u s t m e n t   < b r > 
 
                                 ( 2 ) < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > A d j u s t e d   < b r > 
 
                                 E B I T D A < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > A d j u s t e d   < b r > 
 
                                 E B I T D A   < b r > 
 
                                 M a r g i n   ( 3 ) < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > A d j u s t e d   < b r > 
 
                                 E x - T A C   < b r > 
 
                                 E B I T D A   < b r > 
 
                                 M a r g i n   ( 4 ) < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T h r e e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 3 . 0 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 1 , 1 4 6 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 2 6 9 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 0 . 8 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 0 . 1 % < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T w e l v e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 8 . 8 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 , 4 6 4 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 9 , 2 3 7 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 6 . 1 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 4 . 2 % < / t d > 
 
                 < / t r > 
 
                 < / t b o d y > 
 
                 < / t a b l e > 
 
                 < s p a n > 
 
                         ( 1 ) & n b s p ;   N e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   n e t   i n c o m e   d i v i d e d   b y   t o t a l   r e v e n u e s . 
 
                         < b r > 
 
                         ( 2 ) & n b s p ;   A d j u s t e d   t o   e l i m i n a t e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e ,   S B C   e x p e n s e ,   i n t e r e s t   i n c o m e ,   o t h e r   i n c o m e / ( e x p e n s e ) ,   n e t ,   a n d   p r o v i s i o n   f o r   i n c o m e   t a x e s .   F o r   a   r e c o n c i l i a t i o n   o f   a d j u s t e d   E B I T D A   t o   n e t   i n c o m e ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . 
 
                         < b r > 
 
                         ( 3 ) & n b s p ;   A d j u s t e d   E B I T D A   m a r g i n   i s   d e f i n e d   a s   a d j u s t e d   E B I T D A   d i v i d e d   b y   t o t a l   r e v e n u e s . 
 
                         < b r > 
 
                         ( 4 ) & n b s p ;   A d j u s t e d   e x - T A C   E B I T D A   m a r g i n   i s   d e f i n e d   a s   a d j u s t e d   E B I T D A   d i v i d e d   b y   e x - T A C   r e v e n u e s . & n b s p ; F o r   a   r e c o n c i l i a t i o n   o f   e x - T A C   r e v e n u e s   t o   U S   G A A P   r e v e n u e s ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . & n b s p ; 
 
                 < / s p a n > 
 
                 < b r > 
 
                 < b r > 
 
                 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
                         < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   N e t   I n c o m e   M a r g i n   a n d   A d j u s t e d   E x - T A C   N e t   I n c o m e   M a r g i n   t o   U S   G A A P   N e t   I n c o m e   M a r g i n   f o r   t h e   T h r e e   M o n t h s   a n d   T w e l v e   M o n t h s   E n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 < / s t r o n g > 
 
                 < / p > 
 
 
 
                 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
                 < t b o d y > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                                 < s t r o n g > < e m > I n   R U R   m i l l i o n s < / e m > < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d "   c o l s p a n = " 6 " > 
 
                                 < e m > & n b s p ; < / e m > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                                 < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > U S   < b r > 
 
                                 G A A P   < b r > 
 
                                 A c t u a l < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > N e t   < b r > 
 
                                 I n c o m e   < b r > 
 
                                 M a r g i n   ( 1 ) < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > A d j u s t m e n t   < b r > 
 
                                 ( 2 ) < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > A d j u s t e d   < b r > 
 
                                 N e t   I n c o m e < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   v a l i g n = " b o t t o m " > 
 
                                 < s t r o n g > A d j u s t e d   < b r > 
 
                                 N e t   < b r > 
 
                                 I n c o m e   < b r > 
 
                                 M a r g i n   ( 3 ) < / s t r o n g > < / t d > 
 
                         < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                                 < s t r o n g > A d j u s t e d   < b r > 
 
                                 E x - T A C   < b r > 
 
                                 N e t   < b r > 
 
                                 I n c o m e   < b r > 
 
                                 M a r g i n   ( 4 ) < / s t r o n g > < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T h r e e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e & n b s p ; < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 2 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 3 . 0 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 7 5 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 , 1 9 8 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 4 . 1 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 4 0 . 4 % < / t d > 
 
                 < / t r > 
 
                 < t r > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 T w e l v e   m o n t h s   e n d e d   D e c e m b e r & n b s p ; 3 1 ,   2 0 1 1 < / t d > 
 
                         < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                                 N e t   i n c o m e < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 5 , 7 7 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 8 . 8 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 2 3 0 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 6 , 0 0 3 < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 0 . 0 % < / t d > 
 
                         < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                                 3 5 . 2 % < / t d > 
 
                 < / t r > 
 
 < / t b o d y > < / t a b l e > 
 
 < s p a n > 
 
         ( 1 ) & n b s p ;   N e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   n e t   i n c o m e   d i v i d e d   b y   t o t a l   r e v e n u e s . 
 
         < b r > 
 
         ( 2 ) & n b s p ;   A d j u s t e d   t o   e l i m i n a t e   S B C   e x p e n s e   ( a s   a d j u s t e d   f o r   t h e   i n c o m e   t a x   r e d u c t i o n   a t t r i b u t a b l e   t o   S B C   e x p e n s e )   a n d   f o r e i g n   e x c h a n g e   l o s s e s   ( l e s s   f o r e i g n   e x c h a n g e   g a i n s )   ( a s   a d j u s t e d   f o r   t h e   ( r e d u c t i o n )   i n c r e a s e   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   t h e   l o s s   ( g a i n ) ) . & n b s p ; F o r   a   r e c o n c i l i a t i o n   o f   a d j u s t e d   n e t   i n c o m e   t o   n e t   i n c o m e ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . 
 
         < b r > 
 
         ( 3 ) & n b s p ;   A d j u s t e d   n e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y   t o t a l   r e v e n u e s . 
 
         < b r > 
 
         ( 4 ) & n b s p ;   A d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y   e x - T A C   r e v e n u e s . & n b s p ; F o r   a   r e c o n c i l i a t i o n   o f   e x - T A C   r e v e n u e s   t o   U S   G A A P   r e v e n u e s ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . & n b s p 
 
 < / s p a n > 
 
 < b r > 
 
 < b r > 
 
 < p > I n v e s t o r   R e l a t i o n s < b r > 
 
 D m i t r y   B a r s u k o v ,   K a t y a   Z h u k o v a     < b r > 
 
 P h o n e :   + 7   4 9 5   7 3 9 - 7 0 - 0 0 < b r > 
 
 E - m a i l :   a s k I R @ y a n d e x - t e a m . r u < b r > < b r > 
 
 
 
 U S   I n v e s t o r   C o n t a c t < b r > 
 
 T h e   B l u e s h i r t   G r o u p ,   f o r   Y a n d e x < b r > 
 
 A l e x   W e l l i n s   < b r > 
 
 P h o n e :   + 1   4 1 5   2 1 7 - 5 8 6 1     < b r > 
 
 E - m a i l :   a l e x @ b l u e s h i r t g r o u p . c o m   < b r > < b r > 
 
 
 
 M e d i a   R e l a t i o n s < b r > 
 
 O c h i r   M a n d z h i k o v ,   D i n a   L i t v i n o v a < b r > 
 
 P h o n e :   + 7   4 9 5   7 3 9 - 7 0 - 0 0 < b r > 
 
 E - m a i l :   p r @ y a n d e x - t e a m . r u < / p > 
 
 