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