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