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