< p > M O S C O W   a n d   A M S T E R D A M ,   N e t h e r l a n d s ,   J u l y   2 9 ,   2 0 1 4   ( 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   f i n a n c i a l   r e s u l t s   f o r   t h e   s e c o n d   q u a r t e r   e n d e d   J u n e   3 0 ,   2 0 1 4 . < / p > 
 
 < p > 
 
         < s t r o n g > < u > Q 2   2 0 1 4   F i n a n c i a l 
 
                               H i g h l i g h t s ( 1 ) ( 2 ) < / u > < / s t r o n g > 
 
 < / p > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > R e v e n u e s   < / s t r o n g > o f   R U R   1 2 . 2   b i l l i o n   ( $ 3 6 1 . 5   m i l l i o n ) ,   u p   3 2 %   c o m p a r e d 
 
                                                                     w i t h   Q 2   2 0 1 3   ( a n d   u p   3 5 %   e x c l u d i n g   t h e   i m p a c t   o f 
 
                                                                     Y a n d e x . M o n e y ) 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > E x - T A C   r e v e n u e s < / s t r o n g >   ( e x c l u d i n g   t r a f f i c   a c q u i s i t i o n   c o s t s )   u p   2 3 % 
 
                                                                                   c o m p a r e d   w i t h   Q 2   2 0 1 3   ( a n d   u p   2 6 %   e x c l u d i n g   t h e 
 
                                                                                   i m p a c t   o f   Y a n d e x . M o n e y ) 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > I n c o m e   f r o m   o p e r a t i o n s   < / s t r o n g > o f   R U R   3 . 6   b i l l i o n   ( $ 1 0 8 . 0   m i l l i o n ) ,   u p 
 
                                                                                                 1 3 %   c o m p a r e d   w i t h   Q 2   2 0 1 3 
 
         < / 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 R   5 . 0   b i l l i o n   ( $ 1 4 9 . 5   m i l l i o n ) ,   u p   1 7 % 
 
                                                                                   c o m p a r e d   w i t h   Q 2   2 0 1 3 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > O p e r a t i n g   m a r g i n < / s t r o n g >   o f   2 9 . 9 % 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n   < / s t r o n g > o f   4 1 . 3 % 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   E B I T D A   m a r g i n < / s t r o n g >   o f   5 2 . 9 % 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > N e t   i n c o m e < / s t r o n g >   o f   R U R   2 . 4   b i l l i o n   ( $ 7 1 . 2   m i l l i o n ) ,   d o w n   1 8 % 
 
                                                                         c o m p a r e d   w i t h   Q 2   2 0 1 3 
 
         < / 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 R   3 . 3   b i l l i o n   ( $ 9 8 . 7   m i l l i o n ) ,   u p   9 % 
 
                                                                                           c o m p a r e d   w i t h   Q 2   2 0 1 3 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > N e t   i n c o m e   m a r g i n < / s t r o n g >   o f   1 9 . 7 % 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n   < / s t r o n g > o f   2 7 . 3 % 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d < / s t r o n g >   < s t r o n g > e x - T A C   n e t   i n c o m e   m a r g i n < / s t r o n g >   o f   3 4 . 9 % 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > C a s h ,   c a s h   e q u i v a l e n t s   a n d   d e p o s i t s   < / s t r o n g > o f   R U R   4 7 . 3   b i l l i o n 
 
                                                                                                                           ( $ 1 , 4 0 5 . 4   m i l l i o n )   a s   o f 
 
                                                                                                                           J u n e   3 0 ,   2 0 1 4 
 
         < / l i > 
 
 < / u l > 
 
 < p > 
 
         " O u r   c o r e   t e x t - b a s e d   a d v e r t i s i n g   b u s i n e s s   d r o v e   s t r o n g   f i n a n c i a l   r e s u l t s   w i t h   s o l i d 
 
         g r o w t h   i n   a d v e r t i s e r s   a n d   p a i d   c l i c k s , "   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 .   " T h e   a c q u i s i t i o n   o f   A u t o . r u ,   a n n o u n c e d   e a r l i e r   t h i s   m o n t h ,   i s   a   s t r o n g 
 
         m o v e   i n t o   c l a s s i f i e d s   w h i c h   i s   o n e   o f   t h e   f a s t e s t   g r o w i n g   s e g m e n t s   o f   o n l i n e 
 
         a d v e r t i s i n g ,   a n d   t h e   a d m i s s i o n   o f   o u r   s h a r e s   f o r   t r a d i n g   o n   M o s c o w   E x c h a n g e   w i l l 
 
         p r o v i d e   t r a d i n g   l i q u i d i t y   i n   o u r   h o m e   m a r k e t . " < / p > 
 
 < p > 
 
         T h e   f o l l o w i n g   t a b l e   p r o v i d e s   a   s u m m a r y   o f   k e y   f i n a n c i a l   r e s u l t s   f o r   t h e   t h r e e   m o n t h s 
 
         a n d   s i x   m o n t h s   e n d e d   J u n e   3 0 ,   2 0 1 3   a n d   2 0 1 4 : < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         R e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 , 1 9 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 2 , 1 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 , 1 9 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 3 , 0 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         E x - T A C   r e v e n u e s < s u p > 2 < / s u p > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         7 , 7 3 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 , 5 0 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 4 , 4 2 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 , 8 2 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         I n c o m e   f r o m   o p e r a t i o n s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 2 1 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 6 3 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 6 7 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         6 , 3 4 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 2 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         A d j u s t e d   E B I T D A < s u p > 2 < / s u p > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 , 3 0 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 0 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         7 , 8 0 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 , 0 6 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 6 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         N e t   i n c o m e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 9 1 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 1 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 2 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         A d j u s t e d   n e t   i n c o m e < s u p > 2 < / s u p > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 0 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 3 1 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 4 6 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 8 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 % < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         < s u p > 1 < / s u p >   P u r s u a n t   t o   S E C   r u l e s   r e g a r d i n g   c o n v e n i e n c e   t r a n s l a t i o n s ,   R u s s i a n   r u b l e 
 
                                   ( R U R )   a m o u n t s   h a v e   b e e n   t r a n s l a t e d   i n t o   U . S .   d o l l a r s   a t   a   r a t e   o f   R U R 
 
                                   3 3 . 6 3 0 6   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   J u n e   3 0 ,   2 0 1 4 
 
                                   b y   t h e   C e n t r a l   B a n k   o f   t h e   R u s s i a n   F e d e r a t i o n . < / p > 
 
 < p > 
 
         < s u p > 2 < / s u p >   T h 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 " : & n b s p ; 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 > 
 
         < s t r o n g > < u > Q 2   2 0 1 4   O p e r a t i o n a l   a n d   C o r p o r a t e   H i g h l i g h t s < / u > < / s t r o n g > < / p > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > S h a r e   o f   R u s s i a n   s e a r c h   m a r k e t < / s t r o n g > & n b s p ; ( i n c l u d i n g   m o b i l e )   a v e r a g e d 
 
                                                                                                               6 1 . 6 %   i n   Q 2   2 0 1 4   ( a c c o r d i n g   t o 
 
                                                                                                               L i v e I n t e r n e t ) 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > S e a r c h   q u e r i e s < / s t r o n g > & n b s p ; g r e w   2 1 %   f r o m   Q 2   2 0 1 3 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > N u m b e r   o f   a d v e r t i s e r s < / s t r o n g > & n b s p ; g r e w   t o   m o r e   t h a n   2 9 5 , 0 0 0 ,   u p   2 5 % 
 
                                                                                             f r o m   Q 2   2 0 1 3   a n d   u p   6 %   f r o m   Q 1   2 0 1 4 
 
         < / l i > 
 
         < l i > 
 
                 A n n o u n c e d   a g r e e m e n t   t o   a c q u i r e   < s t r o n g > A u t o . r u < / s t r o n g > ,   o n e   o f   t h e   l e a d i n g 
 
                 o n l i n e   a u t o   c l a s s i f i e d s   b u s i n e s s e s   i n   R u s s i a 
 
         < / l i > 
 
         < l i > 
 
                 L a u n c h e d   < s t r o n g > Y a n d e x . C i t y < / s t r o n g > ,   a n   a p p   a n d   a   w e b s i t e   t h a t   h e l p s   u s e r s   t o 
 
                 f i n d   l o c a l   b u s i n e s s e s   w h i l e   a g g r e g a t i n g   u s e r   g e n e r a t e d   r e v i e w s 
 
         < / l i > 
 
         < l i > 
 
                 C l a s s   A   s h a r e s   o f   Y a n d e x   N . V .   w e r e   a c c e p t e d   f o r < s t r o n g >   l i s t i n g   o n   M o s c o w 
 
                                                                                                                                 E x c h a n g e < / s t r o n g > < / l i > 
 
         < l i > 
 
                 < s t r o n g > R e p u r c h a s e d   < / s t r o n g > 1 5   m i l l i o n   s h a r e s   a s   p a r t   o f   p r e v i o u s l y   a n n o u n c e d 
 
                                                                           s h a r e   r e p u r c h a s e   p r o g r a m   a n d   i n c r e a s e d 
 
                                                                           a u t h o r i z a t i o n   t o   r e p u r c h a s e   3   m i l l i o n   a d d i t i o n a l 
 
                                                                           s h a r e s 
 
         < / l i > 
 
 < / u l > 
 
 < p > < s t r o n g > R e v e n u e s < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   < b r > 
 
                                         J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         A d v e r t i s i n g   r e v e n u e s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                         T e x t - b a s e d   a d v e r t i s i n g 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e   " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 2 5 " > 
 
                         < e m > & n b s p ; Y a n d e x   w e b s i t e s < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         6 , 7 1 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 , 5 5 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 2 , 5 6 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 5 , 9 5 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 7 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 2 5 " > 
 
                         < e m > & n b s p ; A d   n e t w o r k < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 4 1 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 7 0 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 7 1 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 3 6 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 8 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                         < e m > T o t a l   t e x t - b a s e d   a d v e r t i s i n g < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 , 1 2 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 1 , 2 6 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 1 5 , 2 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 2 1 , 3 2 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > & n b s p ; 4 0 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                         D i s p l a y   a d v e r t i s i n g 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 2 5 " > 
 
                         < e m > & n b s p ; Y a n d e x   w e b s i t e s < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 0 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         6 7 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 1 6 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 4 2 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 3 2 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 7 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 2 5 " > 
 
                         < e m > & n b s p ; A d   n e t w o r k < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 0 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e   g n w _ l a b e l _ i 1 0 " > 
 
                         < e m > T o t a l   d i s p l a y   a d v e r t i s i n g < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 2 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         7 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 6 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 4 4 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 4 9 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > & n b s p ; 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T o t a l   a d v e r t i s i n g   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 , 9 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 2 , 0 3 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 4 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 6 , 7 2 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 2 , 8 1 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 6 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         O n l i n e   p a y m e n t   c o m m i s s i o n s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 0 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 1 0 0 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > & n b s p ; - 1 0 0 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         O t h e r 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 1 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 4 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 2 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 7 0 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T o t a l   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 , 1 9 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 2 , 1 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 , 1 9 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 3 , 0 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > & n b s p ; 3 4 % < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         < s t r o n g > T o t a l   r e v e n u e s   < / s t r o n g > i n c r e a s e d   3 2 %   c o m p a r e d   w i t h   Q 2   2 0 1 3   a n d ,   o n   a 
 
                                                                         l i k e - f o r - l i k e   b a s i s   ( e x c l u d i n g   r e v e n u e s   r e c e i v e d 
 
                                                                         f r o m   Y a n d e x . M o n e y   o p e r a t i o n s   i n   Q 2   2 0 1 3 ) ,   t o t a l 
 
                                                                         r e v e n u e s   i n c r e a s e d   3 5 %   c o m p a r e d   w i t h   Q 2   2 0 1 3 . < / p > 
 
 < p > 
 
         < s t r o n g > T e x t - b a s e d   a d v e r t i s i n g   r e v e n u e s < / s t r o n g >   a c c o u n t e d   f o r   9 3 %   o f   t o t a l   r e v e n u e s 
 
                                                                                                           i n   Q 2   2 0 1 4   a n d   c o n t i n u e d   t o 
 
                                                                                                           d e t e r m i n e   o v e r a l l   t o p - l i n e 
 
                                                                                                           p e r f o r m a n c e . < / p > 
 
 < p > 
 
         < s t r o n g > T e x t - b a s e d   a d v e r t i s i n g   r e v e n u e s   f r o m   Y a n d e x ' s   o w n   w e b s i t e s < / s t r o n g > 
 
         a c c o u n t e d   f o r   7 0 %   o f   t o t a l   r e v e n u e s   d u r i n g   Q 2   2 0 1 4 ,   a n d   i n c r e a s e d   2 7 %   c o m p a r e d   w i t h 
 
         Q 2   2 0 1 3 . < / p > 
 
 < p > 
 
         < s t r o n g > T e x t - b a s e d   a d v e r t i s i n g   r e v e n u e s   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   9 2 % 
 
                                                                                                                                                   c o m p a r e d   w i t h 
 
                                                                                                                                                   Q 2   2 0 1 3   a n d 
 
                                                                                                                                                   c o n t r i b u t e d   2 2 % 
 
                                                                                                                                                   o f   t o t a l 
 
                                                                                                                                                   r e v e n u e s   d u r i n g 
 
                                                                                                                                                   Q 2   2 0 1 4 .   O u r 
 
                                                                                                                                                   a g r e e m e n t   w i t h 
 
                                                                                                                                                   M a i l . r u   t o 
 
                                                                                                                                                   p o w e r   p a i d 
 
                                                                                                                                                   s e a r c h   r e s u l t s 
 
                                                                                                                                                   i s   t h e 
 
                                                                                                                                                   p r i n c i p a l 
 
                                                                                                                                                   d r i v e r   o f   o u r 
 
                                                                                                                                                   i n c r e a s e   i n 
 
                                                                                                                                                   p a r t n e r   n e t w o r k 
 
                                                                                                                                                   r e v e n u e s   a s 
 
                                                                                                                                                   w e l l   a s   t h e 
 
                                                                                                                                                   i n c r e a s e   i n   t h e 
 
                                                                                                                                                   g r o w t h   r a t e   o f 
 
                                                                                                                                                   t h e   a d   n e t w o r k . 
 
 < / 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   3 6 %   i n   Q 2   2 0 1 4   c o m p a r e d   w i t h   Q 2   2 0 1 3 .   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 4   g r e w   1 %   c o m p a r e d   w i t h 
 
                                                                   Q 2   2 0 1 3 . < / 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   6 %   o f   t o t a l   r e v e n u e s   i n 
 
                                                                                                     Q 2   2 0 1 4 ,   w a s   d o w n   6 %   c o m p a r e d   w i t h   Q 2 
 
                                                                                                     2 0 1 3 . < / p > 
 
 < p > 
 
         < s t r o n g > O p e r a t i n g   C o s t s   a n d   E x p e n s e s < / s t r o n g > < / p > 
 
 < p > 
 
         Y a n d e x ' s   o p e r a t i n g   c o s t s   a n d   e x p e n s e s   c o n s i s t   o f   c o s t   o f   r e v e n u e s ,   p r o d u c t 
 
         d e v e l o p m e n t   e x p e n s e s ,   s a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e   e x p e n s e s   ( S G & a m p ; A ) ,   a n d 
 
         d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e s   ( D & a m p ; A ) .   A p a r t   f r o m   D & a m p ; A ,   e a c h   o f   t h e 
 
         a b o v e   e x p e n s e   c a t e g o r i e s   i n c l u d e s   p e r s o n n e l - r e l a t e d   c o s t s   a n d   e x p e n s e s ,   i n c l u d i n g 
 
         r e l a t e d   s h a r e - b a s e d   c o m p e n s a t i o n   e x p e n s e .   I n c r e a s e s   a c r o s s   a l l   c o s t   c a t e g o r i e s , 
 
         e x c l u d i n g   D & a m p ; A ,   r e f l e c t   i n v e s t m e n t s   i n   o v e r a l l   g r o w t h ,   i n c l u d i n g   p e r s o n n e l .   I n   Q 2 
 
         2 0 1 4 ,   Y a n d e x   a d d e d   1 6 4   f u l l - t i m e   e m p l o y e e s ,   a n   i n c r e a s e   o f   3 %   f r o m   M a r c h   3 1 ,   2 0 1 4 , 
 
         a n d   u p   3 2 %   f r o m   J u n e   3 0 ,   2 0 1 3 .   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 , 3 0 0   a s 
 
         o f   J u n e   3 0 ,   2 0 1 4 .   T h e   e m p l o y e e   n u m b e r s   a n d   g r o w t h   r a t e s   a r e   p r o v i d e d   o n   a 
 
         l i k e - f o r - l i k e   b a s i s ,   e x c l u d i n g   Y a n d e x . M o n e y   e m p l o y e e s   f o r   t h e   p r e v i o u s   p e r i o d s . < / p > 
 
 < p > < s t r o n g > C o s t s   o f   r e v e n u e s ,   i n c l u d i n g   t r a f f i c   a c q u i s i t i o n   c o s t s 
 
                                                                                                         ( T A C ) < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   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   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T A C : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         R e l a t e d   t o   t h e   Y a n d e x   a d   n e t w o r k 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 9 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 8 0 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 0 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 7 1 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 5 9 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 1 0 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         R e l a t e d   t o   d i s t r i b u t i o n   p a r t n e r s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 4 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 4 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 0 6 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 6 2 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 5 3 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T o t a l   T A C 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 4 6 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 6 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 7 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 2 1 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 8 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > T o t a l   T A C   a s   a   %   o f   t o t a l   r e v e n u e s < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 5 . 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 1 . 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 6 . 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 2 . 6 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         O t h e r   c o s t   o f   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         6 9 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         7 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 3 6 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 5 4 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 3 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > O t h e r   c o s t   o f   r e v e n u e s   a s   a   %   o f   r e v e n u e s < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 . 5 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 6 . 4 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 . 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 6 . 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T o t a l   c o s t   o f   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 1 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 4 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 5 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 , 1 3 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         6 , 7 5 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 6 3 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > T o t a l   c o s t   o f   r e v e n u e s   a s   a   %   o f   r e v e n u e s < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 3 . 5 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 8 . 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 4 . 0 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 9 . 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         T A C   i n c r e a s e d   f r o m   1 5 . 9 %   o f   t o t a l   r e v e n u e s   i n   Q 2   2 0 1 3   t o   2 1 . 8 %   i n   Q 2   2 0 1 4 , 
 
         r e f l e c t i n g   a n   i n c r e a s e   i n   o u r   Y a n d e x   a d   n e t w o r k   r e v e n u e s   a s   a   s h a r e   o f   t o t a l 
 
         r e v e n u e s   f o r   t h e   p e r i o d .   T h e   p r i n c i p a l   d r i v e r   o f   t h e   T A C   i n c r e a s e   i s   o u r   a g r e e m e n t 
 
         t o   p o w e r   p a i d   s e a r c h   o n   M a i l . r u .   P a r t n e r   T A C   i n c l u d e s   b o t h   t r a f f i c   a c q u i s i t i o n   c o s t s 
 
         r e l a t e d   t o   o u r   t e x t - b a s e d   a d   n e t w o r k   a s   w e l l   a s   d i s p l a y   a d   n e t w o r k . < / p > 
 
 < p > 
 
         < s t r o n g > O t h e r   c o s t   o f   r e v e n u e s < / s t r o n g >   i n   Q 2   2 0 1 4   i n c r e a s e d   1 2 . 0 %   c o m p a r e d   w i t h   Q 2 
 
                                                                                         2 0 1 3 ,   r e f l e c t i n g   f u r t h e r   g r o w t h   i n   p e r s o n n e l 
 
                                                                                         a n d   d a t a   c e n t e r - r e l a t e d   c o s t s ,   p a r t l y   o f f s e t 
 
                                                                                         b y   t h e   a b s e n c e   o f   t h e   c o s t   o f   o n l i n e   p a y m e n t 
 
                                                                                         c o m m i s s i o n s   r e l a t e d   t o   Y a n d e x . M o n e y . < / p > 
 
 < p >   < s t r o n g > P r o d u c t   d e v e l o p m e n t < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   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   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         P r o d u c t   d e v e l o p m e n t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 3 8 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 0 7 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 5 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 7 0 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 , 0 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 5 1 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A 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 _ n u m _ u l i n e " > 
 
                         < e m > 1 5 . 0 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 7 . 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 5 . 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 7 . 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         G r o w t h   i n   p r o d u c t   d e v e l o p m e n t   e x p e n s e s   i n   Q 2   2 0 1 4   p r i m a r i l y   r e f l e c t s   i n c r e a s e s   i n 
 
         t h e   n u m b e r   o f   d e v e l o p e r s   w e ' v e   h i r e d   s i n c e   Q 2   2 0 1 3 .   O n   a   l i k e - f o r   l i k e   b a s i s , 
 
         e x c l u d i n g   Y a n d e x . M o n e y   e m p l o y e e s   f o r   t h e   r e s p e c t i v e   p e r i o d s ,   d e v e l o p m e n t   h e a d c o u n t 
 
         i n c r e a s e d   3 6 %   f r o m   2 , 2 8 0   a s   o f   J u n e   3 0 ,   2 0 1 3 ,   t o   3 , 1 0 6   a s   o f   J u n e   3 0 ,   2 0 1 4 ,   w i t h   8 5 
 
         e m p l o y e e s   a d d e d   s i n c e   M a r c h   3 1 ,   2 0 1 4 . < / p > 
 
 < p > < s t r o n g > S e l l i n g ,   g e n e r a l   a n d   a d m i n i s t r a t i v e   ( S G & a m p ; A ) < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   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   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         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 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 5 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 9 0 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 5 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 8 9 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 , 6 6 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 7 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A 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 _ n u m _ u l i n e " > 
 
                         < e m > 1 6 . 6 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 5 . 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 6 . 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 5 . 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         S G & a m p ; A   c o s t s   g r e w   b r o a d l y   i n   l i n e   w i t h   o u r   a d v e r t i s i n g   r e v e n u e s   c o m p a r e d   t o   Q 2 
 
         2 0 1 3 . < / p > 
 
 < p > 
 
         < s t r o n g > S h a r e - b a s e d   c o m p e n s a t i o n   ( S B C )   e x p e n s e   < / s t r o n g > < / p > 
 
 < p > 
 
         S B C   e x p e n s e   i s   i n c l u d e d   i n   e a c h   o f   t h e   c o s t   o f   r e v e n u e s ,   p r o d u c t   d e v e l o p m e n t   a n d   S G & a m p ; A 
 
         c a t e g o r i e s   d i s c u s s e d   a b o v e . < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   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   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         S B C   e x p e n s e   i n c l u d e d   i n   c o s t   o f   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 3 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         S B C   e x p e n s e   i n c l u d e d   i n   p r o d u c t   d e v e l o p m e n t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 6 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 3 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         S B C   e x p e n s e   i n c l u d e d   i n   S G & a m p ; A 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 0 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 5 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 4 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T o t a l   S B C   e x p e n s e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 0 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 5 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A 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 _ n u m _ u l i n e " > 
 
                         < e m > 1 . 6 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 . 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 . 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 . 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         T o t a l   S B C   e x p e n s e   i n c r e a s e d   8 2 %   i n   Q 2   2 0 1 4   c o m p a r e d   w i t h   Q 2   2 0 1 3 .   T h e   i n c r e a s e   i s 
 
         p r i n c i p a l l y   r e l a t e d   t o   n e w   e q u i t y - b a s e d   g r a n t s   m a d e   i n   2 0 1 3   a n d   2 0 1 4 . < / p > 
 
 < p > < s t r o n g > D e p r e c i a t i o n   a n d   a m o r t i z a t i o n   ( D & a m p ; A )   e x p e n s e < / s t r o n g > < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   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   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         D e p r e c i a t i o n   a n d   a m o r t i z a t i o n 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 1 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 1 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 7 9 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 1 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 2 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A 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 _ n u m _ u l i n e " > 
 
                         < e m > 9 . 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 . 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 0 . 4 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 . 5 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > & n b s p ; < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p > 
 
         D & a m p ; A   e x p e n s e   i n c r e a s e d   2 2 %   i n   Q 2   2 0 1 4   c o m p a r e d   w i t h   Q 2   2 0 1 3 ,   p r i m a r i l y   r e f l e c t i n g 
 
         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 3   a n d   e a r l y   2 0 1 4 . < / p > 
 
 < p > 
 
         A s   a   r e s u l t   o f   t h e   f a c t o r s   d e s c r i b e d   a b o v e , < s t r o n g >   i n c o m e   f r o m   o p e r a t i o n s < / s t r o n g > 
 
         w a s   R U R   3 . 6   b i l l i o n   ( $ 1 0 8 . 0   m i l l i o n )   i n   Q 2   2 0 1 4 ,   a   1 3 %   i n c r e a s e   f r o m   Q 2   2 0 1 3 ,   w h i l e 
 
         < s t r o n g > a d j u s t e d   E B I T D A < / s t r o n g >   r e a c h e d   R U R   5 . 0   b i l l i o n   ( $ 1 4 9 . 5   m i l l i o n )   i n   Q 2 
 
         2 0 1 4 ,   u p   1 7 %   f r o m   Q 2   2 0 1 3 . < / p > 
 
 < p > 
 
         < s t r o n g > I n t e r e s t   i n c o m e ,   n e t < / s t r o n g >   i n   Q 2   2 0 1 4   w a s   R U R   2 0 3   m i l l i o n ,   d o w n   f r o m   R U R 
 
                                                                                     4 5 2   m i l l i o n   i n   Q 2   2 0 1 3 ,   m a i n l y   d u e   t o   i n t e r e s t 
 
                                                                                     e x p e n s e s   r e l a t e d   t o   o u r   c o n v e r t i b l e   n o t e s 
 
                                                                                     i s s u e d   i n   D e c e m b e r   2 0 1 3   a n d   J a n u a r y   2 0 1 4 . < / p > 
 
 < p > 
 
         < s t r o n g > F o r e i g n   e x c h a n g e   l o s s < / s t r o n g >   i n   Q 2   2 0 1 4   w a s   R U R   6 2 5   m i l l i o n ,   c o m p a r e d   w i t h 
 
                                                                                       a   f o r e i g n   e x c h a n g e   g a i n   o f   R U R   3 5   m i l l i o n   i n 
 
                                                                                       Q 2   2 0 1 3 .   T h i s   l o s s   i s   d u e   t o   t h e   d e p r e c i a t i o n 
 
                                                                                       o f   t h e   U . S .   d o l l a r   d u r i n g   Q 2   2 0 1 4   f r o m   R U R 
 
                                                                                       3 5 . 6 8 7 1   t o   $ 1 . 0 0   o n   M a r c h   3 1 ,   2 0 1 4 ,   t o   R U R 
 
                                                                                       3 3 . 6 3 0 6   t o   $ 1 . 0 0   o n   J u n e   3 0 ,   2 0 1 4 .   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   i n   t h e   i n c o m e   s t a t e m e n t .   A l t h o u g h   t h e 
 
                                                                                       U . S .   d o l l a r   v a l u e   o f   Y a n d e x ' s   U . S . 
 
                                                                                       d o l l a r - d e n o m i n a t e d   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   d o w n 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 2   2 0 1 4 . < s t r o n g > < b r > 
 
         < b r > 
 
         I n c o m e   t a x   e x p e n s e < / s t r o n g > & n b s p ; f o r   Q 2   2 0 1 4   w a s   R U R   8 2 1   m i l l i o n ,   u p   f r o m   R U R   7 7 2 
 
                                                                                       m i l l i o n   i n   Q 2   2 0 1 3 .   O u r   e f f e c t i v e   t a x   r a t e   o f 
 
                                                                                       2 5 . 5 %   i n   Q 2   2 0 1 4   w a s   h i g h e r   t h a n   i n   Q 1   2 0 1 4 
 
                                                                                       d u e   t o   t h e   o n e - t i m e   e f f e c t   o f   c e r t a i n 
 
                                                                                       r e s e r v e s   a n d   a l l o w a n c e s   w e   p r o v i d e d   f o r   i n   Q 2 
 
                                                                                       2 0 1 4 .   A d j u s t e d   f o r   t h e s e   r e s e r v e s   a n d 
 
                                                                                       a l l o w a n c e s ,   o u r   e f f e c t i v e   t a x   r a t e   i s   2 4 . 6 % . 
 
                                                                                       O u r   e f f e c t i v e   t a x   r a t e   w a s   a l s o   h i g h e r   t h a n 
 
                                                                                       i n   2 0 1 3   q u a r t e r s   p r i n c i p a l l y   b e c a u s e   i n   t h e 
 
                                                                                       s i x   m o n t h s   e n d e d   J u n e   3 0 ,   2 0 1 4   w e   a c c r u e d   f o r 
 
                                                                                       t h e   5 %   d i v i d e n d   w i t h h o l d i n g   t a x   o n   t h e 
 
                                                                                       p o r t i o n   o f   t h e   c u r r e n t   y e a r   p r o f i t   o f   o u r 
 
                                                                                       p r i n c i p a l   R u s s i a n   o p e r a t i n g   s u b s i d i a r y ,   t h a t 
 
                                                                                       w e   c o n s i d e r e d   n o t   p e r m a n e n t l y   r e i n v e s t e d   i n 
 
                                                                                       R u s s i a . < / 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 2   2 0 1 4   w a s   R U R   3 . 3   b i l l i o n   ( $ 9 8 . 7   m i l l i o n ) , 
 
                                                                                   a   9 %   i n c r e a s e   f r o m   Q 2   2 0 1 3 . < / 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 7 . 3 %   i n   Q 2   2 0 1 4 ,   c o m p a r e d   w i t h 
 
                                                                                                 3 3 . 2 %   i n   Q 2   2 0 1 3 . < / p > 
 
 < p > 
 
         < s t r o n g > N e t   i n c o m e < / s t r o n g >   w a s   R U R   2 . 4   b i l l i o n   ( $ 7 1 . 2   m i l l i o n )   i n   Q 2   2 0 1 4 ,   d o w n   1 8 % 
 
                                                                 c o m p a r e d   w i t h   Q 2   2 0 1 3 .   T h e   p r i m a r y   r e a s o n   f o r   n e g a t i v e 
 
                                                                 g r o w t h   r a t e   o f   n e t   i n c o m e   i n   Q 2   2 0 1 4   w a s   d u e   t o   f o r e i g n 
 
                                                                 e x c h a n g e   l o s s   r e c o r d e d   o n   t h e   d e p r e c i a t i o n   o f   t h e   U . S . 
 
                                                                 d o l l a r   d u r i n g   Q 2   2 0 1 4 . < / p > 
 
 < p > 
 
         A s   o f   J u n e   3 0 ,   2 0 1 4 ,   Y a n d e x   < s t r o n g > h a d   c a s h ,   c a s h   e q u i v a l e n t s   a n d 
 
                                                                                 d e p o s i t s   < / s t r o n g > o f   R U R   4 7 . 3   b i l l i o n   ( $ 1 , 4 0 5 . 4 
 
         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 2   2 0 1 4   w e r e 
 
                                                                                                                                             R U R   4 . 0   b i l l i o n 
 
                                                                                                                                             ( $ 1 1 9 . 6   m i l l i o n ) 
 
                                                                                                                                             a n d   R U R   2 . 1 
 
                                                                                                                                             b i l l i o n   ( $ 6 3 . 7 
 
                                                                                                                                             m i l l i o n ) , 
 
                                                                                                                                             r e s p e c t i v e l y . < / p > 
 
 < p > 
 
         T h e   < s t r o n g > t o t a l < / s t r o n g >   < s t r o n g > n u m b e r   o f   s h a r e s   i s s u e d   a n d   o u t s t a n d i n g < / s t r o n g > 
 
         a s   o f   J u n e   3 0 ,   2 0 1 4   w a s   3 1 7 , 9 2 5 , 2 4 2 ,   i n c l u d i n g   2 4 7 , 0 5 4 , 8 3 0   C l a s s   A   s h a r e s , 
 
         7 0 , 8 7 0 , 4 1 1   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 2 , 0 9 6 , 5 1 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   5 . 5   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   $ 5 . 3 6   p e r 
 
         s h a r e ,   o f   w h i c h   o p t i o n s   t o   p u r c h a s e   5 . 1   m i l l i o n   s h a r e s   w e r e   f u l l y   v e s t e d ; 
 
         e q u i t y - s e t t l e d   s h a r e   a p p r e c i a t i o n   r i g h t s   e q u a l   t o   1 . 7   m i l l i o n   s h a r e s ,   a t   a   w e i g h t e d 
 
         a v e r a g e   m e a s u r e m e n t   p r i c e   o f   $ 2 7 . 4 6 ,   0 . 3   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   c o v e r i n g & n b s p ; 3 . 4   m i l l i o n   s h a r e s ,   o f   w h i c h   r e s t r i c t e d   s h a r e 
 
         u n i t s   t o   a c q u i r e   0 . 7   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 > 
 
 < p > 
 
         < s t r o n g > < u > O u t l o o k   f o r   2 0 1 4 < / u > < / s t r o n g > < / p > 
 
 < p > 
 
         O n   a   l i k e - f o r - l i k e   b a s i s ,   e x c l u d i n g   t h e   r e v e n u e   a s s o c i a t e d   w i t h   Y a n d e x . M o n e y   f r o m 
 
         2 0 1 3   r e s u l t s ,   Y a n d e x   e x p e c t s   t o   a c h i e v e   f u l l   y e a r   r u b l e - b a s e d   r e v e n u e   g r o w t h   o f   2 5 % 
 
         t o   3 0 %   i n   2 0 1 4 < s u p > 1 < / s u p > . < / p > 
 
 < p > 
 
         < s t r o n g > < u > 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 < / u > < / s t r o n g > < / p > 
 
 < 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   J u l y   2 9 ,   2 0 1 4   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   2 1 2   9 9 9   6 6 5 9 < b r > 
 
                 U K :   + 4 4   ( 0 )   2 0   3 0 0 3   2 6 6 6 < b r > 
 
                 R u s s i a :   8   1 0   8 0 0   2 4 9 0 2 0 4 4 < / p > 
 
 < / b l o c k q u o t e > 
 
 < b l o c k q u o t e > 
 
         < p > 
 
                 P a s s c o d e :   Y a n d e x < / 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   t h r o u g h   A u g u s t   5 ,   2 0 1 4 .   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   5 8 3   1 0 3 9 , < b r > 
 
                 R u s s i a / I n t e r n a t i o n a l :   + 4 4   ( 0 )   2 0   8 1 9 6   1 9 9 8 < / p > 
 
 < / b l o c k q u o t e > 
 
 < b l o c k q u o t e > 
 
         < p > 
 
                 P a s s c o d e :   6 5 1 3 4 1 7 # < / 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 & n b s p ; < a   h r e f = " h t t p s : / / 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 = 6 F j l G 1 p w W T g R V X F F l a P L i T I 1 W s u y W g Y j F O O 4 z O V 5 a 4 J S 4 a v 4 0 4 O u H R e F 2 1 H e 5 C m c 4 u v I J z w 0 L x F 9 x F g l x R M P N p A a W x j e w B h N J L n 8 n l D C l a n I K c P Z T A p 3 0 E F H C l F - 7 L a s "   r e l = " n o f o l l o w "   t i t l e = " " > h t t p : / / w w w . m e d i a - s e r v e r . c o m / m / p / u g c g w 5 8 j < / a > 
 
 < / p > 
 
 < p > 
 
         < s u p > 1 < / s u p >   I n   2 0 1 3 ,   Y a n d e x   r e c o g n i z e d   t o t a l   r e v e n u e   o f   R U R   3 9 , 5 0 2   m i l l i o n , 
 
                                   i n c l u d i n g   R U R   3 9 4   m i l l i o n   i n   p a y m e n t   c o m m i s s i o n s   r e l a t e d   t o 
 
                                   Y a n d e x . M o n e y   a n d   R U R   3 9 , 1 0 8   m i l l i o n   i n   a d v e r t i s i n g   a n d   o t h e r   r e v e n u e s . 
 
                                   S t a r t i n g   J u l y   4 ,   2 0 1 3 ,   w h e n   t h e   s a l e   o f   a   7 5 %   i n t e r e s t   i n   Y a n d e x . M o n e y 
 
                                   w a s   c o m p l e t e d ,   Y a n d e x   s t o p p e d   r e c o g n i z i n g   r e v e n u e   r e l a t e d   t o 
 
                                   Y a n d e x . M o n e y   i n   i t s   c o n s o l i d a t e d   r e v e n u e s . < / p > 
 
 < p > 
 
         < s t r o n g > < u > A B O U T   Y A N D E X < / u > < / s t r o n g > < / p > 
 
 < p > 
 
         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 .   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 s : / / 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 = 6 F j l G 1 p w W T g R V X F F l a P L i W f g U N I 6 w r z E B 4 5 m V x u j L T 8 _ P G y l l l f u 7 K z q x E S D A j c I t F B 3 6 f T s J p 1 g y e k f j d 9 Y m Q % 3 D % 3 D "   r e l = " n o f o l l o w "   t i t l e = " " > h t t p : / / c o m p a n y . y a n d e x . c o m < / a > . 
 
 < / p > 
 
 < p > 
 
         < s t r o n g > < u > F O R W A R D - L O O K I N G   S T A T E M E N T S   < / u > < / s t r o n g > < / p > 
 
 < p > 
 
         T h i s   p r e s s   r e l e a s e   c o n t a i n s   f o r w a r d - l o o k i n g   s t a t e m e n t s   t h a t   i n v o l v e   r i s k s   a n d 
 
         u n c e r t a i n t i e s .   T h e s e   i n c l u d e   s t a t e m e n t s   r e g a r d i n g   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 4 .   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   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 3 , 
 
         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 s : / / 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 = 6 F j l G 1 p w W T g R V X F F l a P L i Z 6 t D A w B s 7 v 5 m M X x 6 e q d e 7 g P Q R B c Z - - R v 4 U z 6 v I V 4 - P S R A r d p s t 4 B X T J M A j 2 D o Z Q p w D f z 3 m M k t n T n m - A 1 d i e w 7 A % 3 D "   r e l = " n o f o l l o w "   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 s : / / 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 = G z 7 v w A q y S j Z k d l w 3 h T n p t J x l _ - N s F j I C R x E G S x P x l s L Q 0 G k o x K j y a d q m r 7 a F 1 f w 9 "   r e l = " n o f o l l o w "   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   J u l y   2 9 ,   2 0 1 4 ,   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 > 
 
 < p > 
 
         < s t r o n g > < u > 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 < / u > < / s t r o n g > < / p > 
 
 < p > 
 
         T o   s u p p l e m e n t   o u r   c o n s o l i d a t e d   f i n a n c i a l   s t a t e m e n t s ,   w h i c h   a r e   p r e p a r e d   a n d 
 
         p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P ,   w e   p r e s e n t   t h e   f o l l o w i n g   n o n - G A A P   f i n a n c i a l 
 
         m e a s u r e s :   e x - T A C   r e v e n u e ,   a d j u s t e d   E B I T D A ,   a d j u s t e d   E B I T D A   m a r g i n ,   a d j u s t e d   e x - T A C 
 
         E B I T D A   m a r g i n ,   a d j u s t e d   n e t   i n c o m e ,   a d j u s t e d   n e t   i n c o m e   m a r g i n   a n d   a d j u s t e d   e x - T A C 
 
         n e t   i n c o m e   m a r g i n .   T h e   p r e s e n t a t i o n   o f   t h e s e   f i n a n c i a l   m e a s u r e s   i s   n o t   i n t e n d e d   t o 
 
         b e   c o n s i d e r e d   i n   i s o l a t i o n   o r   a s   a   s u b s t i t u t e   f o r ,   o r   s u p e r i o r   t o ,   t h e   f i n a n c i a l 
 
         i n f o r m a t i o n   p r e p a r e d   a n d   p r e s e n t e d   i n   a c c o r d a n c e   w i t h   U S   G A A P .   F o r   m o r e   i n f o r m a t i o n 
 
         o n   t h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s ,   p l e a s e   s e e   t h e   t a b l e s   c a p t i o n e d 
 
         " R e c o n c i l i a t i o n s   o f   n o n - G A A P   f i n a n c i a l   m e a s u r e s   t o   t h e   n e a r e s t   c o m p a r a b l e   U S   G A A P 
 
         m e a s u r e s " ,   i n c l u d e d   f o l l o w i n g   t h e   a c c o m p a n y i n g   f i n a n c i a l   t a b l e s .   W e   d e f i n e   t h e 
 
         v a r i o u s   n o n - G A A P   f i n a n c i a l   m e a s u r e s   w e   u s e   a s   f o l l o w s : < / p > 
 
 < u l > 
 
         < l i > 
 
                 < s t r o n g > E x - T A C   r e v e n u e   < / s t r o n g > m e a n s   U S   G A A P   r e v e n u e s   l e s s   t o t a l   t r a f f i c 
 
                                                                                 a c q u i s i t i o n   c o s t s   ( T A C ) 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A < / s t r o n g >   m e a n s   n e t   i n c o m e   < u > p l u s < / u >   ( 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   w a s   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   o u r   a c q u i s i t i o n   o f 
 
                                                                                   t h e   m o b i l e   s o f t w a r e   b u s i n e s s   o f   S P B   S o f t w a r e 
 
                                                                                   a n d   o u r   a c q u i s i t i o n   o f   K i t L o c a t e   ( d e s c r i b e d 
 
                                                                                   b e l o w )   a n d   ( 4 )   p r o v i s i o n   f o r   i n c o m e   t a x e s ,   < u > l e s s < / u > 
 
                                                                                   ( A )   i n t e r e s t   i n c o m e   a n d   ( B )   o t h e r 
 
                                                                                   i n c o m e / ( e x p e n s e ) 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y   U S   G A A P 
 
                                                                                                 r e v e n u e s 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   e x - T A C   E B I T D A   m a r g i n < / s t r o n g >   m e a n s   a d j u s t e d   E B I T D A   d i v i d e d   b y 
 
                                                                                                               e x - T A C   r e v e n u e 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e < / s t r o n g >   m e a n s   U S   G A A P   n e t   i n c o m e   p l u s   ( 1 )   S B C 
 
                                                                                           e x p e n s e   a d j u s t e d   f o r   t h e   i n c o m e   t a x 
 
                                                                                           r e d u c t i o n   a t t r i b u t a b l e   t o   S B C   e x p e n s e ,   ( 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   w a 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   o u r 
 
                                                                                           a c q u i s i t i o n   o f   t h e   m o b i l e   s o f t w a r e   b u s i n e s s 
 
                                                                                           o f   S P B   S o f t w a r e   a n d   o u r   a c q u i s i t i o n   o f 
 
                                                                                           K i t L o c a t e   ( d e s c r i b e d   b e l o w ) ,   ( 3 )   f o r e i g n 
 
                                                                                           e x c h a n g e   l o s s e s   ( l e s s   f o r e i g n   e x c h a n g e 
 
                                                                                           g a i n s )   a d j u s t e d   f o r   t h e   ( r e d u c t i o n ) 
 
                                                                                           i n c r e a s e   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   t h e 
 
                                                                                           f o r e i g n   e x c h a n g e   l o s s e s   ( g a i n s )   a n d   ( 4 ) 
 
                                                                                           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 d u c t i o n   i n   i n c o m e   t a x e s   a t t r i b u t a b l e   t o 
 
                                                                                           t h e   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 ;   l e s s 
 
                                                                                           g a i n   f r o m   t h e   s a l e   a n d   d e c o n s o l i d a t i o n   o f 
 
                                                                                           e q u i t y   i n v e s t m e n t s 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   n e t   i n c o m e   m a r g i n   < / s t r o n g > m e a n s   a d j u s t e d   n e t   i n c o m e   d i v i d e d   b y 
 
                                                                                                         U S   G A A P   r e v e n u e s 
 
         < / l i > 
 
         < l i > 
 
                 < s t r o n g > A d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n   < / s t r o n g > m e a n s   a d j u s t e d   n e t   i n c o m e 
 
                                                                                                                       d i v i d e d   b y   e x - T A C   r e v e n u e s 
 
         < / l i > 
 
 < / u l > 
 
 < p > 
 
         T h e s e   n o n - G A A P   f i n a n c i a l   m e a s u r e s   a r e   u s e d   b y   m a n a g e m e n t   f o r   e v a l u a t i n g   f i n a n c i a l 
 
         p e r f o r m a n c e   a s   w e l l   a s   d e c i s i o n - m a k i n g .   M a n a g e m e n t   b e l i e v e s   t h a t   t h e s e   m e t r i c s 
 
         r e f l e c t   t h e   o r g a n i c ,   c o r e   o p e r a t i n g   p e r f o r m a n c e   o f   t h e   c o m p a n y ,   a n d   t h e r e f o r e   a r e 
 
         u s e f u l   t o   a n a l y s t s   a n d   i n v e s t o r s   i n   p r o v i d i n g   s u p p l e m e n t a l   i n f o r m a t i o n   t h a t   h e l p s 
 
         t h e m   u n d e r s t a n d ,   m o d e l   a n d   f o r e c a s t   t h e   e v o l u t i o n   o f   o u r   o p e r a t i n g   b u s i n e s s . < / p > 
 
 < p > 
 
         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 > 
 
         < i > T A C < / i > < / 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 > 
 
         < i > S B C < / i > < / 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 > 
 
         < i > A c q u i s i t i o n - r e l a t e d   c o s t s < / i > < / 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   w e 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   w a 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   o u r   a c q u i s i t i o n   o f   t h e   m o b i l e   s o f t w a r e   b u s i n e s s   o f   S P B 
 
         S o f t w a r e   i n   N o v e m b e r   2 0 1 1   a n d   o u r   a c q u i s i t i o n   o f   K i t L o c a t e ,   t h e   d e v e l o p e r   o f   a n 
 
         e n e r g y   e f f i c i e n t   g e o l o c a t i o n   t e c h n o l o g y   f o r   m o b i l e   d e v i c e s ,   i n   M a r c h   2 0 1 4 .   T h e 
 
         a g g r e g a t e   a m o u n t   o f   s u c h   c o n t i n g e n t   c o m p e n s a t i o n   p a i d   i n   c o n n e c t i o n   w i t h   S P B 
 
         S o f t w a r e   a c q u i s i t i o n   w a s   $ 1 4 . 1   m i l l i o n ,   $ 7 . 1   m i l l i o n   o f   w h i c h   w a s   p a i d   i n   N o v e m b e r 
 
         2 0 1 2 ,   $ 4 . 1   m i l l i o n   o f   w h i c h   w a s   p a i d   i n   F e b r u a r y   2 0 1 3 ,   a n d   $ 2 . 9   m i l l i o n   o f   w h i c h   w a s 
 
         p a i d   i n   N o v e m b e r   2 0 1 3 .   T h e   m a x i m u m   a g g r e g a t e   a m o u n t   o f   c o n t i n g e n t   c o m p e n s a t i o n   t o   b e 
 
         p a i d   i n   c o n n e c t i o n   w i t h   K i t L o c a t e   a c q u i s i t i o n   i s   $ 3 . 9   m i l l i o n   p a y a b l e   u p o n   t h e 
 
         c o n t i n u e d   e m p l o y m e n t   o f   t h e   s e l l e r s .   W e   h a v e   e l i m i n a t e d   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 . < / p > 
 
 < p > 
 
         < i > 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 < / i > < / 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 > 
 
         < i > 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 < / i > < / 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 > 
 
         T h e   t a b l e s   a t   t h e   e n d   o f   t h i s   r e l e a s e   p r o v i d e   d e t a i l e d   r e c o n c i l i a t i o n s   o f   e a c h 
 
         n o n - G A A P   f i n a n c i a l   m e a s u r e   w e   u s e   t o   t h e   m o s t   d i r e c t l y   c o m p a r a b l e   U S   G A A P   f i n a n c i a l 
 
         m e a s u r e . < / p > 
 
 < p   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 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 > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > A s   o f < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > D e c e m b e r & n b s p ; 3 1 ,   2 0 1 3 * < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > J u n e & n b s p ; 3 0 ,   2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > J u n e & n b s p ; 3 0 ,   2 0 1 4 < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > $ < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         < s t r o n g > A S S E T S < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C u r r e n t   a s s e t s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 3 , 3 9 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 0 , 8 3 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 1 9 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         M a r k e t a b l e   s e c u r i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T e r m   d e p o s i t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m   " > 
 
                         & n b s p ; 1 , 6 8 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 0 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c o u n t s   r e c e i v a b l e ,   n e t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 7 8 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 8 7 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 5 . 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r e p a i d   e x p e n s e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 8 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 0 4 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 1 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A s s e t s   h e l d   f o r   s a l e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   t a x   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 8 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 4 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r   c u r r e n t   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 3 3 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 , 0 1 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 8 9 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T o t a l   c u r r e n t   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 8 , 8 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 0 , 0 1 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 9 2 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o p e r t y   a n d   e q u i p m e n t ,   n e t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 9 , 7 2 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 1 , 6 3 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 4 5 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n t a n g i b l e   a s s e t s ,   n e t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 3 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 5 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 9 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         G o o d w i l l 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 9 4 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 , 0 0 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 9 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         L o n g - t e r m   p r e p a i d   e x p e n s e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 0 4 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 2 7 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 8 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         R e s t r i c t e d   c a s h & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 0 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 4 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 . 3 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T e r m   d e p o s i t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 5 , 1 8 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 4 , 7 4 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 3 5 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n v e s t m e n t s   i n   n o n - m a r k e t a b l e   e q u i t y   s e c u r i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 2 5 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 3 5 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 0 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n v e s t m e n t s   i n   d e b t   s e c u r i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 0 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   t a x   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m   " > 
 
                         & n b s p ; 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 0 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r   n o n - c u r r e n t   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 5 3 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 9 7 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 8 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         < s t r o n g > T O T A L   A S S E T S & 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 _ d l i n e " > 
 
                         < s t r o n g > & n b s p ; 7 1 , 3 1 1   < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         < s t r o n g > & n b s p ; 7 3 , 9 0 3   < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         < s t r o n g > & n b s p ; 2 , 1 9 7 . 5   < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         < s t r o n g > L I A B I L I T I E S   A N D   S H A R E H O L D E R S '   E Q U I T Y < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C u r r e n t   l i a b i l i t i e s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c o u n t s   p a y a b l e   a n d   a c c r u e d   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 , 7 1 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 , 1 8 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 2 4 . 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T a x e s   p a y a b l e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 6 8 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 4 3 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 2 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   r e v e n u e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 5 0 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 3 0 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 8 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   t a x   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 0 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T o t a l   c u r r e n t   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 , 9 1 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 , 9 4 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 0 6 . 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l   " > 
 
                         C o n v e r t i b l e   d e b t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 6 , 4 2 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 9 , 7 5 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 8 7 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   t a x   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 2 4 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 2 3 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 6 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r   a c c r u e d   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 2 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 4 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T o t a l   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 4 , 7 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 8 , 1 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 3 7 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C o m m i t m e n t s   a n d   c o n t i n g e n c i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         S h a r e h o l d e r s '   e q u i t y : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r i o r i t y   s h a r e :    1   p a r   v a l u e ;   1   s h a r e   a u t h o r i z e d ,   i s s u e d   a n d   o u t s t a n d i n g & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ;  & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ;  & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ;  & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r 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   a n d   1 , 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 & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ;  & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ;  & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ;  & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         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   ( C l a s s   A :   2 , 0 0 0 , 0 0 0 , 0 0 0   a n d   1 , 0 0 0 , 0 0 0 , 0 0 0 ,   C l a s s   B : 
 
                         1 0 2 , 1 1 5 , 1 4 0   a n d   7 1 , 8 7 0 , 4 1 1 ,   a n d   C l a s s   C :   1 0 2 , 1 1 5 , 1 4 0   a n d   7 1 , 8 7 0 , 4 1 1 ) ;   s h a r e s 
 
                         i s s u e d   ( C l a s s   A :   2 5 6 , 9 9 8 , 3 0 6   a n d   2 5 9 , 1 5 1 , 3 4 2 ,   C l a s s   B :   7 2 , 9 2 3 , 4 4 7   a n d 
 
                         7 0 , 8 7 0 , 4 1 1 ,   a n d   C l a s s   C :   2 3 , 1 1 0 , 8 1 9   a n d   2 5 , 2 6 3 , 8 5 5 ,   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 0 , 7 3 2 , 0 6 1   a n d   2 4 7 , 0 5 4 , 8 3 0 ,   C l a s s   B :   7 2 , 9 2 3 , 4 4 7   a n d 
 
                         7 0 , 8 7 0 , 4 1 1 ,   a n d   C l a s s   C :   n i l ) & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 4 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 3 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T r e a s u r y   s h a r e s   a t   c o s t   ( C l a s s   A :   6 , 2 6 6 , 2 4 5   a n d   1 2 , 0 9 6 , 5 1 2 ) & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 6 , 8 8 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 3 , 6 9 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 0 7 . 2 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A d d i t i o n a l   p a i d - i n   c a p i t a l & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 5 , 7 0 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 6 , 2 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 8 3 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c u m u l a t e d   o t h e r   c o m p r e h e n s i v e   i n c o m e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 0 4 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 3 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 0 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         R e t a i n e d   e a r n i n g s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 5 , 4 9 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 0 , 5 7 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 2 0 6 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         T o t a l   s h a r e h o l d e r s '   e q u i t y & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 6 , 5 9 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 5 , 7 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 3 5 9 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         < s t r o n g > T O T A L   L I A B I L I T I E S   A N D   S H A R E H O L D E R S '   E Q U I T Y & 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 _ d l i n e " > 
 
                         < s t r o n g > & n b s p ; 7 1 , 3 1 1   < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         < s t r o n g > & n b s p ; 7 3 , 9 0 3   < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         < s t r o n g > & n b s p ; 2 , 1 9 7 . 5   < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         < e m > *   D e r i v e d   f r o m   a u d i t e d   f i n a n c i a l   s t a t e m e n t s < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > U n a u d i t e d < / s t r o n g >   < s t r o n g > C o n d e n s e d   C o n s o l i d a t e d   S t a t e m e n t s   o f 
 
                                                                                                                                                                       I n c o m e < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ,   e x c e p t   s h a r e   a n d 
 
                                                                                                                 p e r   s h a r e   d a t a ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > $ < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         R e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         9 , 1 9 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 2 , 1 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 6 1 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O p e r a t i n g   c o s t s   a n d   e x p e n s e s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C o s t   o f   r e v e n u e s ( 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 , 1 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 , 4 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 0 1 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o d u c t   d e v e l o p m e n t ( 1 ) & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 , 3 8 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 , 0 7 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 1 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         S a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e ( 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 , 5 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 , 9 0 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         5 6 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e p r e c i a t i o n   a n d   a m o r t i z a t i o n & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 1 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 1 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 3 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 1 0 " > 
 
                         T o t a l   o p e r a t i n g   c o s t s   a n d   e x p e n s e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 9 8 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 , 5 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 5 3 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n c o m e   f r o m   o p e r a t i o n s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 , 2 1 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 , 6 3 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 0 8 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n t e r e s t   i n c o m e ,   n e t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 5 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 0 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r   i n c o m e ,   n e t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 6 1 7 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 8 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 1 0 " > 
 
                         N e t   i n c o m e   b e f o r e   i n c o m e   t a x e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 , 6 8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 , 2 1 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         9 5 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o v i s i o n   f o r   i n c o m e   t a x e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         7 7 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         8 2 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 4 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   i n c o m e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         2 , 9 1 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         7 1 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   i n c o m e   p e r   C l a s s & n b s p ; A   a n d   C l a s s & n b s p ; B   s h a r e : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         B a s i c 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         8 . 9 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         7 . 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         0 . 2 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D i l u t e d 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         8 . 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         7 . 3 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         0 . 2 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         W e i g h t e d   a v e r a g e   n u m b e r   o f   C l a s s   A   a n d   C l a s s   B   s h a r e s   o u t s t a n d i n g 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         B a s i c 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 7 , 2 7 0 , 5 2 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 1 9 , 0 7 2 , 6 1 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 1 9 , 0 7 2 , 6 1 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D i l u t e d 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 3 5 , 1 0 6 , 5 8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 5 , 2 3 1 , 0 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 5 , 2 3 1 , 0 9 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 4 "   r o w s p a n = " 1 " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 4 " > 
 
                         ( 1 ) T h e s e   b a l a n c e s   e x c l u d e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e s ,   w h i c h   a r e 
 
                         p r e s e n t e d   s e p a r a t e l y ,   a n d   i n c l u d e   s h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e s   o f : 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         C o s t   o f   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         0 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         P r o d u c t   d e v e l o p m e n t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         9 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 6 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         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 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 . 6 
 
                 < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n d e n s e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   I n c o m e < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ,   e x c e p t   s h a r e   a n d 
 
                                                                                                                 p e r   s h a r e   d a t a ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > $ < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         R e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 7 , 1 9 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 3 , 0 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 8 5 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O p e r a t i n g   c o s t s   a n d   e x p e n s e s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C o s t   o f   r e v e n u e s ( 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 , 1 3 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 , 7 5 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 0 1 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o d u c t   d e v e l o p m e n t ( 1 ) & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 , 7 0 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 , 0 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 2 1 . 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         S a l e s ,   g e n e r a l   a n d   a d m i n i s t r a t i v e ( 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 , 8 9 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 , 6 6 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 0 9 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e p r e c i a t i o n   a n d   a m o r t i z a t i o n & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 7 9 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 1 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         6 4 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 1 0 " > 
 
                         T o t a l   o p e r a t i n g   c o s t s   a n d   e x p e n s e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 1 , 5 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 6 , 6 9 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 9 6 . 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n c o m e   f r o m   o p e r a t i o n s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         5 , 6 7 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 , 3 4 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 8 8 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n t e r e s t   i n c o m e ,   n e t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         8 2 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 1 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r   i n c o m e ,   n e t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 1 0 " > 
 
                         N e t   i n c o m e   b e f o r e   i n c o m e   t a x e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 , 5 3 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         6 , 7 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 0 1 . 5 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o v i s i o n   f o r   i n c o m e   t a x e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 3 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 6 9 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 0 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   i n c o m e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         5 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         1 5 0 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   i n c o m e   p e r   C l a s s & n b s p ; A   a n d   C l a s s & n b s p ; B   s h a r e : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         B a s i c 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         1 5 . 7 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         1 5 . 8 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         0 . 4 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D i l u t e d 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         1 5 . 3 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         1 5 . 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ d l i n e " > 
 
                         0 . 4 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         W e i g h t e d   a v e r a g e   n u m b e r   o f   C l a s s   A   a n d   C l a s s   B   s h a r e s   o u t s t a n d i n g 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         B a s i c 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 7 , 8 2 0 , 2 3 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 0 , 7 6 8 , 1 2 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 0 , 7 6 8 , 1 2 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D i l u t e d 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 3 5 , 6 6 9 , 3 9 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 7 , 3 2 6 , 5 6 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 2 7 , 3 2 6 , 5 6 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 4 "   r o w s p a n = " 1 " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 4 " > 
 
                         ( 1 ) T h e s e   b a l a n c e s   e x c l u d e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e s ,   w h i c h   a r e 
 
                         p r e s e n t e d   s e p a r a t e l y ,   a n d   i n c l u d e   s h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e s   o f : 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         C o s t   o f   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         2 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         P r o d u c t   d e v e l o p m e n t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         3 3 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 0 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ i 2 5 " > 
 
                         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 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 0 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         1 5 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         4 . 5 
 
                 < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n d e n s e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   C a s h   F l o w s < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   e n d e d   J u n e & n b s p ; 3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > $ < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C A S H   F L O W S   F R O M   O P E R A T I N G   A C T I V I T I E S : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   i n c o m e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 9 1 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 1 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 1 "   r o w s p a n = " 1 " > 
 
                         A d j u s t m e n t s   t o   r e c o n c i l e   n e t   i n c o m e   t o   n e t   c a s h   p r o v i d e d   b y   o p e r a t i n g 
 
                         a c t i v i t i e s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e p r e c i a t i o n   a n d   a m o r t i z a t i o n   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 9 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 2 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A m o r t i z a t i o n   o f   a c q u i s i t i o n  r e l a t e d   i n t a n g i b l e   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A m o r t i z a t i o n   o f   d e b t   d i s c o u n t   a n d   i s s u a n c e   c o s t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 9 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         S h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   i n c o m e   t a x e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 6 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 7 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 . 1 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         F o r e i g n   e x c h a n g e   ( g a i n s ) / l o s s e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 2 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 8 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 1 "   r o w s p a n = " 1 " > 
 
                         C h a n g e s   i n   o p e r a t i n g   a s s e t s   a n d   l i a b i l i t i e s   e x c l u d i n g   t h e   e f f e c t   o f 
 
                         a c q u i s i t i o n s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c o u n t s   r e c e i v a b l e ,   n e t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 7 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 6 9 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 5 . 0 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r e p a i d   e x p e n s e s   a n d   o t h e r   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 1 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 9 8 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 9 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c o u n t s   p a y a b l e   a n d   a c c r u e d   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 5 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 5 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 9 . 4 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   r e v e n u e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 6 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 0 . 1 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A s s e t s   h e l d   f o r   s a l e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 9 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         L i a b i l i t i e s   r e l a t e d   t o   a s s e t s   h e l d   f o r   s a l e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; 3 , 9 9 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 " > 
 
                         < s t r o n g > & n b s p ; 4 , 0 2 1   < / 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 " > 
 
                         < s t r o n g > & n b s p ; 1 1 9 . 6   < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 2 " > 
 
                         C A S H   F L O W S   U S E D   I N   I N V E S T I N G   A C T I V I T I E S : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P u r c h a s e   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 6 8 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 , 1 4 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 6 3 . 7 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n v e s t m e n t s   i n   n o n - m a r k e t a b l e   e q u i t y   s e c u r i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 . 1 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n v e s t m e n t s   i n   t e r m   d e p o s i t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 6 , 2 3 0 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 , 7 1 7 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 5 1 . 1 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         M a t u r i t i e s   o f   t e r m   d e p o s i t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 , 4 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         L o a n s   g r a n t e d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 3 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 7 8 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 5 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c a s h   u s e d   i n   i n v e s t i n g   a c t i v i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; ( 3 , 4 8 0 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 4 , 0 7 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 " > 
 
                         < s t r o n g > & n b s p ; ( 1 2 1 . 2 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C A S H   F L O W S   U S E D   I N   F I N A N C I N G   A C T I V I T I E S : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o c e e d s   f r o m   e x e r c i s e   o f   s h a r e   o p t i o n s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 2 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         R e p u r c h a s e s   o f   o r d i n a r y   s h a r e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 2 , 5 2 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 3 , 5 7 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 0 6 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c a s h   u s e d   i n   f i n a n c i n g   a c t i v i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; ( 2 , 3 9 8 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 3 , 5 3 8 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 1 0 5 . 2 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         E f f e c t   o f   e x c h a n g e   r a t e   c h a n g e s   o n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 8 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 , 3 2 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 3 9 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c h a n g e   i n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; ( 1 , 5 9 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 " > 
 
                         < s t r o n g > & n b s p ; ( 4 , 9 1 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 " > 
 
                         < s t r o n g > & n b s p ; ( 1 4 6 . 1 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C a s h   a n d   c a s h   e q u i v a l e n t s   a t   b e g i n n i n g   o f   p e r i o d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 , 7 5 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 5 , 7 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 6 5 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C a s h   a n d   c a s h   e q u i v a l e n t s   a t   e n d   o f   p e r i o d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 0 , 8 3 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 1 9 . 6 
 
                 < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > U n a u d i t e d   C o n d e n s e d   C o n s o l i d a t e d   S t a t e m e n t s   o f   C a s h   F l o w s < / s t r o n g > 
 
         < b r > < b r > 
 
         < s t r o n g > ( i n   m i l l i o n s   o f   R u s s i a n   r u b l e s   a n d   U . S .   d o l l a r s ) < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ l o n g _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > R U R < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d " > 
 
                         < s t r o n g > $ < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C A S H   F L O W S   F R O M   O P E R A T I N G   A C T I V I T I E S : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   i n c o m e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 5 0 . 9 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 1 "   r o w s p a n = " 1 " > 
 
                         A d j u s t m e n t s   t o   r e c o n c i l e   n e t   i n c o m e   t o   n e t   c a s h   p r o v i d e d   b y   o p e r a t i n g 
 
                         a c t i v i t i e s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e p r e c i a t i o n   a n d   a m o r t i z a t i o n   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 , 7 4 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 1 0 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 2 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A m o r t i z a t i o n   o f   a c q u i s i t i o n  r e l a t e d   i n t a n g i b l e   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 . 2 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A m o r t i z a t i o n   o f   d e b t   d i s c o u n t   a n d   i s s u a n c e   c o s t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 1 . 1 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         S h a r e  b a s e d   c o m p e n s a t i o n   e x p e n s e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 0 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 5 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 5 . 7 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   i n c o m e   t a x e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 1 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 9 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 . 5 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         F o r e i g n   e x c h a n g e   ( g a i n s ) / l o s s e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 0 . 7 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         O t h e r & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 8 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 0 . 8 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l "   c o l s p a n = " 1 "   r o w s p a n = " 1 " > 
 
                         C h a n g e s   i n   o p e r a t i n g   a s s e t s   a n d   l i a b i l i t i e s   e x c l u d i n g   t h e   e f f e c t   o f 
 
                         a c q u i s i t i o n s : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c o u n t s   r e c e i v a b l e ,   n e t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 5 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 0 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 . 2 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r e p a i d   e x p e n s e s   a n d   o t h e r   a s s e t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 1 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 , 4 8 9 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 4 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c c o u n t s   p a y a b l e   a n d   a c c r u e d   l i a b i l i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 3 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 3 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 0 . 3 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         D e f e r r e d   r e v e n u e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 4 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 8 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 5 . 5 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A s s e t s   h e l d   f o r   s a l e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 5 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         L i a b i l i t i e s   r e l a t e d   t o   a s s e t s   h e l d   f o r   s a l e & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 8 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c a s h   p r o v i d e d   b y   o p e r a t i n g   a c t i v i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; 6 , 6 2 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 " > 
 
                         < s t r o n g > & n b s p ; 6 , 6 2 2   < / 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 " > 
 
                         < s t r o n g > & n b s p ; 1 9 6 . 9   < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C A S H   F L O W S   U S E D   I N   I N V E S T I N G   A C T I V I T I E S : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P u r c h a s e   o f   p r o p e r t y   a n d   e q u i p m e n t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 , 5 4 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 , 2 1 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 2 5 . 2 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         A c q u i s i t i o n s   o f   b u s i n e s s e s ,   n e t   o f   c a s h   a c q u i r e d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 4 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 . 3 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n v e s t m e n t s   i n   n o n - m a r k e t a b l e   e q u i t y   s e c u r i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 . 2 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o c e e d s   f r o m   s a l e   o f   e q u i t y   s e c u r i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 1 2 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         I n v e s t m e n t s   i n   t e r m   d e p o s i t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 1 , 4 5 0 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 1 , 9 2 6 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 5 4 . 6 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         M a t u r i t i e s   o f   t e r m   d e p o s i t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 , 0 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         L o a n s   g r a n t e d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 3 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 2 0 9 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 6 . 2 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         E s c r o w   c a s h   d e p o s i t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 3 7 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 4 . 1 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c a s h   u s e d   i n   i n v e s t i n g   a c t i v i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; ( 5 , 8 2 9 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 1 6 , 5 4 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 " > 
 
                         < s t r o n g > & n b s p ; ( 4 9 2 . 0 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C A S H   F L O W S   U S E D   I N   F I N A N C I N G   A C T I V I T I E S : 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o c e e d s   f r o m   e x e r c i s e   o f   s h a r e   o p t i o n s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 5 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P r o c e e d s   f r o m   i s s u a n c e   o f   c o n v e r t i b l e   d e b t & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 , 9 8 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 8 8 . 6 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         P a y m e n t   o f   d e b t   d i s c o u n t   a n d   i s s u a n c e   c o s t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 4 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; ( 1 . 2 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         R e p u r c h a s e s   o f   o r d i n a r y   s h a r e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 2 , 7 6 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 7 , 3 3 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 2 1 8 . 1 ) 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c a s h   u s e d   i n   f i n a n c i n g   a c t i v i t i e s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; ( 2 , 5 0 9 ) < / 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   " > 
 
                         < s t r o n g > & n b s p ; ( 4 , 3 0 9 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 1 2 8 . 1 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         E f f e c t   o f   e x c h a n g e   r a t e   c h a n g e s   o n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 4 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 6 7 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 9 . 8 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         N e t   c h a n g e   i n   c a s h   a n d   c a s h   e q u i v a l e n t s & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; ( 1 , 2 6 4 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 1 2 , 5 5 8 ) < / 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 " > 
 
                         < s t r o n g > & n b s p ; ( 3 7 3 . 4 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C a s h   a n d   c a s h   e q u i v a l e n t s   a t   b e g i n n i n g   o f   p e r i o d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 7 , 4 2 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 3 3 , 3 9 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 9 9 3 . 0 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l " > 
 
                         C a s h   a n d   c a s h   e q u i v a l e n t s   a t   e n d   o f   p e r i o d & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 2 0 , 8 3 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m " > 
 
                         & n b s p ; 6 1 9 . 6 
 
                 < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > Y A N D E X & n b s p ; N . V . < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > R E C O N C I L I A T I O N S   O F   N O N - G A A P   F I N A N C I A L   M E A S U R E S & n b s p ; < / s t r o n g > 
 
         < b r > 
 
         < s t r o n g > T O   T H E   N E A R E S T   C O M P A R A B L E   U S   G A A P   M E A S U R E S < / s t r o n g > 
 
         < b r > 
 
         < b r > 
 
         < s t r o n g > R e c o n c i l i a t i o n   o f   E x - T A C   R e v e n u e s   t o   U S   G A A P   R e v e n u e s < / s t r o n g > 
 
 < / p > 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         T o t a l   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 , 1 9 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 2 , 1 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 , 1 9 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 3 , 0 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 3 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > L e s s :   < / e m > t r a f f i c   a c q u i s i t i o n   c o s t s   ( T A C ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 , 4 6 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 6 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 1 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 , 7 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 , 2 1 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 8 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         E x - T A C   r e v e n u e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         7 , 7 3 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         9 , 5 0 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 3 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 4 , 4 2 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 7 , 8 2 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 4 % < / e m > < / t d > 
 
         < / t r > 
 
 < / t b o d y > 
 
         < / t a b l e > 
 
 
 
         < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
                 < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   E B I T D A   t o   U S   G A A P   N e t   I n c o m e < / s t r o n g > 
 
 
 
         < / p > 
 
         < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
         < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         N e t   i n c o m e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 9 1 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 1 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 2 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > d e p r e c i a t i o n   a n d   a m o r t i z a t i o n 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 9 1 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 1 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 7 9 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 1 8 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 2 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > 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 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 0 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 5 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > c o m p e n s a t i o n   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 n s i d e r a t i o n 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > L e s s :   < / e m > i n t e r e s t   i n c o m e ,   n e t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 4 5 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 2 0 3 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 5 5 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 8 2 0 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 3 7 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 5 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > L e s s : < / e m >   o t h e r   i n c o m e ,   n e t 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 7 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 6 1 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 4 3 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 5 1 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > p r o v i s i o n   f o r   i n c o m e   t a x e s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 7 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 8 2 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 6 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 3 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 , 6 9 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 2 4 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         A d j u s t e d   E B I T D A 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 , 3 0 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 0 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 7 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 , 8 0 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 9 , 0 6 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 1 6 % < / e m > < / t d > 
 
         < / t r > 
 
         < / t b o d y > 
 
         < / t a b l e > 
 
 
 
         < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
                 < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   N e t   I n c o m e   t o   U S   G A A P   N e t   I n c o m e < / s t r o n g > 
 
 
 
         < / p > 
 
         < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
         < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   s t y l e = " b o r d e r - b o t t o m :   n o n e ; " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > T h r e e   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e "   c o l s p a n = " 3 " > 
 
                         < s t r o n g > S i x   m o n t h s   < b r > 
 
                                         e n d e d   J u n e   3 0 , < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 3 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 2 0 1 4 < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < e m > C h a n g e < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         N e t   i n c o m e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 9 1 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 1 8 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 1 6 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > - 2 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   S B C   e x p e n s e < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 5 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 7 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 8 2 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 0 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 3 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 5 % < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > L e s s :   < / e m > r e d u c t i o n   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   S B C   e x p e n s e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 4 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 0 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > c o m p e n s a t i o n   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 n s i d e r a t i o n 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > L e s s :   < / e m > f o r e i g n   e x c h a n g e   ( g a i n ) / l o s s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 3 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 6 2 5 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 4 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 2 2 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > i n c r e a s 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   f o r e i g n 
 
                                                     e x c h a n g e   ( g a i n ) / l o s s 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 1 2 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > A d d :   < / e m > 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 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 1 9 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 7 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         < e m > L e s s :   < / e m > r e d u c t i o n   i n   i n c o m e   t a x   a t t r i b u t a b l e   t o   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 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 4 5 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; - - & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; ( 8 8 ) 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > n / m < / e m > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e " > 
 
                         A d j u s t e d   n e t   i n c o m e 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 , 0 5 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 , 3 1 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 9 % < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 4 6 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 8 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         < e m > 7 % < / e m > < / t d > 
 
         < / t r > 
 
 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   E B I T D A   M a r g i n   a n d   A d j u s t e d   E x - T A C   E B I T D A 
 
                                                                                                                 M a r g i n   t o   U S   G A A P   N e t   I n c o m e   M a r g i n < / s t r o n g > 
 
 < / p > 
 
 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "     c o l s p a n = " 2 " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s & n b s p ; < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 6 " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 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 " > 
 
                         < s t r o n g > N e t   < b r > 
 
                                         I n c o m e   < b r > 
 
                                         M a r g i n   ( 1 ) < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < 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 " > 
 
                         < s t r o n g > A d j u s t e d   < b r > 
 
                                         E B I T D A < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > A d j u s t e d   < b r > 
 
                                         E B I T D A   < b r > 
 
                                         M a r g i n   ( 3 ) < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > A d j u s t e d   < b r > 
 
                                         E x - T A C   < b r > 
 
                                         E B I T D A   < b r > 
 
                                         M a r g i n   ( 4 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         T h r e e   m o n t h s   e n d e d   J u n e   3 0 ,   2 0 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 9 . 7 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 6 3 1 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 0 2 7 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         4 1 . 3 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 2 . 9 % 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         S i x   m o n t h s   e n d e d   J u n e   3 0 ,   2 0 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 2 . 0 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 , 9 9 3 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 9 , 0 6 9 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 9 . 4 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         5 0 . 9 % 
 
                 < / t d > 
 
         < / t r > 
 
 < / t b o d y > < / t a b l e > 
 
 < s p a n > 
 
         ( 1 ) & n b s p ;   N e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   n e t   i n c o m e   d i v i d e d   b y   t o t a l 
 
         r e v e n u e s . 
 
 < b r > 
 
         ( 2 ) & n b s p ;   A d j u s t e d   t o   e l i m i n a t e   d e p r e c i a t i o n   a n d   a m o r t i z a t i o n   e x p e n s e ,   S B C 
 
         e x p e n s e ,   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 ,   i n t e r e s t   i n c o m e ,   n e t , 
 
         o t h e r   ( e x p e n s e ) / 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 . & n b s p ; 
 
         < 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 . & n b s p ; 
 
 < / s p a n > 
 
       < b r > 
 
       < b r > 
 
 < p   c l a s s = " t e x t - a l i g n - c e n t e r " > 
 
         < s t r o n g > R e c o n c i l i a t i o n   o f   A d j u s t e d   N e t   I n c o m e   M a r g i n   a n d   A d j u s t e d   E x - T A C   N e t 
 
                                                                                                                 I n c o m e   M a r g i n   t o   U S   G A A P   N e t   I n c o m e   M a r g i n < / s t r o n g > 
 
 < / p > 
 
 
 
 < t a b l e   c e l l p a d d i n g = " 0 "   c e l l s p a c i n g = " 6 "   c l a s s = " g n w _ t a b l e _ y a n d e x _ o l d " > 
 
 
 
 < t b o d y > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         < e m > < s t r o n g > I n   R U R   m i l l i o n s & n b s p ; < / s t r o n g > < / e m > < / t d > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 6 " > 
 
                         < s t r o n g > & n b s p ; < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         & n b s p ; 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > 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 " > 
 
                         < s t r o n g > N e t   < b r > 
 
                                         I n c o m e   < b r > 
 
                                         M a r g i n   ( 1 ) < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < 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 " > 
 
                         < 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 " > 
 
                         < s t r o n g > A d j u s t e d   < b r > 
 
                                         N e t   < b r > 
 
                                         I n c o m e   < b r > 
 
                                         M a r g i n   ( 3 ) < / s t r o n g > < / t d > 
 
                 < t d   c l a s s = " g n w _ c o l h e a d _ u l i n e " > 
 
                         < s t r o n g > A d j u s t e d   < b r > 
 
                                         E x - T A C   < b r > 
 
                                         N e t   < b r > 
 
                                         I n c o m e   < b r > 
 
                                         M a r g i n   ( 4 ) < / s t r o n g > < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         T h r e e   m o n t h s   e n d e d   J u n e   3 0 ,   2 0 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 2 , 3 9 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         1 9 . 7 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 9 2 2 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 3 , 3 1 8 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 7 . 3 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 4 . 9 % 
 
                 < / t d > 
 
         < / t r > 
 
         < t r > 
 
                 < t d   c l a s s = " g n w _ l a b e l _ u l i n e "   c o l s p a n = " 2 " > 
 
                         S i x   m o n t h s   e n d e d   J u n e   3 0 ,   2 0 1 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 0 7 6 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 2 . 0 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 7 9 4 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         & n b s p ; 5 , 8 7 0 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         2 5 . 5 % 
 
                 < / t d > 
 
                 < t d   c l a s s = " g n w _ n u m _ u l i n e " > 
 
                         3 2 . 9 % 
 
                 < / t d > 
 
         < / t r > 
 
 < / t b o d y > 
 
 < / t a b l e > 
 
 < s p a n > 
 
         ( 1 ) & n b s p ;   N e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   n e t   i n c o m e   d i v i d e d   b y   t o t a l 
 
         r e v e n u e s . 
 
 < b r > 
 
         ( 2 ) & n b s p ;   A d j u s t e d   t o   e l i m i n a t e   S B C   e x p e n s e   ( a s   a d j u s t e d   f o r   t h e   i n c o m e   t a x 
 
         r e d u c t i o n   a t t r i b u t a b l e   t o   S B C   e x p e n s e ) ,   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 ) / l o s s   ( a s   a d j u s t e d   f o r   t h e   r e d u c t i o n   i n 
 
         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 ) / l o s s )   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 . & n b s p ; 
 
 < b r > 
 
 
 
         ( 4 ) & n b s p ;   A d j u s t e d   e x - T A C   n e t   i n c o m e   m a r g i n   i s   d e f i n e d   a s   a d j u s t e d   n e t 
 
         i n c o m e   d i v i d e d   b y   e x - T A C   r e v e n u e s . & n b s p ; F o r   a   r e c o n c i l i a t i o n   o f   e x - T A C 
 
         r e v e n u e s   t o   U S   G A A P   r e v e n u e s ,   p l e a s e   s e e   t h e   t a b l e   a b o v e . & n b s p ; 
 
 < / s p a n > 
 
 < b r > < b r > 
 
 < p > I n v e s t o r   R e l a t i o n s < b r > 
 
       G r e g   A b o v s k y ,   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 > 
 
 