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