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