Company Presentation. March 2018

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Lizbeth Melton
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1 Company Presentation March 2018

2 Forward Looking Statement Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These include statements regarding the anticipated development of the internet search and the online advertising markets, the planned growth of our business, our anticipated revenues and capital. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, competitive pressures, our ability to attract and retain users, advertisers and partners, changes in advertising patterns, changes in internet usage patterns, changes in the legal and regulatory environment, technological developments and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 20-F dated March 22, 2017, which is on file with the Securities and Exchange Commission and is available on our investor relations website. All information provided in this presentation is as of March 19, 2018, and Yandex expressly disclaims any duty to update this information unless required by law. 2

3 Yandex Search Leader Leading Online is a Market Ad Platform Leader in Russia 56.4% search market share in Russia 1 ~20% Russian ad market share 2 1 February 2018, according to Business Largest Internet Yandex.Radar 2 Based on AKAR estimates of the Russian advertising market for the FY2016 ( market_size/id7363), adjusted for commissions 3 Company information for FY2017, using exchange rate of RUB to $1.00 as of December 31, 2017 Adjusted EBITDA is a non-gaap financial measure. For a reconciliation of this non- GAAP financial measure to the most directly comparable US GAAP measure, see slides Diversification Search and Portal Taxi E-commerce Classifieds Media Services Business $1,633 MM Revenues 3 in 2017 (+24% YoY in RUB) $505 MM Adjusted EBITDA 3 in 2017 (+11% YoY in RUB) 3

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

4 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Yandex is the 65.0% Consistent Search Leader in Russia 60.0% 55.0% 58.4% 56.4% In Feb 18 search share across different platforms was: 50.0% 67.5% on desktop 46.1% on Android 45.0% 38.4% on ios In Feb 18 share of Yandex Browser was: 40.0% 39.5% 25.3% on desktop 35.0% 32.6% 19.6% overall, including mobile 30.0% 25.0% Source: Yandex.Radar 4

5 Yandex Revenues and Contribution Consolidated Revenue 1 Breakdown, MM RUB, % Revenue Breakdown by Segments 2, MM RUB, % by Source 39,502 2% 20% 50,767 1% 23% 59,792 3% 25% 75,925 4% 26% 94,054 7% 24% 39,502 7% 50,767 1% 1% 1% 6% 59,792 1% 1% 2% 6% 75,925 1% 2% 3% 6% 94,054 2% 2% 5% 5% 78% 75% 72% 70% 69% % 94% 93% 91% 89% Revenues are recognized net of VAT, discounts and commissions, but gross of TAC 2 Segments sum to more than 100% due to intersegment transactions, primarily related to advertising, which are eliminated in the consolidation Total Revenues Other Ad Network Revenues Yandex Properties Online Ad Revenues Search and Portal Taxi Experiments E-commerce Classifieds 5

6 Segment Results

Search and Portal Revenue, MM RUB, YoY Growth, % 130,000 30% 26% 21% 21% 23% 22% 21% 20% 29% 17% 24% 21% 110,000 90,000 70,000 50,000 30,000 15,147 16,532 17,482 20,095 18,656 20,135 21,117 24,067

7 Search and Portal Revenue, MM RUB, YoY Growth, % 130,000 30% 26% 21% 21% 23% 22% 21% 20% 29% 17% 24% 21% 110,000 90,000 70,000 50,000 30,000 15,147 16,532 17,482 20,095 18,656 20,135 21,117 24,067 37,039 47,920 55,905 69,256 83,975 0% -50% 10,000-10,000 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' * % Revenue Revenue growth YoY Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % 53, % 41.9% 42.8% 40.4% 42.7% 45.2% 42.3% 44.3% 43.6% 42.6% 38.7% 41.1% 43.7% 43,000 33,000 23,000 13,000 5,911 6,927 7,484 8,123 7,973 9,098 8,922 10,665 16,136 20,417 21,651 28,445 36, % 30.0% 20.0% 10.0% 0.0% -10.0% 3, % *We do not show YoY growth rates of BUs in 2013, as we had not yet formed segments in ,000 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' Adjusted EBITDA Adjusted EBITDA margin -30.0% Items may not total due to rounding 7

E-commerce Revenue, MM RUB, YoY Growth, % 10,000 9,000 8,000 7,000 55% 46% 45% 20% 24% 9% -12% 3% 3% 18% 39% 5% 80% 30% 6,000 5,000 4,000 3,000 2,000 1,043 1,069 1,200 1,406 1,295 1,168 1,060 1,445

8 E-commerce Revenue, MM RUB, YoY Growth, % 10,000 9,000 8,000 7,000 55% 46% 45% 20% 24% 9% -12% 3% 3% 18% 39% 5% 80% 30% 6,000 5,000 4,000 3,000 2,000 1,043 1,069 1,200 1,406 1,295 1,168 1,060 1,445 2,810 2,889 3,400 4,718 4,968-20% -70% -120% 1, % Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' * Revenue Revenue growth YoY Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % Our E-commerce segment includes Yandex.Market service % 30% 32% 23% 43% 38% 21% 26% 74% 2,071 65% 1,873 51% 1,726 30% 32% 1,420 1,598 80% 60% 40% 20% 0% -20% Yandex.Market provides access to 150+ MM offers from 21,000+ online retailers % -60% -80% 0-100% *We do not show YoY growth rates of BUs in 2013, as we had not yet formed segments in 2012 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' Adjusted EBITDA Adjusted EBITDA margin Items may not total due to rounding 8

Taxi Revenue, MM RUB, YoY Growth, % 168 cities with population over 100 thousand people and another 56 cities with population over 50 thousand people across Russia and neighboring countries as of

9 Taxi Revenue, MM RUB, YoY Growth, % 168 cities with population over 100 thousand people and another 56 cities with population over 50 thousand people across Russia and neighboring countries as of December ,500 8,500 7,500 6,500 5,500 4,500 3,500 2,500 1, % 172% 151% 91% 75% 96% 46% , % 192% 201% 2, % 111% 2,313 4, % 200% 100% 0% -100% -200% -300% -400% Number of rides grew 250% YoY in Q Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' * Revenue Revenue growth YoY -500% Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % 0% -29% -108% -173% -160% -255% -275% -72% 51% 66% 16% -90% -163% Yandex.Taxi is the leading online transportation service in Russia 1 Revenues are presented in accordance with US GAAP, whereby in cities where we have implemented commissions, minimum fare guarantees and discounts are netted against revenues 2, ,000-4,000-6,000-8,000-10, ,300-1,245-1,966-3,168-1, ,086-7,963 0% -500% -1000% -1500% -2000% -2500% -3000% -3500% -4000% *We do not show YoY growth rates of BUs in 2013, as we had not yet formed segments in 2012 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' Adjusted EBITDA Adjusted EBITDA margin Items may not total due to rounding 9

Classifieds Revenue, MM RUB, YoY Growth, % 2,950 2,450 35% 48% 45% 52% 54% 48% 58% 74% 65% 66% 46% 60% 2,082 50% 0% -50% 1,950 1,450 950 450 241 313 352 398 371 462 556 693 327 539 894 1,304-100%

10 Classifieds Revenue, MM RUB, YoY Growth, % 2,950 2,450 35% 48% 45% 52% 54% 48% 58% 74% 65% 66% 46% 60% 2,082 50% 0% -50% 1,950 1, , % -150% -200% -250% -300% -50 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' * % Revenue Revenue growth YoY Our Classifieds segment includes: Auto.ru / Yandex.Realty / Yandex.Jobs / Yandex.Travel *We do not show YoY growth rates of BUs in 2013, as we had not yet formed segments in 2012 Items may not total due to rounding Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % % 52% -2% 7% 7% 1% -4% 9% 10% 16% -4% 5% -24% Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4' Adjusted EBITDA Adjusted EBITDA margin 100% 50% 0% -50% -100% -150% -200% 10

11 Zen Yandex Zen our proprietary algorithmic personalized newsfeed In Dec 17 DAU was 10MM, annual revenue run-rate was 3.4BN RUB, up from 1.5BN RUB in Dec 16 Zen is available in Yandex s Search App, our Home Page, Yandex Browser and Yandex Launcher. Since Sep 17 Zen exists as a standalone app on Android In May 17 Zen launched a platform to content publishers In Oct 17 we launched the new publisher format, called Narrative Recently we have created new distribution channel widget Zen for publishers (links to Zen from partner sites) Zen generates more traffic to third party websites than any social network in Russia Traffic Generated to Third Party Websites VKontakte Facebook Odnoklassniki Zen 11

12 Alice Hi there! Hi Alice Alice the first conversational intelligent assistant in the Russian market Where can I have breakfast? Implements the best Russian voice recognition technology and has advanced understanding of context I would recommend Double B, 18B Lev Tolstoy street. It is open from 9 am to 10 pm and it is open now. More information Assists users with finding information online, recommending places to eat, providing weather forecasts, and supplying directions Integrates Yandex services, such as Search, News, Weather, Music, and Maps Сall Show on the map Web-site Plays over a dozen of games, in a test mode orders a taxi from Yandex.Taxi and can order a pizza from Papa John s. Will further expand to other Yandex services and thirdparty products and services How can I get where? It will take you 4 minutes to get to Double B by car, or 8 minutes by public transport, or 8 minutes on foot. Available in Russian in the Yandex Search app and Yandex.Browser, as well as in a beta version of Yandex Assistant for Windows 12

13 Consolidated Financials

14 Financial Summary Revenues, MM RUB 1 Adjusted EBITDA, MM RUB 2 $ 1,633 3 $ ,000 85,000 65,000 45,000 25,000 12,500 20,033 28,767 39,502 50,767 59,792 75,925 94,054 35,000 30,000 25,000 20,000 15,000 10,000 5,000 6,164 9,237 13,142 17,367 21,052 20,969 26,121 29,075 5,000 0 (15,000) Adjusted Net Income, MM RUB 3 Capex, MM RUS, as % of Revenues 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 3,968 6,003 8,768 12,140 13,751 12,179 14,116 $ ,359 16,000 14,000 12,000 10,000 8,000 6,000 4,000 17% 28% 14% 12% 19% 22% 13% 13,045 9,679 9,625 5,530 3,984 4,936 2,151 13% $ ,389 2,000 2, Revenues are recognized net of VAT, discounts and commissions, but gross of TAC 2 Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA margin and Adjusted Net Income margin are non-gaap financial measures. For Reconciliations see slides Translated using an exchange rate of RUR to $1.00 as of Dec 31, $ figures, shown in charts, expressed in millions 14

15 Financial Summary by Segment Revenues, MM RUB Q1 15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3 17 Q4 17 Revenue growth, %,YoY Q1 15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3 17 Q4 17 Search & Portal 11,620 13,107 14,505 16,673 15,147 16,532 17,482 20,095 18,656 20,135 21,117 24,067 E-commerce ,172 1,043 1,069 1,200 1,406 1,295 1,168 1,060 1,445 Taxi ,150 2,191 Classifieds Experiments Search & Portal 13% 13% 17% 22% 30% 26% 21% 21% 23% 22% 21% 20% E-commerce 3% 10% 18% 34% 55% 46% 45% 20% 24% 9% -12% 3% Taxi 247% 254% 191% 171% 176% 172% 151% 91% 75% 46% 96% 191% Classifieds 124% 174% 61% 13% 35% 48% 45% 52% 54% 48% 58% 74% Experiments 42% 15% 41% 29% 87% 63% 98% 99% 76% 125% 96% 104% Eliminations (391) (416) (476) (549) (588) (555) (538) (815) (774) (777) (857) (1,112) Total Revenues 12,339 13,920 15,439 18,094 16,473 18,040 19,293 22,119 20,652 22,104 23,438 27,860 Total Revenues 13% 14% 18% 23% 34% 30% 25% 22% 25% 23% 21% 26% Adj. EBITDA, MM RUB Q1 15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3 17 Q4 17 Adj. EBITDA Margin, % Q1 15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3 17 Q4 17 Search & Portal 3,585 4,897 6,041 7,128 5,911 6,927 7,484 8,123 7,973 9,098 8,922 10,665 E-commerce Taxi (19) 0 (153) (633) (1,300) (1,245) (1,966) (3,168) (1,584) Classifieds (14) (6) (97) 4 (17) Experiments (504) (608) (583) (1,021) (515) (360) (375) (354) (418) (347) (331) (230) Search & Portal 30.9% 37.4% 41.6% 42.8% 39.0% 41.9% 42.8% 40.4% 42.7% 45.2% 42.3% 44.3% E-commerce 59% 56% 53% 41% 36% 30% 32% 23% 43% 38% 21% 26% Taxi 54% 26% 19% -5% 0% -29% -108% -173% -160% -255% -275% -72% Classifieds 6% 32% 34% -5% -2% 7% 7% -24% 1% -4% 9% 10% Experiments -509% -647% -550% -719% -278% -235% -179% -126% -128% -101% -80% -40% Total Adj. EBITDA 3,571 4,817 6,021 6,560 5,770 6,762 6,888 6,701 6,874 7,213 5,695 9,293 Total Adj. EBITDA Margin 28.9% 34.6% 39.0% 36.3% 35.0% 37.5% 35.7% 30.3% 33.3% 32.6% 24.3% 33.4% Search and Portal segment includes all our services offered in Russia, Belarus and Kazakhstan (and, for periods prior to the imposition of sanctions on Yandex by the government of Ukraine in May 2017, all our services offered in Ukraine), other than those described below; E-commerce segment includes our Yandex.Market service; Taxi segment includes our Yandex.Taxi service and Food delivery business FoodFox acquired in December 2017; Classifieds segment includes Auto.ru, Yandex.Realty, Yandex.Jobs and Yandex.Travel; Experiments segment includes Media Services (including KinoPoisk, Yandex.Music, Yandex.Afisha and Yandex.TV program), Yandex Data Factory, Discovery services (including Yandex Zen and Yandex Launcher international revenues) and Search and Portal in Turkey. Eliminations represent the elimination of transactions between the reportable segments, primarily related to advertising. 15

16 Consolidated Adjusted EBITDA 1 Adjusted EBITDA, MM RUB, and Margin, % 49,000 44,000 39,000 34,000 49% 53% 57% 53% 53% 37% 41% 45% 41% 41% 37% 44% 50% 46% 45% 44% 47% 44% 38% 43% 41% 40% 29% 35% 39% 36% 35% 35% 37% 36% 30% 34% 33% 33% 30% 24% 40% 38% 33% 31% 0% 29,075 50% 29,000 26,121 24,000 21,052 20,969 (50)% 19,000 14,000 9,000 4,000 4,042 5,027 5,905 6,078 6,021 6,560 4,817 3,571 5,770 6,762 6,888 6,701 6,874 7,213 5,695 9,293 (100)% 1 Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA margin ex-tac are non- Q1'14 Q2'14 Q3'14 Q4' Q1'15 Q2'15 Q3'15 Q4' Q1'16 Q2'16 Q3'16 Q4' Q1'17 Q2'17 Q3'17 Q4' ,000 (150)% GAAP financial measures. For a reconciliation of these non-gaap financial measures to their Adjusted EBITDA Adjusted EBITDA margin Adjusted EBITDA margin ex-tac most directly comparable US GAAP measures, see slides

17 Consolidated Adjusted Net Income 1 Adjusted Net Income, MM RUB, and Margin, % 60% 45,001 40,001 31% 35% 38% 34% 35% 40% 23% 26% 29% 25% 26% 24% 27% 24% 18% 23% 22% 22% 23% 20% 35,001 30,001 23% 27% 30% 27% 27% 18% 20% 23% 20% 20% 19% 22% 20% 15% 19% 18% 18% 12% 10% 19% 16% 20% 0% 25,001 (20)% 20,001 15,001 13,751 12,179 14,116 15,359 (40)% 10,001 5,001 2,552 3,318 3,914 3,967 2,249 2,791 3,507 3,632 3,168 3,906 3,793 3,249 3,749 3,990 2,371 5,249 (60)% 1 Adjusted Net Income, Adjusted Net Income 1 (80)% margin and Adjusted Net Income margin ex- TAC are non-gaap financial measures. For Q1'14 Q2'14 Q3'14 Q4' Q1'15 Q2'15 Q3'15 Q4' Q1'16 Q2'16 Q3'16 Q4' Q1'17 Q2'17 Q3'17 Q4' a reconciliation of these non-gaap financial Adjusted Net Income Adjusted Net Income margin Adjusted Net Income margin ex-tac measures to their most directly comparable US GAAP measures, see slides

18 Capex Capex, MM RUB, and Capex/Revenue Ratio, % 24,100 39% 19,100 19% 18% 19% 20% 19% 29% 16% 9% 22% 9% 14% 14% 13% 13% 19% 17% 9% 9% 13% 40% 20% 0% 14,100 13,045 12,389-20% 9,679 9,625-40% 9,100 4,100 2,998 2,065 2,146 2,470 4,836 4,026 2,524 1,659 2,486 2,761 2,923 1,455 3,865 3,864 2,097 2,563-80% -60% -900 Q1'14 Q2'14 Q3'14 Q4' Q1'15 Q2'15 Q3'15 Q4' Q1'16 Q2'16 Q3'16 Q4' Q1'17 Q2'17 Q3'17 Q4' % Capex Capex as % of Revenue 18

19 Traffic Acquisition Partner TAC, MM RUB, and Partner TAC as % of Ad Network Revenue, % Costs 7, % 60.3% 61.2% 59.3% 57.6% 56.3% 55.7% 55.5% 56.2% 56.1% 58.3% 59.4% 58.1% 75.0% 6, % 5,000 4,000 3,000 2,102 1,866 2,113 2,333 2,669 2,495 2,641 2,778 3,101 2,896 3,148 3,296 3, % 45.0% 35.0% 2, % 1, % - 5.0% Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Partner TAC Partner TAC as % of Ad Network Revenue Distribution TAC as % of Yandex Websites Online Ad Revenue, MM RUB, % 9.1% 9.5% 9.0% 8.5% 8.2% 7.8% 7.3% 7.1% 7.6% 7.2% 6.9% 6.8% 6.5% 11.0% 3, % 2, % 7.0% 2,000 1, , ,173 1,039 1,068 1,109 1, % 3.0% 1.0% 1, % -3.0% % % Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Distribution TAC Distribution TAC as % of Yandex Websites Revenue 19

20 Headcount Evolution - Headcount 1 by GAAP Cost Category 2 Breakdown by GAAP Cost 24% 20% 18% 23% 21% 20% 20% 23% 22% 21% 19% 8,000 7,445 7,999 Category 7,000 6,000 5,458 5,412 5,463 5,464 5,559 5,909 6,271 6,485 6,517 6,896 6,999 5,999 5,000 4,999 4,000 3,999 3,000 2,999 2,000 1,999 1, (1) Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 1 As of the end of the period 2 Items may not total 100% due to rounding XX% Personnel costs as % of Revenue Cost of Sales Product Development SG&A 20

21 Operational Metrics Growth in Paid Clicks and CPC 135% 131% 124% 117% 135% 115% 95% 104% 93% 94% 92% 82% 73% 75% 60% 62% 67% 69% 68% 65% 61% 62% 57% 57% 52% 51% 55% 50% 52% 47% 55% 49% 43% 43% 43% 41% 39% 34% 43% 38% 39% 40% 37% 37% 36% 29% 29% 33% 33% 35% 35% 37% 28% 29% 28% 30% 25% 26% 27% 27% 27% 22% 17% 21% 35% 26% 35% 24% 24% 24% 20% 26% 24% 19% 19% 18% 14% 20% 21% 22% 22% 19% 18% 19% 14% 29% 16% 17% 12% 13% 9% 13% 13% 14% 11% 11% 20% 24% 26% 10% 12% 12% 12% 15% 19% 18% 10% 12% 13% 11% 14% 12% 12% 15% 12% 12% 14% 10% 13% 7% 8% 8% 10% 9% 6% 9% 8% 5% 5% -15%-13% -18% -1% 1% 3% -5% 2% 3% 0% -7% -8% -7% -5% -7% -5% -7% -5% -9% -11% -12%-14%-17% -16% 75% 55% 35% 15% -5% -25% Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 115% 95% -25% Yandex properties revenues Ad network revenues CPC paid clicks *Starting from Q we are no longer providing a breakdown of our online ad revenues into text-based and display revenues. Therefore, Q1 16 revenue growth for this respective period represents growth rate of our online advertising revenues from Yandex websites, which include our text-based and display revenues, derived from Yandex Websites, and growth rate of online advertising revenues from our Ad Network, which include our text-based and display revenues, derived from Yandex Advertising Network. Data for periods prior to Q1 16, is consistent with what was presented previously and provides growth rates of text-based revenues from Yandex Websites and growth rates of text-based revenues from Ad Network 21

22 Ownership Structure Shareholders Economic Ownership as of December 31, 2017* Principal pre-ipo Shareholders, Directors, Officers and Employees 15.2% The total number of shares issued and outstanding of December 31, 2017 was 326,304,843, including: Arkady Volozh (CEO) 10.5% 285,612,556 Class A shares 40,692,286 Class B shares One Priority share Excluding 3,751,911 Class A shares held in treasury as a result of Yandex s share repurchase program Other Directors, Officers & Employees 4.7% Other pre-ipo Shareholders 0.9% Public Investors 83.9% Total 100% *Items may not total due to rounding 22

23 Yandex Uber Transaction Overview

24 NewCo: Creating a Regional Leader in Ridesharing Transaction On Feb 7, 2018 Yandex.Taxi and Uber completed combination of their ridesharing businesses in Russia, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan and Moldova into NewCo NewCo operates UberEATS along with FoodFox, which joined Yandex.Taxi in Dec 17. Further, the two food delivery services will be combined into Yandex.EATS NewCo $3.8BN post-money valuation Including shareholders investments of $325MM: $225MM by Uber $100MM by Yandex NewCo had more than $400MN in cash on hand at deal closing Structure 59.3% owned by Yandex 36.9% owned by Uber 3.8% owned by NewCo employees (on an FD basis) Tigran Khudaverdyan is the CEO of NewCo Combined Stats 62MM rides in Jan 18, up 77% from Jun 17 $206MM in gross bookings in Jan 18, up 54% from Jun 17 Four directors of the supervisory board are nominated by Yandex and three directors are nominated by Uber 24

25 Supplementary Materials

26 Reconciliation of Non-GAAP Financial Measures 1 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q Reconciliation of Ex-TAC Revenues to US GAAP Revenues (RUR MM) Total revenues 12,158 13,057 14,667 12,339 13,920 15,439 18,094 16,473 18,040 19,293 22,119 20,652 22,104 23,438 27,860 12,500 20,033 28,767 39,502 50,767 59,792 75,925 94,054 Less: traffic acquisition costs (TAC) 2,651 2,762 3,095 2,717 3,022 3,282 3,720 3,390 3,554 3,732 4,274 3,935 4,216 4,405 4,789 1,573 2,998 4,780 7,850 11,076 12,741 14,950 17,345 Ex-TAC revenues 9,507 10,295 11,572 9,622 10,898 12,157 14,374 13,083 14,486 15,561 17,845 16,717 17,888 19,033 23,071 10,927 17,035 23,987 31,652 39,691 47,051 60,975 76,709 Reconciliation of Adjusted EBITDA to US GAAP Net Income (RUR MM) Net income 2,396 4,372 7,572 2, ,278 2,851 1,069 2,058 2,443 1, , ,500 3,817 5,773 8,223 13,474 17,020 9,679 6,783 8,656 Add: depreciation and amortization Add: share-based compensation expense Add: compensation expense related to contingent consideration 1,114 1,095 1,206 1,490 1,874 2,152 2,275 2,394 2,316 2,489 2,408 2,463 2,823 2,930 3,023 1,181 1,874 2,951 3,695 4,484 7,791 9,607 11, , ,210 2,718 3,422 4, Add: goodwill impairment Less: interest income, net (203) (224) (257) (484) (356) (415) (489) (523) (437) (351) (344) (481) (471) (506) (554) (156) (222) (1,002) (1,717) (856) (1,744) (1,655) (2,012) Less: other income/(loss), net 617 (1,077) (5,175) (833) 1,787 (2,076) (1,137) 1, ,154 2,255 (1,389) 626 (26) (24) (62) (118) (2,159) (6,296) (2,259) 3,395 1,466 Add: provision for income taxes 821 1,418 2, ,396 1, ,054 1,243 1, , ,897 1,186 1,545 2,351 3,239 5,455 3,917 4,324 4,926 Add: operating losses resulting from sanctions in Ukraine Adjusted EBITDA 5,027 5,905 6,078 3,571 4,817 6,021 6,560 5,770 6,762 6,888 6,701 6,874 7,213 5,695 9,293 6,164 9,237 13,142 17,367 21,052 20,969 26,121 29,075 1 Figures may not add due to rounding 26

27 Reconciliation of Non-GAAP Financial Measures (continued) 1 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q Reconciliation of Adjusted Net Income to US GAAP Net Income (RUR MM) Net income 2,396 4,372 7,572 2, ,278 2,851 1,069 2,058 2,443 1, , ,500 3,817 5,773 8,223 13,474 17,020 9,679 6,783 8,656 Add: SBC expense , ,210 2,718 3,422 4,193 Less: reduction in income tax attributable to SBC expense Add: compensation expense related to contingent consideration (5) (5) (5) (9) (11) (10) (11) (14) (10) (12) - (12) (16) (18) (16) - (13) (4) (9) (20) (41) (36) (62) Less: foreign exchange (gain)/loss 625 (1,824) (4,707) (716) 1,869 (1,947) (1,109) 1, ,163 2,205 (1,273) (11) (101) 57 (139) (6,553) (1,903) 3,834 1,784 Add: increase/(reduction) in income tax attributable to foreign exchange (gain)/loss Add: impairment of investment in equity securities Less: reduction in income tax attributable to impairment of investment in equity securities (125) (374) (260) (198) (83) (234) (431) 270 (121) (44) 2 15 (11) 28 1, (775) (326) (175) (175) Less: gain from sale and deconsolidation of equity investments (234) (2,067) Add: goodwill impairment Less: (gain)/loss from repurchases of convertible debt Add: increases/(reduction) in income tax attributable to (gain)/loss from repurchases of convertible debt - - (548) (110) (40) (93) (67) (53) (548) (310) (53) (1) (1) Add: amortization of debt discount Less: reduction in income tax attributable to amortization of debt discount Add: losses resulting from sanctions in Ukraine (45) (46) (56) (65) (52) (57) (56) (66) (56) (56) (50) (43) (42) (43) (43) (6) (190) (230) (228) (171) Adjusted net income 3,318 3,914 3,967 2,249 2,791 3,507 3,632 3,168 3,906 3,793 3,249 3,749 3,990 2,371 5,249 3,968 6,003 8,768 12,140 13,751 12,179 14,116 15,359 1 Figures may not add due to rounding 27

28 Reconciliation of Non-GAAP Financial Measures (continued) 1 US GAAP Actual Net Income Net Income Margin (1) Adjustment (2) Adjusted EBITDA Adjusted EBITDA Margin (3) Adjusted Ex-TAC EBITDA Margin (4) Reconciliation of Adjusted EBITDA Margin and Adjusted Ex-TAC EBITDA Margin to US GAAP Net Income Margin (RUR MM) Three months ended September 30, , % 1,533 5, % 57.4% Three months ended December 31, , % (1,494) 6, % 52.5% Three months ended March 31, , % 1,444 3, % 37.1% Three months ended June 30, % 4,394 4, % 44.2% Three months ended September 30, , % 1,743 6, % 49.5% Three months ended December 31, , % 3,709 6, % 45.6% Three months ended March 31, , % 4,701 5, % 44.1% Three months ended June 30, , % 4,704 6, % 46.7% Three months ended September 30, , % 4,445 6, % 44.3% Three months ended December 31, , % 5,488 6, % 37.6% Three months ended March 31, % 6,055 6, % 41.1% Three months ended June 30, , % 3,729 7, % 40.3% Three months ended September 30, % 4,842 5, % 29.9% Three months ended December 31, , % 5,793 9, % 40.3% Twelve months ended December 31, , % 2,347 6, % 56.4% Twelve months ended December 31, , % 3,464 9, % 54.2% Twelve months ended December 31, , % 4,919 13, % 54.8% Twelve months ended December 31, , % 3,893 17, % 54.9% Twelve months ended December 31, , % 4,032 21, % 53.0% Twelve months ended December 31, , % 11,290 20, % 44.6% Twelve months ended December 31, , % 19,338 26, % 42.8% Twelve months ended December 31, , % 20,419 29, % 37.9% (1) Net income margin is defined as net income divided by total revenues. (2) Adjusted to eliminate depreciation and amortization expense, SBC expense, expense related to contingent compensation, interest income, net, other income/loss, net, operating losses resulting from sanctions in Ukraine and provision for income taxes. For a reconciliation of adjusted EBITDA to net income, please see the table above. (3) Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenues. (4) Adjusted ex-tac EBITDA margin is defined as adjusted EBITDA divided by ex-tac revenues. For a reconciliation of ex-tac revenues to US GAAP revenues, please see the table above. 1 Figures may not add due to rounding 28

29 Reconciliation of Non-GAAP Financial Measures (continued) 1 US GAAP Actual Net Income Net Income Margin (1) Adjustment (2) Adjusted Net Income Adjusted Net Income Margin (3) Adjusted Ex-TAC Net Income Margin (4) Reconciliation of Adjusted Net Income Margin and Adjusted Ex-TAC Net Income Margin to US GAAP Net Income Margin (RUR MM) Three months ended September 30, , % (458) 3, % 38.0% Three months ended December 31, , % (3,605) 3, % 34.3% Three months ended March 31, , % 122 2, % 23.4% Three months ended June 30, % 2,368 2, % 25.6% Three months ended September 30, , % (771) 3, % 28.8% Three months ended December 31, , % 781 3, % 25.3% Three months ended March 31, , % 2,099 3, % 24.2% Three months ended June 30, , % 1,848 3, % 27.0% Three months ended September 30, , % 1,350 3, % 24.4% Three months ended December 31, , % 2,036 3, % 18.2% Three months ended March 31, % 2,930 3, % 22.4% Three months ended June 30, , % 506 3, % 22.3% Three months ended September 30, % 1,518 2, % 12.5% Three months ended December 31, , % 1,749 5, % 22.8% Twelve months ended December 31, , % 151 3, % 36.3% Twelve months ended December 31, , % 230 6, % 35.2% Twelve months ended December 31, , % 545 8, % 36.6% Twelve months ended December 31, , % (1,334) 12, % 38.4% Twelve months ended December 31, , % (3,269) 13, % 34.6% Twelve months ended December 31, , % 2,500 12, % 25.9% Twelve months ended December 31, , % 7,333 14, % 23.2% Twelve months ended December 31, , % 6,703 15, % 20.0% (1) Net income margin is defined as net income divided by total revenues. (2) Adjusted to eliminate SBC expense (as adjusted for the income tax reduction attributable to SBC expense), expense related to contingent compensation, foreign exchange (gains)/losses as adjusted for the increase/reduction in income tax attributable to the (gains)/losses, impairment of investment in equity securities (as adjusted for reduction in income tax attributable to impairment), gain from sale and deconsolidation of equity investments, goodwill impairment, (gains)/losses from repurchases of convertible debt (as adjusted for the related increase/reduction in income tax), amortization of debt discount (as adjusted for the related reduction in income tax) and losses resulting from sanctions in Ukraine. For a reconciliation of adjusted net income to net income, please see the table above. (3) Adjusted net income margin is defined as adjusted net income divided by total revenues. (4) Adjusted ex-tac net income margin is defined as adjusted net income divided by ex-tac revenues. For a reconciliation of ex-tac revenues to US GAAP revenues, please see the table above. 1 Figures may not add due to rounding 29

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Company Presentation. May 2018

Company Presentation. May 2018 Company Presentation May 2018 Forward Looking Statement Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These include statements regarding the anticipated