Company Presentation. Search. March 2015

Company Presentation Search March 2015

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 and our anticipated revenues and capital expenditures. 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 April 4, 2014, 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 12, 2015, and Yandex expressly disclaims any duty to update this information unless required by law.

Yandex is the Market Leader in Russia Search Leader #1 Internet Destination 58.8% search market share in Russia 1 68 MM unique visitors per month in Russia 2 Leading Online Advertising Platform More than 550,000 advertisers in 2014 3 59% online ad market share 4 Largest Internet Business $902MM Revenues 5 in 2014 (+29% yoy in RUR) $374MM Adj. EBITDA 6 in 2014 (+21% yoy in RUR) 1 Source: Liveinternet, through Feb 28, 2015 2 Source: comscore, December 2014 3 Source: Company Information, FY 2014 4 Source: http://www.akarussia.ru/knowledge/market_size/id4949, AKAR for FY2014, adjusted for commissions 5 Source: Company Information for FY 2014, using an exchange rate of RUR 56.2584 to $1.00 as of 31 December 2014 6 Source: Company Information for FY 2014, using an exchange rate of RUR 56.2584 to $1.00 as of 31 December 2014 Adjusted EBITDA is EBITDA before share-based compensation. See slides 16-19 for reconciliation to US GAAP Net income 3

Russia is One of the World s Largest Internet Markets Internet Users (MM) 1 Internet Users and Penetration Worldwide Top-10 Search Properties (Bn Searches) 3 600 BRIC 600 1,240 300 Key developed markets 500 400 362 300 150 Russia Russia 2020E 2 200 100 132 87 84 72 71 38 28 25-8 24 40 56 72 88 Internet Penetration (%) 1 1 Source: InternetWorldStats for the USA, China, France, Germany, India, Spain, 30 June 2012; InternetWorlsStats for Brazil, UK, Italy, 31 December 2011; FOM (Public Opinion Foundation) for Russia, Fall 2013 2 FOM (Public Opinion Foundation) forecast conducted by Leonid Delitsyn, Finam, Dec 2013. The forecast projects the best case scenario of 85% internet penetration in 2020 and 73% internet penetration in 2020 in worst case scenario. 3 Source: comscore, Aggregate number of searches processed during 12M2014 4

Russia 800 Has a Very Attractive Advertising Market 700 Russian Online Advertising to Grow at 15% CAGR 2014E 2017E 600 Total Russian Advertising Market in constant currencies (RUR Bn) 500 400 300 200 165 219 234 177 207 252 286 318 324 327 342 374 100-2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E Total Ex-Online Online Advertising Online as % of Total Ad Market 10.8% 12.9% 16.6% 19.7% 22.6% 25.5% 27.7% 30.5% 33.5% Source: ZenithOptimedia, Advertising Expenditure Forecasts, December 2014 5

Online Advertising Expected to Continue to Outperform Online as % of Total Ad Spend 2013 Online Advertising in Russia Has Consistently Outperformed and Is Projected to Continue Outperforming Offline YoY Growth Rates 50% 40% 30% 20% 10% 0% 43% 27% 25% 23% 23% 22% 21% 21% 3 7% 4% 60% 50% 40% 30% 20% 10% 0% -10% 17% 56% 35% 9% 7% 27% 15% 10% 15% 20% -2% -2% 1% 4% 2011 2012 2013 2014E 2015E 2016E 2017E Total Ex-Online Online Online as % of Total Ad Spend 2017E In 2017 Text-based is Projected to Reach 90% of Total Online Advertising YoY Growth Rates of Text-based vs. Display Advertising 60% 50% 40% 30% 20% 10% 0% 56% 48% 34% 34% 32% 28% 26% 25% 11% 7% 130 110 Text-based represented 72% of total online advertising in 2013 90 70 50 30 10-10 34% 24% 20% 20% 63% 45% 46% 17% 12% -8% -25% -13% 5% 22% 2011 2012 2013 2014E 2015E 2016E 2017E Display Text-based Source: ZenithOptimedia, Advertising Expenditure Forecasts, December 2014 6

2/07 6/07 10/07 2/08 6/08 10/08 2/09 6/09 10/09 2/10 6/10 10/10 2/11 6/11 10/11 2/12 6/12 10/12 2/13 6/13 10/13 2/14 6/14 10/14 2/15 Yandex is the Consistent Search Leader in Russia Share of Searches 70 60 58.9% 58.8% 50 40 32.8% 30 19.3% 20 11.3% 10 6.6% 0 6.3% 0.7% Source: LiveInternet.ru, through February 28, 2015. Search traffic reflects Russian users to Russian websites and includes desktop and mobile 7

Market Share Gains in all Major Browsers 110.0% Yandex is Gaining Share in All Major Browsers 1 Yandex s Recent Search Innovations 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 94.4% 84.4% 77.2% 76.3% 70.7% 69.0% 75.1% 65.5% 58.8% 59.1% 40.4% 2 40.1% 40.0% 33.0% 31.6% 4 34.9% 3 30.0% 20.0% 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14 12/14 2/15 Overall 2 Islands - a new search platform that groups results into information blocks and allows us for interactivity with third-party sites directly on the Yandex SERP through the use of APIs Upgraded personalized search, part of Yandex s search platform, Dublin. Based on both user s long-term and short-term interests those within the current search session Intent-based search understands users needs and helps them to attain their goals. Based on proprietary Spectrum technology Facts and figures in suggestions - users now see the answers to their queries even before they finish typing Social search complements search results with social networking content Partnership with Facebook access to the full firehose of all public posts in Russia, CIS and Turkey Freshness - search returns a group of links to the most recent web documents graphically separated from other search results. Based on proprietary Orange technology Constant improvements in the quality of search including freshness, response time and quality of answers to long-tail queries 1 Source: LiveInternet.ru, weekly, through the February 28, 2015. Includes desktop and mobile. 2 Google Chrome shown separately 3 We are currently estimating that our Android market share in Q4 was 44%, compared to 47% in Q3. 4 We cautioned previously that starting from September 2012 LiveInternet market share data for Safari is unreliable. Our latest assessment of our search share on ios in Q4 2014 is 49%. 8

Financials

Financial Review Financial Summary Revenues 1 Adjusted EBITDA 2 RUR MM RUR MM 000 000 000 000 000 000 0 50,767 25,000 39,502 $90220,000 28,767 3 15,000 20,033 12,500 10,000 7,649 8,729 5,000 0 2008 2009 2010 2011 2012 2013 2014 21,052 17,367 13,142 $374 3 9,237 3,825 3,759 6,164 2008 2009 2010 2011 2012 2013 2014 6,000 4,000 2,000 0,000 8,000 6,000 4,000 2,000 - RUR MM 2,523 2,270 Adjusted Net Income 2 3,968 6,003 8,768 12,140 2008 2009 2010 2011 2012 2013 2014 12,000 10,000 13,751 8,000 $244 3 6,000 4,000 2,000 - RUR MM 1,301 965 2,151 Capex 4 17% 11% 17% 28% 14% 5,530 3,984 4,936 9,679 2008 2009 2010 2011 2012 2013 2014 x% Capex as % of Revenue 1 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 of non-gaap financial measures to the nearest comparable US GAAP measures see slides 16-19 3 Translated using an exchange rate of RUR56.2584 to $1.00 as of Dec 31, 2014. $ figures shown in charts expressed in millions 4 Figures have been restated to exclude Yandex.Money capex for all periods. Capex as % of Revenue excludes Yandex.Money from numerator and denominator 12% 19% $172 3 10

Financial Review Revenues Revenues 1 and Contribution by Source RUR MM 60,000 50,000 50,767 7% 40,000 39,502 9% 22% 30,000 20,000 10,000-20% 28,767 9% 70% 17% 20,033 10% 72% 15% 12,500 10% 73% 7,649 8,729 12% 12% 11% 20% 76% 24% 66% 62% 2008 2009 2010 2011 2012 2013 2014 Text-Based O&O Text-Based Yandex Ad Network Display Other (incl. Yandex.Money in historic periods) 69% 1 Revenues are recognized net of VAT, discounts and commissions, but gross of TAC 11

Financial Review Adjusted EBITDA Adjusted EBITDA 1 (RUR MM) and Margin (%) 35,000 30,000 25,000 20,000 61% 60% 57% 56% 56% 54% 54% 51% 49% 49% 49% 54% 57% 57% 55% 56% 55% 56% 55% 52% 49% 53% 57% 53% 53% 53% 50% 49% 49% 51% 42% 44% 45% 46% 42% 41% 45% 47% 48% 46% 47% 44% 43% 43% 44% 37% 41% 45% 41% 41% 21,052 17,367 60% 40% 20% 0% 15,000 13,142 (20)% 10,000 5,000 0 991 1,448 1,519 2,206 6,164 3,269 1,7191,9142,335 9,237 3,0703,4404,255 2,377 3,504 4,3034,4125,148 4,042 5,0275,905 6,078 Q1'10 Q2'10 Q3'10 Q4'10 2010 Q1'11 Q2'11 Q3'11 Q4'11 2011 Q1'12 Q2'12 Q3'12 Q4'12 2012 Q1'13 Q2'13 Q3'13 Q4'13 2013 Q1'14 Q2'14 Q3'14 Q4'14 2014 1 1 1 Adjusted EBITDA Adjusted EBITDA margin Adjusted EBITDA margin ex-tac (40)% (60)% (80)% 1. Adjusted EBITDA is EBITDA before share-based compensation. Adjusted EBITDA Margin means adjusted EBITDA divided by US GAAP revenues. Adjusted ex-tac EBITDA margin means adjusted EBITDA divided by ex-tac revenues. For a reconciliation of these non-gaap financial measures to their most directly comparable US GAAP measures, see slides 16-19. 12

Financial Review Adjusted Net Income Adjusted Net Income 1 (RUR MM) and Margin (%),000,000,000,000,000,000 41% 40% 40% 40% 40% 37% 36% 36% 37% 37% 37% 38% 38% 38% 32% 32% 34% 35% 36% 35% 34% 35% 31% 31% 29% 36% 34% 34% 32% 31% 32% 30% 30% 31% 33% 30% 30% 31% 31% 28% 28% 28% 29% 30% 27% 25% 26% 27% 27% 23% 585 935 978 1,470 3,968 1,088 1,258 1,459 2,198 6,003 1,505 2,069 2,229 2,965 8,768 2,410 3,058 3,153 3,519 12,140 3,914 3,967 3,318 2,552 Q1'10Q2'10Q3'10Q4'10 2010 Q1'11Q2'11Q3'11Q4'11 2011 Q1'12Q2'12Q3'12Q4'12 2012 Q1'13Q2'13Q3'13Q4'13 2013 Q1'14Q2'14Q3'14Q4'14 2014 13,751 40% 30% 20% 10% 0% (10)% (20)%,000) Adjusted Net Income Adjusted Net Income margin Adjusted Net Income margin ex-tac 1 1 1 (30)% 1. Adjusted net income is net income before share-based compensation and foreign exchange (gains)/losses in both cases tax-adjusted. Adjusted net income margin is adjusted net income divided by US GAAP revenues. Adjusted ex-tac net income margin is adjusted net income divided by ex-tac revenues. For a reconciliation of these non-gaap measures to their most directly comparable US GAAP measures see slides 16-19. 13

Financial Review Capex Capex and Capex/Revenue Ratio 1 16,000 RUR MM 33% 40% 14,000 12,000 10,000 9% 25% 25% 25% 16% 17% 17% 27% 28% 21% 13% 10% 11% 14% 11% 7% 19% 17% 18% 19% 20% 19% 14% 12% 9,679 30% 20% 10% 8,000 0% 6,000 4,000 2,000-5,530 4,936 3,984 2,151 2,0652,146 2,4702,998 1,7081,733 725 222 510 694 968 1,121 1,530 1,7271,665 764 1,000 690 859 685 Q1'10Q2'10Q3'10Q4'10 2010 Q1'11Q2'11Q3'11Q4'11 2011 Q1'12Q2'12Q3'12Q4'12 2012 Q1'13Q2'13Q3'13Q4'13 2013 Q1'14Q2'14Q3'14Q4'14 2014-10% -20% -30% -40% Capex Capex as % of Revenue 1 Figures have been restated to exclude Yandex.Money capex for all periods. Capex as % of Revenue excludes Yandex.Money from numerator and denominator 14

Supplementary Materials

Reconciliation of Non-GAAP Financial Measures 1 Reconciliation of Ex-TAC Revenues to US GAAP Revenues In RUR millions 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 Total revenues 2,355 2,889 3,131 4,125 3,894 4,541 5,159 6,439 5,874 6,801 7,273 8,819 7,999 9,199 10,218 12,086 10,885 12,158 13,057 14,667 Less: traffic acquisition costs (TAC) 317 353 396 507 537 641 818 1,002 992 1,141 1,231 1,416 1,305 1,465 2,252 2,828 2,568 2,651 2,762 3,095 Ex-TAC revenues 2,038 2,536 2,735 3,618 3,357 3,900 4,341 5,437 4,882 5,660 6,042 7,403 6,694 7,734 7,966 9,258 8,317 9,507 10,295 11,572 Reconciliation of Adjusted EBITDA to US GAAP Net Income In RUR millions 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 Net income 507 1,017 883 1,410 820 1,125 1,705 2,123 1,258 1,983 2,291 2,691 2,246 2,915 4,967 3,346 2,680 2,396 4,372 7,572 Add: depreciation and amortization 259 272 307 343 377 427 488 582 661 696 734 860 879 912 914 990 1,069 1,114 1,095 1,206 Add: share-based compensation expense 33 32 39 56 70 109 66 84 81 74 106 115 151 151 229 223 255 275 304 376 Add: compensation expense related to contingent consideration - - - - - - - - 76 55 57 173 21 22 24 14-7 10 18 Less: interest income, net (28) (39) (43) (46) (34) (36) (47) (105) (167) (234) (268) (333) (368) (452) (483) (414) (172) (203) (224) (257) Less: other income, net 57 (143) 60 2 254 33 (361) 12 124 (53) (147) (42) (26) (17) (2,022) (94) (668) 617 (1,077) (5,175) Add: provision for income taxes 163 309 273 441 232 256 484 573 344 549 667 791 601 772 783 1,083 878 821 1,418 2,338 Adjusted EBITDA 991 1,448 1,519 2,206 1,719 1,914 2,335 3,269 2,377 3,070 3,440 4,255 3,504 4,303 4,412 5,148 4,042 5,027 5,905 6,078 Reconciliation of Adjusted Net Income to US GAAP Net Income In RUR millions 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 Net income 507 1,017 883 1,410 820 1,125 1,705 2,123 1,258 1,983 2,291 2,691 2,246 2,915 4,967 3,346 2,680 2,396 4,372 7,572 Add: SBC expense 33 32 39 56 70 109 66 84 81 74 106 115 151 151 229 223 255 275 304 376 Less: reduction in income tax attributable to SBC expense - - - - - (3) (6) (4) (1) (1) (1) (1) (2) (2) (2) (3) (5) (5) (5) (5) Add: compensation expense related to contingent consideration - - - - - - - - 76 55 57 173 21 22 24 14-7 10 18 Less: foreign exchange (gain)/loss 57 (143) 70 5 254 34 (383) (6) 114 (52) 13 (17) (7) (35) 2 (99) (647) 625 (1,824) (4,707) Add: increase/(reduction) in income tax attributable to foreign exchange (gain)/loss (12) 29 (14) (1) (56) (7) 77 1 (23) 10 (3) 4 1 7-20 129 (125) 383 937 Add: impairment of investment in equity securities - - - - - - - - - - - - - - - - - - 700 - Less: reduction in income tax attributable to impairment of investment in equity securities - - - - - - - - - - - (175) - Less: gain from sale and deconsolidation of equity investments - - - - - - - - - - (234) - - - (2,067) - - - - - Less: gain from repurchases of convertible debt - - - - - - - - - - - - - - - - - - - (548) Add: increases in income tax attributable to gain from repurchases of convertible debt - - - - - - - - - - - - - - - - - - - 137 Add: amortization of debt discount - - - - - - - - - - - - - - - 24 183 190 195 243 Less: reduction in income tax attributable to amortization of debt discount - - - - - - - - - - - - - - - (6) (43) (45) (46) (56) Adjusted net income 585 935 978 1,470 1,088 1,258 1,459 2,198 1,505 2,069 2,229 2,965 2,410 3,058 3,153 3,519 2,552 3,318 3,914 3,967 1 Figures may not add due to rounding 16

Reconciliation of Non-GAAP Financial Measures (cont d) 1 Reconciliation of Ex-TAC Revenues to US GAAP Revenues In RUR millions 2007 2008 2009 2010 2011 2012 2013 2014 Total revenues 4,249 7,649 8,729 12,500 20,033 28,767 39,502 50,767 Less: traffic acquisition costs (TAC) 504 1,270 1,305 1,573 2,998 4,780 7,850 11,076 Ex-TAC revenues 3,745 6,379 7,424 10,927 17,035 23,987 31,652 39,691 Reconciliation of Adjusted EBITDA to US GAAP Net Income In RUR millions 2007 2008 2009 2010 2011 2012 2013 2014 Net income 1,520 2,432 2,010 3,817 5,773 8,223 13,474 17,020 Add: depreciation and amortization 295 600 912 1,181 1,874 2,951 3,695 4,484 Add: share-based compensation expense 37 140 209 160 329 376 754 1210 Add: compensation expense related to contingent consideration - - - - - 361 81 35 Less: interest income, net (31) (86) (67) (156) (222) (1,002) (1,717) (856) Less: other income, net 4 (208) 23 (24) (62) (118) (2,159) (6,296) Add: provision for income taxes 559 947 672 1,186 1,545 2,351 3,239 5,455 Adjusted EBITDA 2,384 3,825 3,759 6,164 9,237 13,142 17,367 21,052 Reconciliation of Adjusted Net Income to US GAAP Net Income In RUR millions 2007 2008 2009 2010 2011 2012 2013 2014 Net income 1,520 2,432 2,010 3,817 5,773 8,223 13,474 17,020 Add: SBC expense 37 140 209 160 329 376 754 1,210 Less: reduction in income tax attributable to SBC expense - - - - (13) (4) (9) (20) Add: compensation expense related to contingent consideration - - - - - 361 81 35 Less: foreign exchange (gain)/loss 5 (65) 64 (11) (101) 57 (139) (6,553) Add: increase/(reduction) in income tax attributable to foreign exchange (gain)/loss (1) 16 (13) 2 15 (11) 28 1,324 Add: impairment of investment in equity securities - - - - - - - 700 Less: reduction in income tax attributable to impairment of investment in equity securities - - - - - - - (175) Less: gain from sale and deconsolidation of equity investments - - - - - (234) (2,067) - Less: gain from repurchases of convertible debt - - - - - - - (548) Add: increases in income tax attributable to gain from repurchases of convertible debt - - - - - - - 137 Add: amortization of debt discount - - - - - - 24 811 Less: reduction in income tax attributable to amortization of debt discount - - - - - - (6) (190) Adjusted net income 1,561 2,523 2,270 3,968 6,003 8,768 12,140 13,751 1 Figures may not add due to rounding 17

Reconciliation of Non-GAAP Financial Measures (cont d) Reconciliation of Adjusted EBITDA Margin and Adjusted Ex-TAC EBITDA Margin to US GAAP Net Income Margin In RUR millions US GAAP Actual Net Income Net Income Margin (1) Adjustment (2) Adjusted EBITDA Adjusted EBITDA Margin (3) Adjusted Ex-TAC EBITDA Margin (4) Three months ended March 31, 2010 507 21.5% 484 991 42.1% 48.6% Three months ended June 30, 2010 1,017 35.2% 431 1,448 50.1% 57.1% Three months ended September 30, 2010 883 28.2% 636 1,519 48.5% 55.5% Three months ended December 31, 2010 1,410 34.2% 796 2,206 53.5% 61.0% Three months ended March 31, 2011 820 21.1% 899 1,719 44.1% 51.2% Three months ended June 30, 2011 1,125 24.8% 789 1,914 42.1% 49.1% Three months ended September 30, 2011 1,705 33.0% 630 2,335 45.3% 53.8% Three months ended December 31, 2011 2,123 33.0% 1,146 3,269 50.8% 60.1% Three months ended March 31, 2012 1,258 21.4% 1,119 2,377 40.5% 48.7% Three months ended June 30, 2012 1,983 29.2% 1,087 3,070 45.1% 54.2% Three months ended September 30, 2012 2,291 31.5% 1,149 3,440 47.3% 56.9% Three months ended December 31, 2012 2,691 30.5% 1,564 4,255 48.2% 57.5% Three months ended March 31, 2013 2,246 28.1% 1,258 3,504 43.8% 52.3% Three months ended June 30, 2013 2,915 31.7% 1,388 4,303 46.8% 55.6% Three months ended September 30, 2013 4,967 48.6% (555) 4,412 43.2% 55.4% Three months ended December 31, 2013 3,346 27.7% 1,802 5,148 42.6% 55.6% Three months ended March 31, 2014 2,680 24.6% 1,362 4,042 37.1% 48.6% Three months ended June 30, 2014 2,396 19.7% 2,631 5,027 41.3% 52.9% Three months ended September 30, 2014 4,372 33.5% 1,533 5,905 45.2% 57.4% Three months ended December 31, 2014 7,572 51.6% (1,494) 6,078 41.4% 52.5% Twelve months ended December 31, 2010 3,817 30.5% 2,347 6,164 49.3% 56.4% Twelve months ended December 31, 2011 5,773 28.8% 3,464 9,237 46.1% 54.2% Twelve months ended December 31, 2012 8,223 28.6% 4,919 13,142 45.7% 54.8% Twelve months ended December 31, 2013 13,474 34.1% 3,893 17,367 44.0% 54.9% Twelve months ended December 31, 2014 17,020 33.5% 4,032 21,052 41.5% 53.0% (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 (expense)/income, net, 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 GAAP revenues, please see the table above. 18

Reconciliation of Non-GAAP Financial Measures (cont d) Reconciliation of Adjusted Net Income Margin and Adjusted Ex-TAC Net Income Margin to US GAAP Net Income Margin In RUR millions 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) Three months ended March 31, 2010 507 21.5% 78 585 24.8% 28.7% Three months ended June 30, 2010 1,017 35.2% (82) 935 32.4% 36.9% Three months ended September 30, 2010 883 28.2% 95 978 31.2% 35.8% Three months ended December 31, 2010 1,410 34.2% 60 1,470 35.6% 40.6% Three months ended March 31, 2011 820 21.1% 268 1,088 27.9% 32.4% Three months ended June 30, 2011 1,125 24.8% 133 1,258 27.7% 32.3% Three months ended September 30, 2011 1,705 33.0% (246) 1,459 28.3% 33.6% Three months ended December 31, 2011 2,123 33.0% 75 2,198 34.1% 40.4% Three months ended March 31, 2012 1,258 21.4% 247 1,505 25.6% 30.8% Three months ended June 30, 2012 1,983 29.2% 86 2,069 30.4% 36.6% Three months ended September 30, 2012 2,291 31.5% (62) 2,229 30.6% 36.9% Three months ended December 31, 2012 2,691 30.5% 274 2,965 33.6% 40.1% Three months ended March 31, 2013 2,246 28.1% 164 2,410 30.1% 36.0% Three months ended June 30, 2013 2,915 31.7% 143 3,058 33.2% 39.5% Three months ended September 30, 2013 4,967 48.6% (1,814) 3,153 30.9% 39.6% Three months ended December 31, 2013 3,346 27.7% 173 3,519 29.1% 38.0% Three months ended March 31, 2014 2,680 24.6% (128) 2,552 23.4% 30.7% Three months ended June 30, 2014 2,396 19.7% 922 3,318 27.3% 34.9% Three months ended September 30, 2014 4,372 33.5% (458) 3,914 30.0% 38.0% Three months ended December 31, 2014 7,572 51.6% (3,605) 3,967 27.0% 34.3% Twelve months ended December 31, 2010 3,817 30.5% 151 3,968 31.7% 36.3% Twelve months ended December 31, 2011 5,773 28.8% 230 6,003 30.0% 35.2% Twelve months ended December 31, 2012 8,223 28.6% 545 8,768 30.5% 36.6% Twelve months ended December 31, 2013 13,474 34.1% (1,334) 12,140 30.7% 38.4% Twelve months ended December 31, 2014 17,020 33.5% (3,269) 13,751 27.1% 34.6% (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 gain (as adjusted for the reduction in income tax attributable to the gain), impairment of investment (as adjusted for reduction in income tax attributable to impairment of investment in equity securities), gain from sale and deconsolidation of equity investments, gain from repurchases of convertible debt and amortization of debt discount (as adjusted for the reduction in income tax attributable to the expense). 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. 19

Appendix Ownership Structure Shareholders Economic ownership as of December 31, 2014 1 Principal pre-ipo Shareholder, Directors, Officers and Employees 18.9% Baring Vostok 4.3% Arkady Volozh (CEO) 10.8% Other Directors 0.5% Other Officers & Employees 3.3% Other Pre-IPO Shareholders 2.3% Public Investors 78.8% Total 100.0% 2 1. Figures may not add due to rounding 2. The total number of shares issued and outstanding of December 31, 2014 was 317,643,671, including 255,592,322 Class A shares, 62,051,348 Class B shares, and one Priority share and excluding 12,378,083 Class A shares held in treasury as a result of Yandex s repurchase program 20

Financial Review Operational Metrics Growth in Paid Clicks and CPC 131% 124% 117% 104% 93% 94% 92% 82% 73% 60% 62% 67% 69% 68% 65% 61% 62% 57% 57% 55% 52% 51% 41% 50% 52% 49% 39% 43% 43% 43% 39% 40% 38% 37% 37% 33% 33% 29% 28% 29% 34% 47% 36% 35% 1 28% 30% 26% 27% 24% 29% 22% 20% 24%26% 26% 29% 19% 18% 19% 16% 14% 12% 19% 21% 7% 8% 19% 18% 13% 17% 5% 11% 14% 5% -9% -11% -7% -15% -13% -16% -18% -8% -12% -14% -17% -1% -7% -5% -7% -5% -7% -5% 1% 8% 3% 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 Yandex Websites Contextual Revenue Y/Y Growth Ad Network Contextual Revenue Y/Y Growth Clicks Y/Y Growth CPC Y/Y Growth 21

Key Investment Highlights Traffic Acquisition Costs 4000 3500 3000 2500 2000 1500 1000 500 0 RUR MM 17% 17% 17% 16% 16% 16% 992 TAC Breakdown 1 1,416 1,465 1,141 1,231 1,305 23% 24% 22% 2,252 25% 22% 21% 21% 3,000 2,500 20% 3,095 2,000 2,828 2,762 1,500 15% 2,651 2,568 1,000 Distribution TAC Partner TAC Personnel TAC as % costs of Revenue as % of Revenue 30% 500 10% 0 5% 0% -5% 1300-10% 800-15% 300 RUR MM Partner TAC 64.4% 64.4% 63.4% 63.5% 62.8% 63.0% 70.3% 71.5% 67.2% 66.7% 65.8% 64.3% 657 729 814 928 820 890 2,023 2,102 1,789 1,804 1,825 1,644 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Partner TAC RUR MM Distribution TAC As % of Partner Text-based Revenue Distribution TAC 7.8% 8.4% 7.9% 7.9% 8.3% 8.6% 8.7% -20% Q1'12Q2'12Q3'12Q4'12Q1'13Q2'13Q3'13Q4'13Q1'14Q2'14Q3'14Q4'14-200 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 335 412 417 488 485 575 608 10.1% 10.5% 9.9% 10.1% 10.0% 805 779 As % of O&O Text-Based Revenue 847 937 993 60 40 20 0.0-20 9 4 - - 22

Key Investment Highlights Headcount Evolution Personnel Breakdown by GAAP Cost Category 1 6000 5000 4000 3000 2000 1000 RUR MM 26% 26% 21% 21% 22% 24% 19% 19% 20% 21% 17% 18% 18% 20% 22% 18% 20% 16% 18% 20% 5,514 5,616 5,136 5,300 32% 33% 4,902 33% 33% 36% 34% 35% 36% 36% 3,001 3,163 3,312 3,341 35% 59% 59% 60% 36% 35% 35% 35% 2,677 2,385 58% 55% 2,168 37% 36% 54% 55% 56% 55% 55% 54% 55% 1,860 1,948 54% 36% 37% 36% 53% 55% 54% 53% 53% 3,474 3,607 3,761 3,972 4,298 4,409 32% 59% 59% 10% -10% -30% -50% -70% -90% 0 10% 10% 10% 9% 10% 10% 10% 10% 10% 10% 10% 10% 10% 9% 8% 8% 8% 8% 8% 8% 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 Q4'14-110% Cost of Sales Product Development SG&A Personnel costs as % of Revenue 1 Items may not total 100% due to rounding; Includes Yandex.Money employees for the respective periods 23

Auto.ru A Clear Leader Among Auto Websites in Moscow 1 New, visible Add a classified ad button Auto.ru app for Android Acquisition of 100% of Auto.ru is completed in August 2014 Auto.ru is the third largest auto website across Russia and is the clear leader in Moscow region* Auto.ru generates revenues through online advertising and on listing promotion Since the acquisition is completed: Implemented new design of Auto.ru Selection of new and used car by different criteria Classified ads sorted by car brands Emphasized Add a classified ad button and simplified the process of classified ad submission. Traffic to the submission form increased twice User Generated Reviews Improved indexation in search engines: as a result, traffic from search engines to the website increased 25% Relaunched mobile apps for ios & Android-based devices News and test drives 1 By audience size and number of auto card views on the largest auto market in Russia * Company estimates based on data from Yandex.Metrica 24

Yandex.Market - #1 Comparison Shopping Destination in Russia Over 16,000 e-shops, 64+MM offers 1 Add to the Basket button from an e- shop, participating in the CPA model An e-shop participating in the CPA model is highlighted My Market with history of orders, lists of goods, reviews etc. And Basket button Recent Launches CPA model is launched an e-shop pays 1% from a real purchase Yandex basket keeps user contact details and history of purchased goods E-shops can accept credit cards and Yandex.Money at the lowest-on-themarket acquiring rate of 2% Buyer Protection service escrows money until the good is sent to delivery and guarantees repayment in case the good is not delivered Yet to Be Launched E-shops show up in shops nearby based on the advertiser location and CPC bid Similar goods recommendation tool CPA auction Delivery tracking tool Recommendation tool Prioritization of CPA over CPC Marketing and Advertising campaigns User Generated Reviews 1 As of March 12, 2015 25

Yandex.Taxi Russia s Largest Online Taxi-booking Service A New Approach to Hailing a Cab Gaining Popularity Apps for ios, Android & WP, desktop service and even booking through SMS Present in Moscow and 5 more cities in Russia Average waiting time only 5-7 minutes in Moscow The clear leader in online taxi services in Moscow Dramatically lowered prices with the introduction of 199RUR (approx. $6) minimum fee vs. RUR500 previously 26

Yandex.City A Guide to Urban Businesses and Organisations A New Way to Discover Places and Companies Available as an app for ios and Android as well as on the desktop The largest database in Russia provided by about 70 partners Automatic fact extraction and reviews analysis Allows to search for everything: from a nearest pharmacy to an Italian restaurant and a café with wi-fi or live music Businesses can submit photos and additional relevant information 27

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