Company Presentation. September 2017

Company Presentation September 2017

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 August 31, 2017, and Yandex expressly disclaims any duty to update this information unless required by law. 2

Yandex Search Leader Leading Online is a Market Ad Platform Leader in Russia 54.8% search market share in Russia 1 20% Russian ad market share 2 1 August 2017, according to Business Largest Internet Yandex.Radar 2 Based on AKAR estimates of the Russian advertising market for the FY2016 (http://www.akarussia.ru/knowledge/ market_size/id7363), adjusted for commissions 3 Company information for FY2016, using exchange rate of RUB 60.6569 to $1.00 as of December 31, 2016 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 26-29 Diversification Search and Portal Taxi E-commerce Classifieds Business $1,252 MM Revenues 3 in 2016 (+27% YoY in RUB) $431 MM Adjusted EBITDA 3 in 2016 (+25% YoY in RUB) 3

65.0% Yandex is the Consistent 60.0% Search Leader in Russia 55.0% 58.4% 54.8% In Aug 17 search share across different platforms was: 50.0% 65.3% on desktop 45.0% 40.7% on Android 40.0% on ios Yandex Browser* continues to strengthen its position on the desktop as well as on mobile: 40.0% 35.0% 32.6% 40.2% Share on desktop 23.9% Overall share, including mobile, 19.8% 30.0% 25.0% Source: Yandex.Radar 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 *Yandex Browser data as of Jul 17 4

Yandex Revenues and Contribution by Source Consolidated Revenue 1 Breakdown, MM RUB, % 39,502 2% 20% 50,767 1% 23% 59,792 3% 25% 75,925 4% 26% 34,513 4% 27% 42,756 5% 25% Revenue Breakdown by Segments 2, MM RUB, % 39,502 50,767 1% 1% 1% 7% 6% 59,792 1% 1% 2% 6% 75,925 1% 2% 3% 6% 34,513 3% 6% 42,756 4% 6% 78% 75% 72% 70% 69% 2013 2014 2015 2016 H1'16 H1'17 70% 94% 94% 93% 91% 92% 2013 2014 2015 2016 H1'16 H1'17 91% 1 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 Websites Online Ad Revenues Search and Portal Taxi Experiments E-commerce Classifieds 5

Segment Results

Search and Portal Revenue, MM RUB, YoY Growth, % 100,000 17% 22% 30% 26% 21% 21% 23% 22% 29% 17% 24% 80,000 60,000 37,039 47,920 55,905 69,256 0% 40,000 20,000 14,505 16,673 15,147 16,532 17,482 20,095 18,656 20,135-50% 0-100% Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 * 2014 2015 2016 Revenue Revenue growth YoY Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % 40,000 41.6% 42.8% 39.0% 41.9% 42.8% 40.4% 42.7% 45.2% 43.6% 42.6% 38.7% 41.1% 35,000 30,000 28,445 40.0% 30.0% 25,000 20,000 16,136 20,417 21,651 20.0% 10.0% 15,000 10,000 6,041 7,128 5,911 6,927 7,484 8,123 7,973 9,098 0.0% -10.0% 5,000-20.0% 0-30.0% *We do not show YoY growth rates of Bus in 2013, as we had not yet formed segments in 2012 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 2014 2015 2016 Adjusted EBITDA Adjusted EBITDA margin Items may not total due to rounding 7

E-commerce Revenue, MM RUB, YoY Growth, % 8500 7500 6500 5500 4500 3500 18% 34% 55% 46% 45% 20% 24% 9% 3% 2,810 2,889 18% 3,400 39% 4,718 80% 30% -20% -70% 2500 1500 827 1,172 1,043 1,069 1,200 1,406 1,295 1,168-120% 500-500 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 * 2014 2015 2016 Revenue Revenue growth YoY -170% Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % Our E-commerce segment includes Yandex.Market service 3000 2500 2000 1500 53% 41% 36% 30% 32% 23% 43% 38% 74% 2,071 65% 1,873 51% 1,726 30% 1,420 80% 60% 40% 20% 0% -20% Yandex.Market provides access to 100+ mln offers from 20,000+ online retailers 1000 500 436 486 380 325 386 329 560 445-40% -60% -80% 0-100% *We do not show YoY growth rates of Bus in 2013, as we had not yet formed segments in 2012 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 2014 2015 2016 Adjusted EBITDA Adjusted EBITDA margin Items may not total due to rounding 8

Taxi Revenue, MM RUB, YoY Growth, % 126 major cities across Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan as of July 2017 Number of rides grew 425% YoY in Q2 17 and reached 23.7 MM rides in June 2017 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 191% 171% 176% 172% 151% 192% 201% 91% 135% 75% 46% 2,313 234 395 445 528 587 753 778 772 984 112 327 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 * 2014 2015 2016 300% 200% 100% 0% -100% -200% -300% -400% -500% Revenue Revenue growth YoY Adjusted EBITDA, MM RUB, and Adjusted EBITDA Margin, % 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 2,300 1,300 300-700 -1,700-2,700 19% -5% 0% -29% 44 0-19 -153-108% -633-173% -160% -1,300-1,245-255% -1,966 51% 66% 16% 57 217 162-90% -2,086 150% 50% -50% -150% -250% -350% -450% -550% -650% -750% -850% *We do not show YoY growth rates of BUs in 2013, as we had not yet formed segments in 2012 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 2014 2015 2016 Adjusted EBITDA Adjusted EBITDA margin Items may not total due to rounding 9

Classifieds Revenue, MM RUB, YoY Growth, % 2,450 61% 13% 35% 48% 45% 52% 54% 48% 65% 66% 46% 150% 50% 1,950 1,450 950 450 243 261 241 313 352 398 371 462 327 539 894 1,304-50% -150% -250% -350% -50 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 * 2014 2015 2016 Revenue Revenue growth YoY -450% 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, % 600 500 400 300 200 100 0-100 -200 68% 52% 34% -5% -2% 7% 8% 16% 1% -4% -4% -24% 278 221 146 83 23 26 4-14 -6-17 -54-97 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 2013 2014 2015 2016 Adjusted EBITDA Adjusted EBITDA margin 100% 50% 0% -50% -100% -150% -200% 10

Zen Yandex Zen our proprietary algorithmic personalized newsfeed Zen provides a feed of content based on recommendation technologies and machine learning, and becomes a truly personal source of information with very little user input DAU is 6 MM in Aug 17, up 40% from Jan 17 Zen generates more traffic to third party websites than any social network in Russia In May 17 Zen launched a platform to content publishers, allowing them to create their own channels with text, video and advertisements and run experiment with mobile formats directly. Publishers may monetize their channels through online advertising Recently Zen has been integrated into Yandex s Search App and Home Page Traffic Generated to Third Party Websites Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 VKontakte Facebook Odnoklassniki Zen 11

Consolidated Financials

Financial Summary Revenues, MM RUB 1 80,000 70,000 60,000 50,000 40,000 30,000 20,000 39,502 28,767 20,033 12,500 50,767 59,792 $ 1,252 3 75,925 34,513 42,756 Adjusted EBITDA, MM RUB 2 30,000 25,000 20,000 15,000 10,000 21,052 20,969 17,367 13,142 9,237 6,164 $ 431 3 26,121 12,532 14,087 5,000 10,000 0 0 2010 2011 2012 2013 2014 2015 2016 H1'16 H1'17 2010 2011 2012 2013 2014 2015 2016 H1'16 H1'17 Adjusted Net Income, MM RUB 3 Capex, MM RUS, as % of Revenues 17% 28% 14% 12% 19% 22% 13% 11% 18% $ 233 3 $159 3 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 7,074 7,739 14,000 12,000 10,000 8,000 6,000 4,000 2,151 5,530 3,984 4,936 9,679 13,045 9,625 3,941 7,729 2,000 2,000 - - 2010 2011 2012 2013 2014 2015 2016 H1'16 H1'17 2010 2011 2012 2013 2014 2015 2016 H1'16 H1'17 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 see slides 26-29 3 Translated using an exchange rate of RUR60.6569 to $1.00 as of Dec 31, 2016. $ figures, shown in charts, expressed in millions 13

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 Revenue growth, %,YoY Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Search & Portal 11,620 13,107 14,505 16,673 15,147 16,532 17,482 20,095 18,656 20,135 E-commerce 671 730 827 1,172 1,043 1,069 1,200 1,406 1,295 1,168 Taxi 161 194 234 395 445 528 587 753 778 772 Classifieds 179 211 243 261 241 313 352 398 371 462 Experiments 99 94 106 142 185 153 210 282 326 344 Search & Portal 13% 13% 17% 22% 30% 26% 21% 21% 23% 22% E-commerce 3% 10% 18% 34% 55% 46% 45% 20% 24% 9% Taxi 247% 254% 191% 171% 176% 172% 151% 91% 75% 46% Classifieds 124% 174% 61% 13% 35% 48% 45% 52% 54% 48% Experiments 42% 15% 41% 29% 87% 63% 98% 99% 76% 125% Eliminations (391) (416) (476) (549) (588) (555) (538) (815) (774) (777) Total Revenues 12,339 13,920 15,439 18,094 16,473 18,040 19,293 22,119 20,652 22,104 Total Revenues 13% 14% 18% 23% 34% 30% 25% 22% 25% 23% Adj. EBITDA, MM RUB Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Adj. EBITDA Margin, % Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Search & Portal 3,585 4,897 6,041 7,128 5,911 6,927 7,484 8,123 7,973 9,098 E-commerce 393 411 436 486 380 325 386 329 560 445 Taxi 87 50 44 (19) - (153) (633) (1 300) (1 245) (1 966) Classifieds 10 67 83 (14) (6) 23 26 (97) 4 (17) Experiments (504) (608) (583) (1 021) (515) (360) (375) (354) (418) (347) Total Adj. EBITDA 3,571 4,817 6,021 6,560 5,770 6,762 6,888 6,701 6,874 7 213 Search & Portal 31% 37% 42% 43% 39% 42% 43% 40% 43% 45% E-commerce 59% 56% 53% 41% 36% 30% 32% 23% 43% 38% Taxi 54% 26% 19% -5% 0% -29% -108% -173% -160% -255% Classifieds 6% 32% 34% -5% -2% 7% 7% -24% 1% -4% Experiments -509% -647% -550% -719% -278% -235% -179% -126% -128% -101% Total Adj. EBITDA 29% 35% 39% 36% 35% 37% 36% 30% 33% 33% 14

Consolidated Adjusted EBITDA 1 Adjusted EBITDA, MM RUB, and Margin, % 49,000 80% 44,000 39,000 34,000 49% 37% 53% 41% 57% 45% 53% 53% 41% 41% 37% 29% 44% 35% 50% 39% 46% 45% 44% 36% 35% 35% 47% 44% 37% 36% 38% 30% 43% 41% 40% 34% 33% 33% 60% 40% 20% 29,000 26,121 24,000 21,052 20,969 0% 19,000 (20)% 14,000 (40)% 9,000 4,000 4,042 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 (60)% 1 Adjusted EBITDA, Adjusted EBITDA margin -1,000 (80)% and Adjusted EBITDA margin ex-tac are non- Q1'14 Q2'14 Q3'14 Q4'14 2014 Q1'15 Q2'15 Q3'15 Q4'15 2015 Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 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 26-29 15

Consolidated Adjusted Net Income 1 Adjusted Net Income, MM RUB, and Margin, % 49,000 60% 44,000 39,000 34,000 31% 23% 35% 27% 38% 30% 34% 35% 27% 27% 23% 26% 18% 20% 29% 23% 25% 26% 24% 20% 20% 19% 27% 22% 24% 20% 18% 15% 23% 22% 22% 19% 18% 18% 40% 20% 29,000 0% 24,000 (20)% 19,000 14,000 13,751 12,179 14,116 (40)% 9,000 4,000 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 (60)% 1 Adjusted Net Income, Adjusted Net Income (1,000) (80)% margin and Adjusted Net Income margin ex- Q1'14 Q2'14 Q3'14 Q4'14 2014 Q1'15 Q2'15 Q3'15 Q4' 15 2015 Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17 TAC are non-gaap financial measures. For 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 26-29 16

Capex Capex, MM RUB, and Capex/Revenue Ratio, % 39,000 39% 34,000 19% 18% 19% 20% 19% 29% 16% 9% 22% 9% 14% 14% 13% 13% 19% 17% 40% 20% 29,000 0% 24,000-20% 19,000 14,000 13,045-40% 9,679 9,625-60% 9,000 4,000 2,065 2,146 2,470 2,998 4,836 4,026 2,524 1,659 1,455 2,486 2,761 2,923 3,865 3,864-80% -1,000 Q1'14 Q2'14 Q3'14 Q4'14 2014 Q1'15 Q2'15 Q3'15 Q4'15 2015 Q1'16 Q2'16 Q3'16 Q4'16 2016 Q1'17 Q2'17-100% Capex Capex as % of Revenue 17

Traffic Acquisition Partner TAC, MM RUB, and Partner TAC as % of Ad Network Revenue, % Costs 6,000 63.2% 60.9% 60.3% 61.2% 59.3% 57.6% 56.3% 55.7% 55.5% 56.2% 56.1% 58.3% 75.0% 65.0% 5,000 4,000 3,000 1,825 2,102 1,866 2,113 2,333 2,669 2,495 2,641 2,778 3,101 2,896 3,148 55.0% 45.0% 35.0% 2,000 25.0% 1,000 15.0% - 5.0% Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Partner TAC Partner TAC as % of Ad Network Revenue Distribution TAC as % of Yandex Websites Online Ad Revenue, MM RUB, % 9.3% 9.1% 9.5% 9.0% 8.5% 8.2% 7.8% 7.3% 7.1% 7.6% 7.2% 6.9% 11.0% 3,000 13.0% 2,500 9.0% 7.0% 2,000 1,500 937 993 851 909 949 1,051 895 913 954 1,173 1,039 1,068 3.0% 1.0% 5.0% 1,000-1.0% -3.0% 500-5.0% - -7.0% Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Distribution TAC Distribution TAC as % of Yandex Websites Revenue 18

Headcount Evolution - Headcount 1 by GAAP Cost Category 2 Breakdown by GAAP Cost 8,000 6,999 Category 27% 24% 20% 18% 23% 21% 20% 20% 23% 22% 7,000 6,000 5,603 5,458 5,412 5,463 5,464 5,559 5,909 6,271 6,485 6,517 5,999 4,999 5,000 3,999 4,000 2,999 3,000 1,999 2,000 999 1,000 - (1) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 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 19

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% 19% 14% 20% 18% 21% 19% 14% 29% 16% 17% 12% 13% 9% 13% 13% 14% 20% 24% 26% 10% 12% 12% 12% 19% 18% 10% 15% 13% 11% 14% 12% 12% 15% 12% 12% 14% 13% 7% 8% 8% 10% 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% -16% -14% -17% 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 Q2'17 115% 95% -25% Yandex Websites Ad network CPC paid clicks *Starting from Q1 2016 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 20

Ownership Structure Shareholders Economic Ownership as of June 30, 2017* Principal pre-ipo Shareholders, Directors, Officers and Employees 16.7% The total number of shares issued and outstanding of June 30, 2017 was 325,021,108, including: Arkady Volozh (CEO) 10.6% 280,167,373 Class A shares 44,853,734 Class B shares One Priority share Excluding 5,035,646 Class A shares held in treasury as a result of Yandex s share repurchase program Other Directors, Officers & Employees 6.1% Other pre-ipo Shareholders 2.0% Public Investors 81.3% Total 100% Items may not total due to rounding 21

Yandex Uber Transaction Overview

NewCo: Creating a Regional Leader in Ridesharing Transaction Yandex.Taxi and Uber are combining their ridesharing businesses in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan into NewCo NewCo will also operate UberEATS in the region NewCo $3.725 BN post-money valuation Including shareholder cash contribution of $325MM: $225MM by Uber $100MM by Yandex Subject to regulatory approval in applicable jurisdictions (anticipating deal closing Q4'17) Structure 59.3% owned by Yandex 36.6% owned by Uber 4.1% owned by NewCo employees (on an FD basis) Tigran Khudaverdyan to become CEO of NewCo Four directors nominated by Yandex; three directors nominated by Uber Combined Stats 127 cities in 6 countries 35MM rides in June, 400% YoY growth $130MM in gross bookings in June 190MM addressable population 23

Snapshot of Combined Company Rides Annual Run-Rate, MM June 2017 Gross Bookings Annual Run-Rate, $MM 1 June 2017 566 1,578 134 419 1,012 285 Potential Market Yandex.Taxi Uber NewCo Yandex.Taxi Uber NewCo 1 Calculated using 59.1RUB/1USD 24

Supplementary Materials

Reconciliation of Non-GAAP Financial Measures 1 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 H1 16 H1 17 2010 2011 2012 2013 2014 2015 2016 Reconciliation of Ex-TAC Revenues to US GAAP Revenues (RUR MM) Total revenues 10,885 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 34,513 42,756 12,500 20,033 28,767 39,502 50,767 59,792 75,925 Less: traffic acquisition costs (TAC) 2,568 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 6,944 8,151 1,573 2,998 4,780 7,850 11,076 12,741 14,950 Ex-TAC revenues 8,317 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 27,569 34,605 10,927 17,035 23,987 31,652 39,691 47,051 60,975 Reconciliation of Adjusted EBITDA to US GAAP Net Income (RUR MM) Net income 2,680 2,396 4,372 7,572 2,127 423 4,278 2,851 1,069 2,058 2,443 1,213 819 3,484 3,127 4,303 3,817 5,773 8,223 13,474 17,020 9,679 6,783 Add: depreciation and amortization 1,069 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 4,710 5,286 1,181 1,874 2,951 3,695 4,484 7,791 9,607 Add: share-based compensation expense Add: compensation expense related to contingent consideration 255 275 304 376 560 594 671 893 891 881 785 865 958 965 1,772 1,923 160 329 376 754 1,210 2,718 3,422-7 10 18 35 153 15 88 45 48 61 91 78 41 93 119 - - 361 81 35 291 245 Add: goodwill impairment - - - - - - - 576 - - - - - - - - - - - - - 576 - Less: interest income, net (172) (203) (224) (257) (484) (356) (415) (489) (523) (437) (351) (344) (481) (471) (960) (952) (156) (222) (1,002) (1,717) (856) (1,744) (1,655) Less: other income/(loss), net (668) 617 (1,077) (5,175) (833) 1,787 (2,076) (1,137) 1,181 842 218 1,154 2,255 (1,389) 2,023 866 (24) (62) (118) (2,159) (6,296) (2,259) 3,395 Add: provision for income taxes 878 821 1,418 2,338 676 342 1,396 1,503 713 1,054 1,243 1,314 782 1,373 1,767 2,155 1,186 1,545 2,351 3,239 5,455 3,917 4,324 Add: operating losses resulting from sanctions in Ukraine - - - - - - - - - - - - - 387-387 - - - - - - - Adjusted EBITDA 4,042 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 12,532 14,087 6,164 9,237 13,142 17,367 21,052 20,969 26,121 1 Figures may not add due to rounding 26

Reconciliation of Non-GAAP Financial Measures (continued) 1 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 H1 16 H1 17 2010 2011 2012 2013 2014 2015 2016 Reconciliation of Adjusted Net Income to US GAAP Net Income (RUR MM) Net income 2,680 2,396 4,372 7,572 2,127 423 4,278 2,851 1,069 2,058 2,443 1,213 819 3,484 3,127 4,303 3,817 5,773 8,223 13,474 17,020 9,679 6,783 Add: SBC expense 255 275 304 376 560 594 671 893 891 881 785 865 958 965 1,772 1,923 160 329 376 754 1,210 2,718 3,422 Less: reduction in income tax attributable to SBC expense Add: compensation expense related to contingent consideration (5) (5) (5) (5) (9) (11) (10) (11) (14) (10) (12) - (12) (16) (24) (28) - (13) (4) (9) (20) (41) (36) - 7 10 18 35 153 15 88 45 48 61 91 78 41 93 119 - - 361 81 35 291 245 Less: foreign exchange (gain)/loss (647) 625 (1,824) (4,707) (716) 1,869 (1,947) (1,109) 1,281 958 432 1,163 2,205 (1,273) 2,239 932 (11) (101) 57 (139) (6,553) (1,903) 3,834 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 Less: gain from sale and deconsolidation of equity investments 129 (125) 383 937 127 (374) 386 216 (260) (198) (83) (234) (431) 270 (458) (161) 2 15 (11) 28 1,324 355 (775) - - 700 - - - - - - - - - - - - - - - - - 700 - - - - (175) - - - - - - - - - - - - - - - - - (175) - - - - - - - - - - - - - - - - - - - - (234) (2 067) - - - Add: goodwill impairment - - - - - - - 576 - - - - - - - - - - - - 576 - 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) - - - 3 3 (53) 6 - - - - (548) (310) (53) - - - 137 27 11 23 16 13 - - - (1) - 13 (1) - - - - 137 77 13 Add: amortization of debt discount 183 190 195 243 273 218 241 235 262 225 223 201 173 165 487 338 - - - 24 811 967 911 Less: reduction in income tax attributable to amortization of debt discount Add: losses resulting from sanctions in Ukraine (43) (45) (46) (56) (65) (52) (57) (56) (66) (56) (56) (50) (43) (42) (122) (85) - - - (6) (190) (230) (228) - - - - - - - - - - - - - 393-393 Adjusted net income 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 7,074 7,739 3,968 6,003 8,768 12,140 13,751 12,179 14,116 1 Figures may not add due to rounding 27

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 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% Three months ended March 31, 2015 2,127 17.2% 1,444 3,571 28.9% 37.1% Three months ended June 30, 2015 423 3.0% 4,394 4,817 34.6% 44.2% Three months ended September 30, 2015 4,278 27.7% 1,743 6,021 39.0% 49.5% Three months ended December 31, 2015 2,851 15.8% 3,709 6,560 36.3% 45.6% Three months ended March 31, 2016 1,069 6.5% 4,701 5,770 35.0% 44.1% Three months ended June 30, 2016 2,058 11.4% 4,704 6,762 37.5% 46.7% Three months ended September 30, 2016 2,443 12.7% 4,445 6,888 35.7% 44.3% Three months ended December 31, 2016 1,213 5.5% 5,488 6,701 30.3% 37.6% Three months ended March 31, 2017 819 4.0% 6,055 6,874 33.3% 41.1% Three months ended June 30, 2017 3,484 15.8% 3,729 7,213 32.6% 40.3% 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% Twelve months ended December 31, 2015 9,679 16.2% 11,290 20,969 35.1% 44.6% Twelve months ended December 31, 2016 6,783 8.9% 19,338 26,121 34.4% 42.8% (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

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 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% Three months ended March 31, 2015 2,127 17.2% 122 2,249 18.2% 23.4% Three months ended June 30, 2015 423 3.0% 2,368 2,791 20.1% 25.6% Three months ended September 30, 2015 4,278 27.7% (771) 3,507 22.7% 28.8% Three months ended December 31, 2015 2,851 15.8% 781 3,632 20.1% 25.3% Three months ended March 31, 2016 1,069 6.5% 2,099 3,168 19.2% 24.2% Three months ended June 30, 2016 2,058 11.4% 1,848 3,906 21.7% 27.0% Three months ended September 30, 2016 2,443 12.7% 1,350 3,793 19.7% 24.4% Three months ended December 31, 2016 1,213 5.5% 2,036 3,249 14.7% 18.2% Three months ended March 31, 2017 819 4.0% 2,930 3,749 18.2% 22.4% Three months ended June 30, 2017 3,484 15.8% 506 3,990 18.1% 22.3% 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% Twelve months ended December 31, 2015 9,679 16.2% 2,500 12,179 20.4% 25.9% Twelve months ended December 31, 2016 6,783 8.9% 7,333 14,116 18.6% 23.2% (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

Contact us at: askir@yandex-team.ru +7 495 974-3538