NonDeal Roadshow Presentation Search December 0
Forward Looking Statement Disclaimer This presentation contains forwardlooking 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 0F dated March, 0, 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 December 3, 0, and Yandex expressly disclaims any duty to update this information unless required by law.
Yandex is the Market Leader in Russia Search Leader # Internet Destination 60.% search market share in Russia 50 MM unique visitors per month Leading Online Advertising Platform 9,000+ advertisers in 9M 0 3 55% online ad market share 4 Largest Internet Business $6 MM Revenues 5 in 0 (+60% yoy) $87 MM Adj. EBITDA 6 in 0 (+50% yoy) Source: Liveinternet, November 0 Source: comscore, October 0 3 Source: Company Information, Q3 0 4 Source: http://www.akarussia.ru/knowledge/market_size AKAR for January September 0, adjusted for commissions 5 Source: Company Information for FY 0, using an exchange rate of RUR 3.96 to $.00 as of 3 December 0 6 Source: Company Information for FY 0, using an exchange rate of RUR 3.96 to $.00 as of 3 December 0 Adjusted EBITDA is EBITDA before sharebased compensation. See slides 9 for reconciliation to US GAAP Net income 3
Russia is One of the World s Largest Internet Markets Internet Users (MM) Internet Users and Penetration Worldwide Top0 Search Properties (Bn Searches) 600 BRIC 4.4 300 Key developed markets 3.9 50 8.9 Russia 04E Russia 4.5 4.5 3.8 3.8.8.6.4 8 4 40 56 7 88 Internet Penetration (%) Source: InternetWorldStats for all countries excl. Russia, 3 December 0, FOM (Public Opinion Foundation) for Russia for Spring 0; FOM Growth forecast as of March 0 Source: comscore, October 0 4
Russia Has a Very Attractive Advertising Market Total Russian Advertising Market (RUR Bn) Russian Online Advertising to Grow at 3% CAGR 0E 04E CAGR+3% CAGR+9% 370 9 34 CAGR+48% CAGR+5% 07 5 84 36 65 77 006 007 008 009 00 0 0E 03E 04E Total ExOnline Online Online as % of Total Ad Market 0.8%.9% 6.6% 9.8% 3.4% 6.% Source: ZenithOptimedia, Advertising Expenditure Forecasts, September 0 5
Online Advertising Expected to Continue to Outperform Online as % of Total Ad Spend 0E YoY Growth Rates Online Advertising Has Consistently Outperformed Offline 36% 56% 40% 40% % % 0% 0% 9% 8% 4% 5% 4% 5% 6% 0% UK France Germany Russia Spain US China Italy Brazil India 3 00 0 9M 0 Total ExOnline Online Online as % of Total Ad Spend 04E Textbased Continues to Grow Faster than Display YoY Growth Rates of Textbased vs. Display Advertising 40% 6% 5% 5% 4% 3% 3% 8% 9M 0 0 5% 45% 48% 63% Textbased represented 7% of of total online advertising in in 9M 9M 0 6% 5% 00 8% 47% 3 UK Russia Germany US China France Spain Italy Brazil India Display TextBased Source: ZenithOptimedia, Advertising Expenditure Forecasts, September 0 Source: http://www.akarussia.ru/knowledge/market_size AKAR for 00, 0, January September 0 3 Based on Total Major Media ad spend (including TV, Radio, Magazines, Newspapers, Outdoor, Internet and Cinema) 6
Aug06 Oct06 Dec06 Feb07 Apr07 Jun07 Aug07 Oct07 Dec07 Feb08 Apr08 Jun08 Aug08 Oct08 Dec08 Feb09 Apr09 Jun09 Aug09 Oct09 Dec09 Feb0 Apr0 Jun0 Aug0 Oct0 Dec0 Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Yandex is the Consistent Search Leader in Russia Share of Search Over Time 60% % 8% 6% Source: LiveInternet.ru, November 0 (search traffic reflects Russian users to Russian websites) 60.% 6.5% 8.7%.3% 7
Market Share Gains in all Major Browsers Yandex is Gaining Share in All Major Browsers Yandex s Recent Search Innovations 84.6% 88.4% Social search complements search results with social networking content. Enables finding public profiles in popular social networks 69.8% 68.6% 65.% 59.3% 4.7% 40.% 3 3.5% 3.7% 3.6% 70.0% 4 7.9% 69.5% 60.6% 48.4% 44.9% 34.4% 3 Intentbased search understands users needs and helps them to attain their goals. Based on proprietary Spectrum technology Partnership with Twitter the full feed of all public tweets Freshness search returns a group of links to the most recent web documents graphically separated from other search results. Based on proprietary Orange technology Facts and figures in suggestions users now see the answers to their queries even before they finish typing Constant improvements in the quality of search including freshness, response time and quality of answers to longtail queries Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Overall Source: LiveInternet.ru, weekly through 9 November 0 Chrome includes Google Chrome, Yandex.Browser, Internet@Mail.ru and Rambler Nichrome 3 Google Chrome shown separately 4 From September 0 Liveinternet data for Safari demonstrated significant uptake in Yandex s share within this browser. We believe that some of the uptake is overstated due to technical issues 8
Yandex.Browser Yandex is Constantly Innovating Yandex.Browser Integrated, Fast, CloudBased and Safe Over.5 MM downloads Integrated with Yandex Tabs Smartbox services Turbo technology for faster browsing on slow connections Yandex services Smartbox gives users answers when they type queries in Cloudbased safe browsing Tableau technology Checking downloaded files with Kaspersky s technologies Source: Company data 9
Recent Developments in Mobile Yandex is Focused on Mobile Updates on Yandex.Shell Yandex.Shell 750,000 downloads since launch in March 0 New version launched on 7 November 0 Newly launched MTS phones with Yandex.Shell Yandex embedded search bar New version of of Yandex.Shell Partnerships with mobile operators New Partnerships with Vendors Yandex is a default search engine on all WinPhone 8 devices in Russia Nokia s WinPhone 8 in in Russia Aveo s WinPhone 8 in in Turkey CIS Turkey Yandex button Yandex embedded search bar Source: Company data 0
Yandex.Market # Comparison Shopping Destination in Russia Yandex.Market A New Category Comparison Shopping for Apparel 3 MM users monthly 40% of Russian online shoppers use Yandex.Market Aggregates over,000 eshops with over 48 MM offers 0% of good related queries are for clothes and shoes Seasonal offers Goods in in shopping cart Yandex.Market Search Results Page Choice by by parameters Vendors Ready made recipes Popular models Yandex. Guru Online shopping video guide New arrivals The most coveted goods Source: comscore, October 0 Source: Company data Related categories Selection of of popular brands
Turkey Our First International Market Turkey is a Large and Fastgrowing Online Market Yandex is Gaining Momentum in Turkey Population of 76 MM Internet users (0): 35 MM (46% penetration) Bn local webpages Online ad market (0E): $57 MM Online ad penetration: 9% Projected to grow to $400 MM in 04E 5% 0E04E CAGR Over % of Turkish search market Brand recognition survey: 75% heard about Yandex % use Yandex Yandex.Turkey Front Page Turkey Launched Services Maps, traffic and panoramic street images News Weather Cloud storage Services for for webmasters Web Search Video Images Maps Traffic News Translate Weather Webmaster Search for websites Source: Euromonitor; FOM; InternetWorldStats.com; ZenithOptimedia Advertising Expenditure Forecasts as of September 0; Internet user penetration based on total population (source: Global Insight) Time Mail Mobile services & applications Metrica Yandex.XML Yandex.Bar Mozilla Firefox Internet Explorer Opera Yandex. Internet
Financials
Financial Review Financial Summary Revenues Adjusted EBITDA RUR MM CAGR: 47%,500 0,033 $6 3 47% 3,594 9,948 RUR MM CAGR: 40% 6,64 9,38 $87 3 5,968 49% 8,887 4,49 7,649 8,79,384 3,85 3,759 007 008 009 00 0 9M 0 9M 0 007 008 009 00 0 9M 0 9M 0 Adjusted Net Income Capex RUR MM,56,53 CAGR: 40%,70 3,968 6,00 $87 3 53% 3,805 5,803 RUR MM 0% 7% % 8% 8% 8% 5% CAGR: 6%,99,337 83 987 5,56 $73 3 3,87 ()%,998 007 008 009 00 0 9M 0 9M 0 007 008 009 00 0 9M 0 9M 0 x% Capex as % of Revenue Revenues are recognized net of VAT, discounts and commissions, but gross of TAC Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA margin and Adjusted Net Income margin are nongaap financial measures. For Reconciliations of nongaap financial measures to the nearest comparable US GAAP measures see slides 9 3 Translated using an exchange rate of RUR3.96 to $.00. $ figures shown in charts expressed in millions 4
Financial Review Revenues Revenues and Contribution by Source RUR MM 0,033 0% % CAGR: 47% 9,948 8% % 4,49 6% 6% 65% % 7,649 % 4% 6% % CAGR: 47% 8,79 % 0% 66% 3%,500 0% % 76% % 5% 73% 3,594 9% 4% 75% % 7% 7% 007 008 009 00 0 9M 0 9M 0 TextBased O&O TextBased Yandex Ad Network Display Yandex.Money & Other Revenues are recognized net of VAT, discounts and commissions, but gross of TAC; Items may not total 00% due to rounding 5
Financial Review Adjusted EBITDA and Adjusted Net Income Adjusted EBITDA and Margins Adjusted Net Income and Margins RUR MM RUR MM 60% 5% 54% 54% 40% 44% 5% 9,38 46% 8,887 45% 33% 8% 34% 35% 30% 35% 9% 5,968 35% 37% 6,00 5,803 3,69 3,805,98 9M 0 Q4 0 0 9M 0 Adjusted EBITDA Adjusted EBITDA Margin 9M 0 Q4 0 0 9M 0 x% % of FY 0 Adjusted NI x% % of FY 0 Adjusted EBITDA Margin Adjusted NI Margin Adjusted NI Margin extac extac Adjusted EBITDA is EBITDA before sharebased compensation. Adjusted EBITDA Margin means adjusted EBITDA divided by US GAAP revenues. Adjusted extac EBITDA margin means adjusted EBITDA divided by extac revenues. For a reconciliation of these nongaap financial measures to their most directly comparable US GAAP measures, see slides 9 Adjusted net income is net income before sharebased compensation and foreign exchange (gains)/losses in both cases taxadjusted. Adjusted net income margin is adjusted net income divided by US GAAP revenues. Adjusted extac net income margin is adjusted net income divided by extac revenues. For a reconciliation of these nongaap measures to their most directly comparable US GAAP measures see slides 9 6
Financial Review Capex Capex and Capex/Revenue Ratio RUR MM 8% 8% 5,56 5% 5%8%,998,99,998 00 0 9M 0 0E Capex Capex as % of Revenue 7
Supplementary Materials
Reconciliation of NonGAAP Financial Measures Reconciliation of ExTAC Revenues to US GAAP Revenues In RUR MM March 3 June 30 September 30 December 3 Twelve months ended December 3 March 3 June 30 Six months ended June 30 September 30 Nine months ended September 30 00 0 Change 00 0 Change 00 0 Change 00 0 Change 00 0 Change 0 0 Change 0 0 Change 0 0 Change 0 0 Change 0 0 Change Total revenues,355 3,894 65%,889 4,54 57% 3,3 5,59 65% 4,5 6,439 56%,500 0,033 60% 3,894 5,874 5% 4,54 6,80 50% 8,435,675 50% 5,59 7,73 4% 3,594 9,948 47% Less: traffic acquisition costs (TAC) 37 537 69% 353 64 8% 396 88 07% 507,00 98%,573,998 9% 537 99 85% 64,4 78%,79,33 8% 88,3 50%,996 3,364 69% ExTAC revenues,038 3,357 65%,536 3,900 54%,735 4,34 59% 3,68 5,437 50% 0,97 7,035 56% 3,357 4,88 45% 3,900 5,660 45% 7,56 0,54 45% 4,34 6,04 39%,598 6,584 43% Reconciliation of Adjusted EBITDA to US GAAP Net Income In RUR MM March 3 June 30 September 30 December 3 Twelve months ended December 3 March 3 June 30 Six months ended June 30 September 30 Nine months ended September 30 00 0 Change 00 0 Change 00 0 Change 00 0 Change 00 0 Change 0 0 Change 0 0 Change 0 0 Change 0 0 Change 0 0 Change Net income 507 80 6%,07,5 % 883,705 93%,40,3 5% 3,87 5,773 5% 80,58 53%,5,983 76%,945 3,4 67%,705,9 34% 3,650 5,53 5% Add: depreciation and amortization 59 377 46% 7 47 57% 307 488 59% 343 58 70%,8,874 59% 377 66 75% 47 696 63% 804,357 69% 488 734 50%,9,09 6% Add: sharebased compensation (SBC) expense 33 70 % 3 09 4% 39 66 69% 56 84 50% 60 39 06% 70 8 6% 09 74 (3%) 79 55 (3%) 66 06 6% 45 6 7% Add: expense for acquisitionrelated contingent compensation 76 55 3 57 88 Less: interest income (8) (34) % (39) (36) (8%) (43) (47) 9% (46) (05) 8% (56) () 4% (34) (67) 39% (36) (34) 550% (70) (40) 473% (47) (68) 470% (7) (669) 47% Add: other expense / (income) net 57 54 346% (43) 33 (3%) 60 (36) (4) (6) 54 4 (5%) 33 (53) 87 7 (75%) (36) (47) (59%) (74) (76) 3% Add: provision for income taxes 63 3 4% 309 56 (7%) 73 484 77% 44 573 30%,86,545 30% 3 344 48% 56 549 4% 488 893 83% 484 667 38% 97,560 60% Adjusted EBITDA 99,79 73%,448,94 3%,59,335 54%,06 3,69 48% 6,64 9,37 50%,79,377 38%,94 3,070 60% 3,633 5,447 50%,335 3,440 47% 5,968 8,887 49% Reconciliation of Adjusted Net Income to US GAAP Net Income In RUR MM March 3 June 30 September 30 December 3 Twelve months ended December 3 March 3 June 30 Six months ended June 30 September 30 Nine months ended September 30 00 0 Change 00 0 Change 00 0 Change 00 0 Change 00 0 Change 0 0 Change 0 0 Change 0 0 Change 0 0 Change 0 0 Change Net income 507 80 6%,07,5 % 883,705 93%,40,3 5% 3,87 5,773 5% 80,58 53%,5,983 76%,945 3,4 67%,705,9 34% 3,650 5,53 5% Add: SBC expense 33 70 % 3 09 4% 39 66 69% 56 84 50% 60 39 06% 70 8 6% 09 74 (3%) 79 55 (3%) 66 06 6% 45 6 7% Less: reduction in income tax attributable to SBC expense 0 0 0 (3) 0 (6) 0 (4) 0 (3) () (3) () (3) () (6) () (9) (3) Add: expense for acquisitionrelated contingent compensation 76 55 3 57 88 Add: foreign exchange loss /(gain) 57 54 346% (43) 34 70 (383) 5 (6) () (0) 88% 54 4 (55%) 34 (5) 88 6 (78%) (383) 3 (03%) (95) 74 (78%) Less: reduction / (increase) in income tax attributable to foreign exchange loss /(gain) () (56) 367% 9 (7) (4%) (4) 77 () 5 650% (56) (3) (55%) (7) 0 (63) (3) 77 (3) (04%) 4 (5) (07%) Less: gain from sale of equity investments (34) (34) Adjusted net income 585,088 86% 935,58 35% 978,459 49%,470,98 50% 3,968 6,003 5%,088,505 38%,58,069 64%,346 3,574 5%,459,9 53% 3,805 5,803 53% Items may not total due to rounding 9
Reconciliation of NonGAAP Financial Measures (cont d) Reconciliation of Adjusted EBITDA Margin and Adjusted ExTAC EBITDA Margin to US GAAP Net Income Margin In RUR MM US GAAP Net Income Net Income Margin Adjustment Adjusted EBITDA Adjusted EBITDA Margin 3 Adjusted ExTAC EBITDA Margin 4 March 3, 00 507.5% 484 99 4.% 48.6% June 30, 00,07 35.% 43,448 50.% 57.% September 30, 00 883 8.% 636,59 48.5% 55.5% December 3, 00,40 34.% 796,06 53.5% 6.0% Twelve months ended December 3, 00 3,87 30.5%,347 6,64 49.3% 56.4% March 3, 0 80.% 899,79 44.% 5.% June 30, 0,5 4.8% 789,94 4.% 49.% September 30, 0,705 33.0% 630,335 45.3% 53.8% Nine months ended September 30, 0 3,650 6.9%,38 5,968 43.9% 5.5% December 3, 0,3 33.0%,46 3,69 50.8% 60.% Twelve months ended December 3, 0 5,773 8.8% 3,464 9,37 46.% 54.% March 3, 0,58.4%,9,377 40.5% 48.7% June 30, 0,983 9.%,087 3,070 45.% 54.% September 30, 0,9 3.5%,49 3,440 47.3% 56.9% Nine months ended September 30, 0 5,53 7.7% 3,355 8,887 44.6% 53.6% Reconciliation of Adjusted Net Income Margin and Adjusted ExTAC Net Income Margin to US GAAP Net Income Margin In RUR MM March 3, 00 June 30, 00 September 30, 00 December 3, 00 Twelve months ended December 3, 00 March 3, 0 June 30, 0 September 30, 0 Nine months ended September 30, 0 December 3, 0 Twelve months ended December 3, 0 March 3, 0 June 30, 0 September 30, 0 Nine months ended September 30, 0 US GAAP Net Income 507,07 883,40 3,87 80,5,705 3,650,3 5,773,58,983,9 5,53 Net income margin is defined as net income divided by total revenues Adjusted to eliminate depreciation and amortization expense, SBC expense, interest income, other income/(expense), 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 extac EBITDA margin is defined as adjusted EBITDA divided by extac revenues. For a reconciliation of extac revenues to US GAAP revenues, please see the table above Net Income Margin.5% 35.% 8.% 34.% 30.5%.% 4.8% 33.0% 6.9% 33.0% 8.8%.4% 9.% 3.5% 7.7% Adjustment 5 78 (8) 95 60 5 68 33 (46) 55 75 30 47 86 (6) 7 Adjusted Net Income 585 935 978,470 3,968,088,58,459 3,805,98 6,003,505,069,9 5,803 Adjusted Net Income Margin 6 4.8% 3.4% 3.% 35.6% 3.7% 7.9% 7.7% 8.3% 8.0% 34.% 30.0% 5.6% 30.4% 30.6% 9.% Adjusted ExTAC Net Income Margin 7 8.7% 36.9% 35.8% 40.6% 36.3% 3.4% 3.3% 33.6% 3.8% 40.4% 35.% 30.8% 36.6% 36.9% 35.0% 5 Adjusted to eliminate SBC expense (as adjusted for the income tax reduction attributable to SBC expense) and foreign exchange losses (les s foreign exchange gains ) (as adjusted for the (reduction) increase in income tax attributable to the loss (gain)). For a reconciliation of adjusted net income to net income, please see the table above 6 Adjusted net income margin is defined as adjusted net income divided by total revenues 7 Adjusted extac net income margin is defined as adjusted net income divided by extac revenues. For a reconciliation of extac revenues to US GAAP revenues, please see the table above 0
Reconciliation of NonGAAP Financial Measures (cont d) Reconciliation of ExTAC Revenues to US GAAP Revenue In RUR MM Total revenues Less: traffic acquisition costs (TAC) ExTAC revenues Twelve months ended December 3 007 008 4,49 7,649 504,70 3,745 6,379 009 8,79,305 7,44 Reconciliation of Adjusted EBITDA to US GAAP Net Income In RUR MM Net income Add: depreciation and amortization Add: sharebased compensation (SBC) expense Less: interest income Twelve months ended December 3 007 008,50,43 95 600 37 40 (3) (86) 009,00 9 09 (67) Add: other expense/(income) net 4 (08) 3 Add: provision for income taxes 559 947 67 Adjusted EBITDA,384 3,85 3,759 Reconciliation of Adjusted Net Income to US GAAP Net Income In RUR MM Net income Add: SBC expense Less: reduction in income tax attributable to SBC expense Add: foreign exchange loss/(gain) Less: reduction/(increase) in income tax attributable to foreign exchange loss/(gain) Adjusted net income Twelve months ended December 3 007 008,50,43 37 40 0 0 5 (65) () 6,56,53 009,00 09 0 64 (3),70
Appendix Ownership Structure as of 30 September 0 Shareholders Economic Ownership Principal Shareholders 4.7% Baring Vostok 7.5% Tiger Global 7.% 3 Directors, Officers & Employees.9% Arkady Volozh (CEO).3% Ilya Segalovich (CTO).6% Other Directors 3.0% Other Officers & Employees 5.% Other PreIPO Shareholders 6.% Public Investors 46.% Total 00% Items may not total 00% due to rounding Based on the information as of September 30, 0 contained in the company s share registers as maintained by its transfer agent and legal advisors 3 Based solely on the information as of September 30, 0 contained in Schedule 3F filed by Tiger Global on 4 November 0
Financial Review Operational Metrics Growth in Paid Clicks and CPC 4% 3% 7% 93% 5% 60% 6% 73% 67% 69% 57% 5% 68% 65% 57% 6% 6% 55% 39% 9% 8% 9% 34% 9% 9% 4% % % 3% 4% 6% 0% 9% % 7% 38% 47% 7% 8% 43% 43% 43% 39% 35% 5% 9% % 7% 5% 3% 6% 8% 8% % 4% 7% % 7% 5% 7% Q 009 Q 009 Q3 009 Q4 009 Q 00 Q 00 Q3 00 Q4 00 Q 0 Q 0 Q3 0 Q4 0 Q 0 Q 0 Q3 0 Yandex Websites Contextual Revenue Y/Y Growth Ad Network Contextual Revenue Y/Y Growth Clicks Y/Y Growth CPC Y/Y Growth Lower growth rates in paid clicks reflects the fact that a full year has passed since we launched initiatives on our ad network that resulted in a significant increase in click through rates and the number of clicks on the ad network and since we added Rambler to our ad network. Additionally, growth rates during the four previous quarters benefited from our initiatives also launched in Q3 0 targeted at regional advertisers that resulted in many new lower cost clicks on our own search 3
Key Investment Highlights Traffic Acquisition Costs RUR MM % 3% % TAC Breakdown 7% 7% 7% 6% 6% 4% 4%,3,4,00 99 Partner TAC RUR MM 6% 6% 6% 6% 63% 64% 64% 64% 64% 63% 665 79 84 657 56 368 6 77 94 353 396 507 7% 537 8% 64 8% 88 0% 0% % % % Q 00 Q3 00 Partner TAC RUR MM Q4 00 Q 0 Q 0 Q3 0 Q4 0 As % of Partner Revenue Distribution TAC Q 0 Q 0 Q3 0 7% 7% 7% 8% 8% 8% 8% 8% 8% 8% 7% 5% 7% 5% 6% 6% 6% 6% 5% 6% 6% 6% 4 70 30 43 73 9 337 335 4 47 Q 00 Q3 00 Q4 00 Q 0 Q 0 Q3 0 Q4 0 Q 0 Q 0 Q3 0 Q 00 Q3 00 Q4 00 Q 0 Q 0 Q3 0 Q4 0 Q 0 Q 0 Q3 0 Distribution TAC Partner TAC Personnel costs as % of Revenue Items may not total due to rounding Distribution TAC As % of O&O TextBased Revenue 4
Key Investment Highlights Headcount Evolution Personnel Breakdown by GAAP Cost Category RUR MM 6% % % 9% 6% % 9% 7% 4% 0% 8%,860,948 37% 36% 53% 53%,68 36% 54%,385 36% 55%,677 37% 53% 3,00 36% 54% 3,3 3,34 3,63 35% 35% 35% 55% 56% 55% 3,474 35% 55% 3,607 36% 54% % % 0% 9% 0% 0% 0% 0% 0% 0% 0% Q 00 Q 00 Q3 00 Q4 00 Q 0 Q 0 Q3 0 Q4 0 Q 0 Q 0 Q3 0 Cost of Sales Product Development SG&A Personnel costs as % of Revenue Items may not total 00% due to rounding 5