1. SES San Francisco Search August 2011

3. Paid Search

5. Key Investment Highlights Local Champions Can Win in Search Yandex Baidu Naver (launched 1997) (launched 2001) (launched 1999) Yandex Baidu NHN 1 2 3 SouthKorea Russia China Google Others Others Others Google Google Source: Liveinternet.ru, iResearch, SearchEngineWatch.com, Nielsen KoreanClick As of March 2011 Average market share for 2010 As of August 2010 4

6. Key Investment Highlights Continuous Focus on Innovation Mail Payments Search Maps Shopping News Language Understanding 1997 2000 2002 2004 1989 1998 2002 2004 2006 2005 1 2001 2005 2008 1989 Source: Company information, Liveinternet.ru, iResearch, SearchEngineWatch.com, comScore 1. Baidu News Service launch date based on being available as of the date of IPO 5

7. Financial Review Local Focus and Understanding Russia/CIS is our “Backyard” Locally-relevant Content and Services Russia + Ukraine + Kazakhstan + Belarus Search Verticals Maps/Traffic Street Views Images Videos Music Goods Blogs … 1,400 different territories for Yandex Our Ad Campaigns Have a Russian Accent… “The monitor does not give consultations.” 6

9. Google introduces Russianlanguage morphologyJanuary 2010 Mail.ru stops using Yandexfor search 26% 22% 7% 5% 5% 2% Source: LiveInternet.ru (March 2011) Source: LiveInternet.ru (March 2011) 1. Search traffic reflects Russian users to Russian websites 7

10. Key Investment Highlights Yandex is Replicating Success in Adjacent Markets Share of Search Traffic in Ukraine, Kazakhstan and Belarus 1 Ukraine Kazakhstan Belarus (2005) (2009) (2010) 73% 64% 52% 46% 48% 48% 29% 26% 24% 37% 40% 19% 22% 20% 7% 6% 3% 3% Source: LiveInternet.ru (March 2011) 1. Search traffic reflects transitions by respective country’s users to local and Russian sites 8

11. Leadership in a Fast-Growing Market Number of Searches per Month (MM) 1 2,336 783 254 68 54 Sources: LiveInternet.ru (March 2011) 1. Based on monthly search traffic to Russian websites from Russian IP addresses 9

12. The Gateway to the Russian Internet Russia’s Most Popular Homepage – 44% of All Russian Users News Mail Traffic Jams / Maps Comparison Shopping Yandex.Money 10

13. The Most Popular Online Destination in Russia Monthly Unique Visitors in Russia (MM) Source: comScore (March, 2011) 11

14. Key Investment Highlights Russia: Large and High Growth Internet Market Opportunity Growth in Internet Users vs. Penetration Total Internet Users (MM) Key Developed Markets Russia 2014e BRIC Brazil Internet Penetration 2010 (%) Russia 2010 China India Internet users CAGR 2010-14e (%) 2010 2014e Source: Euromonitor (January 2011), FOM (March 2011) for Russia 12

15. Market Overview The Russian Advertising Market Is Booming Russian Total Ad Market ($ Bn) Online as % of Total Ad Spend – 2010 10-13e CAGR:23% Source: ZenithOptimedia (April 2011) 13

16. Financial Review Russia – A Rich Source of Technical Talent Education in “Hard” Sciences Math & Programming Olympiads Yandex School of Data Analysis Best Place to Work for Russian Developers 14

18. Paid Search

20. Geographic targeting is important; but you can dip your toes in without it

21. Russian language is very different; localization and translation from English is difficult

23. Free translation, training and initial setup

24. Local optimization and campaign feedback

25. Dedicated English speaking Account Manager in Moscow

26. Web based reporting, budgeting, etc. available in English language interface

27. Yandex U.S. entity available for simplified payment, invoicing & contracting

28. Dollars vs. Rubles

29. Post pay billing available

30. U.S. vs. Russian legal jurisdiction

32. Paid Search

34. Most of the “old” advice doesn’t apply anymore

35. Machine learning based; Archetypal sites” chosen as targets by “Assessors”

36. Makes advising on SEO very hard; we don’t even know what the weights are

37. No formal customer support team for SEO’s

38. Very good webmaster tools (available in English)

40. Which pages are included in the search index

41. Who links to your website

42. What searches people make to find your website

43. How to protect your site from viruses

46. Verify site ownership (variety of choices - text file, DNS, etc)