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Presents at the DB GEMS Conference Search

September 2011

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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 market, 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, unforeseen changes in our hiring patterns, 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 Prospectus dated May 24, 2011, 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 September 7, 2011, and Yandex expressly disclaims any duty to update this information unless required by law.

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3

Introduction

Yandex at a glance

#1 Internet Destination

40 million unique visitors per month2

44% of Russian users’ homepages3

#1 Search Leader

64% search market share in Russia1

Leading Online Advertising Platform

180,000+ advertisers (2010)

58% online ad market share (2010)

Largest Russian Internet Business

$440 million Revenues (2010)

$217 million Adj. EBITDA (2010)4

1 Source: Liveinternet, average for Q2 2011 2 Source: comScore, average for Q2 2011 3 Source: TNS 4 Adjusted EBITDA is EBITDA before share-based compensation, See Appendix for a reconciliation to US GAAP

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One of the world’s top internet properties

Key Investment Highlights

Source: comScore, July 2011

108.2

11.5 10.5 4.9 3.0 2.5 2.5 2.4 1.3 1.3

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World Search Properties (BN Searches) Top 10 Web Properties in Russia (MM Users)

5

Source: LiveInternet.ru (August 2011)

Key Investment Highlights

Apr-05

Jun-05

Aug-05

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Feb-06

Apr-06

Jun-06

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Dec-06

Feb-07

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Aug-11

24%

7%

2%

5%

5%

26%

Leader of Russian search ….

Search traffic reflects Russian users to Russian websites

2006• Google opens office in Russia• Google introduces Russian

language morphology

63%58%

November 2009Launch of MatrixNet

January 2010Mail.ru stops using Yandexfor search

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… in a rapidly growing market

Key Investment Highlights

Source: Company data

92%

76% 69%

60%

39%

28% 29% 34%

22% 19% 17% 21%

51% 47%

38% 39% 38%

69%

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94% 95%

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-40%

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Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11

Paid Clicks Y/Y growth SERPs Y/Y growth

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Internet penetration still low, but catching up fast…

Key Investment Highlights

Source: FOM (Public Opinion Foundation) release, June 2011. Data for the countries other than Russia is provided by InternetWorldStats.com as of June 2011.

485

272

100 76 65

53 51 45 22

7 6

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66% 72%

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Internet is challenging TV as the most popular medium

Key Investment Highlights

Source: TNS (July 2011), Russian audience aged 12-54

Audience of Major TV Channels and Yandex, 00:00 – 23:59

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Online advertising is the fastest-growing segment

Key Investment Highlights

Source: AKAR (Russian Association of Communication Agencies) Report as of August 2, 2011

Source: ZenithOptimedia (April 2011)

Russian Ad Market (BN RUR) Online Ad Market as % of Total, 2010

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10

The gateway to the Russian internet

News

Traffic Jams / Maps

Yandex.Money

Comparison Shopping

Mail

Russia’s Most Popular Homepage – 44% of All Russian Users*

Analytics tool

Weather

TV listings Jobs

Auto

Music

* TNS, Russian audience aged 12-54

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Top

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11

Yandex.Search advertising experience

“All ads” link

Guaranteed

placement

Rotation

12

Yandex ad network of partner websitesAdvertiser Services

Search Advertising Contextual Advertising

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Yandex on TV Yandex.Maps In-Car GPS for Traffic Jams

Yandex: more than a website

Yandex.Maps Yandex.Mail Yandex.Market Yandex.Business Directory

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14

Contextual advertising driving revenue growth

Revenues 1 (RUR MM) and Contribution by Source (%)

Financial Review

1 Net of Discounts and Commissions, but gross of TAC 2 Items may not total due to rounding

71%

66%

62% 66%

76%

76%

76%

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2006 2007 2008 2009 2010 1H' 2010 1H' 2011

Text-Based O&O Text-Based Yandex Ad Network Display Yandex.Money & other

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Adjusted EBITDA 1 (RUR MM) and Margin (%)

Historically, adjusted EBITDA seasonally higher in H2 …

Financial Review

15

1. Before share-based compensation. See appendix for a reconciliation to US GAAP

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…. as well as adjusted Net Income

Financial Review

Adjusted Net Income 1 (RUR MM) and Margin (%)

16

1. Before share-based compensation and foreign exchange (gains)/losses tax effected using the Russian statutory rate

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Historically capex around 20% of revenue

Financial Review

Capex (RUR MM) as % of Revenues

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Company Outlook for 2011

Financial Review

18

Capex

• To increase 55-60% in RUR y-o-y

• Up to 6.3 BN RUR

Revenue

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Appendix Search

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20 20

Appendix

Ownership structure

Shareholders Economic Ownership Voting Rights

Principal Shareholders 35.8% 28.8%

Baring Vostok 19.1% 26.1%

Tiger Global 16.7% 2.7%

Directors, Officers & Employees 28.8% 42.9%

Arkady Volozh (CEO) 12.4% 19.7%

Ilya Segalovich (CTO) 2.6% 4.1%

Other Directors 6.6% 7.7%

Other Officers & Employees 7.2% 11.4%

Other Pre-IPO Shareholders 17.5% 25.4%

Public Investors 17.8% 2.8%

Total 100% 100%

Excludes options outstanding of 16.5MM

Items may not total due to rounding

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Traffic acquisition costs

Financial Review

21

2 Items may not total due to rounding

TAC Breakdown (RUR MM) as % of Revenues

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2006 2007 2008 2009 2010 1H' 2010 1H' 2011

Cost of Sales Product Development SG&A

Headcount evolution

Financial Review

22

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In RUR millions Three months

ended June 30,

Six months

ended June 30,

2010 2011 Change 2010 2011 Change

Net income 1,017 1,125 11% 1,524 1,945 28%

Add: SBC expense 32 109 241% 65 179 175%

Less: reduction in income tax attributable to

SBC expense

0 (3) n/m 0 (3) n/m

Add: foreign exchange loss (gain) (143) 34 n/m (86) 288 n/m

Add: increase (reduction) in income tax

attributable to foreign exchange gain (loss) 29 (7) n/m 17 (63) n/m

Adjusted net income 935 1,258 35% 1,520 2,346 54%

23

Reconciliation of non-GAAP financial measures

Reconciliation of Adjusted EBITDA to US GAAP Net Income

In RUR millions Three months

ended June 30,

Six months

ended June 30,

2010 2011 Change 2010 2011 Change

Net income 1,017 1,125 11% 1,524 1,945 28%

Add: depreciation and amortization 272 427 57% 531 804 51%

Add: share-based compensation (SBC)

expense

32 109 241% 65 179 175%

Less: interest income (39) (36) -8% (67) (70) 4%

Less: other (income) / expense, net (143) 33 -123% (86) 287 -434%

Add: provision for income taxes 309 256 -17% 472 488 3%

Adjusted EBITDA 1,448 1,914 32% 2,439 3,633 49%

Reconciliation of Adjusted Net Income to US GAAP Net Income