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Exhibit 99.2

YANDEX N.V.
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page
Unaudited Condensed Consolidated Balance Sheets as of December 31, 2012 and September 30, 2013		F-2
Unaudited Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2012 and 2013		F-3
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2012 and 2013		F-4
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2013		F-5
Notes to Unaudited Condensed Consolidated Financial Statements		F-6

F-1

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of Russian rubles ("RUR") and U.S. dollars ("$"), except share and per share data)

	As of
	Notes		December 31, 2012		September 30, 2013			September 30, 2013
			RUR		RUR			$
ASSETS
Current assets:
Cash and cash equivalents		6		7,425		11,382			351.9
Marketable securities		9		76		79			2.4
Term deposits				4,629		470			14.5
Accounts receivable, net		7		1,767		2,286			70.7
Prepaid expenses				597		666			20.7
Assets held for sale		5		2,024		—			—
Deferred tax assets				456		580			17.9
Other current assets		8		1,217		1,080			33.4
Total current assets				18,191		16,543			511.5
Property and equipment, net		12		8,095		8,970			277.3
Intangible assets, net		13		323		275			8.5
Goodwill				750		770			23.8
Long-term prepaid expenses				695		759			23.5
Restricted cash		6		214		93			2.9
Term deposits				10,330		17,330			535.8
Investments in non-marketable equity securities		9		500		1,232			38.1
Investments in debt securities		9		4,810		2,589			80.0
Deferred tax assets				35		137			4.2
Other non-current assets		8		342		1,444			44.6
TOTAL ASSETS				44,285		50,142			1,550.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities		14		2,513		3,323			102.7
Taxes payable				1,455		1,160			35.9
Deferred revenue				1,092		1,292			39.9
Liabilities related to assets held for sale		5		1,619		—			—
Deferred tax liabilities				3		48			1.5
Total current liabilities				6,682		5,823			180.0
Deferred tax liabilities				448		392			12.1
Other accrued liabilities				108		63			2.0
Total liabilities				7,238		6,278			194.1
Commitments and contingencies		15
Shareholders' equity:
Priority share: €1 par value; 1 share authorized, issued and outstanding				—		—			—
Preference shares: €0.01 par value; 2,000,000,001 shares authorized, nil shares issued and outstanding				—		—			—
Ordinary shares: par value (Class A €0.01, Class B €0.10 and Class C €0.09); shares authorized (Class A: 2,000,000,000 and 2,000,000,000, Class B: 159,494,722 and 102,115,140, and Class C: 159,494,722 and 102,115,140); shares issued (Class A: 202,318,864 and 256,284,925, Class B: 125,441,218 and 73,636,828, and Class C: 27,972,630 and 22,397,438, respectively); shares outstanding (Class A: 202,318,864 and 252,215,907, Class B: 125,441,218 and 73,636,828, and Class C: nil)				445		245			7.6
Treasury shares at cost (Class A: nil and 4,069,018, and Class B: nil and nil)				—		(3,883	)		(120.0	)
Additional paid-in capital				13,617		13,461			416.2
Accumulated other comprehensive income		4		961		1,888			58.2
Retained earnings				22,024		32,153			994.1
Total shareholders' equity				37,047		43,864			1,356.1
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				44,285		50,142			1,550.2

The accompanying notes are an integral part of the unaudited condensed consolidated
financial statements.

F-2

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions of Russian rubles and U.S. dollars, except share and per share data)

			Three months ended September 30,						Nine months ended September 30,
	Notes		2012		2013		2013		2012		2013		2013
			RUR		RUR		$		RUR		RUR		$
Revenues		17		7,273		10,218		315.9		19,948		27,416		847.6
Operating costs and expenses:
Cost of revenues(1)				1,845		2,931		90.6		5,112		7,065		218.4
Product development(1)				1,034		1,467		45.4		3,159		4,176		129.1
Sales, general and administrative(1)				1,117		1,661		51.3		3,239		4,554		140.8
Depreciation and amortization				734		914		28.3		2,091		2,705		83.6
Total operating costs and expenses				4,730		6,973		215.6		13,601		18,500		571.9
Income from operations				2,543		3,245		100.3		6,347		8,916		275.7
Interest income				268		483		14.9		669		1,303		40.3
Other income, net				147		2,022		62.6		76		2,065		63.8
Net income before income taxes				2,958		5,750		177.8		7,092		12,284		379.8
Provision for income taxes				667		783		24.2		1,560		2,156		66.7
Net income				2,291		4,967		153.6		5,532		10,128		313.1
Net income per Class A and Class B share:
Basic		3		7.01		15.22		0.47		16.98		30.94		0.96
Diluted		3		6.82		14.88		0.46		16.50		30.20		0.93
Weighted average number of Class A and Class B shares outstanding
Basic		3		326,705,954		326,292,219		326,292,219		325,774,183		327,305,297		327,305,297
Diluted		3		335,732,348		333,719,636		333,719,636		335,327,826		335,342,605		335,342,605

(1)

These balances exclude depreciation and amortization expenses, which are presented separately, and include share-based compensation expenses of:

Cost of revenues	7	20	0.6	19	43	1.3
Product development	59	134	4.1	151	307	9.5
Sales, general and administrative	40	75	2.3	91	181	5.6

The accompanying notes are an integral part of the unaudited condensed consolidated
financial statements.

F-3

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions of Russian rubles and U.S. dollars, except share and per share data)

			Three months ended September 30,									Nine months ended September 30,
	Notes		2012			2013			2013			2012			2013		2013
			RUR			RUR			$			RUR			RUR		$
Net income				2,291			4,967			153.6			5,532			10,128		313.1
Other comprehensive income/ (loss):
Foreign currency translation adjustment, net of tax, nil		4		(942	)		(81	)		(2.5	)		(607	)		927		28.7
Total other comprehensive income/ (loss)				(942	)		(81	)		(2.5	)		(607	)		927		28.7
Total comprehensive income				1,349			4,886			151.1			4,925			11,055		341.8

The accompanying notes are an integral part of the unaudited condensed consolidated
financial statements.

F-4

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of Russian rubles and U.S. dollars)

			Nine months ended September 30,
	Notes		2012			2013			2013
			RUR			RUR			$
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income				5,532			10,128			313.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment				2,022			2,639			81.6
Amortization of acquisition-related intangible assets				69			66			2.0
Share-based compensation expense				261			531			16.4
Deferred income taxes				111			(255	)		(7.9	)
Foreign exchange losses/(gains)				74			(40	)		(1.2	)
Gain from sale of equity securities				(234	)		(2,137	)		(66.1	)
Other				75			(22	)		(0.6	)
Changes in operating assets and liabilities excluding the effect of acquisitions and disposals:
Accounts receivable, net				(195	)		(516	)		(16.0	)
Prepaid expenses and other assets				(839	)		(877	)		(27.1	)
Accounts payable and accrued liabilities				755			275			8.5
Deferred revenue				28			195			6.0
Assets held for sale				(105	)		(156	)		(4.8	)
Liabilities related to assets held for sale				122			86			2.6
Net cash provided by operating activities				7,676			9,917			306.5
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of property and equipment				(2,984	)		(3,271	)		(101.1	)
Investments in non-marketable equity securities				—			(2	)		(0.1	)
Proceeds from sale of equity securities		5		174			2,023			62.6
Proceeds from maturity of debt securities				715			2,301			71.1
Investments in term deposits				(10,235	)		(11,450	)		(354.0	)
Maturities of term deposits				3,724			8,670			268.0
Escrow cash deposit				—			130			4.0
Loans granted				—			(170	)		(5.2	)
Net cash used in investing activities				(8,606	)		(1,769	)		(54.7	)
CASH FLOWS PROVIDED BY/(USED IN) FINANCING ACTIVITIES:
Proceeds from exercise of share options				305			378			11.7
Repurchases of ordinary shares				—			(5,150	)		(159.2	)
Net cash provided by/(used in) financing activities				305			(4,772	)		(147.5	)
Effect of exchange rate changes on cash and cash equivalents				(109	)		581			18.0
Net change in cash and cash equivalents				(734	)		3,957			122.3
Cash and cash equivalents at beginning of period				5,930			7,425			229.6
Cash and cash equivalents at end of period				5,196			11,382			351.9
Supplemental disclosure of cash flow information:
Cash paid for income taxes				1,457			2,173			67.2
Non-cash investing activities:
Change in accounts payable for property and equipment				252			179			5.5
Non-cash consideration from sale of equity securities		5		144			—			—
Non-cash consideration for purchase of equity securities				—			112			3.5

The accompanying notes are an integral part of the unaudited condensed consolidated
financial statements.

F-5

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(In millions of Russian rubles and U.S. dollars, except share and per share data)

1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Yandex N.V., together with its consolidated subsidiaries (together, the "Company"), is an internet and technology company and operates Russia's largest internet search engine. The Company generates substantially all of its revenues from online advertising. Until July 2013, it also generated revenues from online payment commissions through PS Yandex.Money LLC and its subsidiary NBCO Yandex.Money LLC (together, "Yandex.Money"). In July 2013, the Company completed its sale of a 75% less one ruble interest in Yandex.Money to OJSC Sberbank of Russia ("Sberbank") (Note 5).

Yandex N.V. was incorporated under the laws of the Netherlands in June 2004 and is the holding company of Yandex LLC, incorporated in the Russian Federation in October 2000, and other subsidiaries.

The Company operates in a single segment.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and the Company believes that the disclosures are adequate to ensure the information is not misleading. Operating results for the three- and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

The condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP for annual financial statements.

The accompanying unaudited condensed consolidated financial statements for the three- and nine-month periods ended September 30, 2013 should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report on Form 20-F for the year ended December 31, 2012. Our significant accounting policies have not changed since December 31, 2012.

Use of Estimates in Interim Financial Statements

The preparation of interim financial statements, in conformity with U.S. GAAP for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to share-based compensation, accounts receivable allowances, valuation of assets and liabilities in business combinations, useful lives of intangible assets and property and equipment, impairment

F-6

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

assessments, contingencies and income taxes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

Recently Adopted Accounting Pronouncements

Effective January 1, 2013, the Company adopted the Financial Accounting Standards Board ("FASB") accounting standards updates on disclosures about offsetting assets and liabilities and reporting of amounts reclassified out of accumulated other comprehensive income. The adoption of these updates did not have a significant impact on the Company's consolidated financial position, results of operations, cash flows or disclosures.

Effective January 1, 2013, the Company adopted the FASB accounting standards update on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts not required to be reclassified in their entirety to net income in the same reporting period, a cross reference to other disclosures that provide additional detail about the reclassification amounts is required. The adoption of this update did not have a significant impact on the Company's consolidated financial position, results of operations, cash flows, or disclosures. Refer to Note 4 for disclosure of reclassifications for the three- and nine-month periods ended September 30, 2012 and 2013.

Effect of Recently Issued Accounting Pronouncements

In July 2013, the FASB issued an accounting standards update on presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective prospectively for reporting periods beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material effect on its financial statements.

3. NET INCOME PER SHARE

Basic net income per Class A share and Class B share for the three- and nine-month periods ended September 30, 2012 and 2013 is computed on the basis of the weighted average number of ordinary shares outstanding using the two class method. Basic net income per share is computed using the weighted average number of ordinary shares outstanding during the period including restricted shares. Diluted net income per ordinary share is computed using the effect of outstanding share-based awards granted by the Company and described below (Note 16) ("Share-Based Awards") calculated using the "treasury stock" method.

The computation of the diluted net income per Class A share assumes the conversion of Class B shares, while the diluted net income per Class B share does not assume the conversion of those

F-7

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

3. NET INCOME PER SHARE (Continued)

shares. The net income per share amounts are the same for Class A and Class B because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. The number of Share-Based Awards excluded from the diluted net income per ordinary share computation, because their effect was antidilutive for the three- and nine-month periods ended September 30, 2012 and 2013 was 1,362,341 and 708,000 and 1,414,111 and 1,678,477, respectively.

The components of basic and diluted net income per share were as follows:

	For the three months ended September 30,
	2012				2013
	Class A		Class B		Class A		Class A		Class B		Class B
	RUR		RUR		RUR		$		RUR		$
Net income, allocated for basic		1,307		984		3,666		113.4		1,301		40.2
Reallocation of net income as a result of conversion of Class B to Class A shares		984		—		1,301		40.2		—		—
Reallocation of net income to Class B shares		—		6		—		—		12		0.4
Net income, allocated for diluted		2,291		990		4,967		153.6		1,313		40.6
Weighted average ordinary shares outstanding—basic		186,416,244		140,289,710		240,835,896		240,835,896		85,456,323		85,456,323
Dilutive effect of:
Conversion of Class B to Class A shares		140,289,710		—		85,456,323		85,456,323		—		—
Ordinary Share-Based Awards		9,026,394		4,791,086		7,427,417		7,427,417		2,750,706		2,750,706
Weighted average ordinary shares outstanding—diluted		335,732,348		145,080,796		333,719,636		333,719,636		88,207,029		88,207,029
Net income per share attributable to ordinary shareholders:
Basic		7.01		7.01		15.22		0.47		15.22		0.47
Diluted		6.82		6.82		14.88		0.46		14.88		0.46

F-8

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

3. NET INCOME PER SHARE (Continued)

	For the nine months ended September 30,
	2012				2013
	Class A		Class B		Class A		Class A		Class B		Class B
	RUR		RUR		RUR		$		RUR		$
Net income, allocated for basic		2,969		2,563		7,079		218.8		3,049		94.3
Reallocation of net income as a result of conversion of Class B to Class A shares		2,563		—		3,049		94.3		—		—
Reallocation of net income to Class B shares		—		15		—		—		29		0.9
Net income, allocated for diluted		5,532		2,578		10,128		313.1		3,078		95.2
Weighted average ordinary shares outstanding—basic		174,842,541		150,931,642		228,766,429		228,766,429		98,538,868		98,538,868
Dilutive effect of:
Conversion of Class B to Class A shares		150,931,642		—		98,538,868		98,538,868		—		—
Ordinary Share-Based Awards		9,553,643		5,368,573		8,037,308		8,037,308		3,389,026		3,389,026
Weighted average ordinary shares outstanding—diluted		335,327,826		156,300,215		335,342,605		335,342,605		101,927,894		101,927,894
Net income per share attributable to ordinary shareholders:
Basic		16.98		16.98		30.94		0.96		30.94		0.96
Diluted		16.50		16.50		30.20		0.93		30.20		0.93

4. COMPREHENSIVE INCOME

U.S. GAAP requires the reporting of comprehensive income in addition to net income. Comprehensive income includes foreign currency translation adjustments. For the three- and nine-month periods ended September 30, 2012 and 2013, total comprehensive income included, in addition to net income, the effect of translating the financial statements of the Company and its subsidiaries domiciled outside of Russia into Russian rubles.

Accumulated other comprehensive income of RUR 961 as of December 31, 2012 and RUR 1,888 ($58.2) as of September 30, 2013 solely comprises cumulative foreign currency translation adjustments.

Reclassifications of losses out of accumulated other comprehensive income for the three- and nine-month periods ended September 30, 2013 were as follows:

		For the three months ended September 30,
	Location	2012		2013
		RUR		RUR		$
Foreign Currency Translation Adjustments	Other income, net		—		54		1.7

		For the nine months ended September 30,
	Location	2012		2013
		RUR		RUR		$
Foreign Currency Translation Adjustments	Other income, net		—		54		1.7

F-9

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

5. BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS

Disposal in 2013

Yandex.Money

In July 2013, the Company completed the sale of a 75% less one ruble interest in the charter capital of Yandex.Money to Sberbank for a cash consideration for RUR 1,964 ($60.7). A gain on sale and deconsolidation of the subsidiary in the amount of RUR 2,035 ($62.9) was recognized as other income, net.

The Company retained a non-controlling interest (25% plus one ruble) and significant influence over Yandex.Money's business as its electronic money system continues to be one of the primary payment means for the Company's advertising services. Accordingly, Yandex.Money's results of operations before the sale of a 75% less one ruble interest are classified within continuing operations and the remaining investment is accounted under the equity method within Investments in non-marketable equity securities.

Yandex.Money's assets held for sale and liabilities related to assets held for sale as of December 31, 2012 and July 4, 2013 (the date of sale) consisted of the following:

	December 31, 2012		July 4, 2013		July 4, 2013
	RUR		RUR		$
Assets held for sale
Cash and cash equivalents		1,164		1,195		36.9
Term deposits		150		280		8.7
Funds receivable, net		190		192		5.9
Goodwill		378		378		11.7
Other		142		120		3.7
Total assets held for sale		2,024		2,165		66.9
Liabilities related to assets held for sale
Funds payable and amounts due to customers		1,596		1,653		51.1
Other		23		51		1.6
Total liabilities related to assets held for sale		1,619		1,704		52.7

F-10

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

5. BUSINESS COMBINATIONS AND INVESTMENT TRANSACTIONS (continued)

Acquisition in 2012

Seismotech

In July 2012, the Company completed the acquisition of a 25% ownership interest in Seismotech LLC ("Seismotech"), a Russian-based geophysical data processing company, for RUR 27. The Company also has a 3-year option to buy another 25% interest in Seismotech at a fixed price that is accounted for at fair value (Notes 10 and 11). The Company exercises significant influence over Seismotech and accordingly accounts for this investment under the equity method.

Disposal in 2012

Face.com

In July 2012, the Company completed the sale of its ownership interest in Face.com, Inc. (formerly Vizi Information Labs Ltd. ("Vizi Labs")) to a subsidiary of Facebook, Inc. ("Facebook") for a cash consideration of RUR 174 and 142,479 shares of Facebook. A gain on sale in the amount of RUR 234 was recognized as other income, net.

6. CASH AND CASH EQUIVALENTS, NON-CURRENT RESTRICTED CASH

Cash and cash equivalents as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
Cash		926		2,772		85.7
Cash equivalents:
Bank deposits		5,530		2,494		77.1
Investments in money market funds		969		6,116		189.1
Total cash and cash equivalents		7,425		11,382		351.9

Non-current restricted cash as of December 31, 2012 and September 30, 2013 consisted of the cash reserved in a special escrow account to pay for the contingent consideration in relation to the acquisition of SPB Software group in November 2011.

7. ACCOUNTS RECEIVABLE, NET

Accounts receivable as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012			September 30, 2013			September 30, 2013
	RUR			RUR			$
Trade receivables		1,842			2,349			72.6
Allowance for doubtful accounts		(75	)		(63	)		(1.9	)
Total accounts receivable, net		1,767			2,286			70.7

F-11

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

8. OTHER CURRENT AND NON-CURRENT ASSETS

Other current assets as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
VAT reclaimable		502		568		17.6
Interest receivable		558		234		7.2
Prepaid taxes		18		132		4.1
Other receivables		85		107		3.3
Inventory		8		3		0.1
Other		46		36		1.1
Total other current assets		1,217		1,080		33.4

Other non-current assets as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
Interest receivable		—		805		24.9
Loans to employees		199		367		11.3
Other receivables		68		158		4.9
Marketable securities (Note 9)		39		—		—
Other		36		114		3.5
Total other non-current assets		342		1,444		44.6

9. INVESTMENTS IN DEBT AND EQUITY SECURITIES

Investments in debt securities as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
Capital protected index-linked note (Note 11)		2,378		—		—
Credit-linked notes		2,430		2,588		80.0
Other		2		1		—
Total investments in debt securities		4,810		2,589		80.0

F-12

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

9. INVESTMENTS IN DEBT AND EQUITY SECURITIES (Continued)

Investments in equity securities as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
Blekko		456		597		18.5
Yandex.Money (Note 5)		—		585		18.1
Seismotech (Note 5)		35		36		1.1
Other		9		14		0.4
Total investments in non-marketable equity securities		500		1,232		38.1

Marketable securities of RUR 76 and RUR 79 ($2.4) and non-current marketable securities of RUR 39 and nil as of December 31, 2012 and September 30, 2013, respectively, are comprised of shares of Facebook received in connection to the sale of Face.com (Note 5). The non-current portion of marketable securities is presented within other non-current assets within the consolidated balance sheet.

10. DERIVATIVE FINANCIAL INSTRUMENTS

The Company does not enter into derivative arrangements for hedging, trading or speculative purposes. However, some of the Company's contracts have embedded derivatives that are bifurcated and accounted for separately from the host agreements. None of these derivatives are designated as hedging instruments.

The Company recognizes such derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value and records changes in the fair value of the derivatives in the accompanying consolidated statements of income as other income, net.

The fair value of derivative instruments as of December 31, 2012 and September 30, 2013 is as follows:

	Balance Sheet Location	December 31, 2012		September 30, 2013		September 30, 2013
		RUR		RUR		$
Derivative assets:
Foreign exchange contracts	Investments in debt securities		12		—		—
Equity purchase contracts	Investments in non-marketable equity securities		8		22		0.7
Total derivative assets			20		22		0.7
Derivative liabilities:
Foreign exchange contracts	Accounts payable and accrued liabilities		1		—		—
Foreign exchange contracts	Other accrued liabilities		49		20		0.6
Total derivative liabilities			50		20		0.6

The effect of derivative instruments not designated as hedging instruments on income for the nine month periods ended September 30, 2012 and 2013 amounted to a loss of RUR 31 and a gain of RUR 17 ($0.5), respectively.

F-13

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

11. FAIR VALUE MEASUREMENTS

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1—observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3—inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of financial assets and liabilities as of December 31, 2012 consisted of the following:

	Fair value measurement using
	Level 1		Level 2		Level 3		Total
	RUR		RUR		RUR		RUR
Assets
Cash equivalents:
Bank deposits(1)		—		5,530		—		5,530
Investments in money market funds		969		—		—		969
Term deposits, current		—		4,629		—		4,629
Term deposits, non-current		—		10,330		—		10,330
Marketable securities, current(2)		76		—		—		76
Marketable securities, non-current(2)		39		—		—		39
Restricted cash		214		—		—		214
Loans to employees		—		199		—		199
Derivative contracts (Notes 5, 10)(2)		—		—		8		8
Capital protected index-linked note—host contract (Note 9)		—		2,366		—		2,366
Capital protected index-linked note—derivative(2) (Note 9)		—		12		—		12
		1,298		23,066		8		24,372
Liabilities
Derivative contracts(2)		—		50		—		50

(1)

Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits.

(2)

Amounts are measured at fair value on a recurring basis.

F-14

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

11. FAIR VALUE MEASUREMENTS (Continued)

The fair value of financial assets and liabilities as of September 30, 2013 consisted of the following:

	Fair value measurement using
	Level 1		Level 2		Level 3		Total		Total
	RUR		RUR		RUR		RUR		$
Assets
Cash equivalents:
Bank deposits(1)		—		2,494		—		2,494		77.1
Investments in money market funds		6,116		—		—		6,116		189.1
Term deposits, current		—		470		—		470		14.5
Term deposits, non-current		—		17,330		—		17,330		535.8
Marketable securities, current(2)		79		—		—		79		2.4
Restricted cash		93		—		—		93		2.9
Loans to employees		—		367		—		367		11.3
Loans granted		—		169		—		169		5.2
Derivative contracts (Notes 5, 10)(2)		—		—		22		22		0.7
		6,288		20,830		22		27,140		839.0
Liabilities
Derivative contracts(2)		—		20		—		20		0.6

(1)

Bank deposits with original maturities of three months or less are included in cash equivalents. Bank deposits with maturities of more than three months are classified as term deposits.

(2)

Amounts are measured at fair value on a recurring basis.

The fair values of the Company's Level 1 financial assets are based on quoted market prices of the identical underlying securities. The fair values of the Company's Level 2 financial assets and liabilities are based on quoted prices and market observable data of similar instruments.

There were no transfers of financial assets and liabilities between the levels of the fair value hierarchy during the three- and nine-month periods ended September 30, 2012 and 2013.

The total gains attributable to bank deposits and investments in money market funds amounted to RUR 610 and RUR 1,234 ($38.2) for the nine-month periods ended September 30, 2012 and 2013, respectively. Such amounts are included in interest income in the consolidated statements of income.

The Company had no other financial assets or liabilities measured at fair value on a recurring basis during the nine-month periods ended September 30, 2012 and 2013. The Company measures at fair value nonfinancial assets and liabilities recognized as a result of business combinations.

F-15

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

11. FAIR VALUE MEASUREMENTS (Continued)

The Company measures the fair value of investments in debt instruments carried at amortized cost for disclosure purposes. The carrying amounts and fair values of debt securities as of December 31, 2012 and September 30, 2013 were as follows:

	December 31, 2012
					September 30, 2013
	Carrying amount
			Fair value		Carrying amount				Fair value
	RUR		RUR		RUR		$		RUR		$
Credit-linked notes		2,430		2,404		2,588		80.0		2,575		79.6
Total		2,430		2,404		2,588		80.0		2,575		79.6

The Company does not estimate the fair value of non-marketable equity investments carried at cost because it did not identify events or changes in circumstances that might have had a significant adverse effect on the fair value of these investments. Furthermore, the Company believes it is not practicable to estimate the fair value of these equity investments since quoted market prices are not available and the cost of obtaining independent valuations appears excessive considering the materiality of the investments to the Company.

12. PROPERTY AND EQUIPMENT, NET

Property and equipment, net of accumulated depreciation and amortization, as of December 31, 2012 and September 30, 2013 consisted of the following:

	December 31, 2012			September 30, 2013			September 30, 2013
	RUR			RUR			$
Servers and network equipment		7,517			9,394			290.4
Infrastructure systems		3,092			3,295			101.9
Land and buildings		823			995			30.8
Office furniture and equipment		731			910			28.1
Leasehold improvements		577			625			19.3
Other equipment		82			64			1.9
Assets not yet in use		568			1,021			31.6
Purchased technologies and licenses		1,598			2,163			66.9
Total		14,988			18,467			570.9
Less: accumulated depreciation and amortization		(6,893	)		(9,497	)		(293.6	)
Total property and equipment, net		8,095			8,970			277.3

Assets not yet in use primarily represent computer equipment and other assets under installation, including related prepayments, and comprise the cost of the assets and other direct costs applicable to purchase and installation. Leasehold improvements in the amount of RUR 26 and RUR 17 ($0.5) are included in assets not yet in use as of December 31, 2012 and September 30, 2013, respectively.

Depreciation expenses related to property and equipment, except for purchased technologies and licenses, for the nine-month periods ended September 30, 2012 and 2013 amounted to RUR 1,795

F-16

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

12. PROPERTY AND EQUIPMENT, NET (Continued)

and RUR 2,303 ($71.2), respectively. Amortization expenses related to purchased technologies and licenses for the nine-month periods ended September 30, 2012 and 2013 amounted to RUR 227 and RUR 336 ($10.4), respectively.

Estimated amortization expense over the next five years for purchased technologies and licenses included in property and equipment, net as of September 30, 2013 are as follows:

	RUR		$
For the year ending December 31, 2013		115		3.6
For the year ending December 31, 2014		424		13.1
For the year ending December 31, 2015		362		11.2
For the year ending December 31, 2016		237		7.3
For the year ending December 31, 2017		140		4.3
Thereafter		29		0.9
Total		1,307		40.4

13. INTANGIBLE ASSETS, NET

Intangible assets, net of amortization, as of December 31, 2012 and September 30, 2013 consisted of the following intangible assets acquired as part of business combinations:

	December 31, 2012							September 30, 2013
	Cost		Less: Accumulated amortization			Net carrying value		Cost		Less: Accumulated amortization			Net carrying value		Net carrying value
	RUR		RUR			RUR		RUR		RUR			RUR		$
Software		283		(114	)		169		297		(143	)		154		4.7
Patents and licenses		161		(66	)		95		166		(96	)		70		2.2
Customer relationships		62		(13	)		49		66		(17	)		49		1.5
Contracts with suppliers		23		(19	)		4		23		(21	)		2		0.1
Non-compete agreements		17		(11	)		6		15		(15	)		—		—
Total intangible assets		546		(223	)		323		567		(292	)		275		8.5

Amortization expenses of intangible assets for the nine-month periods ended September 30, 2012 and 2013 were RUR 69 and RUR 66 ($2.0), respectively.

F-17

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

13. INTANGIBLE ASSETS, NET (Continued)

Estimated amortization expense over the next five years for intangible assets included in the accompanying consolidated balance sheet as of September 30, 2013 are as follows:

	RUR		$
For the year ending December 31, 2013		20		0.7
For the year ending December 31, 2014		49		1.5
For the year ending December 31, 2015		44		1.4
For the year ending December 31, 2016		44		1.3
For the year ending December 31, 2017		44		1.3
Thereafter		74		2.3
Total		275		8.5

14. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of December 31, 2012 and September 30, 2013 comprise the following:

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
Trade accounts payable and accrued liabilities		2,081		2,572		79.5
Salary and other compensation expenses payable/accrued to employees		432		751		23.2
Total accounts payable and accrued liabilities		2,513		3,323		102.7

15. COMMITMENTS AND CONTINGENCIES

Lease and Other Commitments

In December 2008, the Company signed an agreement for a ten-year lease of office space in Moscow. In April 2011, the Company entered into two more lease agreements to increase the size of its rented office space located in its headquarters complex in Moscow for the remaining period of the original lease.

F-18

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

15. COMMITMENTS AND CONTINGENCIES (Continued)

As of September 30, 2013, future minimum lease payments due under this lease and other non-cancellable operating leases for more than one year are as follows:

Payments due in the years ending December 31,	10-year Moscow lease		Other leases		Total		Total
	RUR		RUR		RUR		$
2013		270		178		448		13.9
2014		1,108		616		1,724		53.3
2015		1,138		345		1,483		45.8
2016		1,169		167		1,336		41.3
2017		1,166		59		1,225		37.9
2018 and thereafter		426		19		445		13.7
Total		5,277		1,384		6,661		205.9

For the purposes of the disclosure above, the Company assumed the full 10-year period of the lease and no changes in the rented space or rental price.

For the nine-month periods ended September 30, 2012 and 2013, rent expenses under operating leases totaled approximately RUR 1,229 and RUR 1,308 ($40.4), respectively.

Copyright Infringement Claims

In the ordinary course of business, the Company is a party to various legal proceedings, and subject to claims, certain of which relate to copyright infringement. The Company believes that its liability, if any, in all such pending litigation, other legal proceedings or other matters will not have a material effect upon its financial condition, results of operations or the liquidity of the Company.

Environment and Current Economic Situation

Emerging markets such as Russia are subject to different risks than more developed markets, including economic, political and social, and legal and legislative risks. Laws and regulations affecting businesses continue to change rapidly and tax and regulatory frameworks are subject to varying interpretations.

In particular, taxes are subject to review and investigation by a number of authorities authorized by law to impose fines and penalties. Although the Company believes it has provided adequately for all tax liabilities based on its understanding of the tax legislation, the above factors may create tax risks for the Company. In addition to the obligations shown in the lease commitments section above, approximately RUR 18 ($0.6) of unrecognized tax benefits have been recorded as liabilities, and the Company is uncertain as to if or when such amounts may be settled. Related to unrecognized tax benefits, the Company has also recorded a liability for potential penalties of RUR 2 ($0.1) and interest of RUR 2 ($0.1). As of September 30, 2013, except for the income tax contingencies described above, the Company accrued RUR 14 ($0.4) for contingencies related to non-income taxes.

F-19

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

15. COMMITMENTS AND CONTINGENCIES (Continued)

The future economic direction of Russia is heavily influenced by the fiscal and monetary policies adopted by the government, together with developments in the legal, regulatory, and political environment.

Because Russia produces and exports large volumes of oil and gas, the Russian economy is particularly sensitive to the price of oil and gas on the world market.

16. SHARE-BASED COMPENSATION

Employee Equity Incentive Plan

The Company has granted Share-Based Awards to employees and consultants of the Company pursuant to its Third Amended and Restated 2007 Equity Incentive Plan (the "2007 Plan").

The following table summarizes awards activity for the Company under the 2007 Plan:

	Options					Share Appreciation Rights ("SARs")					Restricted Share Units ("RSUs")
	Quantity			Weighted average exercise price per share		Quantity			Weighted average exercise price per share		Quantity			Weighted average exercise price per share
Outstanding as of January 1, 2013		10,133,771		$	4.42		901,265		$	20.21		1,871,703			—
Granted		28,000			27.74		670,000			32.14		776,130			—
Exercised		(3,648,314	)		3.31		(54,025	)		19.33		(103,404	)		—
Forfeited		(100,143	)		6.13		(4,825	)		20.99		(79,419	)		—
Cancelled		—			—		(250	)		20.99		(128	)		—
Outstanding as of September 30, 2013		6,413,314		$	5.12		1,512,165		$	25.52		2,464,882			—

F-20

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

16. SHARE-BASED COMPENSATION (Continued)

The following table summarizes information about outstanding and exercisable awards under the 2007 Plan as of September 30, 2013:

		Awards Outstanding						Awards Exercisable
Exercise Price ($)	Type of award	Number outstanding		Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value		Number exercisable		Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
0.83	Option		455,000		1.75	$	16.2		455,000		1.75	$	16.2
2.16	Option		879,018		2.77		30.1		879,018		2.77		30.1
2.74	Option		725,300		3.65		24.4		725,300		3.65		24.4
3.40	Option		465,700		4.34		15.4		465,700		4.34		15.4
3.43	Option		262,845		5.63		8.7		262,845		5.63		8.7
3.51	Option		869,089		6.12		28.6		789,839		6.12		26.0
4.16	Option		952,068		6.68		30.7		650,318		6.68		21.0
8.77	Option		1,608,294		7.10		44.5		943,294		7.10		26.1
25.00	Option		168,000		7.65		1.9		94,500		7.65		1.0
27.74	Option		28,000		9.65		0.2		—		—		—
Total Options			6,413,314		5.30		200.7		5,265,814		4.93		168.9
16.95	SARs		9,375		8.22		0.2		4,102		8.22		0.1
18.44	SARs		—		—		—		—		—		—
19.00	SARs		325,000		8.82		5.7		37,500		8.82		0.7
20.99	SARs		87,790		8.17		1.3		34,189		8.17		0.5
21.05	SARs		400,000		9.13		6.1		—		—		—
23.19	SARs		20,000		8.43		0.3		7,500		8.43		0.1
23.29	SARs		50,000		9.13		0.7		—		—		—
32.85	SARs		620,000		9.82		2.2		—		—		—
Total SARs			1,512,165		9.28		16.5		83,291		8.49		1.4
nil	RSUs		2,464,883		9.05		89.8		282,741		8.56		10.3
Total			10,390,362		6.77	$	307.0		5,631,846		5.17	$	180.6

The following table summarizes information about non-vested share awards under the 2007 Plan:

	Options					SARs					RSUs
	Quantity			Weighted Average Grant Date Fair Value		Quantity			Weighted Average Grant Date Fair Value		Quantity			Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2013		2,338,561		$	4.37		873,449		$	10.43		1,788,352		$	19,23
Granted		28,000			13.46		670,000			15.50		776,130			27.30
Vested		(1,118,918	)		3.82		(109,750	)		10.54		(302,921	)		18.42
Forfeited		(100,143	)		3.73		(4,825	)		12.45		(79,419	)		21.71
Non-vested as of September 30, 2013		1,147,500		$	5.19		1,428,874		$	12.83		2,182,142		$	22.13

At September 30, 2013, there was RUR 1,932 ($59.7) of unamortized share-based compensation expense related to unvested share options, RSUs and SARs which is expected to be recognized over a weighted average period of 3.04 years. The Company expects that all but an insignificant

F-21

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

16. SHARE-BASED COMPENSATION (Continued)

portion of options and SARs outstanding will vest and therefore has not applied a forfeiture rate in estimating the total awards expected to vest. The Company expects 1,898,184 out of 2,182,142 RSUs to vest after September 30, 2013. To the extent the actual forfeiture rate is different from the Company's estimate, share-based compensation related to these awards will be different from our expectations.

Ex-Plan Options

In January 2009, the Company hired certain former sales and product development employees of Mediaselling LLC ("Mediaselling"). The Company granted some of these former Mediaselling employees performance-based options to purchase an aggregate of 378,000 Class A shares.

The following table summarizes activity for these ex-plan options:

	Quantity			Weighted Average Exercise Price
Outstanding as of January 1, 2013		273,690		€	0.01
Exercised		(231,940	)		0.01
Cancelled		(2,800	)		0.01
Outstanding as of September 30, 2013		38,950		€	0.01

The following table summarizes information about non-vested ex-plan share options:

	Quantity			Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2013		152,600		$	3.42
Vested		(149,800	)		3.42
Cancelled		(2,800	)		3.42
Non-vested as of September 30, 2013		—			—

As of September 30, 2013, these ex-plan options have a remaining contractual life of 5.62 years; 38,950 outstanding and exercisable ex-plan options have an intrinsic value of RUR 46 ($1.4).

At September 30, 2013, there was no unamortized share-based compensation expense related to unvested ex-plan options.

Ex-plan RSUs

In November 2011, the Company acquired SPB Software Group and subsequently granted 25,000 RSUs to some of the former SPB Software employees. As of September 30, 2013, these ex-plan RSUs have a remaining contractual life of 8.22 years; 20,250 of these outstanding RSUs have an intrinsic value of RUR 24 ($0.7); 8,438 exercisable ex-plan RSUs have an intrinsic value of RUR 10 ($0.3). These RSUs had a grant date fair value of $16.94 per share, resulting in unamortized share-based compensation expense of RUR 6 ($0.2) that is expected to be recognized over a 2.25 year period.

F-22

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

16. SHARE-BASED COMPENSATION (Continued)

Share-Based Compensation Expense

The Company recognized share-based compensation expense of RUR 261 and RUR 531 ($16.4) for the nine- month periods ended September 30, 2012 and 2013, respectively. The Company recognized RUR 3 and RUR 6 ($0.2) in related tax benefits for the nine months ended September 30, 2012 and 2013, respectively.

17. INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS

The Company's revenues consist of the following, for the three- and nine-month periods ended September 30, 2012 and 2013, respectively:

	Three months ended September 30,						Nine months ended September 30,
	2012		2013		2013		2012		2013		2013
	RUR		RUR		$		RUR		RUR		$
Advertising revenue(1):
Text-based advertising:
Yandex websites		5,255		7,011		216.8		14,429		19,578		605.3
Yandex ad network websites		1,284		2,339		72.3		3,436		5,055		156.3
Total text-based advertising		6,539		9,350		289.1		17,865		24,633		761.6
Display advertising		580		782		24.2		1,628		2,227		68.8
Total advertising revenue		7,119		10,132		313.3		19,493		26,860		830.4
Online payment commissions		133		7		0.2		374		394		12.2
Other revenues		21		79		2.4		81		162		5.0
Total revenues		7,273		10,218		315.9		19,948		27,416		847.6

(1)

The Company records revenue net of VAT, commissions and discounts. Because it is impractical to track commissions and discounts for text-based advertising revenues generated on Yandex websites and on those of the Yandex ad network members separately, the Company has allocated commissions and discounts between its Yandex websites and the Yandex ad network websites proportionately to their respective gross revenue contributions.

Revenues by geography are based on the billing address of the advertiser. The following table sets forth revenues and long-lived assets other than financial instruments and deferred tax assets by geographic area:

	Three months ended September 30,
	2012		2013		2013
	RUR		RUR		$
Revenues:
Russia		6,893		9,443		291.9
Rest of the world		380		775		24.0
Total revenues		7,273		10,218		315.9

F-23

YANDEX N.V.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In millions of Russian rubles and U.S. dollars, except share and per share data)

17. INFORMATION ABOUT REVENUES & GEOGRAPHIC AREAS (Continued)

	Nine months ended September 30,
	2012		2013		2013
	RUR		RUR		$
Revenues:
Russia		18,961		25,599		791.4
Rest of the world		987		1,817		56.2
Total revenues		19,948		27,416		847.6

	December 31, 2012		September 30, 2013		September 30, 2013
	RUR		RUR		$
Long-lived assets, net:
Russia		8,447		8,993		278.0
US		1,043		898		27.8
Rest of the world		408		997		30.8
Total long-lived assets, net		9,898		10,888		336.6

18. SUBSEQUENT EVENTS

In October 2013, the Company completed the acquisition of a 100% ownership interest in KinoPoisk LLC and its subsidiaries ("KinoPoisk"), operating a Russian-language website dedicated to movies, television programs and celebrities, for a cash consideration $80.0 million (RUR 2,577 at the exchange rate as of the acquisition date) paid in full upon closing of the deal, including $3.0 million (RUR 97) paid to escrow account. KinoPoisk is expected to give the Company additional opportunities for placing customers' advertising. The acquisition will be accounted for as a business combination and, accordingly, the total purchase price will be allocated to the tangible and intangible assets acquired and the liabilities assumed based on their respective fair values as of the acquisition date. The Company is currently working on the preliminary purchase price allocation and expects it to be completed by the end of 2013.

In November and December 2013, the Company granted RSUs and SARs to purchase an aggregate of 526,650 and 135,000 Class A shares to its employees, respectively, pursuant to the 2007 Plan.

From October 1 through December 9, 2013, the Company repurchased approximately 2,063,522 Class A shares at an average price of $38.19 per share, for a total amount of RUR 2,558.

F-24

QuickLinks

Exhibit 99.2

YANDEX N.V. INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
YANDEX N.V. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In millions of Russian rubles ("RUR") and U.S. dollars ("$"), except share and per share data)
YANDEX N.V. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions of Russian rubles and U.S. dollars, except share and per share data)
YANDEX N.V. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions of Russian rubles and U.S. dollars, except share and per share data)
YANDEX N.V. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of Russian rubles and U.S. dollars)
YANDEX N.V. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In millions of Russian rubles and U.S. dollars, except share and per share data)