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Created by Rahul Madhu Mukundh Balasubramanian February 11 th , 2014

Yandex NV [NASDAQ: YNDX]. Created by Rahul Madhu Mukundh Balasubramanian February 11 th , 2014. Agenda. Business Overview. Business Overview. RUSSIA: Moscow , St. Petersburg, Rostov-on-Don , Ekaterinburg , Kazan , Novosibirsk UKRAINE: Kiev , Odessa, Simferopol BELARUS : Minsk

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Created by Rahul Madhu Mukundh Balasubramanian February 11 th , 2014

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  1. Yandex NV [NASDAQ: YNDX] McIntire Investment Institute Created by Rahul Madhu MukundhBalasubramanian February 11th, 2014

  2. Agenda McIntire Investment Institute

  3. Business Overview McIntire Investment Institute

  4. Business Overview RUSSIA: Moscow, St. Petersburg, Rostov-on-Don, Ekaterinburg, Kazan, Novosibirsk UKRAINE: Kiev, Odessa, Simferopol BELARUS: Minsk USA: Palo Alto TURKEY: Istanbul SWITZERLAND: Lucerne, Zurich McIntire Investment Institute

  5. Segmental Breakdown McIntire Investment Institute

  6. Financial Overview McIntire Investment Institute

  7. Thesis Points McIntire Investment Institute

  8. Growth Potential is strong in CIS Countries • 274.4 Million [2013] • Low internet penetration • Majority of the countries still uses the Cyrillic alphabets McIntire Investment Institute

  9. Cyrillic Use Prevalent in Eurasia More 252 million people in Eurasia use the Cyrillic Script McIntire Investment Institute Bulgaria, Bosnia and Herzegovina, Belarus, Kazakhstan, Kyrgyzstan, Macedonia, Mongolia, Montenegro, Russia, Serbia, Tajikistan, Ukraine

  10. Low Internet Penetration in CIS Countries According to the International telecommunication agency, the internet penetration rate in CIS is only 51.9% compared to 74% in Europe [2013] McIntire Investment Institute

  11. Inflection Use is a Competitive Advantage Modification of a word in order to express a particular grammatical categories tense, person, number, gender, mood, voice, and case Sailor – in “Russian” “There’s more idiomatic usage on Yandex’s website than through Google Translate.” –Joe K McIntire Investment Institute

  12. Strong Diversification Provides Complete Experience McIntire Investment Institute

  13. Yandex.Map McIntire Investment Institute

  14. Yandex.Map McIntire Investment Institute “Yandex’s maps and navigator are way better than Google or Apple.” –Sergey Libin, Senior VP Equity Research, Raiffeisenbank

  15. Yandex.Money • Leading e-commerce payment system • Venture with largest state-owned bank in Russia • Sberbank [75% - 1] • Yandex [25% + 1] McIntire Investment Institute

  16. Yandex E-Commerce McIntire Investment Institute

  17. Misperception McIntire Investment Institute

  18. Catalysts McIntire Investment Institute

  19. Risks McIntire Investment Institute

  20. DCF Analysis McIntire Investment Institute

  21. Sensitivity Analysis McIntire Investment Institute

  22. Recommendation Due to its strong growth opportunity in the CIS countries, firm competitive advantage in inflections and language usage, and diversified services, we recommend MII initiate a 5.5% long position. McIntire Investment Institute

  23. вопросы McIntire Investment Institute

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