Yandex N.V. announcing that Arkady Volozh, the company's co-founder, has stepped down with immediate effect from his position as a Chief Executive Officer of Yandex N.V. and from his board and executive positions with its international subsidiaries. The European Union has imposed sanctions on Mr. Volozh personally. Neither Yandex nor the Group's subsidiaries have been included on the sanctions lists of the European Union, the United States or the United Kingdom.

do not believe that these developments will affect the company's operations, its financial position or its relations with partners. Mr. Volozh is the settlor of a trust for the benefit of his family, which holds Class B shares representing a 45.3% voting and 8.6% economic interest in Yandex N.V. He is not a controlling shareholder of Yandex, and consequently these sanctions do not apply to Yandex N.V. or its subsidiaries. Mr. Volozh has decided and informed the Board that he will not instruct the trustee as to how to vote such shares going forward.

Pursuant to the terms of the trust, the trustee will vote such shares on all matters proposed to the shareholders in accordance with the recommendations of the independent Board of Directors. The Board continues to function as normal. Yandex has a strong and deep management team that is well placed to take the company to new levels with the ongoing support of the Board.