Yandex will issue up to 3.8 million shares for its motivation program

Yandex Board of Directors has decided to increase the authorized capital by placing up to 3.8 million ordinary shares by closed subscription in favor of ESOP SPV LLC, which acts as the operator of the employee motivation program. Final number of shares to be placed will be calculated based on the employees' applications for the exercise of their options. Maximum amount of shares to be placed may be up to 0.96% of the authorized capital.