#1Investor Presentation November 2021 포 hh hh#2Important Notice You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by HeadHunter Group PLC (the "Company") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions. The Information may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. This document may not be removed from the premises. If this document has been received in error it must be returned immediately to the Company. 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All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance for the fiscal year ending December 31, 2020 and three months ended March 31, 2021 as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward- looking statements are based on management's current expectations. 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, significant competition in our markets, our ability to maintain and enhance our brand, our ability to improve our user experience and product offerings, our ability to respond to industry developments, our reliance on Russian internet infrastructure, macroeconomic and global geopolitical developments affecting the Russian economy or our business, changes in the political, legal and/or regulatory environment, privacy and data protection concerns and our need to expend capital to accommodate the growth of the business, the impact of the COVID-19 pandemic on our results of operations, business and financial condition, as well as those risks and uncertainties included under the caption "Risk Factors" in our Form 20-F for the year ended December 31, 2020 and in the registration statement on Form F-3, filed June 30, 2020, together with the relevant prospectus supplement, as such factors may be updated from time to time in our other filings with the SEC, which is on file with the SEC and is available on the SEC website at www.sec.gov. 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Certain figures in this presentation may not recalculate exactly due to rounding This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented. hh 2#3We Are #1 Online Recruitment Platform in Russia hh #2 Player The Leading Player in Russia and CIS Gap vs the Closest Competitor¹ by Key Operating Metrics Difference in UMVS hh 131 2019 3x Number of Applications and Views of Employers Details Facilitated by Al Average Daily, '000 1) 2) 3) 4) 5) Visible CV Database 15 +175% 45 361 2020 3x Innovative Technology Platform % Number of 30-day Job Postings 13% 1,399 Mar-20 593 Share of Invitations and CV Contact Views Facilitated by Al Recommendations³ 2x +14p.p. 27% Mar-21 About 7,000 Requests per Second Processed4 1 Bn Cumulative Applications since 2003 Source: Company data, publicly available company data for peers, Livelnternet, J'son & Partners O * Revenue is presented excluding the impact of HH Ukraine, which was disposed in April 2018 Among all invitations and CV contact views generated via database search Significant Scale hh Strong Technology Foundation Super Job is the closest competitor by number of UMVs, visible CVs and job postings; the figure for gap is provided as at April 30, 2021. Operating metrics are calculated according to J'son & Partners methodology and include Zarplata, assuming no overlap. For number of visible CVs 37.5MM attributable to HeadHunter and 7.3MM attributable to Zarplata, for number of 30-day job postings 1,061 attributable to HeadHunter and 338 attributable to Zarplata Attractive Growth Profile For the month ending November 30, 2020 Comparison to selected publicly traded companies with exposure to internet or online job classifieds businesses, as applicable, though which may not be directly comparable to HH Group اس 6) 7) 8) 9) 10) 11) 12) $ High Margins and Cash Conversion 3.7 5%7 8 50% +28% 4.7 2016 2017 2018 2019 Strong Growth Profile Revenue2, RUB BN +6% hh 6.1 7.8 Superior Profitability5 Publicly Traded Peers, EBITDA or Adjusted EBITDA Margin, Last Reported Calendar Year6, % 6% Based on Adjusted EBITDA of RUB4,104 MM for calendar year 2020 Median for 51Job (CY2020) and InfoEdge (CY2019) Median for Yandex (CY2020) and Mail.ru (CY2020) 28% 8.3 45% 2020 9M 2020 9M 2021 25% Emerging Markets Russian Internet Peers Median⁹ Peers Median" 5.8 +96% 11.4 10 Developed Markets Peers Median Capex as % of EBITDA (or Adjusted EBITDA), Last Reported Calendar Year ¹2, % 29% 25% 11 For peers, based on EBITDA or Adjusted EBITDA. Such figures may be defined and calculated differently by the company and the peers referenced Based on Capex excluding one-off items of RUB185 MM for calendar year 2020 Median for New Work (CY2020), SEEK (CY2020), DHI Group (CY2020) and Schibsted (CY2020) Defined as Capex divided by EBITDA (or Adjusted EBITDA), as applicable. For HeadHunter see Appendix for Capex definition. Capex may be defined and calculated differently by the company and the peers referenced 3#4Leading Positions in the CIS Region and Globally I I hh Total population of the addressable market is 226 MM¹ 1) 2) 3) Dan Country Russia Belarus Kazakhstan Uzbekistan Azerbaijan Kyrgyzstan HH Market Position² 1 1 1 1 5 3 HeadHunter Was Ranked Among Leading Jobs Websites Globally by Traffic³ HeadHunter ranked #4 as of April 1, 2021³ Rank Website 1 2 3 4 5 6 7 8 9 10 12 34 50 indeed jooble glassdoor hh workday. rh ZipRecruiter ORACLE Taleo pôle emploi Ultimate SOFTWARE People first (naukri.com India's No1 JDD Site seek www.51job.com 前程无忧 Source: Company data, SimilarWeb, IMF, J'son & Partners For HeadHunter, the addressable market includes Russia, Kazakhstan, Belarus, Azerbaijan, Uzbekistan and Kyrgyzstan; total population is as of April 30, 2021, according to IMF By traffic as of April 1, 2021, according to SimilarWeb SimilarWeb's methodology is based on the number of unique visitors together with the number of page views and captures desktop and mobile web traffic. Rankings are reported monthly CAREERBUILDER infoedge Source: SimilarWeb as of April 1, 2021 O 4#5Robust Subscription-based Business Model - Unique in the Global Context Product Access to Candidates Pool Access to Candidates Pool Bundled with Job Postings Job Postings hh Other Value Added Services Source: Company data ● ● ● ● Monetization Model Employers Access to our highly engaged community of candidates - provided on a subscription basis for a period of time for certain professions with a limited number of contact views Access to candidates pool combined with the ability to post job advertisements in certain areas and professions on our platform - provided on a subscription basis, with the maximum number of job postings being 1,800 units Job advertisements on our platform for up to 30 days - provided in packages to be utilized over 12m before expiration (i.e. semi-subscription based) Products aimed at increasing efficiency of main recruitment products - including display advertising, HR Branding, HR Analytics, Lead Generation, offline HR events and premium services for job seekers. Sold standalone or packaged with core services Share of 2020 Revenue 51% 40% 9% Target Segment All Client Categories Except Micro All Client Categories Mainly Key Accounts FREE FREE DAB Job Seekers Free CV Posting Free Job Application Paid Premium Applicant Services LO 5#6Ongoing Transition From Offline to Online to Support Recruitment Platform Growth Russian Recruitment Market Decomposition RUB Bn Online recruitment market to grab the share of less efficient traditional recruitment channels and optimize in-house spending on recruitment hh 43.8 24.7 7.4 3.2 8.4 2017 Online channels Source: J'son & Partners Note: figures may not sum up to total due to rounding. 48.8 23.2 8.9 2.2 14.5 2020E Print and other offline channels Russian Recruitment Market Decomposition % of Total Recruitment Market 56% 17% 7% 19% 2017 Recruiting agencies 48% 18% 5% 30% 2020E '17-20 CAGR Total Market 4% Offline Market (2%) Internal costs of recruiting process 6% (12%) Online Market 20% 6#7#1 Online Recruitment Platform in Russia Clear leadership across all key operating metrics hh Traffic Difference in UMVs from HeadHunter¹,2 (average for 12M ended April 2021) hh 2 SuperJob Rabota VK Jobs (ex-Worki)6 1) 2) 3) 4) 5) 6) 7) Avito Jobs7 ΝΑ Source: J'son & Partners 3x 4x (26x) Number of Visible CVs¹, as of April 30, 2021, MM hh 2,4 SuperJob Rabota VK Jobs (ex-Worki)6 Avito Jobs 3 Candidate Base 3 10 15 3x 4x (14x) (17x 45 The metric is calculated according to J'son & Partners methodology for consistency Including Zarplata, assuming no overlap in operating metrics The metric is calculated according to J'son & Partners methodology for consistency; J'son & Partners methodology may not be directly comparable to HeadHunter methodology 37.5m attributable to HeadHunter and 7.3m attributable to Zarplata 1,061 attributable to HeadHunter and 338 attributable to Zarplata Originally founded as Worki, in the beginning of 2021 transformed in mini-app integrated inside Vkontakte social network and adopted for job search Data for Avito Jobs is not disclosed separately to J'son & Partners Employer Content Number of 30-day Job Postings3, as of April 30, 2021, ¹000 hh 2,5 SuperJob Rabota 100 VK Jobs (ex-Worki)6 Avito Jobs 59 593 561 2x (14x) (24x 2x 1,399 7#8Powerful Network Effect Getting Stronger Each Year as We Widen the Gap to Competitors Powerful Network Effect Stemming from Our Scale... Metrics for 2020¹ 351k customers² 2017-20 CAGR of 23% 37.5 million visible CVs4 2017-20 CAGR of 24% hh We have the most customers Source: Company data, J'son & Partners, Livelnternet 1) 2) We get the most job seekers 3) 4) 5) 608k job postings³ 2017-20 CAGR of 15% most jobs We have the We have the most traffic 22.5 million UMVS5 2017-20 CAGR of 8% According to HeadHunter methodology, which is different from J'son & Partners Data for the year ended December 31, 2020 Daily average for the year ended December 31, 2020 As of December 31, 2020 Monthly average for the year ended December 31, 2020, according to Livelnternet ...Providing Us With a Competitive Advantage # of UMVS Across All Markets, MM 30 25 20 15 10 5 and pl илимир Киприпли 52 The traffic gap to the second largest competitor has increased by c.14x since 20106 Source: Livelnternet 6) 0 Mar-10 Mar-11 Apr-12 May-13 Jun-14 Jul-15 Aug-16 Sep-17 Oct-18 Oct-19 Dec-20 hh 5.9 SuperJob Defined as ratio of gap in average UMVS in January 2020 - December 2020 to gap in average UMVS in March 2010 - December 2010 (oldest available data) for HeadHunter and SuperJob, according to Livelnternet 80#9The Highest Brand Awareness¹ Driving Organic Traffic and Highly Economical Customer Base Expansion Total White Collar Blue Collar Source: Socis MS Rus hh 1) 2) 3) hh 55% 61% 45% Avito РАБОТА 19% 15% 27% работа.ру 8% 8% 7% SuperJob 3% 4% 2% к работа ex-Worki We employ a diverse mix of marketing and communications channels (both paid and free) to attract new customers to our platform Acquired by Mail.ru in 2019 and rebranded from Worki to VK Jobs in 2021 0.4% 0.4% 0.5% 2.8x 4.2x 1.7x High Quality Organic Traffic As of December 2020, % Other (free) Meta 5% 6% Referral 3% Organic 17% E-mail 15% CPC and CPA 3% Paid 20% Source: Company data Source: Company data Low Customer Acquisition Cost² Customer Acquisition Sources, for the Year Ended December 31, 2020 91% of Total Traffic is Free Direct 51% Free 80% Top of the mind brand awareness based on the database including 12,900 respondents in total, white collars (6,450), blue collars (6,450), one-to-one live interviews, all in Russia, as of September 30, 2020. Combined brand awareness of HeadHunter and Zarplata is provided. (1) Total: HeadHunter - 51.2%, Zarplata - 3.4%, (2) White Collar: HeadHunter - 57.7%, Zarplata - 2.9%, (3) Blue Collar: HeadHunter - 41.3%, Zarplata - 4.0%#10The Leading Al Powered Technological Platform Al Smart Matching System improving key conversion metrics throughout the recruitment funnel Job Seekers hh www 1) 2) 3) Suitable vacancies Source: Company data Vacancy Search Al Smart Matching Systems 3 4 Machine learning CV moderation Machine Learning Ranking System Machine Learning Recommendation System Machine Learning Search System Employers Applicants ranking Suitable CVs Search in CV database As of December 31 of each respective year Includes website and apps As of May 24, 2021; based on 660k reviews for iOS and 723k reviews for Android Mobile App Downloads Cumulative1¹, MM 15.3 5.0 10.3 2018 +45% 74% Android Best Mobile Solution for Job Seekers and Customers 11% 22.2 6.7 Source: Company data 15.5 2019 2 Mobile Only Mobile and Desktop +27% iOS Share of Mobile Only Traffic For December, 2020 28.3 8.1 15% 20.2 2020 100% Desktop Total Only Share of Mobile Traffic % 64% 2018 4.8 iOS 71% Source: GA Report HeadHunter Mobile App Rating³ 2020 4.8 Android 10#11Key Strategic Growth Levers Source: Company data hh ONLINE RECRUITMENT PENETRATION GROWTH We expect the growth in online recruitment penetration to further drive our customer reach and revenue HCM / VAS RAMP-UP We aim to increase revenue generated by VAS in the medium term driven by the development of the HR services market in Russia ENHANCEMENT OF MONETIZATION We aim to further enhance the monetization of our customer base in order to close the gap in our pricing to global industry peers 11#12Online Recruitment Market in Russia is Structurally Underpenetrated Russian Recruitment Market By Company Size 2020, RUB Bn Russian Recruitment Market By Region 2020, RUB Bn Russian Recruitment Market By Collar 2020, RUB Bn hh 7.2 +76% Key Accounts Revenue 1) 2) 25.1 Large Enterprises +113% Small and Medium Accounts Revenue 6.4 23.7 Small and Medium Enterprises Source: J'son & Partners, Company data, Socis MR Rus Total recruitment market, RUB Bn +89% Moscow and St Pete Revenue 7.4 23.3 Moscow and St Pete Online recruitment market, RUB Bn +113% Other Regions of Russia Revenue 6.1 25.5 Other Regions of Russia HeadHunter performance in 9M 2021¹ 61% White Collar Brand Awareness 9.2 20.7 White collars Blue Collar Brand Awareness 4.4 45% Blue collars HeadHunter brand awareness² Compared to 9M 2020 Top of the mind brand awareness based on the database including 12,900 respondents in total, white collars (6,450), blue collars (6,450), one-on-one live interviews, all in Russia, as of September 30, 2020. Data shown including Zarplata. 28.1 12#13Monetization Strategy Built Around Goal of Long-Term Growth Stage description Impact Key Monetization Initiatives hh 1) 2) 4.2 ● 3.5 # of UMVS Across All Markets, MM 2010 ● Creating Network Effect 2014 ● Focus on market leadership and building network effect on the back of soft monetization Flat fee hh Source: LiveInternet wwww... 2011 #2 Player 2012 14.2 2013 7.5 2014 No price increase for major products Unlimited offerings aimed at content/ client attraction ● ● ● ● • Source: Company data ● Leveraging network effect and linking price to volume / testing price elasticity levels Volume Based Pricing Moscow and St. Petersburg Key Accounts ARPC, Rub '000 211 For HeadHunter UMVS are based on Livelnternet data, while UMVS for peers are sourced from ComScore, which may be not directly comparable to Livelnternet data Assuming average $RUB FX rate of 72.3 for 2020 +13% 278 236 1 2015 2016 2017 2018 2019 2020 3) 4) 306 369 391 Annual price increase Cancelation of unlimited packages (job postings in 2016 and subscriptions in 2020) Volume discount curve flattening Selective movement to CPC-based products Sales force reorganization 2021 Behavioral Pricing Gradual transition to individual pricing based on client's willingness to pay and labor supply-demand balance Revenue per UMV¹, $/UMV 5.1 2,3 hh 2020 14.0x 71.4 For calendar year ended December 31, 2020 For calendar year ended December 31, 2019 assuming average EUR$ FX rate of 1.1 for 2019 StepStone ► 2019 Gap in Revenue per UMV (Peers vs. HeadHunter) Source: Company data, publicly available company data for StepStone, ComScore, Livelnternet Sophisticated real-time dynamic pricing based on numerous individual criteria • Performance-based pricing roll-out Individual pricing 13#14Clear Roadmap for Monetization Strategy Execution Listing price growth in Key Accounts segment Accelerated monetization of CVDB subscriptions Untapped opportunity for variable pricing Effective and list prices for basic job posting¹,2 US$¹ hh 3 Key Accounts Effective price Effective price per contact¹,² US$1 0,5 Key Accounts Effective price Source: HHR internal data, Players' websites SMA List price Driver/ Cleaning staff hh 0% 0,6 List price List prices for job posting by professional area¹ US$¹ 14 3 HH list price kariyer.net ³ SMA M CFO/ Data scientist 113 3,8 Totaljobs 3 Driver/ Cleaning staff 1) Assuming EURO FX rate of 1.122USD, TRY-0.12USD, AUD - 0.77USD, GBP-1.41USD, RUB - 0.014 USD 2) Effective price for job postings, candidate contacts in FY 2020. List prices as of May 2021 3) Linkedin.ru, Stepstone.fr, talent.seek.com.au, kariyer.net, totaljobs.com 233 seek³ +422% e 3 StepStone ▸ 1,017 3 StepStone ▸ 4,0 Linked in 3 CFO/ Data scientist Select initiatives ● ● ● ● ● ● ● ● Material price inflation across all listing types Flattening the discount curve (extra monetization in large volume packages) Elimination of deep discounts in regional bundles Selective usage of Pay-for-Performance models Cancellation of unlimited access product, full transition to "pay per contact" model Continuous reduction in access allowances over time Contact price differentiation Price differentiation by professional areas Regional price differentiation Dynamic price change (to reflect supply-demand balance) Auction bidding models 14#15Great Value Creation Potential Beyond Our Core Market 2020 YOU DO hh Dream Job Skillaz hh Recruitment ~RUB 49 BN Source: J'son & Partners Recruitment Automation & Onboarding Employer Branding Contingent Labor Corporate Education Individual Professional Education ~RUB 130 BN Potential TAM Extension "RUB 49 BN 15#16Substantial Operating Leverage with a Significant Share of Discretionary Expenses Operating Expenses Dynamics¹ RUB MM hh 46.8% 1) 2) 3) 4) 53.2% 3,254 666 940 1,649 FY 2018 Personnel Expenses 640 Personnel Expenses 166 Marketing Expenses Marketing Expenses Other Expenses² 125 Other Expenses Operating Expenses excl. one-offs³ as % of Revenue 49.5% 50.5% 4,184 790 1,105 2,289 Adj. EBITDA margin4 Exclusive of depreciation and amortization, equity-settled awards, including related social taxes, IPO&SPO-related costs, Insurance cover related to IPO, transaction costs related to business combinations and Other income/(loss) not related to underlying business activities Including office rent and maintenance, subcontractor and other costs related to provision of services, hosting and other website maintenance, professional services and other operating expenses One-off expenses include Equity-settled awards, including related social taxes, IPO&SPO-related costs, Insurance cover related to IPO, transaction costs related to business combinations and Other income/(loss) not related to underlying business activities. Adjusted EBITDA margin is non-IFRS measure. See Appendix for a reconciliation to the most directly comparable IFRS measure. FY 2020 As % of Revenue FY 2018 10.9% 15.4% 26.9% FY 2020 9.5% 13.3% 27.6% 16#171 2 3 Highly Cash Generative Business Allowing Rapid Deleveraging Attractive Profitability Negative Net Working Capital ¹,2 Limited Capex Requirements¹ hh 12345 3) RUB MM 5) RUB MM 46% 2017 Adjusted EBITDA¹ 2,159 RUB MM (41)% (1,956) 2017 Net Working Capital¹,2 3% 173 2017 Capex3 47% 2,864 2018 (43)% (2,623) 2018 4% 255 51% 3,977 2019 Adjusted EBITDA Margin¹, % 2018 One-off items4 (38)% (2,994) 2019 NWC as % of Revenue¹,2 4% 492 197 295 2019 4) One-off items comprise leasehold improvements, related to office renovation costs Dividends paid to shareholders 50% 4,104 2020 (46)% (3,849) 2020 2% 261 76 185 2020 Capex as % of Revenue ¹,3 Highly Cash Generative Business Model X 3,375 2.5x 0 1.2x 2017 Net Debt / Adjusted EBITDA¹ 2018 Source: Company data Non-IFRS measure. See Appendix for reconciliation to the most directly comparable IFRS measure 2) Net Working Capital is calculated as trade and other receivables plus prepaid expenses and other current assets, less contract liabilities, trade and other payables, in all cases, a current portion of a specific asset or liability Capex as % of revenue is given excluding one-off effects. See Appendix for Capex definition 1,134 0.8x 1,885 1.2x 2019 2020 Distributions to Shareholders5, RUB MM 17#18Investment Highlights Summary hh hh AN3 1 1) 5 2) #1 online recruitment platform in Russia with a leading position in other CIS countries 2 4 3 Underpenetrated and fast-growing market Source: Company data, J'son & Partners, Livelnternet, Socis MR Rus Robust business model generating growing revenue streams from loyal and diversified customer base Strong technology foundation and scalable infrastructure Superior profitability and cash flow generation profile ● #1 player across key operating metrics¹ • Number of Small & Medium Accounts grew by 59% from 9M 2020 to 9M 2021 • Number of customers in Russian Regions increased by 69% from 9M 2020 to 9M 2021 ● Highly agile and scalable IT infrastructure • Utilization of advanced machine learning algorithms powered by Al 74% of traffic comes from mobile devices for the year ended December 31, 2020 47% of revenue in 9M 2021 generated by subscription-based products 86% of Key Accounts return to the platform in the year following first purchase² ● 56% Adjusted EBITDA margin³ in 9M 2021 • 2% share of CAPEX³ in total revenue in 9M 2021 Based on number of job postings, number of visible CVs and number of UMVS, according to internal data and Livelnternet for the year ended December 31, 2020 Share of customers who purchased our services in the year ended December 31, 2019 also purchasing our services in the year ended December 31, 2020 3) Non IFRS measure. See appendix for reconciliation to the most directly comparable IFRS measure 18#19hh Q3 and 9M 2021 Trading Update#20Key financial highlights in Q3 and 9M 2021 Q3 2021 9M 2021 hh 1) 2) Revenue RUB mm 2,308 143 2,165 Q3 2020 5,832 407 5,425 103% 9M 2020 96% 4,690 358 4,332 Q3 2021 11,443 856 10,587 Adjusted EBITDA¹ RUB mm 56.6% 1,306 Q3 2020 50.4% 2,942 60.4% 9M 2020 2,833 Q3 2021 56.3% 6,438 CAPEX² RUB mm 9M 2021 3.0% 70 Q3 2020 3.7% 213 -30% -10% 1.0% 9M 2020 As % of Revenue, % 49 9M 2021 Russia Other segments Adjusted EBITDA Margin, % Adjusted EBITDA is non-IFRS financial measure. See the appendix of this presentation for a reconciliation of this measure to the nearest IFRS measure. Capital expenditures ("CAPEX") consist of property and equipment additions, capitalized R&D and other additions of intangible assets. Excluding intangible assets identified during purchase price allocation related to Skillaz acquisition. Q3 2021 1.7% 193 9M 2021 20#21Customer base growth Revenue by Type of Customer RUB mm 27% 6,118 687 3,187 2,244 2018 hh 7,789 948 4,194 6% 2,647 8,282 959 4,352 103% 4,690 531 96% 1,535 5,832 693 3,068 2,308 2,624 254 2,972 1,275 779 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 11,443 1,275 2,072 6,524 3,644 Change, % 2019-2020 Q3 20-21 9M 20-21 1% 4% 12% Solid growth across all client categories 1) Other includes foreign customers in Russia, other customers and other segments 109% 106% 97% Key Accounts 84% 113% 76% Customer Base by Type of Customer Number of Paying Customers, '000 253 19 223 27% 2018 Small & Medium Accounts 322 26 285 11 2019 9% Other¹ 351 24 315 195 174 45% 283 18 254 289 20 258 55% 450 28 409 12. 10 11, 11 13 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 Change, % 2019-2020 Q3 20-21 9M 20-21 (8%) 10% 6% 53% 46% 15% 38% 59% 15% 21#22Customer base growth (cont'd) Revenue by Geography RUB mm 27% 6,118 687 1,584 3,847 2018 hh 7,789 948 2,279 6% 8,282 959 2,641 4,561 4,683 103% 2,308 254 753 1,301 4,690 531 1,581 2,579 96% 5,832 693 1,867 3,273 11,443 1,275 3,979 6,189 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 Change, % 2019-2020 Q3 20-21 9M 20-21 1% 16% 3% Solid growth across all geographies 1) Other includes foreign customers in Russia, other customers and other segments 109% 110% 98% Moscow & St. Petersburg 84% 113% 89% Customer Base by Geography Number of Paying Customers, '000 253 19 119 115 27% 2018 Other Regions of Russia 322 26 168 129 2019 (9% 351 24 192 135 2020 Other 1 195 106 77 45% 283 18 164 101 289 20 157 112 55% 450 28 265 156 Q3 2020 Q3 2021 9M 2020 9M 2021 Change, % 2019-2020 Q3 20-21 9M 20-21 (8%) 14% 5% 53% 54% 31% 38% 69% 39% 22#23ARPC development Key Accounts ARPC Small and Medium Accounts ARPC hh RUB'000 306 13% 19.6 369 (0% 20.9 Moscow & St. Petersburg 2018 2019 391 120 19.5 78% 2018 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 10.2 214 48% 283 15.1 59% 16.7 449 41% 23.5 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 RUB'000 105 2018 9.1 11% 115 4% 10.0 2018 2019 Russian regions 130 9.9 41 2020 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 58% 5.3 65 41% 97 7.5 46% 8.5 142 36% 11.6 Q3 2020 Q3 2021 9M 2020 9M 2021 23#24Revenue by product type Q3 2021 9M 2021 hh Bundled Subscriptions RUB mm 27% 617 Q3 2020 29% 1,719 9M 2020 89% 72% 25% 1,163 Q3 2021 26% 2,952 9M 2021 CV Database Access RUB mm 22% 504 Q3 2020 23% 1,322 9M 2020 94% 80% 21% 979 Q3 2021 21% 2,375 9M 2021 Share in revenue, % Job Postings RUB mm 42% 974 Q3 2020 39% 2,260 9M 2020 110% 121% 44% 2,044 Q3 2021 44% 4,988 9M 2021 Other VAS RUB mm 9% 214 Q3 2020 9% 532 9M 2020 136% 112% 11% 504 Q3 2021 10% 1,127 9M 2021 24#25Operating costs Q3 2021 9M 2021 hh 723 2) 3) Operating Expenses Dynamics¹ RUB mm 43.5% 1,004 208 235 561 Q3 2020 49.6% 2,895 509 787 1,599 9M 2020 343 Personnel Expenses 997 Personnel Expenses 329 Marketing Expenses 577 Marketing Expenses 2 Other Expenses² 185 Other Expenses 540 Other Expenses 39.7% 1,861 393 564 904 Q3 2021 43.8% 5,009 1,049 1,364 2,596 9M 2021 Personnel Expenses Marketing Expenses Operating Expenses excl. one-offs³ as % of Revenue Exclusive of depreciation and amortization, equity-settled awards, including related social taxes, SPO-related costs and other income/(loss) not related to underlying business activities Including office rent and maintenance, subcontractor and other costs related to provision of services, hosting and other website maintenance, professional services and other operating expenses One-off expenses include equity-settled awards, including related social taxes, SPO-related costs and other income/(loss) not related to underlying business activities As % of Revenue Q3 2020 9.0% 10.2% 24.3% 9M 2020 8.7% 13.5% 27.4% Q3 2021 8.4% 12.0% 19.3% 9M 2021 9.2% 11.9% 22.7% 25#26Adjusted EBITDA and other cash flow items Q3 2021 9M 2021 hh 1) 2) Adjusted EBITDA¹ RUB mm 56.6% 1,306 Q3 2020 50.4% 2,942 9M 2020 60.4% 2,833 Q3 2021 56.3% 6,438 9M 2021 Adjusted EBITDA Margin, % CAPEX² RUB mm 3.0% Q3 2020 Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. See Appendix for a reconciliation to the nearest comparable IFRS measure. 70 Capital expenditures ("CAPEX") consist of property and equipment additions, capitalized R&D and other additions of intangible assets. Excluding intangible assets identified during purchase price allocation related to Skillaz acquisition. 3.7% 213 9M 2020 As % of Revenue, % -30% 3) -10% 1.0% 49 Q3 2021 1.7% 193 9M 2021 Net Working Capital³ RUB mm (3,849) Q4 2020 32% (5,091) Q3 2021 Net Working Capital calculated as trade and other receivables plus prepaid expenses less contract liabilities less trade and other payables. Net Working Capital is a non-IFRS financial measure. See Appendix for a description of these measure and a reconciliation to the nearest IFRS measure. 26#27Financial leverage Leverage Dynamics RUB mm hh 1.2x 4,909 Net Debt¹ to LTM Adjusted EBITDA ratio¹ has declined from 1.2x as of 2020 YE to 0.3x as of Q3 2021 on the back of strong operating cash flow 1) 2) 3) 4) Net Debt as of 31-Dec-2020 1,007 M&A² 2,074 Dividends paid to shareholders 6,026 Cash generated from operations in 9M 2021 Net Debt to LTM Adjusted EBITDA, X 395 Cash used to repay debt in 9M 2021 395 Debt repayment in 9M 2021 Increase of Net Debt 193 Investment cash flow in 9M 2021³ 173 Other net use of cash in 9M 20214 Decrease of Net Debt Net Debt and Net Debt to Adjusted EBITDA Ratio, adj. EBITDA on twelve months basis are non-IFRS financial measures. See Appendix for a reconciliation to the nearest comparable IFRS measure. Including, inter alia, payments for acquisition of Zarplata and Skillaz Including acquisition of intangible assets and property, plant and equipment Including, inter alia, effect of forex on cash, payment for lease liabilities and dividends paid to non-controlling interest 0.3x 2,330 Net Debt as of 30-Sep-2021 27#28Revised revenue growth outlook for 2021 hh +63-68% Revised guidance as of 16-Aug-2021 Q Performance acceleration LA Monetisation 2021 Revenue growth outlook, % Intensified competition for labor +81-84% Revised guidance as of 15-Nov-2021 Our guidance for FY 2021 reflects our current view, based on the trends we see, assumes no new material acquisitions or disposals and does not take into account any impact stemming from the Covid-19 pandemic, as it is not possible to assess what, if any, impact these may have on our operations at this time. 28#29hh Appendix#30Total Recruitment Spend in Russia is Estimated at ca. RUB 49bn In 2020, Russian Companies Spent c.RUB49 Bn on Recruitment 2020E Total Employed Population, million hh Employee Turnover Ratio, % Filled in Job Positions¹, million Vacancies Advertised, million Average Cost per Hire, RUB Total Recruitment Spend (Potential Addressable Market), RUB Bn Source: J'son & Partners 1) The total number of job positions filled over a certain period of time Blue Collars 40.4 39% 15.6 9.4 3,000 28.1 White Collars 29.8 16% 4.6 3.4 6,000 20.7 Total 70.2 29% 20.2 12.8 3,800 48.8 30#31#1 Online Recruitment Platform in Russia Leader across all key operating metrics General Operations Products hh 1) 2) 3) Key Highlights 4) 5) 6) Year of Foundation Shareholders Regional Sales Network Job Postings¹ ('000) Visible CV Database² (m) Gap in UMVS³ CV Database Access Job Postings VAS4 HCM Platform I I I 1 1 1 I 1 L hh Market leader in Russia across key operating metrics. Developing wide range of VAS and HCM solutions 2000 Elbrus Capital (37%), Goldman Sachs (14%), Free float (49%) 1,061 37.5 zarplata.ru Local player with strong footprint in certain Ural/Siberian regions. Has been active in M&A acquiring other local job boards. Source: J'son & Partners, Comscore, Company data, Socis MR Rus, Livelnternet 30-day job postings as of April 30, 2021 according to J'son & Partners As of April 30, 2021 according to J'son & Partners 1999/20136 HeadHunter Group 338 7.3 x I I I I I I I I I I I I I I J I I J I I I I I I I I I I I I I 1 I SuperJob National wide player by revenue presented in the majority Russian regions. Very small share of unique customers and content compared to HH due to similarity product/geo mix 2000 Alexey Zakharov X 593 15.3 Gap in number of UMVS, which are calculated based on average for 12M ended April 2021 according to J'son & Partners. Gap is calculated vs. consolidated HeadHunter and Zarplata UMVS, assuming no overlap in operating metrics Comprehensive VAS beyond recruitment process and branding Year of Avito.ru foundation Merged core assets under Zarplata umbrella in 2013, acquired by HeadHunter in 2020 3x X X 7) •Avito РАБОТА Horizontal player with no specific product adopted for job vertical. Focused on blue collar and SMEs. Undertook a wide marketing campaign in 2014- 2016, but substantially lowered budgets since then 20075 Naspers 561 2.6 ΝΑ V X X к работа Originally founded as Worki, in the beginning of 2021 transformed in mini- app integrated inside Vkontakte social network and adopted for job search. 2017/20217 Acquired by Mail.ru in 2019 and rebranded from Worki to VK Jobs in 2021 Mail.ru X 59 3.3 26x x x работа.ру Started as a printed job classified and still keeps a significant exposure to print advertisements. No leadership positions in regions 1998 Sberbank X 100 10.3 4x 31#32Fundamental Drivers of Online Recruitment Growth in Russia Active and Intensifying Market for Human Capital Employee Turnover² in Russia Wages Grow Despite Economic Turbulance 0.2% 5.8% 2016 0.8% 28.7% Russia 15.5% 1.8% Real GDP Growth (y-o-y) 19.2% 2.9% Spain 2017 4.5% 17.0% UK 米 2.8% Russia's Relatively Low Unemployment Rate Combined with High Employee Turnover Employee Turnover², % 6.9% 2018 8.0% 16.0% 2.0% France Real Wage Growth (y-o-y) 4.2% 4.8% 2019 14.7% Germany 3.2% 11.9% (3.0)% Poland 2.5% 2020 Unemployment Rate, % 2020 9.3% 12.1% Italy 26.9% 2016 72.4 27.1% 2016 2017 28.5% 2018 28.8% -2.0 MM 2019 Gradually Declining Employed Population Intensifies Competition for Human Capital Employed Population in Russia, MM 28.7% 2020 70.2 2020 Source: Federal State Statistics Service, Eurostat, OECD, J'Son Note: certain historical data for Russia have been updated due to revision of historical estimates by the Federal State Statistics Service. 1) For Russia, calculated as job positions filled in per annum as % of employed population based on Rosstat data. For other countries, calculated as share of people in current job for 12 months or less, as % of total employment, based on Eurostat. hh 2) Employee turnover denotes share of employed population changing jobs within a year and is calculated as number of job positions filled in per annum divided by total employed population. Employee turnover data for Spain, 32 UK, France, Germany, Poland and Italy is presented for 2019 year, given absence of 2020 disclosure; for Russia 2020 figures are shown.#33Russia Labor Market Environment Decrease in the most active population groups to further intensify market for human capital Russia population by age groups (ths) 20.0 hh 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 T Source: Rosstat 0-4 5-9 10-14 15-19 I 20-24 30-34 35-39 L 2012 2013 2014 2015 2016 2017 2018 2019 2020 25-29 40-44 45-49 50-54 55-59 33#34Substantial Customer Monetization Upside Potential Revenue per UMV13, Last Reported Calendar Year $/UMV hh 123456ro 1) 2) 5.1 4) hh 7) 1, 2 3.0x 15.4 infoedge naukri.com 6.5x 33.2 2 DHI 3,4 deng hights. 3) Calendarized to December 31, 2020 Assuming average $INR FX rate of 74.1 for 2020 5) For calendar year ended December 31, 2019 Assuming average EUR$ FX rate of 1.1 for 2019 Assuming average $CNY FX rate of 6.9 for 2020 14.0x Gap in Revenue per UMV (Peers vs. HeadHunter) Source: Company data, publicly available company data for peers, ComScore, Livelnternet Assuming average $RUB FX rate of 72.3 for 2020 For calendar year ended December 31, 2020 8) Assuming average $AUD FX rate of 1.5 for 2020 71.4 StepStone 5,6 18.6x 94.5 zhoebi.c 3,7 21.9x 111.4 前程无忧 2 42.5x 216.1 3,8 (Australia & New Zealand Employment) ARPC14 $/ Customer 325 hh CY2020 1,9 1.9x 617 zhoupi 10 4.2x FY2020 1,375 infoedge/ (naukri.com 11 FY2020 Gap in ARPC (Peers vs. HeadHunter) 4.8x 1,567 CY2020 9) Based on number of customers in Russia and revenue from Russia 10) 11) 12) 13) 14) 9.7x 3,154 saongroup StepStone Assuming average $CNY FX rate of 7.0 for 12 months ending June 30, 2020 Assuming average $INR FX rate of 70.9 for 12 months ending March 31, 2020 For 12 months ending June 30, 2019, assuming average EUR$ FX rate of 1.1 • Latest Available (1H2019) 12 9.8x 3,192 totaljobs 12 jobsite StepStone 16.0x 5,191 StepStone • (Continental) Latest Available Latest Available (1H2019) (1H2019) 12 For HeadHunter UMVS are based on Livelnternet data, while UMVS for peers are sourced from ComScore, which may be not directly comparable to Livelnternet data Calculated based on publicly reported revenue and number of customers for each company and may not be directly comparable to HeadHunter 34#35Strong and Experienced Management Team hh 1) 2) 3) 4) Highly Engaged Board of Directors Dmitri Krukov Chairman Morten Heuing INED Terje Seljeseth INED Martin Cocker INED Thomas Otter INED Olga Filatova INED Current Positions Mikhail Zhukov Director, CEO Senior Partner at Elbrus Capital INED at Saxo.com and Nexta.io Chief Analyst at Tinius Trust INED at Etalon Group and TCS Founder of Otter Advisory Founder of People Innovations Valentin Mashkov Partner at Elbrus Director Capital CEO of HeadHunter Maksim Melnikov CEO of Cian Director Previous Positions Managing Director at Renaissance Capital General Manager eBay Classifieds ebay Chief Executive Officer Schibsted Classified Media SCHIBSTED MEDIA GROUP Managing Partner Big4 companies KPMG GVP of Product Management SAP SuccessFactors VP for HR and Educational Projects at Mail.ru Group Director for Investments and Portfolio Management at Interros Sibur, IBS, initiated foundation of IT-SK CEO of Media3 ● ● ● ● Experienced Management Team with Excellent Track Record Dmitry Sergienkov Deputy CEO for Product and Strategy Joined HH in 2017 Previously worked at J.P. Morgan Chase Olga Mets Chief Marketing Officer Joined HH in 2010 Previously worked at Adobe Systems • Joined HH in 2006 Previously worked at Belif Andrey Panteleev Chief Revenue Officer Mikhail Zhukov Chief Executive Officer ● ● Joined HH in 2008 Previously worked at Sibur and IBS, initiated foundation of IT-SK . ● ● Gregory Moiseev Chief Financial Officer Joined HH in 2008 Previously worked at Sputnik Labs, Helios Computer Pavel Martyshev Chief Technology Officer Joined HH in 2007 Previously worked at Salon-Press Marina Lvova Chief Human Resources Officer Joined HH in 2008 Previously worked at Helios Information Technologies Based on HeadHunter data, since 2009 Comparing HeadHunter revenue for the year ended December 31, 2020 against reported revenue for the year ended December 31, 2009 for HeadHunter operating segment of Mail.ru Comparing HeadHunter Adjusted EBITDA for the year ended December 31, 2020 against reported EBITDA for the year ended December 31, 2009 for HeadHunter operating segment of Mail.ru Non IFRS measure. See appendix for reconciliation to the most directly comparable IFRS measure 41x¹ 16x² 3 2x³ Source: Company data Increase in number of paying customers Revenue growth Adjusted EBITDA margin4 expansion 35#36Income Statement in thousands of RUB Revenue growth, y-o-y Operating costs and expenses (exclusive of depreciation and amortization) as% of revenue Personnel Expenses as % of revenue Marketing Expenses as % of revenue Other Operating Expenses as % of revenue Depreciation and amortization as % of revenue Operating income Finance income Finance costs Other income Gain on remeasurement of previously held interest in equity accounted investees Net foreign exchange (loss)/gain Share of loss of equity-accounted investees (net of income tax) Profit before income tax Income tax expense Effective tax rate Net income for the period hh Q3 2020 2,308,201 7.7% (1,182,820) -51.2% (649,869) -28.2% (234,768) -10.2% (298,183) -12.9% (187,187) -8.1% 938,194 14,667 (92,569) 13,358 (10,294) (14,030) 849,326 (263,987) 31.1% 585,339 Q3 2021 4,690,404 103.2% (2,004,796) -42.7% (1,048,358) -22.4% (563,698) -12.0% (392,740) -8.4% (258,950) -5.5% 2,426,658 56,583 (172,589) 18,803 (9,899) (2,708) 2,316,848 (548,214) 23.7% 1,768,634 9M 2020 5,832,445 1.9% (3,272,504) -56.1% (1,771,614) -30.4% (787,028) -13.5% (713,862) -12.2% (555,497) -9.5% 2,004,444 42,437 (320,066) 33,954 84,474 (38,776) 1,806,467 (570,446) 31.6% 1,236,021 9M 2021 11,442,702 96.2% (5,411,305) -47.3% (2,947,616) -25.8% (1,364,157) -11.9% (1,099,532) -9.6% (786,239) -6.9% 5,245,158 169,199 (480,547) 46,854 223,308 (1,433) (8,353) 5,194,186 (1,216,609) 23.4% 3,977,577 36#37Cash Flow Statement in thousands of RUB OPERATING ACTIVITIES: Net income for the period Adjusted for non-cash items and items not affecting cash flow from operating activities: Depreciation and amortization Net finance costs Net foreign exchange gain Other non-cash items Management incentive agreement Share grant to Board Share of loss of equity-accounted investees, net of income tax Gain on remeasurement of previously held interest in equity accounted investees Income tax expense Change in trade receivables and other operating assets Change in contract liabilities Change in trade and other payables Change in other liabilities Income tax paid Interest paid Net cash generated from operating activities INVESTING ACTIVITIES: Acquisition of equity-accounted investees Acquisition of intangible assets Acquisition of property and equipment Acquisition of subsidiaries, net of cash acquired Loans issues Payment of deferred consideration for the acquisition of subsidiary Repayment of loans issued Interest received Net cash used in investing activities FINANCING ACTIVITIES: Bank loan and other loans received Bank loans and other borrowings origination fees paid Bank and other loans repaid Dividends paid to shareholders Payment for lease liabilities Dividends paid to non-controlling interest Acquisition of non-controlling interest Contribution from non-controlling interest Net cash used in financing activities Cash and cash equivalents, beginning of period Net increase/(decrease) in cash and cash equivalents Effect of exchange rate changes on cash Cash and cash equivalents, end of period hh 9M 2020 1,236,021 555,497 277,629 (84,474) (4,307) 179,009 16,259 38,776 570,446 40,568 (52,575) 65,716 (29,141) (570,906) (289,572) 1,948,946 (57,570) (140,255) (19,235) 36,536 (180,524) 4,615,000 (52,762) (5,276,447) (1,885,441) (41,710) (94,214) 44 (2,735,530) 2,089,215 (967,108) 197,821 1,319,928 9M 2021 3,977,577 786,239 311,348 1,433 3,163 319,349 16,015 8,353 (223,308) 1,216,609 (235,302) 743,417 769,258 10,532 (1,241,740) (436,987) 6,025,956 (61,300) (82,040) (111,105) (556,208) (73,997) (233,836) 3,203 131,993 (983,290) 6,300 (43,615) (395,107) (2,073,893) (60,202) (106,978) (155,177) (2,828,672) 3,367,610 2,213,994 26,380 5,607,984 37#38Balance Sheet in thousands of RUB ASSETS Non-current assets Goodwill¹ Intangible assets¹ Property and equipment Equity-accounted investees Right-of-use assets Deferred tax assets Loans issued Other non-current assets Other financial assets Total non-current assets Current assets Indemnification asset Trade and other receivables Prepaid expenses and other current assets Cash and cash equivalents Loans issued (current portion) Total current assets Total assets EQUITY AND LIABILITIES Equity Share capital Share premium Foreign currency translation reserve Retained earnings Total equity attributable to owners of the Company Non-controlling interest Total equity Non-current liabilities Loans and borrowings Lease liabilities Deferred tax liabilities¹ Trade and other payables Other non-current liabilities Contract liabilities Provisions Total non-current liabilities Current liabilities Contract liabilities Provisions (current portion) Trade and other payables Loans and borrowings (current portion) Lease liabilities (current portion) Income tax payable Other current liabilities Total current liabilities Total liabilities Total equity and liabilities hh 1) December 31, 2020 Revised 9,881,100 3,386,265 466,725 129,666 215,120 176,328 11,541 22,176 25,491 14,314,412 186,473 69,120 179,118 3,367,610 8,178 3,810,499 18,124,911 8,597 1,987,044 (92,140) 1,536,137 3,439,638 69,104 3,508,742 7,791,326 164,245 611,152 178,607 142,531 87,822 8,975,683 2,785,402 578,651 1,273,089 485,100 77,752 401,733 38,759 5,640,486 14,616,169 18,124,911 September 30, 2021 Amounts for referenced lines do not correspond to the consolidated financial statements for the year ended December 31, 2020 and reflect adjustments made in respect to the finalization of the purchase price allocation related to Zarplata.ru acquisition 10,631,711 3,495,997 435,529 57,811 164,455 302,384 76,196 25,447 15,189,530 181,294 212,058 271,973 5,607,984 7 6,273,316 21,462,846 8,655 2,134,195 (92,407) 3,236,251 5,286,694 131,995 5,418,689 7,453,702 107,907 539,631 106,705 150,528 77,407 99,793 8,535,673 3,622,897 793,667 1,847,521 483,940 82,602 572,893 104,964 7,508,484 16,044,157 21,462,846 38#39Adjusted EBITDA and Adjusted Net Income in thousands of RUB Reconciliation of EBITDA and Adjusted EBITDA from net income Net income Add the effect of: Income tax expense Net interest costs Depreciation and amortization EBITDA Add the effect of: Equity-settled awards, including related social taxes Transaction costs related to business combinations Other income/(loss) not related to underlying business activities Insurance cover related to IPO Income from depository SPO-related costs Gain on disposal of subsidiary Transaction costs related to the disposal of a subsidiary Share of loss of equity-accounted investees One-off litigation settlements and legal costs Net foreign exchange gain Gain on remeasurement of previously held interest in equity accounted investees Gain on financial asset measured at fair value through profit or loss Adjusted EBITDA Adjusted EBITDA margin Reconciliation of Adjusted Net Income from net income Net income Add the effect of: Equity-settled awards, including related social taxes Transaction costs related to business combinations Insurance cover related to IPO Income from depository Gain on disposal of subsidiary Transaction costs related to the disposal of a subsidiary Share of loss of equity-accounted investees Amortization of intangible assets recognized in business combinations (Gain) / loss related to remeasurement and expiration of tax indemnification asset Tax effect on adjustments SPO-related costs One-off litigation settlements and legal costs Loss/(gain) on financial asset measured at fair value through profit or loss Net foreign exchange gain Gain on remeasurement of previously held interest in equity accounted investees Adjusted Net Income Adjusted Net Income margin hh FY 2017 462,802 820,503 635,112 560,961 2,479,378 74,851 122,907 (439,115) 17,244 2,255,265 47.7% FY 2017 462,802 74,851 122,907 (439,115) 17,244 415,787 325,269 (83,157) 896,588 18.9% FY 2018 1,032,845 509,602 553,724 586,131 2,682,302 68,776 110,043 (6,131) 2,854,990 46.7% FY2018 1,032,845 68,776 110,043 (6,131) 415,787 (83,157) 1,538,163 25.1% FY 2019 1,581,026 644,422 526,516 683,317 3,435,281 178,953 190,284 100,048 (22,095) 30,542 17,734 3,930,747 50.5% FY 2019 1,581,026 178,953 190,284 100,048 (22,095) 30,542 415,787 (83,157) 17,734 2,409,122 30.9% FY 2020 1,885,825 685,772 350,216 750,558 3,672,371 249,286 195,329 54,771 (41,617) 49,180 7,424 (83,030) 4,103,714 49.5% FY 2020 1,885,826 249,285 64,445 54,771 (41,616) 49,180 415,788 (49,709) 138,307 (150) (83,031) 2,683,097 32.4% 9M 2020 1,236,021 570,446 277,629 555,497 2,639,593 166,963 17,390 54,772 (29,140) 138,307 38,776 (84,474) 2,942,186 50.4% 9M 2020 1,236,021 166,963 17,390 54,772 (29,140) 38,776 311,840 (28,602) 138,307 8,424 (84,474) 1,830,276 31.4% 9M 2021 3,977,577 1,216,609 345,856 786,239 6,326,281 291,509 22,613 (41,955) 88,025 8,353 1,433 (223,308) (34,508) 6,438,443 56.3% 9M 2021 3,977,577 291,509 22,613 (41,955) 8,353 496,540 (82,861) 88,025 (34,508) 1,433 (223,308) 4,503,418 39.4% 39#40Net Working Capital and Net Debt Calculation of Net Working Capital in thousands of RUB Trade and other receivables Prepaid expenses and other current assets Contract liabilities hh Trade and other payables Other current liabilities Net Working Capital Calculation of Net Debt in thousands of RUB Loans and borrowings Loans and borrowings (current portion) Cash and cash equivalents Net Debt Calculation of Net Debt to Adjusted EBITDA Ratio in thousands of RUB Net Debt Adjusted EBITDA Net Debt to Adjusted EBITDA Ratio December 31, 2017 31,808 65,803 (1,472,375) (581,503) (1,956,267) December 31, 2017 6,162,980 674,313 (1,416,008) 5,421,285 December 31, 2017 5,421,285 2,158,965 2.5x December 31, 2018 40,718 64,386 (2,072,640) (655,877) (2,623,413) December 31, 2018 5,203,692 1,233,924 (2,861,110) 3,576,506 December 31, 2018 3,576,506 2,863,732 1.2x December 31, 2019 57,908 119,249 (2,367,416) (780,219) (23,880) (2,994,358) December 31, 2019 4,064,501 1,064,554 (2,089,215) 3,039,840 December 31, 2019 3,039,840 3,977,255 0.8x December 31, 2020 69,120 179,118 (2,785,402) (1,273,090) (38,758) (3,849,012) December 31, 2020 7,791,326 485,100 (3,367,610) 4,908,816 December 31, 2020 4,908,816 4,103,715 1.2x September 30, 2021 212,058 271,973 (3,622,897) (1,847,521) (104,964) (5,091,351) September 30, 2021 7,453,702 483,940 (5,607,984) 2,329,658 September 30, 2021 2,329,658 7,599,972 0.3x 40#41Glossary Terminology Adjusted EBITDA Adjusted EBITDA margin Adjusted Net Income Adjusted Net Income margin ARPC Capex EBITDA Key Accounts Net Working Capital Russian Regions SMA UMV VAS hh Definition We define Adjusted EBITDA as net income/(loss), plus: (i) income tax expense; (ii) net interest costs; (iii) depreciation and amortization; (iv) transaction costs related to business combinations; (v) (gain)/loss on the disposal of subsidiary; (vi) expenses related to equity-settled awards, including related social taxes; (vii) IPO-related costs; (viii) secondary public offering ("SPO") related costs; (ix) insurance expenses related to IPO; (x) (income) from the depositary; (xi) one-off litigation settlement and related legal costs; (xii) share of (profit)/loss of equity-accounted investees; (xiii) net (gain)/loss on financial assets measured at fair value through profit and loss; (xiv) net foreign exchange loss/(gain); (xv) (gain) on remeasurement of previously held interest in equity-accounted investees; (xvi) Transaction costs related to the disposal of a subsidiary; and (xvii) other financing and transactional costs Adjusted EBITDA as % of Revenue We define Adjusted Net Income as net income/(loss), plus: (i) transaction costs related to business combinations; (ii) (gain)/loss on the disposal of subsidiary; (iii) expenses related to equity-settled awards, including related social taxes; (iv) IPO-related costs; (v) secondary public offering ("SPO") related costs; (vi) insurance expenses related to IPO; (vii) (income) from the depositary; (viii) one-off litigation settlement and related legal costs; (ix) share of (profit)/loss of equity-accounted investees; (x) net (gain)/loss on financial assets measured at fair value through profit and loss; (xi) net foreign exchange loss/(gain); (xii) (gain) on remeasurement of previously held interest in equity- accounted investees; (xiii) transaction costs related to the disposal of a subsidiary; (xiv) amortization of intangible assets recognized in business combinations; (xv) tax effect on adjustments; and (xvi) other financing and transactional costs Adjusted Net Income as % of revenue Average revenue per customer, defined as total revenue divided by the number of paying customers for the period For HH consists of property and equipment additions, capitalized R&D, additions arising from internal development and other additions of intangible assets For HH is defined as net income or net loss plus: (1) income tax expense; (2) net interest income or expense; and (3) depreciation and amortization Customers who, according to the Spark-Interfax database, have an annual revenue of RUB2 Bn or more or a headcount of 250 or more employees and have not marked themselves as recruiting agencies on their page on our website Trade and other receivables plus prepaid expenses and other current assets less contract liabilities, trade and other payables and other liabilities, in all cases, a current portion of a specific asset or liability. For HH includes all regions in Russia except for Moscow and St. Petersburg Small and Medium Accounts, customers who, according to the Spark-Interfax database, have both an annual revenue of less than RUB2 Bn and a headcount of less than 250 employees and have not marked themselves as recruiting agencies on their page on our website The average number of unique visitors to our website during a calendar month Value-added services 41#42hh Arman Arutyunian Head of Corporate Finance [email protected] investor.hh.ru/