HHR Investor Presentation Deck

1 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

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