HHR Investor Presentation Deck

Substantial 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

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