April 26, 2007

Yandex Becomes the Sole-Owner of Yandex.Money

Internet, March 30, 2007. Yandex, Russia’s largest Internet portal and search engine, today announced that it is acquiring a stake in Yandex.Money from the PayCash Group. As a result of this transaction Yandex will become the sole owner of Yandex.Money, one of the leading Russia’s online payment systems.

Following the acquisition, Yandex.Money, LLC will be replaced by PS Yandex.Money, LLC, and the new legal entity will become a fully-owned subsidiary of Yandex. Eugenia Zavalishina will remain the CEO of Yandex.Money. Payment system users will experience no disruption of service. Yandex.Money cards purchased prior to this announcement will remain valid and operational. PS Yandex.Money, LLC will assume the management of all e-Wallet accounts and all agreements with the system partners will be kept in place.

About Yandex.Money

A partner project Yandex.Money was created by Yandex and PayCash Group in mid 2000. Every day, users open more than 2,000 new Wallets in the system and make over 10,000 payments for goods and services, from Web-hosting and mobile communications to books and clothing.

Contacts:
Elena Kolmanovskaya, Chief Editor
Michael Ushakov, Head of Yandex PR
Phone: +7 495 739-70-00
Fax: +7 495 739-70-70
E-mail: pr@yandex-team.ru


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