SpringOwl Activist Presentation Deck

Product Development Expenses Have Yet To Pan Out 2014 R&D/Product Development Expenses as a % of Revenue SpringOwl! Asset Management LLC 18% $885M Yahoo Note: As of 10/22/2015 Source: Company Fillings (10K) 15% $9.83B Google 3% $6.04B Apple Confidential | For Discussion Purposes Only | 14

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