SpringOwl Activist Presentation Deck

What Yahoo Investors Got Instead ■ ■ ■ ■ ■ Marissa Mayer New Products ■ Spring Owl! Asset Management LLC ■ More long-term value created for shareholders Star name Transformative M&A No new products Less value ascribed to the Core Business Ineffective M&A Ross Levinsohn ■ Job Cuts More deals with media partners like ABC, CNBC & Katie Couric like he had negotiated VS: Media M&A The Result? Job Increases Before Voluntary Attrition More deals with media partners like ABC, CNBC & Katie Couric like he had negotiated Essentially, Yahoo shareholders got a watered down version of the Media strategy and a less valuable Yahoo Confidential | For Discussion Purposes Only | 35

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