SpringOwl Activist Presentation Deck

A Better Plan For Yahoo Shareholders ■ ■ H ■ ■ ■ Re-cast Yahoo management and the board to have a clear focus on properly operating the business Bring In Someone Like a Liberty as a Partner through a PIPE with board representation to advise on tax and operating an Internet business for a 14x multiple Aggressively cut costs across the Core the way Private equity surely will Cut Non-Performing Businesses & Internal Search Plans Focus on Best Bets Moving Forward including Finance and Sports Milk The PC Business Longer Than Anyone Expects (a la AOL) Build Back The Company Day by Day and Not Through Hail Mary Expensive Acquisitions Reduce the share count as a sign of confidence in our plan which will benefit all shareholders Image: Google Images SpringOwl! Asset Management LLC Confidential | For Discussion Purposes Only | 20

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