Yelp Investor Presentation Deck

2) Drive margin expansion and optimize cost structure 1. Shift emphasis to most efficient sales channels Hold Local sales headcount steady and drive rep productivity Relocate sales out of San Francisco to save -$10 million/year once complete Optimize consumer marketing spend to save $15 million in 2019 Reduce control other corporate expenses We have delivered profitable growth and target further margin expansion Adjusted EBITDA Margin¹ Net (loss) income: 13% 2013 $(10.1) million 19% 2018 $55.4 million 30-35% See slide 20 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool 2023 target Over 6.5 percentage points of adjusted EBITDA margin expansion between 2013 - 2018 12

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