SpringOwl Activist Presentation Deck

Starboard's "Sell At the Lows" Plan Isn't Attractive Starboard - a Yahoo shareholder - on Nov. 19/15 argued that Yahoo not spin off the Alibaba stake but instead sell the core business ■ ■ ■ ■ ■ We Disagree With Starboard's Suggestion Because: We don't think their "sell at the lows" argument will be compelling to either the Yahoo board or other Yahoo shareholders Yahoo's stock didn't increase at all the day after the letter was revealed; we believe that's because Yahoo investors don't believe Starboard's plan will work and/or won't be adopted We think Starboard's credibility has been substantially weakened in taking this "sell at the lows" approach We disagree with their projected cost savings estimates of $370 - $500M/year; we think at least $2B in annual savings are possible from headcount reductions and cost cuts While we agree with their estimates about the deterioration of the Core, we can't understand why they would then conclude that now is the time to sell off the core business at its lowest possible value Starboard's plan - at best - will get Yahoo shareholders an extra $3-4/share for their investment (Selling the core at $6B) Our plan will deliver at least an additional $30/share of value to all Yahoo shareholders What Needs to Happen Now? The right turnaround plan and the right partner to help unlock the full value of Yahoo embedded in its current assets A turnaround for public shareholders, not a fire sale for a return and strategies wanting to buy a great asset on the cheap Source: 1. http://www.starboardvalue.com/publications/Starboard Value LP Letter to YHOO 08.10.15.pdf 2. http://www.starboardvalue.com/publications/Starboard Value LP Letter to YHOO 11.19.15.pdf SpringOwl! Asset Management LLC Confidential | For Discussion Purposes Only | 17

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