SpringOwl Activist Presentation Deck

Softbank Has $5.5B Reasons To Help Retire Yahoo's 35% Stake In Yahoo Japan Current Yahoo Japan EPS Net Income Preferred Stock Dividends Basic Weighted Average Shares Outstanding EPS (Basic) Source: Bloomberg 133,933 Spring Owl! Asset Management LLC 8.86 5,693 Values in Millions (Except for per share items) 23.5 Yahoo Japan EPS if Retired 35% Shares Yahoo Owns Net Income Preferred Stock Dividends Basic Weighted Average Shares Outstanding EPS (Basic) 133,933 8.86 3,700 36.2 Values in Millions (Except for per share items) By retiring Yahoo's stake, YJ Shares would go from Yen 500 to Yen 770 overnight Softbank's 43% stake would immediately jump in value from $9.5B to $15B Confidential | For Discussion Purposes Only | 90

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