SpringOwl Activist Presentation Deck

Search Traffic Mozilla and Oracle Deals Have Helped Gross Revenues But Not Net Revenues 1,086,821 Source: Company Fillings (10Q) Spring Owl! Asset Management LLC Q1 1,132,730 1,042,831 Q1 1,225,970 2015 (Q1-Q3) Revenue Ex-TAC 1,040,365 1,043,035 Q2 2014 2015 2015 (Q1-Q3) Revenue Inc-TAC 1,084,191 Q2 1,243,265 2014 2015 1,093,960 Q3 1,148,140 1,002,444 ($) In thousands Q3 1,225,673 ($) In thousands Confidential | For Discussion Purposes Only | 61

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