SpringOwl Activist Presentation Deck

Selected Peer Group Comparison Enterprise Value ($M) Note: As of 12/09/2015 Source: Bloomberg Spring Owl! Asset Management LLC Company AOL GOOG FB TWTR YHOO 3,920 461,890 285,450 15,010 25,600 Total Revenue ($M with TAC) 2,569 71,763 15,940 1,990 4,948 TTM EBITDA ($M) 433 23,305 6,600 -208 477 EV/EBITDA (Trailing) 7x 19.82x 42.9x -72.0x 2.2x ex-Asian Stakes Taxed at 38% Total Debt / EBITDA 1.0x 0.4x 0.01X -7.6x 2.6x Confidential | For Discussion Purposes Only | 15

View entire presentation