SpringOwl Activist Presentation Deck

Yahoo Hasn't Made Shift To Mobile From Desktop YAHOO! facebook. twitter 1H2013 1H2014 1H2015 "Not Material" Yahoo's Mobile Revenue $308M Yahoo's Mobile Revenue Spring Owl! Asset Management LLC $485M Yahoo's Mobile Revenue Company Fillings (10K) $1,024M Facebook's Mobile Revenue $2,965M Facebook's Mobile Revenue 9.6x Bigger Than Yahoo $5,287M Facebook's Mobile Revenue Source: 1. http://www.wsj.com/articles/vahoo-be-careful-plaving-in-traffic-1449425043 10.9x Bigger Than Yahoo $165M Twitter's Mobile Revenue $406M Twitter's Mobile Revenue 1.3x Bigger Than Yahoo $744M Twitter's Mobile Revenue 1.5x Bigger Than Yahoo 0 BELL DOP 6 at would @marksa pk better YAHOO *** BELL 4:21 PM 22% O In Q315, Facebook's mobile revenue grew to 12.5x Bigger than Yahoo's¹ Confidential | For Discussion Purposes Only | 29

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