SpringOwl Activist Presentation Deck

Yahoo 5-Year Historical Chart Dec-10 Dec Note: As of 12/09/2015 Source: Bloomberg (5-Year Daily Price Chart) SpringOwl! Asset Management LLC Dec-12 -Nasdaq n Dec-13 Yahoo Dec-14 Nasdaq: 94.8% Yahoo: 105.6% Dec-15 Confidential | For Discussion Purposes Only | 8

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