SpringOwl Activist Presentation Deck

But Yahoo's Stock Has Recently Only Been A Tracking Stock For Alibaba: Alibaba.com IPO: 09/14/2014 Note: As of 12/09/2015 Source: Bloomberg (1-Year Daily Price Chart) Thur Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Spring Owl! Asset Management LLC umm m Alibaba Yahoo! Alibaba: -10.1% Yahoo: -14.9% Confidential | For Discussion Purposes Only | 9

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