SpringOwl Activist Presentation Deck

Marissa Mayer Should Only Be Judged on The Performance Of Yahoo's Core Business In thousands Note: As of 10/22/2015 Source: Company Fillings (10K) SpringOwl! Asset Management LLC 4-Year ex-TAC Revenue Trend (2011-2015 LTM) 2012 Mayer Hired: July 2012 Total Revenue 2013 Americas 2014 EMEA Asia Pacific 2015 6% > -3% - 22% -27% Confidential | For Discussion Purposes Only | 65

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