Yelp Investor Presentation Deck

30-35% Adjusted EBITDA margin target Growth strategy designed to improve long-term structural economics Key drivers of long-term Adjusted EBITDA margin expansion: Growing in accretive channels: Multi-location & Self-serve Driving retention by delivering more value to advertisers Optimizing cost structure Generating Self-serve customer acquisition via marketing About Yelp 21%¹ Market Opportunity 2019 Adjusted EBITDA Margin Sales Mix Strategy Local Retention ¹Net Income for FY 2019 was $41 million. Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Net revenue. See Appendix for how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to Net income (loss). Corporate Expense Savings Capital Allocation B2B Marketing Governance 30-35% 2023E Adjusted EBITDA Margin Financial Results 21

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