SpringOwl Activist Presentation Deck

According to One Report, 15% of Yahoo's Top Performers Quit in 2015 ▪ TheInformation: 15% of Yahoo's top performers this year have quit of their own volition¹ ▪ These aren't the bottom performers leaving as a result of stack-ranking ▪ These are the best and brightest at Yahoo voluntarily quitting ▪ This is virtually unprecedented in the history of business and speaks to how poorly Mayer's leadership must be perceived internally ▪ This is not sustainable; a change in CEO must be made now before the rest of Yahoo's workforce votes with its feet Yet, Mayer portrays these quits as if she and Ken Goldman orchestrated them: I'd like to now speak about our Q3 results in the context of the key drivers of our business: people, products, traffic, and revenue. Starting with people, we ended the quarter with 10,700 full-time employees and just under 800 contractors, bringing our overall head count down 14% year over year and down 32% over the current management's tenure. We will continue to be disciplined on our head count and our thoughtful work on this area has helped appreciably on expenses. - Mayer on Q315 Earnings Call ■ If Mayer wants to be measured on people, products, traffic, and revenue, she has failed miserably on all 4 over her nearly 4 years Source: 1. https://www.theinformation.com/whats-left-at-yahoo Spring Owl! Asset Management LLC Confidential | For Discussion Purposes Only | 60

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