SpringOwl Activist Presentation Deck

The Old Yahoo Board Thought Product-Focused Mayer Would Create More Value Long-Term Than Levinsohn Image: Google Images Spring Owl! Asset Management LLC Marissa Mayer ■ ■ ■ New Products More long-term value created for shareholders Star name Transformative M&A VS. Ross Levinsohn ■ ■ Job Cuts More deals with media partners like ABC, CNBC & Katie Couric like he had negotiated ■ Media M&A Confidential | For Discussion Purposes Only | 33

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