Yelp Results Presentation Deck

U.S. Cohort 2005 - 2006 Cohort 2007 - 2008 Cohort 2009 - 2010 Cohort Cohort analysis - local revenue Number of Yelp Communities (1) 6 14 18 Average Cumulative Reviews As of March 31, 2016 (2) 6,439 1,441 517 (1) A Yelp community is defined as a city or region in which we have hired a Community Manager. (2) Average cumulative reviews is defined as the total cumulative reviews for businesses in the cohort as of March 31, 2016 (in thousands) divided by the number of communities in the cohort. (3) Year-over-year growth in average cumulative reviews compares the average cumulative reviews as of March 31, 2016 with that of March 31, 2015. Year-Over-Year Growth in Average Cumulative Reviews (3) 28% 31% 38% Average Local Advertising Revenue Q1 2016 (4) $9,087 $2,671 $729 Year-Over-Year Growth in Average Local Advertising Revenue (5) 32% 39% 44% (4) Average local advertising revenue is defined as the total local advertising revenue from businesses in the cohort over the three-month period ended March 31, 2016 (in thousands) divided by the number of communities in the cohort. (5) Year-over-year growth in average local advertising revenue compares the average local advertising revenue in the three-month period ended March 31, 2016 with that of the same period in 2015. 25

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