SpringOwl Activist Presentation Deck

Yahoo's Core Business Is In Need Of A Turnaround: 6,325 FY 2010 Company 5-Year Revenue Growth 5-Year Yahoo Revenue Trend (Including Traffic Acquisition Costs) Note: Current LTM as of (09/30/2015) Source: Bloomberg SpringOwl! Asset Management LLC 4,984 FY 2011 AOL +6% 4,987 FY 2012 GOOG +144% - 21% 4,680 FY 2013 FB +640% 4,618 FY 2014 TWTR +690% 4947.98 Current/LTM ($) Millions Avg. +370% Confidential | For Discussion Purposes Only | 11

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