SpringOwl Activist Presentation Deck

Yahoo's Core Business Is In Need Of A Turnaround: 1,447 FY 2010 Company 5-Year EBITDA Growth Note: Current LTM as of (09/30/2015) Source: Bloomberg SpringOwl! Asset Management LLC 1,506 FY 2011 AOL -40% 5-Year Yahoo EBITDA Trend 1,457 - 55% - FY 2012 GOOG +97% 1,206 FY 2013 FB +444% 843 FY 2014 TWTR -86% 638 Current/LTM ($) Millions Avg. +100% Confidential | For Discussion Purposes Only | 10

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