Yelp Investor Presentation Deck

Our long-term financial targets 1. 2. Annual revenue growth Expenses as % of revenue¹ Cost of revenue Sales & marketing Product development G&A D&A Adjusted EBITDA Margin² 2013-2018 32% 6-9% 51-57% 16-23% 13-18% ~5% 13-19% Long-term target Mid-teens ~6% 36-40% 20-22% 10-11% ~4% 30-35% Calculated in accordance with GAAP, including stock-based compensation expense See slide 20 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool 18

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