Growth and Profitability Strategy

I Large and growing market U.S. Local Advertising Spend ($ in billions) Digital Media '19-23E CAGR: 10% $63 $71 $78 $86 $94 2019 U.S. Local Digital Advertising Spend by Category ($ in billions) $8 $90 $90 $88 $88 $86 2019 2020E 2021E 2022E 2023E Digital Media Source: BIA Advisory Services, 2020 U.S. Local Advertising Forecast Traditional Media Restaurants Multi-location Digital SMB Digital $28 $27 Other Services Source: BIA Advisory Services, 2020 U.S. Local Advertising Forecast; Yelp internal data About Yelp Market Opportunity Strategy Capital Allocation Governance Financial Results 9

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