SpringOwl Activist Presentation Deck

Yahoo's Headcount Still Excessively High Given Revenues: 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 3,574 '04 Yahoo Full Time Employee Headcount (2004-2015) vs. Revenue (2004-2015) Spring Owl! Asset Management LLC 5,257 '05 6.425 '06 Source: Company Filings (10K), Analyst calls 6,969 '07 7,208 '08 6,460 '09 Revenues 6,324 '10 HeadCount 4,984 '11 4,986 '12 8 4,680 '13 Marissa Mayer Hired: July 2012 4,618 '14 ¹15 8,000 7,000 6,000 5,000 -4,000 3,000 2,000 1,000 ($) Millions Confidential | For Discussion Purposes Only | 13

View entire presentation