SpringOwl Activist Presentation Deck
Step Three: Bring In Someone Like a Liberty As A
Partner
▪ We would like to see someone like a Liberty Media come on to the Yahoo board as a partner for two reasons:
(1) We believe the board and shareholders could greatly benefit from tax advice relating to the sizable Alibaba
and Yahoo Japan stakes; We believe someone with the expertise like a Liberty would be able to aid in this
analysis and, over time, better unlock the value of these stakes rather than the current board making a quick
decision
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(2) Liberty Media gets a 14x Enterprise Value to EBITDA multiple rather than the 2x which Yahoo currently
receives on its core business; We think having a partner like a Liberty on the Yahoo board would result in a
much higher multiple being given to Yahoo's core business from the market
▪ Someone like a Liberty would likely want to come on to the board through some sort of PIPE transaction and expect
to receive board representation
▪ The potential tax advice benefits as well as a likely re-rating upwards in value to the Yahoo core business would still
make such an outside partner very attractive to Yahoo shareholders
Source: Spring Owl Asset Management LLC
SpringOwl!
Asset Management LLC
Confidential | For Discussion Purposes Only | 79View entire presentation