Growth and Profitability Strategy

Strong governance Focused on driving value for our shareholders 2016 Collapsed dual-class share structure 2017 Initiated stock buyback program 2018 Transitioned to net share withholding to reduce dilution Adopted director resignation policy Adopted stock ownership guidelines 2020 Added new independent director 2019 Added three new independent directors Introduced performance- based stock grants for executive compensation Adopted majority vote standard for director elections About Yelp Market Opportunity Strategy Capital Allocation Governance Financial Results 27

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