SpringOwl Activist Presentation Deck

Unnecessary Yahoo Perks Total Half An Instagram ■ ■ ■ All Yahoo Employee's receive a free iPhone For Marissa Mayer's one year anniversary at the company, she gave away 12,500 Jawbone UPS (where she is a board member) ■ Earlier this year, Yahoo was the main sponsor of the Met Ball Gala for $3M to which only Mayer and a couple of Yahoo executives attended¹ IPhone 6 = $9.3M SpringOwl! Asset Management LLC WEDD EDS Dr JawBone UP ≈ $2M Met Ball $3M/Yr M Yahoo also sent Mayer by NetJets with a handful of Yahoo execs to attend Davos. Yahoo was a major sponsor. The only other Internet company sponsors were Google and Facebook which are 100x the size of Yahoo's core business. Total costs were estimated between $1 - 2 million. What was the business case for the Met and Davos? Mayer provides free food for Yahoo's workforce. In Sunnyvale, it's catered by the Uber-Luxe and organic Bon Appetit. At 1.5 meals a day per employee, Mayer's perk has cost $450M over 4 years. That's half an Instagram right there. M The world's largest start-up? What start-up do you know that would spend $108 million a year of free food? Source: 1. www.nytimes.com/2015/05/fashion/will-the-met-gala-make-fashion-love-vahoo.html 2. SpringOwl Asset Management LLC Free Food $450M Davos $1-2M/Yr Confidential | For Discussion Purposes Only | 58

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