Yelp Investor Presentation Deck

Our Long-Term Financial Targets Leading Local Platform A Consumer Daily Habit De Facto Local Business Partner Annual Revenue Growth Expenses as % of Revenue ¹ Cost of Revenue Sales & Marketing Product Development G&A D&A Adjusted EBITDA Margin² 2013 - 2018 32% 6 - 9% 51 - 57% 16 - 23% 13 - 18% - 5% 13 - 19% Long-Term Target Mid-teens ~6% 36 - 40% 20 - 22% 10-11% 1. Stock based compensation included in each line except for Adjusted EBITDA 2. See slide 18 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool -4% 30 - 35% 16

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