SpringOwl Activist Presentation Deck

Step Five: Milk the PC Biz But Focus on Finance, Sports Companies don't die from too much focus; they die from too little ▪ The last four years has seen Yahoo trying to do a little bit of everything ▪ Yahoo should still milk its PC-based revenues (which still account for 80% of its revenues and more of its unfortunately now non-existent profits) coming from Home Page/Mail for as long as it can; just as Tim Armstrong milked AOL's dial-up; but this should be done with the bare minimum of headcount required ■ However, more of an effort should be made to double down on the winners it possesses in Finance and Sports and help invest in growing traffic ▪ Yahoo needs more usable mobile apps for Finance and Sports; they also need to continue to invest in unique content they can syndicate to others (like Buzzfeed does), show off partner content, and develop more helpful portfolio tools Source: Spring Owl Asset Management LLC SpringOwl! Asset Management LLC Confidential | For Discussion Purposes Only | 81

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