SpringOwl Activist Presentation Deck

Yahoo Has Promised To Re-create Mobile Search ■ H H ■ Yahoo has said that it thinks it can do mobile search better than Google Yahoo's search efforts are led by a former Googler: 34 year old Enrique Munoz Torres Munoz is the SVP of Search even though ex-Yahoo CEO Carol Bartz outsourced Search to Microsoft in 2009 and all Yahoo search staff left the company Yet now, Munoz's Search group is "one of the largest groups within the company"1 Munoz said his large group is trying to "figure out what search ought to mean" Yet, his group has only been working on it since August The product also reportedly will not be ready until 2017 If this search group is 3,000 people and it will take until mid-2017 to launch this product, it will cost the company shareholders $1.5 Billion We believe this is an inefficient use of shareholders' capital Source: 1. http://www.ozy.com/rising-stars/is-yahoo-really-trying-to-beat-google/65377 Spring Owl! Asset Management LLC Confidential | For Discussion Purposes Only | 48

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