SpringOwl Activist Presentation Deck

A Better Plan For Yahoo Shareholders I ▪ The notion that some in the media - who usually have no specific knowledge about Yahoo - have recklessly put forward that Yahoo is "unfixable" and that it should be simply "chopped up" and handed over for nothing to private equity or strategies is insulting to all long-term public shareholders Every public shareholder knows that Yahoo can do much better with the right plan and better governance Selling the core for scrap value is not the answer ■ Rather than "sell the core at the lows," we believe a new realistic plan and an augmented board with relevant financial and operating experience can turn around and unlock the true value embedded within Yahoo ■ If all aspects of our value creation plan are implemented by the company, and if Alibaba continues to recover, we believe that Yahoo's shares may trade over $100/share Source: Spring Owl Asset Management LLC SpringOwl! Asset Management LLC Confidential | For Discussion Purposes Only | 19

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