SpringOwl Activist Presentation Deck

Marissa Mayer Should Only Be Judged on The Performance Of Yahoo's Core Business Total Display Revenues (2011-2015) ($) In thousands 2,154,886 2010 2,160,309 SpringOwl! Asset Management LLC 2011 Note: As of 10/22/2015 Source: Company Fillings (10K) - 13% 2,142,818 2012 1,949,830 2013 Mayer Hired: July 2012 1,868,035 2014 Total Search Revenues (2011-2015) ($) In thousands 3,161,589 2010 1,853,110 2011 2012 - 43% 885,860 1,741,791 2013 Mayer Hired: July 2012 1,792,861 2014 Confidential | For Discussion Purposes Only | 64

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