Yelp Results Presentation Deck

100% 80% 60% 40% 20% 0% Contribution margin of an average local advertiser 48% Strong unit economics Year 1 95% Year 2 95% Year 3 Note: Data based on internal analysis conducted in June 2015. Revenue is based on average advertising spend for single-location CPM advertisers, average revenue --- retention and advertising contract term length. Customer acquisition costs include direct sales, marketing, credit card transaction fees and support costs and are based on the average productivity of a salesperson. 13

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