SpringOwl Activist Presentation Deck

Yahoo 1-Year Historical Chart ww Dec 14 Jan 15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Note: As of 12/09/2015 Source: Bloomberg (1-Year Daily Price Chart) Spring Owl! Asset Management LLC Yahoo Nasdaq Nasdaq: 7.0% Yahoo: -31.0% Confidential | For Discussion Purposes Only | 6

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