Yelp Investor Presentation Deck

Long-term financial targets Revenue CAGR About Yelp Expenses as % of revenue¹ Cost of revenue Sales & marketing Product development G&A D&A Adjusted EBITDA Margin² Market Opportunity 2013-2018 Strategy 32% 6-9% 51-57% 16-23% 13-18% -5% 13-19% 2019 8% 6% 49% 23% 13% ¹Calculated in accordance with GAAP, including stock-based compensation expense 2See Appendix for reconciliation to GAAP Net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool 5% 21% Capital Allocation Long-term target Mid-teens % -6% 36-40% 20-22% 10-11% -4% 30-35% Governance Financial Results 22

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