SpringOwl Activist Presentation Deck

Gemini: Still A Work In Progress Gemini: What Is It? In 2013, Yahoo introduced the world to "Stream Ads". This was Yahoo's first step towards creating its own native advertising solution. Yahoo Stream Ads, which are designed to blend seamlessly into the content around it, are used in personalized content streams across the Yahoo run sites Yahoo said on December 9th that Gemini is now at a $500 million revenue run rate but has never given any financial details to demonstrate this product's success and hasn't said how much of the $500 million run rate comes from cannibalizing other Yahoo revenues ■ ■ I ■ ■ ■ ■ ■ ■ ■ What People Familiar With the Gemini Product are Saying About It: "It's 3 years behind Facebook and Google" "Why are they investing in Search and making search part of it?" "They don't understand search" "Until they reverse their user and engagement trends, their ad products don't matter" "They need to consolidate one ad tech platform like Google has AdWords. Cross-integrate it." "They have all the data they need but they don't employ people to understand how to analyze it" "The revenue they claim to have here replaced Display ads which were higher margin." "Flurry people are great at analytics but don't understand how to monetize" "We don't understand why they recently renegotiated the Microsoft search deal the way they did" "Why aren't they building a Syndication Team to sell display ads for others?" "For employing so many people, they don't know a lot" Source: SpringOwl Asset Management LLC SpringOwl! Asset Management LLC Confidential | For Discussion Purposes Only | 47

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