SpringOwl Activist Presentation Deck

$10 Billion in Misallocated Capital Is A Poor Choice "We're really proud of our record on capital allocation" - - Marissa Mayer, 12/09/151 -$2.5B in value destroyed on Under-water Stock Purchases Made Since Dan Loeb left the board in July 2013 -$3B spent on M&A Valued at Zero Today By Investors -$4B spent on Product Development/R&D leading to No New Successful Products -$9.5B in Misallocated Capital Since 2012 Source: Company Fillings (10K) / 1. http://video.cnbc.com/gallery/?video=3000464388 Spring Owl! Asset Management LLC BEHIND ON MOBILE RACE OVER SPENDING PRODUCT DEVELOPMENT ON YAHOO! NOTIVAONNI JO YOUT BUSINESS WEAKER CORE Confidential | For Discussion Purposes Only | 36

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