SpringOwl Activist Presentation Deck

A Tale Of Two Acquisitions: Instagram vs. Tumblr Instagram tumblr. Current App Store Rank: Highest App Store Rank: Date of Highest Rank: How Long Ago? Source: SpringOwl Asset Management LLC #3 Spring Owl! Asset Management LLC #1 Dec 26, 2014 Day after Christmas Current App Store Rank: Highest App Store Rank: Date of Highest Rank: How Long Ago? #104 #12 June 21, 2013 The Day Yahoo Bought Tumblr Was Virtually The Day Tumblr Started To Plummet In the App Store Rankings 1 Month Post-Yahoo Buying Confidential | For Discussion Purposes Only | 41

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