Yelp Results Presentation Deck

Contribution margin of an average local advertiser 48% Strong unit economics Year 1 95% Year 2 95% Year 3 Note: Data based on internal analysis conducted in June 2015. Revenue is based on average advertising spend for single-location CPM advertisers, average revenue retention and advertising contract term length. Customer acquisition costs include direct sales, marketing, credit card transaction fees and support costs and are based on the average productivity of a salesperson. c 11

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