SpringOwl Activist Presentation Deck

A Yahoo Turnaround for Yahoo's Public Shareholders ■ ■ When Jerry Yang and David Filo agreed to take public shareholders' money in 1996, they made a compact: any future gains created by Yahoo would be shared with those public market investors When you hear people say that "Yahoo should be chopped up" by private equity because Yahoo is "hopeless", what they're really saying is that Yahoo's public market shareholders should do a wealth transfer to some private equity LPs or strategies. It's nonsense to think Yahoo can't be turned around in public just because they haven't for the past 4 years "She tried. It's impossible. It's not her fault" - @jonsteinberg, CEO of DailyMail.com North America on Mayer's efforts to turn Yahoo around on CNBC, October 21, 2015¹ It's not impossible at all, Jon. That's like watching Shaq shoot a few free throws and concluding it's impossible for all NBA players to make free throws Source: 1. https://twitter.com/carlquintanilla/status/656852009094615040 Spring Owl! Asset Management LLC Confidential | For Discussion Purposes Only | 74

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