1. NASDAQ: YHOO 2/28/2012 Turner Novak Mark Blazo

2. Buy 100 shares @ $21.31 $2,131 4.71% of portfolio

3. Yahoo Overview Founded in 1995 Sunnyvale, CA 14,100 employees

5. Yahoo Today 2 nd largest online advertising platform 240+ Million users Personalized digital content Communications, Search, and Media Not just a search engine

6. Yahoo Tomorrow New executive team Hire/Buy talented employees/programmers Transition from media to mobile Monetize mobile offerings Improve advertisers capabilities to create and manage their own ad campaigns across Yahoo’s network

7. Q4 Earnings Call Takeaways Revenue was flat Earnings up Lots of excess cash – Continue share buybacks – Continue acquisitions Commercializing and monetizing products Transition from display ads to mobile ads Just under 200 million mobile users

8. Q4 Earnings Call Takeaways Currently 75 mobile apps – Reducing to “about 12” Remodel the 12 apps that will stay in the portfolio Continue acquiring companies between $10 - $100 Million to buy talented programmers

9. New Management Team CEO - Marissa Mayer Google’s 20 th employee VP of Search Products, User Experience, Local, Maps, and Location Developed Google’s Search and Contextual Discovery Very involved in hiring new Google employees Part of 20 acquisitions at Google Programmer – Unlike previous Yahoo CEO’s

10. New Management Team CFO - Ken Goldman Three decades of experience in software and internet companies History of fiscal discipline and internal controls COO – Henrique de Castro Brought in to repair Yahoo’s relationship with big ad agencies Built Google’s display advertising business from scratch Monetized Youtube

11. New Management Team VP of People – Jackie Reses Experience in Private Equity investing in media and technology Training and development of new employees Firm grasp of acquisitions through PE experience CMO – Kathy Savitt CEO of Lockerz CMO of American Eagle VP of Amazon In charge of worldwide marketing and branding

12. Institutional Ownership Greenlight Capital, David Einhorn – Predicted the downfall of Lehman Brothers – Exposed accounting and inventory problems at Green Mountain Coffee Roasters – First to discover disclosure changes at Herbalife Third Point Capital, Daniel Loeb – Exposed previous Yahoo CEO resume blunders – Pitched for Mayer to become new CEO

13. Strategy for Growth Not moving away from media completely Media Technology company Tangible products, not just a website Integrate products with users lives Increase search market share Bring in talented employees – Acquire small, “failed startups” with talented programmers

16. Current App Portfolio

17. Flikr vs. Instagram

18. Investments in Other Companies

19. Yahoo’s Value Core Business 21.44 x 29.6% = $6.35 per share 13.2 11.7 3.1 + 1.6 29.6%

20. Yahoo’s Value Bought 40% stake in Alibaba (Chinese Amazon) in 2005 for $1 Billion – Sold half of it for $7.6 Billion in 2012 Remaining stake is valued at $7.6 Billion at current Total valuation of $38 Billion Projected IPO by the end of 2014 Expected to be valued up to $150 Billion

21. Yahoo’s Value

22. Risks Strategic search alliance with Microsoft No operating system of its own – Not necessary for apps Many different platforms/apps make it difficult for Yahoo to appeal to advertisers – Lowering number of apps Yahoo is a tech company – Also a media company

23. Capable management team in place Cash available to spur growth Mobile use globally will continue to increase – There is no clear “Apple” of mobile products – Will it be Yahoo? Investment Thesis

24. Buy 100 shares @ $21.31 $2,131 4.71% of portfolio