The views expressed herein represent the opinions of SpringOwl Asset Management LLC (“SpringOwl"), which opinions are based exclusively on publicly
available information with respect to Yahoo! Inc. ("Yahoo"). These materials are for general informational purposes only. They do not have regard to the
specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive these materials, and should not be
taken as advice on the merits of any investment decision. Opinions expressed herein are current opinions as of the date appearing in this material only.
SpringOIwl disclaims any obligation to update the data, information or opinions contained herein. Unless otherwise indicated, financial information and data
used herein have been derived or obtained from filings made with the applicable regulator by yahoo or other companies that SpringOwl considers comparable,
and from other third party reports
Except for the historical information contained herein, the matters addressed in these materials are forward-looking statements that involve certain risks and
uncertainties. You should be aware that actual results could differ materially from those contained in the forward-looking statements. SpringOwl does not
assume any obligation to update the forward-looking statements. SpringOwl has not sought or obtained consent from any third party to the use herein of
previously published information. Any such information should not be viewed as indicating the support of such third party for the views expressed herein.
Although data and information contained herein have been obtained from sources believed to be reliable, SpringOwl does not guarantee their accuracy,
completeness or fairness. SpringOwl has relied upon and assumed, without independent verification, the accuracy and completeness of all data and
information available from public sources. No warranty is made that any data or information contained herein, whether delivered or obtained from filings made
with a regulator or from any third party. Is accurate SpringOwl shall not be responsible or have any liability for any misinformation contained in any regulatory
filing or third party report.