Safe Harbor FORWARD-LOOKING STATEMENTS These slides and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical facts contained in these slides and the accompanying oral presentation, including statements regarding Yelp Inc.'s ("Yelp" or the "Company") future operations, expected financial results and future financial position, future revenue, long-term target margins, projected growth and expenses, trends, opportunities, prospects, estimates ...

Market Opportunity & Growth - The U S local ad spend is projected to be approximately $149 billion in 2017[12] - Yelp claimed 3 4 million local business locations[12] - Yelp has 138 thousand local advertising accounts[12] - Cumulative reviews grew by 27% from 95 million in Q4 2015 to over 121 million in Q4 2016[22] Mobile Engagement - App unique devices increased by 20% from 20 million in Q4 2015 to 24 million in Q4 2016[24] - App users view approximately 10 times as many pages as website users[24] Financial Performance & Targets - Total net revenue increased from $550 million in 2015 to $713 million in 2016[52] - Adjusted EBITDA increased from $69 million in 2015 to $120 million in 2016[52] - The company projects total net revenue between $880 million and $900 million in 2017[52] - The long-term target adjusted EBITDA margin is 35%-40%[55]