$0

$25

$50

$75

$100

$125Q

1'1

2

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Local Brand Other

Strong Revenue Growth

1

($M)

$36M $41M

$46M

$55M $61M

$71M $76M

$89M

$102M

$33M $27M

2

-3%

0%

3%

6%

9%

12%

15%

18%

21%

-$5

$0

$5

$10

$15

$20

$25Q

1'1

2

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Adj. EBITDA ($M) % Adj. EBITDA Margin

Note: See Appendix for reconciliation to GAAP Net Income (Loss) for the periods presented

Ad

j. E

BIT

DA

($M

)

Ad

j. E

BIT

DA

Ma

rgin

%

Significant Operating Leverage

Compelling Metrics

3

Q3'13 Q3'14

Active Local Biz Accts1

Q3'13 Q3'149/30/13 9/30/14

67M 139M 86K

Cumulative Reviews Unique Visitors*

47M

117M

57K

41%

y/y

19%

y/y

51%

y/y

* Per Google Analytics, average number of monthly “users” over a given three-month period 1 Number of active local business accounts from which we recognized revenue in the period Note: Cumulative number of reviews since inception, including reviews that have been removed or not recommended

Cohort Analysis – Local Revenue

U.S. Market Cohort

Number of

Yelp Markets (1)

Average

Cumulative

Reviews

As of September

30, 2014 (2)

Year-Over-Year

Growth in

Average

Cumulative

Reviews (3)

Average Local

Advertising

Revenue Q3 2014

(4)

Year-Over-Year

Growth in

Average Local

Advertising

Revenue (5)

2005 – 2006 Cohort

6 4,452 31% $6,029 57%

2007 – 2008 Cohort

14 961 34% $1,656 73%

2009 – 2010 Cohort

18 317 44% $426 100%

(1) A Yelp market is defined as a city or region in which we have hired a Community Manager.

(2) Average cumulative reviews is defined as the total cumulative reviews of the cohort as of

September 30, 2014 (in thousands) divided by the number of markets in the cohort.

(3) Year-over-year growth in average cumulative reviews compares the average cumulative

reviews as of September 30, 2014 with that of September 30, 2013.

(4) Average local advertising revenue is defined as the total local advertising

revenue from businesses in the cohort over the three-month period ended

September 30, 2014 (in thousands) divided by the number of markets in the cohort.

(5) Year-over-year growth in average local advertising revenue compares the local

advertising revenue in the three-month period ended September 30, 2014 with that

of the same period in 2013.

4

High Engagement on Mobile

5 * Monthly average number of mobile unique visitors for the period indicated, calculated as number of “users” measured by Google Analytics accessing Yelp via mobile web plus unique devices accessing the app, each on a monthly average basis ** Clicks to calls and directions from the app and mobile web. Metrics for the current quarter.

Q3'13 Q3'14

73M

Mobile Unique Visitors*

50M

~45% new

reviews from

mobile**

~40M clicks for

directions** ~44M clicks

to call**

46%

y/y