$0

$50

$100

$150

$200

$250

2010 2011 2012 2013 Q2'13 Q2'14

Local Brand Other

Strong Revenue Growth

1  

($M)

$48M

$83M

$233M

$55M

$89M

$138M

2

-3%

0%

3%

6%

9%

12%

15%

18%

-$5

$0

$5

$10

$15

$20

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

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

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

Adj. E

BITD

A ($

M)

Adj. E

BITD

A M

argi

n %

Significant Operating Leverage

Compelling Metrics

3  

Q2'13 Q2'14

Active Local Biz Accts1

Q2'13 Q2'14 6/30/13 6/30/14

61M 138M 80K

Cumulative Reviews Unique Visitors*

43M 108M

51K

44% y/y

27% y/y 55%

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 June 30, 2014

(2)

Year-Over-Year Growth in Average

Cumulative Reviews (3)

Average Local Advertising

Revenue Q2 2014 (4)

Year-Over-Year Growth in

Average Local Advertising Revenue (5)

2005 – 2006 Cohort 6 4,145 34% $5,493 71%

2007 – 2008 Cohort 14 889 35% $1,451 80%

2009 – 2010 Cohort 18 289 44% $377 122%

(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 June 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 June 30, 2014 with that of June 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 June 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 June 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.

Q2'13 Q2'14

68M

Mobile Unique Visitors*

45M

~40% new reviews from mobile**

~37M clicks for directions** ~46M clicks

to calls**