Q3 2013 Earnings Slides October 29, 2013 Strong Growth in Multiple Sources of Revenue

($M) $150 Other Brand Local $137.6M

$125

$100 $83.3M

$75 $61.2M

$50 $47.7M $36.4M $25.8M $25

$0 2009 2010 2011 2012 Q3'12 Q3'13 Compelling Metrics*

Cumulative Reviews Unique Visitors** Active Local Biz Accts1

47.3M 117M 42% 41% y/y y/y 57.2K 61% y/y 33.3M 84M

35.5K

Sep 30, 2012 Sep 30, 2013 Q3'12 Q3'13 Q3'12 Q3'13

1 number of active local business accounts from which we recognized revenue during the period * Note that the review and paying local business accounts metrics for Q3 2013 include integrated Qype markets: France, Ireland, Italy, Spain, Brazil and the UK. ** Per Google Analytics, average number of monthly unique visitors over a given three-month period Cohort Analysis – Local Revenue

Average Year-Over-Year Year-Over-Year Cumulative Growth in Average Local Growth in Reviews Average Advertising Average Local Number of As of Sep 30, 2013 Cumulative Revenue Q3 2013 Advertising U.S. Market Cohort Yelp Markets (1) (2) Reviews (3) (4) Revenue (5)

2005 – 2006 6 3,396 35% $3,832 57% Cohort

2007 – 2008 14 715 35% $954 74% Cohort

2009 – 2010 18 221 54% $213 99% Cohort

(1) A Yelp market is defined as a city or region in which we have hired a Community (4) Average local advertising revenue is defined as the total local advertising Manager. revenue from businesses in the cohort over the three-month period ended (2) Average cumulative reviews is defined as the total cumulative reviews of the cohort September 30, 2013 (in thousands) divided by the number of markets in the as of September 30, 2013 (in thousands) divided by the number of markets in the cohort. cohort. (3) Year-over-year growth in average cumulative reviews compares the average (5) Year-over-year growth in average local advertising revenue compares cumulative reviews as of September 30, 2013 with that of September 30, 2012. the local advertising revenue in the three-month period ended September 30, 2013 with that of the same period in 2012. Mobile is strong and growing

Q3 Total Yelp Searches Mobile app usage on 11.2M mobile devices* ~19M calls to businesses ~27M click for directions ~62% from Yelp Mobile ~46% of ad impressions

shown on mobile in Q3 2013

~117M Unique Visitors in Q2

~33% to Yelp’s Mobile site

*Used on an average of approximately 11.2M unique mobile devices per month during Q3 2013 Note that the metrics above do not include Qype searches, unique visitors, mobile devices, calls, directions. or ad impressions