Q1 2018 Presentation

1. INVESTOR PRESENTATION!
May 2018!

2. 2
Disclaimers
This presentation contains certain forward-looking statements, which statements involve substantial risks and uncertainties. All statements other than
statements of historical fact contained in this presentation, including statements regarding the company’s future results of operations and financial
position, business strategy, plans and objectives for future operations, are forward-looking statements. Such statements are subject to a number of
risks, uncertainties, and assumptions, and investors are cautioned not to place undue reliance on these statements. Actual results could differ
materially from those expressed or implied, and reported results should not be considered as an indication of future performance.
Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks associated with the company’s ability to
successfully drive and increase traffic to its marketplaces and media properties; the company’s ability to attract new and repeat customers and artists to
its marketplaces and successfully grow its marketplace businesses; the impact of increasing mobile usage on the company’s marketplace businesses;
changes in the methodologies of internet search engines, including ongoing algorithmic changes made by Google, Bing and Yahoo!; the effects of
shifting consumption of media content and online shopping from desktop to mobile devices and/or social media platforms, and the effect of
management changes and business initiatives (including acquisitions), as well as other risks listed or described from time to time in the Company’s
filings with the Securities and Exchange Commission, which are incorporated herein by reference. Except as required by law, the Company undertakes
no obligation to update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results
or to changes in the Company’s expectations.
Non-GAAP Disclosure:
This presentation includes reference to Adjusted EBITDA and Operating Contribution, each of which is a non-GAAP measure. These non-GAAP
measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP
measures used by the company may differ from the non-GAAP measures used by other companies. Reconciliations between GAAP and these non-
GAAP measures are included in the appendix to this document. The company considers these non-GAAP financial measures to be important because
they provide a useful measure of the operating performance of the Company and are used by the Company’s management for that purpose. A
reconciliation of each of Adjusted EBITDA and Operating Contribution to net loss is available in the Appendix to this presentation.

3. Our Mission
Fitness & WellnessArt & Design
3
We build enduring, digital first brands for
passionate audiences in large and
growing lifestyle categories!

4. 4
Leaf Group: A House of Consumer Digital First Brands
Example Brands
Luxury, Sports and Lifestyle
Lifestyle Categories
Example Brands
Wine and Spirits, Fashion and Goods,
Perfumes and Cosmetics, Watches
and Jewelry, Selective Retailing
Lifestyle Categories
Example Brands
Jewelry, Watchmaking, Accessories
Lifestyle Categories
Example Brands
Art and Design, Fitness and Wellness
Lifestyle Categories

5. 5
Passion Brands for a Global Audience
Fitness, Mind-Body + Healthy Eating, Nutrition and Weight Loss(1)
$1.2T
Home Goods(2)
$115B
Total Art Market(3)
$57B
LEAF GROUP(4)
$135M
1) Global Wellness Ins.tute, Global Wellness Monitor January 2017
2) US Census Advanced Retail Data 2017, Furniture and Home Furnishings Stores
3) Art Basel & UBS Report 2017
4) Leaf Group LTM (Last Twelve Months) revenue

6. 6
Leaf Group at a Glance
(1) Total Unique Monthly Visitors for March 2018 comscore data
(2) Sum of the Total Unique Monthly Visitors for each individual property using March 2018 comscore data.
(3) Source: Quantcast audience insight data for April 2018 based on traffic
41% Ages 25 – 44(3)
60% Has Kids(3)
66%
Female(3)
Fitness & Wellness
34M
Total Monthly Visitors(2)
3M
Newsletter Subscribers
10M
MyPlate App Downloads
Art & Design
8.2M
Total Monthly Visitors(2)
360K
Artists & Creators
6.1M
Products For Sale
54M
Unique Monthly Visitors(1)
280Employees
4.2MCumulative Purchasers
To Date
21% HHI Above $100K(3)
62% College or Grad School(3)

7. 7
Art & Design at a Glance
8.2M
Total Monthly Visitors(2)
28% HHI Above $100K(3)
56% Ages 25 – 54(3)
71% College or Grad School(3)
46% Ages 25 – 44(3)
67% College or Grad School(3)
360KArtists & Creators
6.1MProducts for Sale
57%
Female(3)
Art & Design
48% HHI Above $50K(3)
73%
Female(3)
54M
Unique Monthly Visitors(1)
280
Employees
4.2M
Cumulative Purchasers
to Date
Fitness & Wellness
34M
Total Monthly Visitors(2)
3M
Newsletter Subscribers
10M
MyPlate App Downloads
(1) Total Unique Monthly Visitors for March 2018 comscore data
(2) Sum of the Total Unique Monthly Visitors for each individual property using March 2018 comscore data.
(3) Source: Quantcast audience insight data for April 2018 based on traffic

8. 8
Serving the consumer’s desire for uniqueness and
personalization in the home category!
Home Goods(1)
$115B
Home Goods eCommerce(2)
$31B
Marketplaces
Revenue FY 2017
$84M
(1) US Census Advanced Retail Data 2017, Furniture and Home Furnishings Stores
(2) eMarketer July 2017
(3) Metrics provided as of March 31, 2018 based on Leaf Group internal data
75Unique Products(3)
5MUnique, Personalized
Designs(3)
289KSellers(3)
$66Average Order Value(3)

9. 9
The premier site for original artwork lovers!
Total Art Market(1)
$57B
Est. Online Art Market(1)
$5B
Giving artists a physical
world presence
Target customer earlier in
lifecycle
(1) Art Basel & UBS Report 2017
(2) Metrics provided as of March 31, 2018, based on Leaf Group internal data
Sex Lessons
Marco Battaglini, Costa Rica
SOLD for $27,500 on 4/17/2018
$1,200+Average Order Value(2)
176Countries with artists
with works for sale(2)
Grace
Michael James Talbot, UK
SOLD for $20,750 on 1/1/2018
Marketplaces
Revenue FY 2017
$84M

10. 34M
Total Monthly Visitors(2)
21% HHI Above $100K(3)
3MNewsletter Subscribers
10MMyPlate App Downloads
71%
Female(3)
Fitness & Wellness
42% Ages 25 – 44(3)
59% Has Kids(3)
10
Fitness & Wellness at a Glance
Art & Design
8.2M
Total Monthly Visitors(2)
360K
Artists & Creators
6.1M
Products For Sale
54M
Unique Monthly Visitors(1)
280
Employees
4.2M
Cumulative Purchasers to Date
(1) Total Unique Monthly Visitors for March 2018 comscore data
(2) Sum of the Total Unique Monthly Visitors for each individual property using March 2018 comscore data.
(3) Source: Quantcast audience insight data for April 2018 based on traffic

11. 11
Executive Leadership
Sean Moriarty
Chief Executive Officer!
Prior: !
• CEO at Saatchi Art!
• President, CEO at Ticketmaster!
• EVP, Technology at Citysearch!
Brian Pike
Chief Operating Officer &!
Chief Technology Officer!
Adam Wergeles
EVP & General Counsel!
Prior: !
• CTO at Rubicon Project!
• CTO at Ticketmaster !
Prior: !
• EVP, Business and Legal Affairs, and
General Counsel at Serviz, Inc.!
• Chief Legal Officer at ReachLocal!
Tawn Albright
EVP, Corporate Development!
Prior: !
• CEO and founding partner at
Rockhouse Partners!
• Executive VP for Etix!
Jill Angel
EVP, People!
Prior: !
• VP Operations at Saatchi Art!
• Team leader at Cocodot, Swirl by
DailyCandy, and GSI Commerce!
!
Dion Camp Sanders
EVP, Marketplaces!
Prior: !
• Vice President, Emerging Businesses
within the Labs Group at Disney!
• Founder and CEO of Pacific Edison!
Jantoon Reigersman
Chief Financial Officer!
Prior: !
• CFO at Ogin !
• Investor at Goldman Sachs!
• Investment banking at Morgan Stanley!

12. 12
Long Term Characteristics of Leaf Group and Our Brands
Deep
Leadership and
Management
Talent!
Topline growth targeting 20%
per year with potential to
accelerate as brands hit scale!
Significant Operating Leverage!
Capital efficient
businesses with
outstanding capital
allocation practices!
Global, Fast Growing
Passion Categories!
Strong Potential
for Category
Leadership!
Opportunity to
be “Lovemark”
Brand!
Market Leader for Product
and Service Quality !

13. FINANCIALS!

14. Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
Revenue
Breakdown per
Category
Revenue
Breakdown per
Financial
Segment
14
Leaf Group Q1 2018 Financial Snapshot
21.9%
Fitness &!
Wellness!
63.4%
Art & Design!
14.7%
Reference
Publishing!
62.1%
Marketplaces!
37.9%
Media!
Q1‘18 Revenue = $33.7M
($ in millions)!
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
$27.2
$28.6
$33.5
$39.7
$33.7Revenue
Q1‘18 Adj. EBITDA = ($1.2M)
($ in millions)! Adj. EBITDA
$(4.4)
$(1.9)
$(0.4)
$(1.2)
$(3.9)
24% y/y
72% y/y

15. 15
Leaf Group Healthy Balance Sheet
(1) Leaf Group had federal net operating loss (“NOL”) carryforwards of approximately $189.9 million as of December 31, 2017, which expire between 2021 and 2037. !
In addition, Leaf Group had state NOL carryforwards of approximately $65.4 million, which expire between 2019 and 2037. As of December 31, 2017, Leaf Group has a full valuation allowance against our net operating loss carryforwards.!
(2) Includes intangible assets, net, goodwill and other assets.!
Other Current Assets!
Property and Equipment, Net!
Other Long Term Assets(2)!
Total Assets! $ 98.3!
27.7!
12.0!
12.1!
Assets
Accounts Payable, Accrued Expenses, !
and Other Current Liabilities !
Deferred Revenue!
Non-current Liabilities!
Stockholders’ Equity!
Total Liabilities and Stockholders’ Equity! $ 98.3!
77.1!
3.5!
1.9!
15.8!
Liabilities and Stockholders’ Equity
As of March 31, 2018 ($ in millions)!
Approximately $190M in Federal and $65M in State NOLs(1)
Cash & Cash Equivalents 46.5

16. 16
Media Q1 2018 Financials
(1) Segment operating contribution reflects earnings before corporate and unallocated expenses and also excludes: (a) depreciation expense; (b) amortization of intangible assets; (c) stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. See Appendix for a
reconciliation of Operating Contribution, a non-GAAP financial measure, to net loss, the most directly comparable GAAP financial measure. !
Segment Revenue
($ in millions)!
Segment Operating Contribution(1)
($ in millions)!
$11.4
$10.9
$11.0
$11.7
$12.8
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
$3.6
$4.4
$4.8
$5.5 $5.5
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
51% Y/Y
12% y/y 51% y/y

17. 17
Media Q1 2018 Operating Metrics
(1) Segment operating contribution reflects earnings before corporate and unallocated expenses and also excludes: (a) depreciation expense; (b) amortization of intangible assets; (c) stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. See Appendix for a
reconciliation of Operating Contribution, a non-GAAP financial measure, to net loss, the most directly comparable GAAP financial measure. !
696
708
694
697
772
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
Visits
($ in millions)!
11% y/y
Revenue Per Visit (RPV)
($ in millions)!
$16.34
$15.37
$15.80
$16.73
$16.56
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
1% Y/Y
1% y/y

18. 18
Media Advertising Monetization Business Model
GOOGLE ADSENSE
≤ $1 CPMs!
THIRD PARTY
$3 CPMs!
PROGRAMMATIC
$5 CPMs!
DIRECT
> $10 CPMs!
Deals entail custom sponsored content, video, high-impact ad units,
social media, email, and events = highest CPMs and cost-of-sale!
Leaf Private Marketplace with ad agency or brand who bids directly on our ad
inventory enabling access to our targeting capabilities, and ensuring brand safety !
Intermediaries buy ad inventory at the most efficient
prices on behalf of brands and agencies!
Our CPMs are higher than most sites because of the
intent-driven nature of our traffic(1)!
(1) CPM are based on rela.ve scale – internal data

19. 19
Marketplaces Q1 2018 Financials
(1) Segment operating contribution reflects earnings before corporate and unallocated expenses and also excludes: (a) depreciation expense; (b) amortization of intangible assets; (c) stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. See Appendix for a
reconciliation of Operating Contribution, a non-GAAP financial measure, to net loss, the most directly comparable GAAP financial measure. !
Segment Revenue
($ in millions)!
Segment Operating Contribution(1)
($ in millions)!
$15.9
$17.7
$22.5
$28.1
$21.0
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
$(1.4)
$(1.7)
$(0.4)
$1.0
$0.1
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
32% Y/Y
32% y/y 104% y/y

20. 20
Marketplaces Q1 2018 Operating Metrics
(1) Segment operating contribution reflects earnings before corporate and unallocated expenses and also excludes: (a) depreciation expense; (b) amortization of intangible assets; (c) stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. See Appendix for a
reconciliation of Operating Contribution, a non-GAAP financial measure, to net loss, the most directly comparable GAAP financial measure. !
268
298
381
501
308
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
15% Y/Y
Number of Transactions
(in thousands)!
15% y/y
Gross Transactional Value (GTV)
($ in millions)!
$19.7
$22.5
$28.1
$35.1
$26.6
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18
35% Y/Y
35% y/y

21. 21
Marketplaces Business Model
Who / Where We Sell To
Business Model
Characteristics
How We Generate
Revenue
Offering
• Direct to Consumers
• Online Only
• Business to Business
(Retailers, Wholesale)
Asset light business model with little inventory, limited capex and negative working capital
• Direct to Consumers
• Business to Business (Retailers,
Wholesale)
• Online and Offline Retailers
• Recognizes product sales revenue
• Royalty fee to the artists, included in the COGS
• Direct to Consumers with
Saatchi Online Art Gallery and
• Hospitality
Unlimited designs created by
illustrators, designers and artists
Curated portfolio of products by
select number of invited designers
and artists
Curated, limited edition art prints
commissioned by Saatchi curators
• Direct to Consumers
• Online Art Gallery
• Service within Marketplace
• Saatchi Art recognizes revenue
as a service
• Artists directly ship original
artwork to customers using
Saatchi fulfillment network
One-of-a-kind original artwork
• Direct to Consumers with
tickets and products
• Direct to Artists
• Direct to sponsors
• Revenue as a service for
commission earned on artwork
sales
• Ticket sales to attendees
• Stand sales to the artists
• Sponsorship for the event
One-of-a-kind
Original Artwork selected by Fair
Directors and Saatchi Curators

22. THANK YOU!

23. APPENDIX!

24. 24
Reconciliation of Segment Disclosure and Adjusted EBITDA
(1) Segment operating contribution reflects earnings before corporate and unallocated expenses and also excludes: (a) depreciation expense; (b) amortization of intangible assets; (c) stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. !
(2) Corporate expenses include operating expenses that are not directly attributable to the operating segments, including: corporate information technology, marketing and general and administrative support functions and also excludes the following: (a) depreciation expense; (b) amortization of intangible assets; (c)
stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. !
(3) Represents such items, when applicable, as (a) legal, accounting and other professional service fees directly attributable to acquisition, disposition or corporate realignment activities and (b) employee severance and other payments attributable to acquisition, disposition or corporate realignment activities.!
(4) Primarily consists of income from the disposition of certain businesses, including Cracked, and non-core media properties.!
(5) Represents depreciation expense of our long-lived tangible assets and amortization expense of our finite-lived intangible assets, including amortization expense related to our investment in media content assets, included in our GAAP results of operations.!
(6) Represents the expense related to stock based awards granted to employees as included in our GAAP results of operations. !
($ in thousands)
Segment Revenue:
Marketplaces $ 13,462 $ 13,409 $ 16,650 $ 22,618 $ 15,876 $ 17,691 $ 22,493 $ 28,065 $ 20,967
Media 13,507 11,026 11,409 11,371 11,362 10,874 10,967 11,662 12,780
Total revenue $ 26,969 $ 24,435 $ 28,059 $ 33,989 $ 27,238 $ 28,565 $ 33,460 $ 39,727 $ 33,747
Segment Operating Contribution:
Marketplaces(1)
$ 139 $ (202) $ 793 $ (104) $ (1,405) $ (1,743) $ (376) $ 993 $ 61
Media(1)
2,063 741 4,053 3,946 3,615 4,398 4,779 5,456 5,457
Add (deduct):
Corporate expenses
(2)
(7,432) (6,832) (7,102) (6,479) (6,915) (6,607) (6,290) (6,879) (6,765)
Acquisition, disposition and realignment costs
(3)
175 1,122 99 — 280 19 — — —
Adjusted EBITDA $ (5,055) $ (5,171) $ (2,157) $ (2,637) $ (4,425) $ (3,933) $ (1,887) $ (430) $ (1,247)
Reconciliation to consolidated pre-tax income (loss):
Adjusted EBITDA $ (5,055) $ (5,171) $ (2,157) $ (2,637) $ (4,425) $ (3,933) $ (1,887) $ (430) $ (1,247)
Add (deduct):
Income tax benefit (expense) (11) (69) 32 58 (12) (80) (57) 187 (24)
Interest income (expense), net 2 23 33 34 41 38 64 47 17
Other income (expense), net(4)
980 38,182 (31) 1,041 3 (6) (6) (10) (8)
Depreciation and amortization
(5)
(5,731) (4,857) (4,447) (3,055) (3,267) (2,799) (2,749) (2,988) (2,455)
Stock-based compensation
(6)
(1,919) (2,519) (1,680) (1,661) (2,078) (2,166) (2,182) (2,139) (2,208)
Acquisition, disposition and realignment costs(3)
(175) (1,122) (99) — (280) (19) — — —
Net Loss $ (11,909) $ 24,467 $ (8,349) $ (6,220) $ (10,018) $ (8,965) $ (6,817) $ (5,333) $ (5,925)
Q1' 17Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q2' 17 Q3' 17 Q4' 17 Q1' 18

25. 25
Reconciliation of Segment Disclosure and Adjusted EBITDA
(1) Segment operating contribution reflects earnings before corporate and unallocated expenses and also excludes: (a) depreciation expense; (b) amortization of intangible assets; (c) stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. !
(2) Corporate expenses include operating expenses that are not directly attributable to the operating segments, including: corporate information technology, marketing and general and administrative support functions and also excludes the following: (a) depreciation expense; (b) amortization of intangible assets; (c)
stock-based compensation expense; (d) interest and other income (expenses); and (e) income taxes. !
(3) Represents such items, when applicable, as (a) legal, accounting and other professional service fees directly attributable to acquisition, disposition or corporate realignment activities and (b) employee severance and other payments attributable to acquisition, disposition or corporate realignment activities.!
(4) Primarily consists of income from the disposition of certain businesses, including Cracked, and non-core media properties.!
(5) Represents depreciation expense of our long-lived tangible assets and amortization expense of our finite-lived intangible assets, including amortization expense related to our investment in media content assets, included in our GAAP results of operations.!
(6) Represents the expense related to stock based awards granted to employees as included in our GAAP results of operations. !
($ in thousands)
Segment Revenue:
Marketplaces $ 66,139 $ 84,126
Media 47,313 44,864
Total revenue $ 113,452 $ 128,990
Segment Operating Contribution:
Marketplaces
(1)
$ 626 $ (2,530)
Media
(1)
10,803 18,248
Add (deduct):
Corporate expenses
(2)
(27,845) (26,691)
Acquisition, disposition and realignment costs
(3)
1,396 299
Adjusted EBITDA $ (15,020) $ (10,674)
Reconciliation to consolidated pre-tax income (loss):
Adjusted EBITDA $ (15,020) $ (10,674)
Add (deduct):
Income tax benefit (expense) 10 37
Interest income (expense), net 92 190
Other income (expense), net
(4)
40,172 (19)
Depreciation and amortization
(5)
(18,090) (11,803)
Stock-based compensation
(6)
(7,779) (8,565)
Acquisition, disposition and realignment costs
(3)
(1,396) (299)
Net Loss $ (2,011) $ (31,133)
Twelve Months Ended
December 31, 2016
Twelve Months Ended
December 31, 2017