Leaf Group is a digital media company that builds platforms for creators to reach audiences in lifestyle categories. It has two business segments: marketplaces that allow artists and creators to sell their work, and ad-supported media brands with large, passionate audiences. In Q1 2017, Leaf Group had approximately 52 million monthly unique visitors across its properties and paid over $21 million to artists and creators. The company aims to improve monetization of its media properties and continue growing its marketplace revenue and transactions.

1. Investor
Presentation
June 2017

2. 2
Our Mission
We build branded platforms
for communities of creators
to reach passionate
audiences in large and
growing lifestyle categories

3. 3
Large and Growing Global Audience
(1) Average monthly unique visitors in the U.S. reached by all Leaf Group properties in Q1’17 across desktop and mobile (Source: January– March 2017 U.S. comScore)
(2) Total Artists: number of active Artists for Society6 and Saatchi Art in 2016; based on internal data
(3) Total paid to artists: full year 2016 for Society6 and Saatchi Art and content creation expenses for the Media Businesses; based on internal data
Monthly Unique Visitors
Approximately 52M(1)
Artists & Creators
Approximately 320,000(2)
Paid to Artists and Creators in 2016
Approximately $21M(3)

4. 4
Our Portfolio
Marketplace Model(1)
58% of total revenue in Q1’17
$16M in Revenue in Q1’17, +18% Y/Y
Ad Supported Model
42% of total revenue in Q1’17
$11M in Revenue in Q1’17, -1% Y/Y(2)
(1) Metrics exclude Deny Designs which was acquired on May 1, 2017
(2) Revenue is shown on a pro forma basis net of Cracked and certain other non-strategic properties that were disposed of in 2016
(3) Average monthly unique visitors in the U.S. reached by all Leaf Group properties in Q1’17 across desktop and mobile (Source: January– March 2017 U.S. comScore)
Marketplaces Media
Content Partners
52M Uniques (3)

5. 5
Strong Media Brands With Passionate Audiences
#4
27M
#5
12M
#2
1.5M
(1) Represents numerical ranking in applicable Ad Supported Category (Livestrong - Health Information; eHow -Livestyle Home; Sapling (as eHow Finance) - Personal Finance; Cuteness - Lifestyle Pets) and Average monthly unique visitors in the US
across desktop and mobile (Source: January – March 2017 US comScore).
#3
3M
Apr
2017

6. 6
Reaching Audiences Across Multiple Platforms and Formats
GrowingAudience
• Produced over 250 videos in Q1’17
• Over 200M video views on Facebook and YouTube in Q1’17
• In-house studio and production teams
Video
• 8M followers on Facebook, Instagram, Pinterest and YouTube
• Engaged with 25M users on Facebook in Q1’17
• Preferred partner with Pinterest
Social
• Over 1M articles that help people with everyday questions
• Established brands to consumers on search engines
• Continuing to invest to improve corpus and increase value
Content Library

7. 7
#4 in Health
& Wellness
Category(1)
Revenue
+45% Y/Y
in Q1’17
Q1’17
27M Avg.
Monthly Uniques
+ 4% Y/Y(2) (1) Among ad-supported sites (Source: March 2017 U.S. comScore)
(2) Average monthly unique visitors in the US across desktop and mobile (Source: January –
March 2017 US comScore).

8. 8
6 Unique
Brands for
How to
Everything
Video Views
Up 28%
Y/Y(1)
Facebook
Followers
Up 110%
Y/Y to
2M(2)
(1) Total monthly video views on Facebook and YouTube, or on Leaf Group or third party sites via YouTube
or any other embedded video player, for January – March 2017. Includes the eHow vertical sites and
other YouTube channels affiliated with eHow or the other vertical sites.
(2) Source: Facebook Q1’17

9. Content
Partners
9
Over 200M
Visits Across
Partner Sites
in Q1 2017(1)
Multi-year
Partnerships with
Over a Dozen
Publishers
24 Sites
Spanning
Multiple
Categories
(1) Source: Internal Data – Google Analytics

10. 10
Opportunity For Improvement In Monetization
Select Advertising Partners
$1.00
DIRECT BRAND
Monetization Ad Stack(1)
$0.55 - $0.70
PROGRAMMATIC
GOOGLE ADSENSE
$0.50 - $0.70
THIRD PARTY
(1) Source: Internal Data as of Q1’17. CPMs are based on relative scale with Direct Brand CPMs equal to $1.00.
$0.20 - $0.30

11. 11
Strong Growing Marketplace Businesses

12. 12
Marketplaces: Building Brands in Art, Design & Decor
Category
Home Décor, Accessories
& Apparel
Home Décor &
Accent Products
Original Artwork
Addressable Market
$27B Online Home
Goods Market(1)
$27B Online Home
Goods Market(1) $35B Art Market(2)
Core Demographic
Female
Millennials
Female
Millennials & GenX
GenX & Baby Boomers
Gross Transaction Value(3) $68M Not Disclosed $18M
Average Order Value(4) $57 $130 $1,200
Revenue Growth(5) 23% Not Disclosed 36%
(1) Source: eMarketer, 2015 data.
(2) Source: Global Art Sales less Global Auction sales, TEFAF 2016.
(3) Gross Transaction Value is shown on a trailing twelve months basis for Q2’16 – Q1’17.
(4) Average Order Value for Society6 and Saatchi is as of Q1’17; Deny Designs is for FY16.
(5) Revenue growth is shown on a trailing twelve months basis (Q2’16 – Q1’17 vs Q2’15 – Q1’16).

13. 13
240,000 Artists and
3.9M Original
Designs
Over 200,000
Customers in
Q1’17
+20% Y/Y
Over $14M
Revenue
Q1’17
+17% Y/Y
Source: Figures based on internal data for the quarter ended March 31, 2017.

14. 14
Artist-driven
marketplace for
home goods and
accent products
Average Order
Value ~$130(1)
Strong wholesale
and retail
partnerships
(1) Source: Deny Designs, FY16.

15. 15
Global
Community of
Over 75,000
Artists with $1.9B
of Art Available for
Sale
Average Order
Value ~$1,200
29% Y/Y Revenue
Growth in Q1’17
Source: Figures based on internal data for the quarter ended March 31, 2017
The Other
Art Fair
Acquired
2016

16. Financials

17. 17
Return to Revenue Growth
(in millions)
(1) Media revenue is shown on a pro forma basis net of Cracked and certain other non-strategic properties that were disposed of in 2015 and 2016.
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
FY15 FY16
Media Marketplaces Disposed Assets
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
Q1'16 Q1'17
Media Marketplaces Disposed Assets
2015 vs 2016 Q1’16 vs Q1’17
Pro forma
revenue:
flat y/y
Pro forma
revenue:
+9% y/y
(1) (1)

18. 18
Media Traffic And Revenues Are Growing
ComScore Monthly Uniques(2)
(in millions)
Media Revenues Pro Forma (1)
$11.4 $11.4
$0.0
$2.5
$5.0
$7.5
$10.0
$12.5
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
(1) Revenue is shown on a pro forma basis net of Cracked and certain other non-strategic properties that were disposed of in 2016.
(2) Source: comScore; Represents unique visitors in the U.S. reached by all Leaf Group properties. Properties sold include Cracked and certain other non-strategic properties that were disposed of in 2016.
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
Pro Forma Properties Sold
( $ in millions)
Pro forma average
monthly uniques
up 8% y/y

19. 19
Solid Marketplace Growth
Revenue ($M) Total Transactions(1)
$10.7
$15.9
$0
$5
$10
$15
$20
Q1'15 Q1'16 Q1'17
+18% Y/Y
182
268
150
170
190
210
230
250
270
290
Q1'15 Q1'16 Q1'17
+18% Y/Y
(1) Number of transactions is defined as the total number of Marketplaces transactions successfully completed online by a customer during the applicable period. Excludes transactions from The Other Art Fair.
(in millions) (in thousands)

20. 20
Fiscal Discipline and Efficiency
Total Non-GAAP Expenses Excl. Product Costs(2)
(in millions)
Headcount(1)
373
266
–
100
200
300
400
Q1'15 Q1'16 Q1'17
(1) Headcount provided as of the end of the relevant period.
(2) Non-GAAP expenses excluding product costs are GAAP expenses less depreciation, amortization, stock based compensation and product costs.
$26.2
$21.4
$15
$20
$25
$30
Q1'15 Q1'16 Q1'17

21. 21
Healthy Balance Sheet
As of March 31, 2017 (in millions)
(1) Leaf Group’s board of directors previously approved a stock repurchase program under which the company is authorized to repurchase up to $50.0 million of common stock, of which approximately $14.4 million remained available as of December 31, 2016. In
2016, Leaf Group purchased 884,000 shares at an average price of ~$5.50 per share.
(2) Leaf Group had federal net operating loss (“NOL”) carryforwards of approximately $155.5 million as of December 31, 2016 , which expire between 2021 and 2036. In addition, Leaf Group had state NOL carryforwards of approximately $62.6 million , which expire
between 2017 and 2036. As of March 31, 2017, Leaf Group has a full valuation allowance against our net operating loss carryforwards.
(3) Includes intangible assets, net, goodwill and other assets.
Assets Liabilities and Stockholders’ Equity
Cash & Cash Equivalents $ 41.5
Accounts Payable, Accrued Expenses,
and Other Current Liabilities
$ 14.0
Other Current Assets 12.9 Deferred Revenue 1.6
Property and Equipment, Net 11.2 Non-current Liabilities 1.6
Other Long Term Assets(3) 22.0 Stockholders’ Equity 70.4
Total Assets $ 87.6
Total Liabilities and Stockholders’
Equity
$ 87.6
With $5M of recent share buy backs(1) and $155M in Federal and $63M in State NOLs(2)

22. 22
Executive Leadership
Sean Moriarty
Chief Executive Officer
Prior:
• CEO at Saatchi Art
• President, CEO, EVP, Tech and COO
of Ticketmaster
• EVP, Technology at Citysearch
Brian Pike
Chief Operating Officer &
Chief Technology Officer
Daniel Weinrot
EVP, Legal & General Counsel
Prior:
• CTO at Rubicon Project
• CTO at Ticketmaster
Prior:
• VP & Deputy General Counsel at Las
Vegas Sands Corp.
• Corporate associate at Latham &
Watkins LLP
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
Prior:
• VP, Finance at Yahoo!
• Investment banker with Savvian and
JPMorgan
Jeff Misthal
SVP, Finance

23. 23
Disclaimers
This document and any related oral presentation does not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any debt or equity securities of
Leaf Group Ltd. (“Leaf Group” or the “Company”) and nothing contained herein or in the related oral presentation shall form the basis of any contract or commitment.
The distribution of this document and any related oral presentation in certain jurisdictions may be restricted by law and persons into whose possession this document or
any related oral presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a
violation of the laws of any such other jurisdiction.
The information contained herein does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account
your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions
and conclusions on such matters and the market and for making your own independent assessment of the information. You are solely responsible for seeking
independent professional advice in relation to the information and any action taken on the basis of the information.
This presentation contains certain forward-looking statements. All statements other than statements of historical facts 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. You should not rely upon forward-looking statements as guarantees of future performance. The Company has based these forward-looking statements
largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business
strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks,
uncertainties and assumptions that may cause actual results to differ materially from those contained in any forward-looking statements, including those described under
the heading “Risk Factors” in the Company’s periodic reports filed from time to time with the Securities and Exchange Commission (the “SEC”), which are incorporated
herein by reference. Moreover, the Company operates in a very competitive and rapidly changing environment and new risks emerge from time to time. In light of these
risks, uncertainties and assumptions, the forward-looking statements included in this presentation may not occur and actual results could differ materially and adversely
from those anticipated or implied in the forward-looking statements. 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.
The Company is publicly traded on the New York Stock Exchange under the ticker symbol “LFGR” and is a registrant under the rules and regulations promulgated by the
SEC. Before evaluating whether you should consider an investment in the Company’s securities, you should read all of the disclosures set forth in the Company’s
annual, quarterly and periodic reports filed with the SEC, including the disclosures under the headings “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.” The Company’s SEC filings can be found at www.sec.gov and ir.leafgroup.com.