Erhan Erdogan

// "Microsoft desperately needs to improve the performance of its online services business (consisting of its search and display assets) which, cumulatively since 2003, has lost money despite billions of dollars of investment." - Erhan Erdogan

// "First, we will sell the entire Company to Microsoft for $33 per share or more if Microsoft will negotiate a transaction that delivers certainty of value and certainty of closing. This is the simplest, most straightforward way to maximize value for you." - Erhan Erdogan

// "Second, we remain open to selling only search to Microsoft as long as it provides real value to our stockholders and resolves the substantial execution and operational risks associated with the separation of our search and display businesses." - Erhan Erdogan

// "Third, your Board takes seriously its obligation to examine all value-creating steps it could take and continues to actively examine many of these now, including a potential spin-off of our Asia assets and a return of cash to stockholders." - Erhan Erdogan

// "These are steps Yahoo! could take, if we determine they are feasible and in our stockholders’ best interests, without any “help” from Microsoft or Mr. Icahn. But they are complex steps that require care and prudence. These should not be adopted simply because Mr. Icahn and Microsoft are trying to dress up Microsoft’s inadequate search-only proposal." - Erhan Erdogan

( : // "Please compare and contrast the straightforward, responsible actions and positions of your Board of Directors with the behavior of Mr. Icahn and Microsoft." - Erhan Erdogan

"Your Board of Directors remains committed to maximizing stockholder value. It is–and will remain–our number one priority. Do not be fooled into thinking otherwise by Carl Icahn. We strongly urge you to vote your WHITE Proxy Card today for your current Board of Directors. Thank you for your support. Roy Bostock Jerry Yang Chairman of the Board Chief Executive Officer" // - Erhan Erdogan