Legg Mason (LM) Supports Yahoo! (YHOO) Directors

July 18, 2008 9:05 AM EDT

Bill Miller, Chairman and Chief Investment Officer of Legg Mason Capital Management (NYSE: LM), has released the following statement:

"Legg Mason Capital Management, on behalf of its clients, is the beneficial owner of approximately 60.7 million shares of Yahoo! (Nasdaq: YHOO), representing 4.4% of the outstanding shares of the company.

At Yahoo!'s August 1, 2008 Annual Meeting, shareholders will vote to elect the entire Board of the company. Two competing slates of directors have been nominated -- one slate put forth by the company's current Board and one by investor Carl Icahn. After consideration of the relevant facts and circumstances and our fiduciary duty to our clients, it is our intention to vote in favor of the slate of directors proposed by the current Board.

We have met with representatives of the current Board and management, including founder Jerry Yang, several times. We believe the current Board acted with care and diligence when evaluating Microsoft's offers. We believe the Board is independent and focused on value creation for long-term shareholders.[SM]

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• Carl Icahn
• Bill Miller
• Mason Capital

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