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Microsoft Responds to Yahoo! Announcement

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Reiterates Full and Fair Proposal for Microsoft-Yahoo! Combination

Microsoft Corp. (NASDAQ: MSFT) today issued the following statement in response to the announcement by Yahoo! Inc. (NASDAQ: YHOO) that its Board of Directors has rejected Microsoft’s previously announced proposal to acquire Yahoo!:

On February 1, 2008, Microsoft announced a proposal to acquire all the outstanding shares of Yahoo! common stock for per share consideration of $31 representing a total equity value of approximately $44.6 billion and a 62 percent premium above the closing price of Yahoo! common stock based on the closing prices of the stocks of both companies on Jan. 31, 2008, the last day of trading prior to Microsoft’s announcement. Microsoft’s proposal would allow the Yahoo! shareholders to elect to receive cash or a fixed number of shares of Microsoft common stock, with the total consideration payable to Yahoo! shareholders consisting of one-half cash and one-half Microsoft common stock.

About Microsoft
Founded in 1975, Microsoft (NASDAQ: MSFT) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

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