Yahoo! filed an investor presentation that details the Company's three-year financial plan and strategic initiatives.

The plan reveals that operating cash flow is expected to go from $1.9 billion to $3.7 billion and generate $8.8 billion in revenue excluding traffic acquisition costs (revenue ex-TAC) in 2010. Yahoo!'s management also reaffirmed its outlook for the first quarter 2008 and full year 2008, as previously provided on January 29, 2008.

The financial plan was first presented to Yahoo!'s board of directors in December 2007, before the Company received the unsolicited acquisition proposal by Microsoft Corporation.

The presentation supports the unanimous determination by the Company's board of directors that Microsoft's January 31, 2008 unsolicited acquisition proposal substantially undervalues Yahoo!. The board cited Yahoo!'s global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as its substantial unconsolidated investments, as factors in its decision. Yahoo!'s board of directors is continuing to evaluate all of its strategic alternatives to maximize value for Yahoo! stockholders.