Legg Mason Capital Management to Support Yahoo! Directors at Yahoo! 2008 Annual Meeting



    BALTIMORE, July 18 /CNW/ -- 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!, 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.
    In general, we believe it is appropriate for large shareholders to have
representation on corporate boards if they so desire.  Mr. Icahn's slate
includes people experienced in technology, advertising, capital markets and
governance.  We would prefer that the company and Mr. Icahn reach a mutual
agreement on the composition of the Board and end this disruptive proxy
contest.
    Mr. Icahn has said that Steve Ballmer has made it clear to Mr. Icahn that
Microsoft cannot negotiate a transaction with the current Board of Yahoo! but
would negotiate with a new Board led by Mr. Icahn.  While boards are there to
protect shareholder interests, shareholders own the company.  If Microsoft
wants to acquire Yahoo!, it can make the terms and conditions of its offer
public.  If Yahoo! shareholders support it, I am confident the Board of Yahoo!
will accept it."
    
    About Legg Mason
    
    Legg Mason is a global asset management firm, with $950 billion in assets
under management as of March 31, 2008.  The Company provides active asset
management in many major investment centers throughout the world. Legg Mason
is headquartered in Baltimore, Maryland, and its common stock is listed on the
New York Stock Exchange (symbol: LM).
    Legg Mason




For further information:

For further information: Mary Athridge of Legg Mason, +1-212-805-6035
Web Site: http://www.leggmason.com

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