Slideshow Transcript

1. Slide 1: Internet Trends March 18, 2008 mary.meeker@ms.com / david.joseph@ms.com / anant.thaker@ms.com Morgan Stanley is currently acting as a financial advisor to Microsoft Corp. (\"Microsoft\") in relation to their proposed offer to acquire Yahoo! Inc. (\"Yahoo!\"), as announced on February 1, 2008. The proposed offer is subject to definitive documentation, due diligence, the consent of Yahoo! shareholders, required regulatory approvals and other customary closing conditions. This report and the information provided herein is not intended to (i) provide voting advice, (ii) serve as an endorsement of the proposed transaction, or (iii) result in the procurement, withholding or revocation of a proxy or any other action by a security holder. Please refer to the notes at the end of the report. Morgan Stanley does and see