Pittsburg, CA. 94565

August 17, 2016

Board of Directors

Yahoo! Inc.

701 First Avenue

Sunnyvale, California 94089

Phone (408) 349-3382

ATTN: Corporate Secretary

Mr. Ron Bell rbell@yahoo-inc.com

Dear Board of Directors:

While I am still patiently waiting for your constructive response to my most recent letter dated on June 21, 2016, I am painfully reading new coverage of Yahoo scandals coming to the public.  As I predicted in the above letter: “Institutes such as Stanford Graduate School of Business, and other media will reveal more of Yahoo’s Fund’s abuses.” Here are the links:

1.      Gadflies at the Gate: Why Do Individual Investors Sponsor Shareholder Resolutions? | Stanford Graduate School of Business, by David F. Larcker & Brian Tayan, August 2016. http://www.gsb.stanford.edu/faculty-research/publications/gadflies-gate-why-do-individual-investors-sponsor-shareholder

2.      Champion of Human Rights in China Leaves a Tarnished Legacy, New York Times August 13, 2016. http://www.nytimes.com/2016/08/14/us/champion-of-human-rights-in-china-leaves-a-tarnished-legacy.html  Some facts: “He provided just $1.2 million to dissidents’ families, while spending more than $13 million of the Yahoo money to operate his own foundation.”  “In some years, financial disclosure forms show that the foundation spent less than 2 percent of annual disbursements on direct assistance to Chinese dissidents or their families; in recent years, such grants all but dried up.”

Yahoo has collaborated with dictatorial authorities and has utilized the corrupted agent against our Chinese human rights movement.  Until today, Yahoo has continuously refused to communicate with concerned shareholders and the Chinese human rights communities (such as Humanitarian China here in Silicon Valley, which was founded by me with two other Chinese human rights activists and used my home as its office 2007-2013) to discuss the damages and crimes caused by Yahoo’s failed human rights policy and practice.  As President Abraham Lincoln said:” You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.” Don’t be evil.

As a shareholder since 2003 (my first time to purchase stocks in my life), I am here to help you not to bury Yahoo as an organized crime into history.  Here is my contact info: zhao.cpri@gmail.com or 1-925-643-5034.

Trustfully,                                                        

                           Jing Zhao

Enclosure: 2016 Legal Proxy (again)