Exhibit 4: Valuation of Alibaba based on Mayer's 2012 deal

Yahoo!'s Total Stake in Alib

Stake Sold
Remaining Stake

Billion
42%
###
18% 7.10000
24%

Total Value of Stake in Alibaba in May 2012

39.44444

Exhibit 5: Valuation of Alibaba based on IPO

Capital Gain Tax Rate

37%
BillionTax Basis
120.00000

IPO Valuation

Remaining Stake in Alibaba in July 2 28.80000

Capital Gain Tax
10.42771 0.61700
After Tax Value
18.37229

Yahoo Stock Performance from May 2012 to July 2013

25%

Exhibit 6: Valuation of Yahoo! Japan based on Market Capitali

Total Value of Stake in Alibaba in July 2013
49.30556
Capital Gain Tax Rate

Capital Gain Tax Rate

37%

37%

BillionTax Basis
32.80000

Market Capitalization
Billion Tax Basis
Remaining Stake in Alibaba in July 20
###
Capital Gain Tax
4.15004
0.61700
After Tax Value
7.68329

Stock Ownership
Capital Gain Tax
After Tax Value

35%

11.48000
3.41362 2.25400
8.06638

Market Capitalization