Icahn Urges Shareholders to Send a Signal to the Entrenched Board of Directors of Mentor Graphics

Carl C. Icahn issued the following statement today: Mr. Walden Rhines, on behalf of the entrenched board of directors of Mentor Graphics Corporation MENT, continues to distort the motivations behind our effort to seek minority Board representation. The company's latest letter makes no new arguments. It only repeats arguments made previously – arguments that we have sufficiently dispelled. Unfortunately for Mr. Rhines and his entrenched Board, repeating something doesn't make it true. The mantra Mr. Rhines keeps repeating can't erase the fact that Mentor's stock is now at approximately the same level as it was in 1994. During this 17 year period, all three directors we seek to replace supervised $65 million of compensation to Mr. Rhines. In addition to empty repetition, the letter exhibits a new level of arrogance on the part of Mr. Rhines when he demeans the leading independent proxy advisory firm, Institutional Shareholder Services, for its support of two of our nominees.