2

2005 4 2006 4 20 1

2

2005 1,73647.5% 82136.5% 79832.5%47028.9% 2005 1 12 2,80854.8% * 684 75.7% * 2005 Yahoo! 2006 3 16,3231 8,172100.3% Yahoo! 35851.7% Yahoo! Yahoo! ID 2006 3615 ID 21.2% Yahoo! 605 25.7% 3

2005 4 47,0560.9% 31.3%23,587 11.7% 34.5% 22,940 11.6% 31.2%50.1%4.8 1.4 20,54413.5% 64.6 Yahoo!Yahoo! 10,56211.6% 38.6 4

2005 4 Yahoo! Yahoo! 15,9491.4% 20.1 1 407 7.7% 1,9121.5% 2006 2 6 2006 3 2006 2006 1 181 12 5

2005 * TV JWord *20054 6

2005 2005 2004 173,695 117,779 47 % 12,843 8,931 44 % 160,852 108,847 48 % 82,133 60,187 36 % 79,867 60,295 32 % 47,090 36,521 29 % EPS 1,536 4,766-68 % 30,541,230 7,629,257 300 % EPS 1,536 1,204 28 % EPS 1,532 4,750-68 % 30,621,275 7,654,008 300 % EPS 1,532 1,200 28 % 7 * 2005 5 2005 11 1 2 * * *2005 15610% 121

2005 1.5 150,000 100,000 2005 2004 2005 29,359 49,561 68.8% 27,338 35,986 31.6% Yahoo! BB 16,799 19,484 16.0% 10,740 18,366 71.0% 10,593 15,962 50.7% BS 2,381 5,109 114.6% 20,567 29,223 42.1% 117,779 173,695 47.5% 16.9 BS 2.9 9.2 10.6 Yahoo! BB 11.2 50,000 20.7 28.5 0 2001 2002 2003 2004 2005 29,759 46,693 75,776 117,779 173,695 2002 8

1.41.3 100,000 50% 80,000 8.3 60,000 40,000 20,000 40% 30% 20% 10% 2.1 9.2 Yahoo! BB 9.3 26.1% 45.5 0 2001 2002 2003 2004 2005 10,406 24,072 41,211 60,187 82,133 10,318 23,524 41,308 60,295 79,867 5,868 12,096 24,826 36,521 47,090 35% 52% 54% 51% 47% 35% 50% 55% 51% 46% 0% 9

2005 10 2006 3 2005 3 132,188 92,410 39,778 98,038 68,992 29,046 25,213 18,293 6,920 3,656 2,263 1,392-1,805-1,364-440 58,785 37,833 20,952 14,015 11,875 2,139 11,702 5,563 6,138 28,700 13,946 14,753 190,974 130,244 60,730 45,489 31,564 13,924 12,418 7,618 4,799 23,484 16,676 6,808 1,663 2,158-495 47,152 33,723 13,429 1,367 461 906 7,032 6,692 340 2,113 1,773 340 126,737 83,461 43,276 142,455 96,059 46,395 190,974 130,244 60,730 Yahoo! BB 1

2005 2005 4-2006 3 59,604 79,963 6,922 2,689-6,353 1,386 2,755-28,892-27,532-7,228-4,084-13,247-4,849 2,263 Yahoo! BB -3,028-3,654 29,043 11

20054 * TV JWord *20054 12

20054 2006 1-3 2005 1-3 47,056 35,841 31 % 1,662 3,256-49 % 45,394 32,585 39 % 23,587 17,539 34 % 22,940 17,485 31 % 12,991 10,316 26 % EPS 411 1,308-69 % 31,566,031 7,884,950 300 % EPS 411 341 20 % EPS 410 1,304-69 % 31,641,444 7,907,388 300 % 13 EPS * 2005 5 2005 11 1:2 * * 410 340 21 %

50,000 40,000 30,000 20054 2005 3 2005 4 12,513 15,041 20.2% 9,635 9,801 1.7% 5,014 5,291 5.5% Yahoo! BB 4,935 5,117 3.7% 5,286 2,069-60.8% BS 1,561 1,826 17.0% 7,675 7,908 3.0% 46,621 47,056 0.9% 4 16.8% BS 3.9% 4.4% Yahoo! BB 10.9% 11.2% 20,000 20.8% 10,000 32.0% 0 03/1-3 4-6 7-9 10-12 04/1-3 4-6 7-9 10-12 05/1-3 4-6 7-9 10-12 06/1-3 14,394 15,564 17,549 20,081 22,580 24,495 26,476 30,965 35,841 38,876 41,140 46,621 47,056 14

25,000 20,000 15,000 10,000 50% 7.6% 1.7% 40% Yahoo! BB 8.9% 8.9% 30% 24.6% 20% 5,000 10% 48.4 % 0 03/1-3 4-6 7-9 10-12 04/1-3 4-6 7-9 10-12 05/1-3 4-6 7-9 10-12 06/1-3 7,788 8,433 9,227 11,106 12,443 13,470 13,718 15,458 17,539 18,407 19,014 21,123 23,587 7,382 8,257 9,285 11,206 12,559 13,516 13,826 15,466 17,485 17,818 18,545 20,562 22,940 54% 54% 53% 55% 55% 55% 52% 50% 49% 47% 46% 45% 50% 51% 53% 53% 56% 56% 55% 52% 50% 49% 46% 45% 44% 49% 0% 15

05/4Q 04/4Q 05/3Q 4,002 18.4% 2,850 40.4% 3,920 2.1% 3,013 13.8% 1,894 59.0% 2,958 1.9% 2,430 11.1% 1,500 62.0% 2,261 7.5% 2,017 9.3% 1,386 45.6% 1,748 15.4% 1,895 8.7% 606 212.3% 1,910-0.8% 1,541 7.1% 1,166 32.1% 1,423 8.3% 2,576 102 1,335 6.1% 960 39.1% 1,241 7.6% 1,229 5.6% 802 53.1% 1,158 6.1% 1,015 4.7% 615 65.1% 929 9.3% 718 3.3% 521 37.7% 715 0.5% 442 2.0% 361 22.3% 581-23.8% 368 1.7% 255 44.0% 360 2.1% 310 1.4% 208 49.3% 283 9.6% 301 1.4% 173 73.5% 307-2.0% 1,190 5.4% 1,749-32.0% 1,452-18.0% 21,806 100.0% 15,046 44.9% 21,246 2.6% 16

20054 2006 3 2005 12 132,188 109,546 22,642 98,038 78,025 20,013 25,213 22,386 2,826 3,656 4,624-968 -1,805-1,795-10 58,785 56,684 2,101 14,015 13,248 766 11,702 10,008 1,694 28,700 29,278-578 190,974 166,230 24,743 Yahoo! BB 17 45,489 34,787 10,701 12,418 11,236 1,181 23,484 12,836 10,647 1,663 2,264-601 47,152 37,051 10,100 1,367 1,198 168 7,032 6,906 126 2,113 1,987 126 126,737 113,746 12,991 142,455 127,980 14,474 190,974 166,230 24,743

20054 2006 1-3 23,618 21,744 2,102 703-2,649 162 545-3,755-2,092-1,413-1,927 1,115 150 248 20,013 Yahoo! BB 18

3,000 2,000 1,000 0 03/3 6 9 12 04/3 6 9 12 05/3 6 9 12 06/3 9 8 8 12 18 24 19 26 34 27 27 33 33 44 44 45 65 67 101 108 209 397 417 438 583 594 Yahoo! JAPAN 8 9 9 8 8 9 9 9 8 9 9 9 9 Yahoo! JAPAN 625 714 776 850 923 1,029 1,083 1,196 1,316 1,616 1,740 1,849 1,940 686 775 838 935 1,016 1,163 1,219 1,440 1,755 2,069 2,214 2,474 2,576 19 2006 4 1 26116 Yahoo! JAPAN

20054 2006 2 14 47,056 45,340 48,240 22,940 20,340 22,770 12,991 12,300 13,850 20

2006 20061 422 28 2006 4 20 20054 2006 47,056 50,000 53,400 22,940 22,600 25,250 12,991 12,950 14,500 21

2006 4 CEO COO CFO CSO CCO CTO 124 80 99 172 198 33 109 64 84 131 131 112 82 127 63 408 17 100 85 4 1 *CEO Chief Executive Officer *CFO Chief Financial Officer *COO Chief Operating Officer *CSO Chief Security Officer *CCO Chief Compliance Officer *CTO Chief Technology Officer 2,225 2006 4 1 2006 4 1 261 22

2.0 No.1 360 Yahoo! BB 23

1,200 PC BB 600,000 1 200,000 1,200 2013 3 12% BB 98,000 4% 95,098 * 2006 4 1 2013 3 31EBITDA 3.35 24

Yahoo! JAPAN Yahoo! JAPAN Yahoo! JAPAN Yahoo! Yahoo! TV Yahoo! JAPAN 25

PC 10 10PC PC OCN ODN Yahoo! BB etc. PC-VAN Nifty AOL compuserve Yahoo! JAPAN Yahoo! JAPAN Y!BB 26

Yahoo! JAPAN Vodafone Yahoo! JAPAN DoCoMo KDDI au Vodafone DoCoMo KDDI au Vodafone 27 i-mode EZweb Vodafone live! Yahoo! Yahoo! JAPAN Vodafone

250 300 2006 25 2006 JNB 250 Yahoo! Yahoo! JAPAN JAPAN85.1 14.9 43 14.9 57 80 85.1 20 JNB JNB 28

Yahoo! JAPAN Yahoo! JAPAN ID JNB A B Yahoo! Yahoo! 29 A JNB Yahoo! Yahoo! JAPAN JAPAN ID JNB ID JNB Yahoo! Yahoo! Yahoo! Yahoo! B JNB *

30

31

Yahoo! JAPAN Yahoo! BB BS Yahoo! BB ISP Yahoo! Yahoo! JAPAN Yahoo! JAPAN Yahoo! 32

Yahoo! Yahoo! 33 Yahoo! Yahoo! Yahoo! 2005 3 2005 12,513 15,041 8,707 10,606 3,676 4,297 129 136 - - 274 300 12,238 14,740 2,935 3,313 9,303 11,427 74.3% 76.0%

34 2006 3 6,8782005 12967 16.4% 19.1 0.21.5% 24 Yahoo! Yahoo! 2,000 1,500 1,000 500 0 2005 3 8,000 6,000 4,000 2,000 0 2005 9,635 9,801 697 926 1,449 1,513 7,489 7,361 - - 10 10 9,625 9,790 3,838 3,988 5,786 5,802 60.1% 59.2%

Yahoo!Yahoo! Yahoo!VIP Yahoo! 360 Yahoo! Yahoo! 2006 5Yahoo! 2005 3 2005 5,014 5,291 4,362 4,559 212 247 439 484 - - 126 178 4,887 5,113 2,768 3,018 2,119 2,094 42.3% 39.6% 35

Yahoo! BB Yahoo! BB Yahoo! Yahoo! JAPAN 2006 3 504.9 124.2 0.8% Yahoo! BB Yahoo! Yahoo! 6 Yahoo! Yahoo! BB 6 2005 3 2005 4,935 5,117 771 930 1,359 1,344 2,803 2,842 - - 268 268 4,666 4,848 2,836 2,739 1,829 2,109 37.1% 41.2% 36

Yahoo! 2006 3 9,445 2005 121,685 21.7 400 300 200 100 0 10,000 8,000 6,000 4,000 2,000 0 2005 2Q 2006 2 Yahoo!: Yahoo! : Yahoo! net 2005 3 2005 5,286 2,069 773 752 1,190 1,317 - - 3,322-2,738 21 2,547 2,048 2,074 1,637 472 410 8.9% 19.8% 37

BS DSP 4 Yahoo! 77.5 15.8 Yahoo! PC 989107 Yahoo!Yahoo! 2005 3 2005 1,561 1,826 21 42 1,530 1,773 9 10 - - 659 729 901 1,097 1,055 1,153-153 -55-9.8% -3.1% 38

2006 3 Yahoo! 6152005 12 274.6% Yahoo! Yahoo! BBYahoo! 6 Yahoo! ID 500 250 0 386 418 447 482 508 533 558 588 615 04/3 6 9 12 05/3 6 9 12 06/3 2005 3 2005 7,675 7,908 2,764 2,726 47 68 4,864 5,114 - - 172 153 7,502 7,755 5,736 5,955 1,765 1,799 23.0% 22.8% 39

40

20,000 15,000 10,000 5,000 0 03/1-3 4-6 7-9 10-12 04/1-3 4-6 7-9 10-12 05/1-3 4-6 7-9 10-12 06/1-3 4,063 4,430 4,896 5,830 7,118 7,516 8,389 10,550 12,485 14,081 15,681 18,097 20,544 41

4,736 05/3Q 4,827 05/4Q 5,000 4,000 3,000 2,000 1,000 2004 100 2004 10050 MRS2004 100 0 02/4Q 03/1Q 2Q 3Q 4Q 04/1Q 2Q 3Q 4Q 05/1Q 2Q 3Q 4Q 42

* * 04/4Q 05/1Q 2Q 3Q 4Q 20.5% 24.2% 21.5% 20.4% 20.5% 8.4% 7.2% 9.1% 8.2% 12.6% 8.9% 8.6% 11.6% 10.6% 11.3% 8.7% 7.1% 7.1% 7.9% 8.4% 6.3% 4.5% 4.6% 4.4% 6.7% 4.5% 5.2% 4.1% 7.2% 5.3% 6.5% 6.3% 6.7% 6.2% 5.2% 5.7% 7.5% 4.9% 3.5% 3.8% 1.0% 1.7% 1.6% 2.5% 3.1% 1.9% 2.0% 2.5% 2.9% 2.9% 4.7% 2.7% 2.6% 2.0% 2.3% 1.3% 2.5% 3.6% 3.1% 2.2% 21.6% 20.5% 20.1% 21.1% 15.7% 43 *

CLARIA CORPORATION 2006 4 2,500 40% CLARIA CORPORATION 30% 30% 44

45

2005 4 2005 10-12 2006 1-3 23.2 23.1 19.4 19.1 3.7 4.0 Yahoo! BB 2005 12 2006 3 500.7 504.9 Yahoo! JAPAN 116.4 115.7 2005 10-12 2006 1-3 5,780 5,809 35 34 46

Yahoo! JAPAN PV 1,200 1PV 120 900 90 600 60 300 30 0 04/3 6 9 12 05/3 6 9 12 06/3 / Nielsen//NetRatings NetView AMS JPNetRatings Japan Yahoo! JAPAN 47 0

Yahoo! JAPAN ID 1,500 Yahoo! JAPAN ID 1,200 900 Yahoo! 600 300 Yahoo! BB 0 04/3 6 9 12 05/3 6 9 12 06/3 ID 1,069 1,112 1,176 1,231 1,310 1,360 1,436 1,485 1,580 Yahoo! ID 386 418 447 482 508 533 558 588 615 Yahoo! BB 400 428 449 466 478 489 497 501 505 48 *IDYahoo! JAPAN ID

2.0 22.5 27.6 1.8 BS 0.1 22.7 27.1 Yahoo! BB 11.5 Yahoo! BB 12.6 13.7 22.7% 14.3 21.4% 294.2 PV 2005 12 331.3 PV 2006 3 49

Yahoo! Yahoo! PV 14.4 PV PV 4.4 2006 3 Yahoo!PV 8.1 PV 2006 3 2009.6% 2006 1-3 Yahoo! Yahoo!EZweb Vodafone live! Yahoo! Yahoo! Yahoo! Yahoo! 15 10 5 Yahoo! PV 0 04/12 05/3 6 9 12 06/3 50

*1 *1 Yahoo! JAPAN 2003 2004 2005 2005 (*2) 22.8% 21.4% 21.6% 8.4% 20.5% 18.3% 13.3% 7.2% 19.7% 17.0% 11.8% 3.5% 5.6% 7.1% 10.0% 6.6% 5.3% 7.0% 8.4% 4.4% 2.4% 3.9% 6.7% 9.9% 1.6% 3.4% 5.3% 7.6% 4.6% 4.9% 4.9% 7.8% 6.3% 4.0% 3.1% 3.6% 1.7% 2.8% 3.1% 3.9% 0.7% 1.7% 2.4% 8.1% 1.1% 1.2% 1.4% 2.4% 0.5% 1.3% 1.4% 2.7% 7.2% 6.0% 6.6% 23.9% 51 *1 *2 2005

20054 52 id

53 Web IR URL http://ir.yahoo.co.jp/