2005 2 2005 10 21 1

18 3 2003 1 2002 2003 2

2005 2 1 41,140 5.8% 55.4%18,545 4.1% 34.1% 15,681 11.4% 86.9% 8,182 7.5% 53.7% Yahoo! Yahoo! 14,534 1.5% 29.5% 3

2005 2 2 2005 9 5,099 19.6% 111.1% Yahoo! 1 316 16.9% 60.9% 2005 9 4,458 16.3% 47.5% 7 8 8,214 1.5% 34.3% Yahoo! Yahoo!Yahoo! 80 50 Yahoo! 2005 102006 4

2005 JWord 5

2005 6 2005 4-9 2004 4-9 80,016 50,972 57 % 6,928 3,442 101 % 73,087 47,529 54 % 37,421 27,189 38 % 36,364 27,343 33 % 21,453 16,952 27 % EPS 1,390 4,397-68 % 15,431,889 3,854,965 300 % EPS 1,390 1,123 24 % EPS 1,386 4,382-68 % 15,472,901 3,868,169 300 % EPS * 2004 11 2005 5 * * 1,386 1,119 24 %

2005 2005 9 2005 3 99,476 92,410 7,066 71,542 68,992 2,550 19,665 18,293 1,371 4,517 2,263 2,254-1,577-1,364-212 51,838 37,833 14,004 12,525 11,875 649 6,675 5,563 1,111 27,538 13,946 13,591 151,314 130,244 21,070 Yahoo! BB 1 33,865 31,564 2,301 10,216 7,618 2,597 16,242 16,676-434 2,173 2,158 14 36,039 33,723 2,315 7 626 461 165 6,803 6,692 111 1,884 1,773 111 101,100 83,461 17,639 114,648 96,059 18,589 151,314 130,244 21,070

2005 2005 4-9 24,886 36,679 2,980 1,320-1,303-82 1,882-16,259-18,949-3,456-1,543-13,536-633 -3,390 223-3,654 2,546 8

2005 2 JWord 9

2005 2 2005 7-9 2004 7-9 41,140 26,476 55 % 3,440 1,885 82 % 37,699 24,591 53 % 19,014 13,718 39 % 18,545 13,826 34 % 11,143 8,641 29 % EPS 707 2,195-68 % 15,759,477 3,936,860 300 % EPS 707 572 23 % EPS 705 2,188-68 % 10 15,800,526 3,949,452 300 % EPS * 2004 11 2005 5 * * 705 570 24 %

40,000 30,000 2005 2 2005 1 2005 2 10,109 11,897 17.7% 8,335 8,214-1.5% Yahoo! BB 4,620 4,808 4.1% 4,226 4,379 3.6% 3,916 4,143 5.8% BS 877 844-3.7% 6,789 6,852 0.9% 38,876 41,140 5.8% 16.6% BS 2.1% 10.1% 10.6% 20,000 Yahoo! BB 11.7% 10,000 20.0 28.9% 0 02/7-9 10-12 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 10,899 12,923 14,394 15,564 17,549 20,081 22,580 24,495 26,476 30,965 35,841 38,876 41,140 11

20,000 15,000 50% 8.1% 9.0% 40% 2.6% Yahoo! BB 9.7% 30% 10,000 24.6% 20% 5,000 10% 46.8% 0 02/7-9 10-12 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 5,382 6,807 7,788 8,433 9,227 11,106 12,443 13,470 13,718 15,458 17,539 18,407 19,014 5,251 6,782 7,382 8,257 9,285 11,206 12,559 13,516 13,826 15,466 17,485 17,818 18,545 49% 53% 54% 54% 53% 55% 55% 55% 52% 50% 49% 47% 46% 48% 52% 51% 53% 53% 56% 56% 55% 52% 50% 49% 46% 45% 0% 12

05/2Q 04/2Q 05/1Q 18,685 100.0% 10,872 71.9% 16,981 10.0% 3,466 18.6% 2,136 62.2% 3,341 3.7% 2,654 14.2% 1,491 78.0% 2,278 16.5% 1,877 10.0% 1,012 85.3% 1,807 3.9% 1,561 8.4% 370 321.6% 1,353 15.4% 1,537 8.2% 1,020 50.7% 1,358 13.2% 1,333 7.1% 1,033 29.0% 1,376-3.2% 1,096 5.9% 682 60.8% 1,034 6.0% 1,004 5.4% 533 88.4% 860 16.7% 734 3.9% 605 21.4% 666 10.2% 545 2.9% 270 102.0% 557-2.2% 445 2.4% 218 104.1% 219 103.3% 385 2.1% 208 84.7% 355 8.5% 368 2.0% 230 59.7% 173 112.0% 279 1.5% 163 70.8% 251 11.2% 1,401 7.4% 901 55.8% 1,353 3.6% 2,214 145 13

2005 2 2005 9 2005 6 99,476 78,651 20,825 71,542 53,365 18,177 19,665 18,884 781 4,517 3,375 1,142-1,577-1,378-198 51,838 51,196 641 12,525 12,406 118 6,675 5,922 752 27,538 26,922 615 151,314 129,847 21,467 Yahoo! BB 1 33,865 22,967 10,898 10,216 7,916 2,300 16,242 7,284 8,957 2,173 2,693-519 36,039 25,660 10,378 14 626 454 171 6,803 6,724 79 1,884 1,805 79 101,100 89,957 11,143 114,648 103,731 10,917 151,314 129,847 21,467

2005 2 2005 7-9 21,636 18,896 1,581 614-798 -152 1,658-3,632-1,476-520 -1,741-354 170-100 158 18,174 15

2,000 1,000 16 0 02/9 12 03/3 6 9 12 04/3 6 9 12 05/3 6 9 10 10 9 8 8 12 18 24 19 26 34 27 27 38 37 44 44 45 65 67 101 108 209 397 417 438 Yahoo! JAPAN 8 8 8 9 9 8 8 9 9 9 8 9 9 Yahoo! JAPAN 510 572 625 714 776 850 923 1,029 1,083 1,196 1,316 1,616 1,740 566 627 686 775 838 935 1,016 1,163 1,219 1,440 1,755 2,069 2,214 Yahoo! JAPAN

2005 2 2005 2 2005 2 2005/7/20 ---------------------------------------------------------------------------------------------------------- 41,140 39,500 42,500 18,545 17,150 19,650 11,143 10,150 11,750 17

2005 3 2005 3 2 26-31 2005 10 21 2004 3 2005 2 2005 3 30,965 41,140 44,600 47,700 15,466 18,545 18,700 21,150 9,252 11,143 10,850 12,350 18

19

Yahoo! JAPAN Yahoo! BB BS Yahoo! BB ISP Yahoo! Yahoo! JAPAN Yahoo! JAPAN Yahoo! 20

76.2% 74.8% Yahoo! Yahoo! 2005 10 3 Yahoo! YST Yahoo! Yahoo! 2005 1 2005 2 10,109 11,897 6,795 8,102 3,208 3,595 105 198 - - 222 341 9,886 11,556 2,179 2,652 7,706 8,903 21

2005 10 2005 9 4,458 6 626 16.3% 7 8 9 Yahoo! 1,500 1,000 500 0 Yahoo! 2Q 03' 3Q 4Q 1Q 04' 2Q 3Q 4Q 1Q 05' 2005 1 2Q 2005 2 8,335 8,214 504 578 1,005 1,093 6,825 6,541 - - 9 9 8,326 8,204 3,123 3,527 5,202 4,677 62.4% 56.9% 22

Yahoo! BB Yahoo! 2005 9 497.2 6 8.3 1.7% Yahoo! BB Yahoo! Yahoo! 2005 1 2005 2 4,620 4,808 441 638 1,567 1,436 2,611 2,733 - - 269 254 4,350 4,553 2,465 2,704 1,885 1,849 40.8% 38.5% 23

8.8% 11.2% Yahoo! Yahoo! Yahoo! Yahoo! 2005 9 5,099 6 834 19.6 Yahoo!: Yahoo! : : : Yahoo! JAPAN 300 200 100 0 2Q 03' 3Q 4Q 1Q 04' 2Q 3Q 4Q 1Q 05' Yahoo! Yahoo! 2005 1 2Q 2005 2 4,226 4,379 522 612 842 1,024 - - 2,862 2,742 2,380 2,237 1,846 2,141 1,473 1,652 372 489 24

42.4% 41.1% Yahoo!Yahoo!Yahoo! Yahoo! Yahoo! Yahoo!VIP Yahoo! 10 16730 Yahoo! RSS Yahoo! Yahoo! 2005 1 2005 2 3,916 4,143 3,426 3,544 132 176 358 421 - - 110 122 3,806 4,020 2,145 2,316 1,661 1,704 25

BS DSP 2Q Yahoo! Yahoo! /Yahoo! Yahoo! PC 67.87.275 Yahoo! 2005 2 2 2005 1 2005 2 877 844 83 39 787 797 6 8 - - 349 350 528 493 652 642-124 -148-14.2% -17.6% 26

8 2005 9 Yahoo! 558 6 25 4.7% Yahoo! 1GB 2 Yahoo! 9 ID 400 200 0 323 357 386 418 447 482 508 533 03/9 12 04/3 6 9 12 05/3 6 9 2005 1 558 2005 2 6,789 6,852 2,308 2,164 67 57 4,413 4,630 - -0 145 123 6,643 6,728 4,940 5,190 1,703 1,537 25.1% 22.4% 27

Yahoo! NO.1 PC Yahoo! JAPAN80 50 2006 Yahoo! 2005 10 Yahoo! 28

Yahoo! Yahoo! 2005 9 PV 9.9 PV PV 3.3 No.1 18.4%* * Yahoo! = No.1 PV 5.5 PV 48 2005 1-9 103 ID Yahoo! Yahoo! 2005 72,000 200 3 2005 7 29

30

15,000 11.4 86.9 10,000 5,000 0 02/7-9 10-12 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 3,091 3,522 4,063 4,430 4,896 5,830 7,118 7,516 8,389 10,550 12,485 14,081 15,681 31

3,817 05/1Q 3,765 05/2Q 3,000 2,000 1,000 0 32 03/2Q 3Q 4Q 04/1Q 2Q 3Q 4Q 05/1Q 2Q 2003 100 2004 10050 MRS2004 100

* * 04/2Q 3Q 4Q 05/1Q 2Q 19.9% 21.5% 20.5% 24.2% 21.5% 9.1% 8.0% 8.9% 8.6% 11.6% 7.2% 7.0% 8.4% 7.2% 9.1% 9.9% 8.8% 8.7% 7.1% 7.1% 4.1% 5.0% 6.5% 6.3% 6.7% 4.1% 2.7% 5.7% 7.5% 4.9% 4.8% 6.0% 6.3% 4.5% 4.6% 4.7% 5.8% 4.5% 5.2% 4.1% 2.6% 2.4% 1.3% 2.5% 3.6% 4.5% 4.4% 2.9% 3.2% 3.4% 3.7% 3.0% 4.7% 2.7% 2.6% 1.8% 2.3% 1.9% 2.0% 2.5% 1.1% 0.7% 1.0% 1.7% 1.6% 1.2% 1.2% 2.1% 0.6% 1.6% 21.3% 21.2% 16.6% 16.7% 15.1% 33 *

34

2005 2 2005 7-9 2005 4-6 19.8 20.0 16.7 17.3 3.1 2.7 Yahoo! BB 2005 9 2005 6 497.2 488.9 Yahoo! JAPAN 117.6 118.1 2005 7-9 2005 4-6 5,602 5,543 34 37 35

Yahoo! JAPAN PV 1,000 800 1PV 100 80 600 60 400 40 200 20 0 03/9 12 04/3 6 9 12 05/3 6 9 / Nielsen//NetRatings NetView AMS JP NetRatings Japan Yahoo! JAPAN 36 0

Yahoo! JAPAN ID 1,500 Yahoo! JAPAN ID 1,200 900 Yahoo! 600 300 Yahoo! BB 0 03/9 12 04/3 6 9 12 05/3 6 9 ID 938 985 1,069 1,112 1,176 1,231 1,310 1,360 1,436 Yahoo! ID 323 357 386 418 447 482 508 533 558 Yahoo! BB 325 369 400 428 449 466 478 489 497 * IDYahoo! JAPAN ID 37

16.7 29.3 21.1 30.0 2.1 2.0 Yahoo! BB 11.7 Yahoo! BB 11.4 15.3 24.9% 13.9 21.6% 265.3 PV 2005 6 297.9 PV 2005 9 38

Yahoo! JAPAN CSO 154 126 Yahoo! BB 74 144 171 BS 40 209 127 COO YPC CEO CFO 1 184 123 CS 101 PS 116 16 45 124 7 3 10 1,776 2005 10 1 39

2005 2 GE 40

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