2004 4 2005 4 20 1

17 3 2003 1 2002 2003 2

20041 1,17755.4% 60146.0% 60246.0% 36547.1% 51.1% 2004 1 12 4 1,814* 38974.8 * 2004 ( ) 2004 4 Yahoo! Yahoo! 2005 3 3,556 1 1,145 47.5% Yahoo! 2005 3 3,298 1 1,674 103.1% Yahoo! Yahoo! 236 74.4 3

20042 Yahoo! ID 2005 2 500 ID Yahoo! ID 2005 1 1,000 ID Yahoo! Yahoo! BB ISP 48135.8 Yahoo! Yahoo! Yahoo! Yahoo! 6,818 25.6 2004 10 20 1 10 4

2004 4 ( ) 35,841 15.7% 58.7%17,485 13.0% 39.2% 12,485 18.3% 75.4 Yahoo! Yahoo! 2005 3 3,298 12 488 17.4% 5

2004 05/4/1 JWord 6

2004 7 2004 * 2004 5 2004 11 * * 2003 117,779 75,776 55 % 8,931 5,292 69 % 108,847 70,483 54 % 60,187 41,211 46 % 60,295 41,308 46 % 36,521 24,826 47 % EPS 4,766 12,892-63 % 7,629,257 1,915,795 298 % EPS 4,766 3,276 45 % EPS 4,750 12,851-63 % 7,654,008 1,922,010 298 % EPS 4,750 3,265 45 %

2004 1.6 100,000 2004 2003 2004 13,615 29,359 115.6% 20,838 27,338 31.2% Yahoo! BB 12,760 16,799 31.7% 6,411 10,740 67.5% 6,589 10,593 60.8% BS 1,096 2,381 117.2% * 14,464 20,567 42.2% 75,776 117,779 55.4% 17.5 BS 2.0 9.0 9.1 Yahoo! BB 14.3 50,000 23.2 24.9 0 2000 2001 2002 2003 2004 14,277 29,759 46,693 75,776 117,779 8 2002 *

70,000 1.5 60,000 50% 9.7 50,000 40,000 30,000 20,000 40% 30% 20% 0.7 6.4 Yahoo! BB 16.6 29.6% 10,000 10% 37.3 9 0 2000 2001 2002 2003 2004 5,308 10,406 24,072 41,211 60,187 5,208 10,318 23,524 41,308 60,295 2,972 5,868 12,096 24,826 36,521 37% 35% 52% 54% 51% 36% 35% 50% 55% 51% 0%

2004 10 2005 3 2004 3 92,410 55,726 36,684 68,992 39,643 29,348 18,293 12,847 5,445-1,364-733 -631 37,833 26,683 11,149 11,875 8,075 3,800 5,563 1,646 3,917 13,946 9,194 4,752 130,244 82,410 47,834 31,564 19,563 12,001 1,228 636 591 7,618 4,181 3,437 16,676 11,688 4,987 2,158 2,772-613 33,723 22,335 11,387 461 267 193 6,692 6,399 292 1,773 1,480 292 83,461 47,066 36,394 96,059 59,806 36,253 130,244 82,410 47,834

2004 2004 4-2005 3 46,083 60,730 4,531-5,034 538 4,172-20,089-17,119-9,928-5,078-1,060-1,365 384-132 584 29,348 11

2004 4 05/4/1 JWord 12

2004 4 2005 1-3 2004 1-3 35,841 22,580 59 % 3,256 1,508 116 % 32,585 21,072 55 % 17,539 12,443 41 % 17,485 12,559 39 % 10,316 7,726 34 % EPS 1,308 3,843-66 % 7,884,950 2,010,123 292 % EPS 1,308 1,024 28 % EPS 1,304 3,830-66 % 13 7,907,388 2,016,897 292 % EPS * 2004 5 2004 11 * * 1,304 1,020 28 %

35,000 30,000 25,000 20,000 15,000 2004 4 3 4 7,488 9,718 29.8% 7,481 7,656 2.3% Yahoo! BB 4,295 4,536 5.6% 2,731 3,568 30.6% 3,057 3,406 11.4% BS 521 1,110 113.2% 5,389 5,844 8.4% 30,965 35,841 15.7% Yahoo! BB 16.2% BS 3.1% 9.5% 10.0% Yahoo! BB 12.7% 10,000 21.4 5,000 27.1% 0 02/1-3 4-6 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 9,652 8,476 10,899 12,923 14,394 15,564 17,549 20,081 22,580 24,495 26,476 30,965 35,841 14

20,000 15,000 10,000 50% 7.8% 40% 30% 8.4% 0.4% Yahoo! BB 15.2% 27.0% 20% 5,000 41.8% 10% 0 02/1-3 4-6 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 3,261 4,094 5,382 6,807 7,788 8,433 9,227 11,106 12,443 13,470 13,718 15,458 17,539 3,212 4,107 5,251 6,782 7,382 8,257 9,285 11,206 12,559 13,516 13,826 15,466 17,485 34% 48% 49% 53% 54% 54% 53% 55% 55% 55% 52% 50% 49% 33% 48% 48% 52% 51% 53% 53% 56% 56% 55% 52% 50% 49% 0% 15

04/4Q 03/4Q 04/3Q 15,046 100.0% 8,628 74.4% 13,273 13.4% 2,850 18.9% 1,915 48.9% 2,478 15.0% 1,894 12.6% 992 90.8% 1,826 3.7% 1,500 10.0% 928 61.6% 1,311 14.4% 1,386 9.2% 923 50.0% 1,235 12.2% 1,166 7.8% 805 44.8% 1,097 6.3% 960 6.4% 583 64.6% 1,098-12.6% 802 5.3% 348 130.0% 745 7.7% 615 4.1% 444 38.5% 611 0.7% 606 4.0% 276 119.7% 721-15.8% 521 3.5% 206 152.8% 406 28.4% 361 2.4% 70 410.6% 255 41.9% 324 2.2% 145 123.1% 181 79.4% 255 1.7% 197 29.2% 268-4.6% 217 1.4% - n.a. - n.a. 1,589 10.5% 796 100.5% 1,041 52.4% 1,755 315 188 Yahoo! BB Yahoo! Yahoo! JAPAN 16

2004 4 2005 3 2004 12 92,410 75,444 16,966 68,992 54,565 14,426 18,293 18,108 185-1,364-1,207-157 37,833 33,575 4,258 11,875 11,637 238 5,563 4,875 688 13,946 9,716 4,230 130,244 109,019 21,224 31,564 21,379 10,184 7,618 7,035 583 16,676 8,363 8,312 2,158 1,962 196 33,723 23,342 10,381 17 461 451 9 6,692 6,637 54 1,773 1,718 54 83,461 73,144 10,316 96,059 85,225 10,833 130,244 109,019 21,224

2004 4 2005 1-3 20,896 17,505 1,425 197 360 121-87 828 312-6,668-2,649-3,003-895 -308 197 100 109 14,426 18

1,500 1,000 500 19 0 02/3 6 9 12 03/3 6 9 12 04/3 6 9 12 05/3 4 6 10 10 9 8 8 12 18 24 19 26 34 17 21 38 37 44 44 45 65 67 101 108 209 397 Yahoo! JAPAN 9 8 8 8 8 9 9 8 8 9 9 9 8 Yahoo! JAPAN 414 484 510 572 625 714 776 850 923 1,029 1,083 1,196 1,316 444 519 566 627 686 775 838 935 1,016 1,163 1,219 1,440 1,755 Yahoo! JAPAN

2004 4 2004 4 2004 4 2005/1/20 ---------------------------------------------------------------------------------------------------------- 35,841 33,000 35,400 17,485 15,250 17,200 10,316 9,150 10,300 Yahoo! 20

2005 1 2005 4 20 2004 1 2004 4 2005 1 24,495 35,841 36,600 39,200 13,516 17,485 15,650 17,250 8,311 10,316 8,900 10,000 21

2005 1 2005 1 2005 1 16-26 2 2005 1 2004-4Q 0.85 2005-1Q 10.16 8.3 JWord 0.9 22

2005 1 2005 1 180 109 120-130 33 23

2004 4 2004-4Q BS 3.08 100.0% 3.08 16.34 36.9% 16.34 9.50 33.4% 13.92 1.23 90.7% 1.23 2005 1 2004 4 2005 3 31 24

4 11 49.71109 1. Yahoo! JAPAN e Yahoo! Yahoo! 2. Yahoo! JAPAN Yahoo!Yahoo! 3. Yahoo! JAPAN 25

26

Yahoo! JAPAN Yahoo! BB BS Yahoo! BB ISP Yahoo! Yahoo! JAPAN Yahoo! JAPAN Yahoo! 27

1 3 Yahoo! Yahoo! Yahoo! JAPAN Yahoo! Yahoo! Yahoo! Yahoo!Yahoo! < > Yahoo! Yahoo! 28

3 Yahoo!RSS < > Yahoo! QR Yahoo! 1,500 1,000 500 0 Yahoo! 4Q 02' 1Q 03' 2Q 3Q 4Q 1Q 04' 2Q 3Q 4Q 1,618 29

3 21 6 20 525 525 525 525 525 2,940 1,890 2,940 2,940 2,940 2,940 1,890 2,940 2,940 2,940 3,150 3,150 3,150 3,150 3,150 2,940 1,890 2,940 2,940 2,940 0 1,050 0 0 2,940 * : 2005 3 21 2005 6 20 30

Yahoo! BB 5.6 7.4 Yahoo! BB Yahoo! BB TV package Yahoo! BB Yahoo! Yahoo! Yahoo! BB < > Yahoo! BB ADSL Yahoo! BB Yahoo! BB 31

Yahoo!: Yahoo! : Y CD DVD : : < > Yahoo! Yahoo! 200 150 100 50 0 4Q 02' 1Q 03' 2Q 3Q 4Q 1Q 04' 2Q 3Q 4Q 223 Yahoo! Yahoo! 32

Yahoo!Yahoo! Yahoo! Yahoo! Yahoo!VIP 3 Yahoo! < > Yahoo! 33

BS Yahoo! Yahoo! Yahoo! PC 36.55.5 42 2005 4 Yahoo! Yahoo! /Yahoo! Yahoo! 2005 1 < > 2005 Yahoo! 34

2 500 ID 3 508 ID Yahoo! BB Yahoo! BB 12 ZOO ID 500 400 300 260 291 447 418 386 357 323 482 508 200 100 0 2003/3 6 9 12 2004/3 6 9 12 2005/3 35

36

12,000 10,000 8,000 6,000 4,000 2,000 0 02/1-3 4-6 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 2,840 2,937 3,091 3,522 4,063 4,430 4,896 5,830 7,118 7,516 8,389 10,550 12,485 37

2,615 04/3Q 2,866 04/4Q 2,500 2,000 1,500 1,000 500 0 38 02/4Q 03/1Q 2Q 3Q 4Q 04/1Q 2Q 3Q 4Q 2003 100 2003 100 50 MRS2003 100

* * 03/4Q 04/1Q 2Q 3Q 4Q 21.2% 23.0% 19.9% 21.5% 20.5% 4.7% 6.2% 9.1% 8.0% 8.9% 11.5% 10.8% 9.9% 8.8% 8.7% 6.5% 6.3% 7.2% 7.0% 8.4% 2.7% 3.5% 4.1% 5.0% 6.5% 4.5% 3.9% 4.8% 6.0% 6.3% 3.2% 3.6% 4.1% 2.7% 5.7% 4.5% 3.3% 3.7% 3.0% 4.7% 7.1% 7.8% 4.7% 5.8% 4.5% 4.2% 4.2% 4.5% 4.4% 2.9% 2.1% 2.0% 0.7% 2.5% 2.5% 2.0% 0.9% 1.2% 1.2% 2.1% 3.3% 2.8% 2.3% 2.3% 2.1% 1.7% 0.7% 1.8% 2.3% 1.9% 20.8% 21.0% 22.0% 19.5% 14.3% 39 *

40

1,000 6% +57 41 +36 500 20 +74 0 1997 98 99 2000 01 02 03 04 33 +75 41

Yahoo! JAPAN PV 1PV 800 80 600 60 400 40 200 20 0 03/3 6 9 12 04/3 6 9 12 05/3 / * * Nielsen//NetRatings NetView AMS JP NetRatings JapanYahoo! JAPAN 42 0

Yahoo! JAPAN ID 1,200 Yahoo! JAPAN ID 1,000 800 600 Yahoo! 400 200 0 Yahoo! BB 03/3 6 9 12 04/3 6 9 12 05/3 ID 770 850 938 985 1,069 1,112 1,176 1,231 1,310 Yahoo! ID 260 291 323 357 386 418 447 482 508 Yahoo! BB 236 282 325 369 400 428 449 466 478 * IDYahoo! JAPAN ID 43

14.5 15.4 28.4 2.1 29.7% 2.1 Yahoo! BB 11.9 Yahoo! BB 12.0 15.0 27.1% 14.5 226.5 PV 27.3 260.5 PV 2004 12 12 2005 3 44

Yahoo! JAPAN 117 95 Yahoo! BB 63 110 133 BS 27 COO CEO CFO 146 79 CS 76 PS 91 23 5 CSO 6 151 YPC 33 94 260 45 1,510 2005 4 1 152

2005 3 763 1 64.1 1 * 17.9 1 5,827 1 38 1,922 3,556 * 1 % 1,800 60 1,500 50 1,200 40 900 30 600 20 300 10 0 03/3 6 9 12 04/3 6 9 12 05/3 0 46

* * 2003 2004 22.2% 21.2% 12.4% 9.4% 5.3% 8.2% 5.5% 7.3% 8.1% 5.6% 4.6% 5.4% 2.4% 4.9% 2.1% 4.1% 5.0% 3.9% 4.8% 3.7% 6.0% 2.6% 2.8% 2.3% 1.8% 2.0% 1.2% 1.9% 15.8% 17.5% 47 *

2004 4 48

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