2004 3 2005 1 20 1

2005 3 3 2003 1 2002 2003 2

2004 3 1 30,965 17.0% 54.2% 15,466 11.9% 38.0% 10,550 25.8% 81.0% 9 12 580 1,666 2004 5,000 7,481 22.4% 29.1% 3

2004 3 2 Yahoo! Yahoo! BB ADSL Yahoo! BB Yahoo! 18.8%Yahoo! Inc. 12004 10 2010 4

2004 3 5

2004 3 6 2004 10-12 2003 10-12 30,965 20,081 54 % 2,233 1,324 69 % 28,732 18,757 53 % 15,458 11,106 39 % 15,466 11,206 38 % 9,252 6,648 39 % EPS 1,225 3,527-65 % 7,546,747 1,884,940 300 % EPS 1,225 881 39 % EPS 1,222 3,514-65 % 7,570,990 1,891,840 300 % EPS * 2004 5 2004 11 * * 1,222 878 39 %

30,000 25,000 20,000 2004 3 2Q 3Q 6,514 7,488 15.0% 6,114 7,481 22.4% Yahoo! BB 4,158 4,295 3.3% 2,223 3,057 37.5% 2,298 2,731 18.8% BS 398 521 30.9% 4,769 5,389 13.0% 26,476 30,965 17.0% 17.3% BS 1.7% 8.8% 9.9% 15,000 Yahoo! BB Yahoo! BB 13.9% 10,000 24.2 5,000 0 01/10-12 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 24.2% 8,261 9,652 8,476 10,899 12,923 14,394 15,564 17,549 20,081 22,580 24,495 26,476 30,965 7

18,000 50% 15,000 8.1% 12,000 40% 7.8% Yahoo! BB 16.1% 9,000 30% 6,000 20% 31.0% 3,000 10% 37.7% 8 0 01/10-12 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 2,983 3,261 4,094 5,382 6,807 7,788 8,433 9,227 11,106 12,443 13,470 13,718 15,458 2,956 3,212 4,107 5,251 6,782 7,382 8,257 9,285 11,206 12,559 13,516 13,826 15,466 36% 34% 48% 49% 53% 54% 54% 53% 55% 55% 55% 52% 50% 36% 33% 48% 48% 52% 51% 53% 53% 56% 56% 55% 52% 50% 0%

04/3Q 03/3Q 04/2Q 13,273 100.0% 7,650 73.5% 10,872 22.1% 2,478 18.7% 1,858 33.3% 2,136 16.0% 1,826 13.8% 858 112.8% 1,491 22.5% 1,311 9.9% 779 68.1% 1,012 29.4% 1,235 9.3% 816 51.4% 1,020 21.1% 1,098 8.3% 524 109.7% 682 61.1% 1,097 8.3% 734 49.4% 1,033 6.2% 745 5.6% 361 106.2% 533 39.8% 721 5.4% 354 103.4% 370 94.7% 611 4.6% 423 44.4% 605 1.0% 406 3.1% 170 137.9% 270 50.5% 268 2.0% 142 88.5% 218 22.8% 255 1.9% 82 210.5% 208 22.1% 194 1.5% 115 68.1% 163 19.0% 181 1.4% 54 230.2% 230-21.4% 847 6.2% 380 125.3% 901-5.8% 221 Y!BB Yahoo! Yahoo! BB Yahoo! 9

Yahoo! Inc. Yahoo! Inc. 1996 4 2 2004 2004 1-9 2.12004 10 122004 3 2005 Yahoo! Inc. * 2004 1 12 * 3 2005 1 * 3 2004 1 9 2004 1 3 2004 3 2004 4 9 10 Yahoo! BB 2004 9 2004 10 2004 3Q 1.4

2004 3 2004 12 2004 9 75,444 68,308 7,135 54,565 50,730 3,835 18,108 15,718 2,389-1,207-999 -207 33,575 31,978 1,596 11,637 10,442 1,195 9,716 10,417-701 4,772 5,862-1,090 109,019 100,287 8,731 21,379 21,142 237 7,035 7,087-51 8,363 10,663-2,299 1,962 2,500-538 23,342 23,643-301 451 315 135 6,637 6,503 133 1,718 1,584 133 73,144 63,892 9,252 85,225 76,328 8,897 11 109,019 100,287 8,731

2004 3 2004 10-12 7,980 15,335 1,243 191 259-172 -2,386 699-8,483-4,373-2,981-423 -1,128 139 228-12 267 3,835 Yahoo! BB 12

13 * 2005 1 18 100

1,200 900 600 300 0 01/12 02/3 6 9 12 03/3 6 9 12 04/3 6 9 12 4 4 6 10 10 9 8 8 12 18 24 19 26 22 17 21 38 37 44 44 45 65 67 101 108 209 Y!J 9 9 8 8 8 8 9 9 8 8 9 9 9 Y!J 407 414 484 510 572 625 714 776 850 923 1,029 1,083 1,196 442 444 519 566 627 686 775 838 935 1,016 1,163 1,219 1,440 14 Yahoo! JAPAN

2004 3 2004 3 2004 3 ---------------------------------------------------------------------------------------------------------- 30,965 27,500 30,000 15,466 12,850 15,050 9,252 8,000 9,300 Yahoo! BB 15

2004 4 2004 3 Y!BB 19-22 2005 1 20 2004 3 2004 4 2004 3 2004 30,965 33,000 35,400 81,937 114,937 117,337 15,466 15,250 17,200 42,810 58,061 60,010 9,252 9,150 10,300 26,204 35,355 36,505 2004 2004 1 34 16

17

18

Yahoo! JAPAN Yahoo! BB BS Yahoo! BB ISP Yahoo! Yahoo! JAPAN Yahoo! JAPAN Yahoo! 19

Yahoo! JAPAN Overture JWord 33.4 Yahoo! Yahoo!Yahoo! Yahoo! Yahoo! <> Yahoo! Yahoo! 20

9 Yahoo! 22.419.5 2004 5,000 Yahoo! <> 1,500 1,000 500 0 Yahoo! 3Q 02' 4Q 1Q 03' 2Q 3Q 4Q 1Q 04' 2Q 1,666 3Q 21

Yahoo! BB 2004 10 Yahoo! BB Yahoo! BB ADSL Yahoo! BB <> Yahoo! BB ADSL Yahoo! BB Yahoo! BB 22

Yahoo!Yahoo! Yahoo! Yahoo!Yahoo! Yahoo! <> 23

24 Yahoo!: Q : CD DVD : : Yahoo! BB Yahoo! <> Yahoo! CD DVD Yahoo! Yahoo! 20,000 15,000 10,000 5,000 0 3Q 02' 4Q 1Q 03' 2Q 3Q 4Q 1Q 04' 207 Yahoo! Yahoo! 2Q 3Q

Yahoo! BS Yahoo! Yahoo! /Yahoo! Yahoo! HP <> Yahoo! Yahoo!Yahoo! Yahoo! Yahoo! 25

23.8 ID 482 ID 2004 12 Yahoo! BB Yahoo! 67.2 2004 8 71.3 2004 11 ID 400 300 234 418 386 323 357 291 260 447 482 200 100 0 2002/12 2003/3 6 9 12 2004/3 6 9 12 26

27

10,000 8,000 6,000 4,000 2,000 0 01/ 10-12 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 2,741 2,840 2,937 3,091 3,522 4,063 4,430 4,896 5,830 7,118 7,516 8,389 10,550 28

2,074 04/2Q 2,615 04/3Q 2,500 2,000 1,500 1,000 500 0 29 02/3Q 4Q 03/1Q 2Q 3Q 4Q 04/1Q 2Q 3Q 2003 100 2003 10050 MRS2003 100

* * 30 03/3Q 4Q 04/1Q 2Q 3Q 21.9% 21.2% 23.0% 19.9% 21.5% 13.0% 11.5% 10.8% 9.9% 8.8% 5.2% 4.7% 6.2% 9.1% 8.0% 4.8% 6.5% 6.3% 7.2% 7.0% 3.9% 4.5% 3.9% 4.8% 6.0% 9.2% 7.1% 7.8% 4.7% 5.8% 2.3% 2.7% 3.5% 4.1% 5.0% 5.3% 4.2% 4.2% 4.5% 4.4% 4.3% 4.5% 3.3% 3.7% 3.0% 1.9% 3.2% 3.6% 4.1% 2.7% 1.4% 2.1% 2.0% 0.7% 2.5% 0.3% 0.2% 0.6% 0.3% 2.4% 1.1% 1.9% 1.4% 2.6% 2.4% 1.0% 1.7% 0.7% 1.8% 2.3% 24.4% 24.0% 22.7% 22.6% 18.2% *

31

Yahoo! JAPAN PV 1PV 800 80 600 60 400 40 200 20 0 02/12 03/3 6 9 12 04/3 6 9 12 / * * Nielsen//NetRatings NetView AMS JP NetRatings JapanYahoo! JAPAN 32 0

Yahoo! JAPAN ID 1,200 Yahoo! JAPAN ID 1,000 800 600 Yahoo! 400 200 0 Yahoo!BB 02/12 03/3 6 9 12 04/3 6 9 12 ID 692 770 850 938 985 1,069 1,112 1,176 1,231 Yahoo! ID 234 260 291 323 357 386 418 447 482 Yahoo! BB 169 236 282 325 369 400 428 449 466 IDYahoo! JAPAN ID 33

14.5 13.9 2.0 31.2 2.1 29.7% Yahoo! BB 11.2 Yahoo! BB 11.9 14.8 26.9% 27.3 234.2 PV 14.5 226.5 PV 2004 9 2004 12 12 34

Yahoo! JAPAN Yahoo! BB CFO PS 6 CSO 5 101 85 Yahoo! BB 57 103 118 BS 27 118 YPC 94 143 70 PS 158 36 107 1 2 1, 229 2005 1 1 35

2004 12 707 1 57.5 1 * 18.7 1 6,373 1 39 1,891 3,312 * % 36

2004 3 NOVA TAC AV 37

Web Web IR URL http://ir.yahoo.co.jp/ 38