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YAHOO! 1999 ANNUAL REPORTWelcome to Yahoo!, the only place anyone in the world needs togo to find and get connected to anything or anybody. More andmore, Yahoo! has become an essential part of people’s lives.

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LEVERAGEAs a scalable global network, Yahoo! is uniquely able toleverage its technology platform to support the changingneeds of consumers and businesses all around the world.

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Put your life

in high gear

with Yahoo!

1999 Annual Report www.yahoo.com ©2000 Yahoo! Inc.

Imagine life without cars or public transportation.Yahoo! and the Web are rapidly becoming just asessential to people, organizations, and businesses.

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®1999 Annual Report / www.yahoo.com / ©2000 Yahoo! Inc.

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The choice is yoursYahoo! is an open, independent destination for information

aggregated from a variety of sources around the world.Our users trust us to provide the widest range of

perspectives and content. You always have a choice and a voice on Yahoo!, from selecting your favorite news source on My Yahoo!, to voicing your opinion

on Yahoo! Message Boards.

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®1999 Annual Report · www.yahoo.com · ©2000 Yahoo! Inc.

Trust. More than 120 million individuals have put their trust in Yahoo!. When you share yourpersonal preferences and interests with Yahoo!, we take that responsibility seriously.

In turn, we provide you with the best Web experience tailored to your needs.

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The world at your door. Yahoo! is a truly globalnetwork, made up of 21 world proper ties andover 12 dif ferent languages, each managed bylocal Yahoos.

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LLEETT’’SS BBEE HHUUGGEE TTOOGGEETTHHEERR

Over 3,550 advertisers and 9,000 merchants choose Yahoo! as the platform to reach their audience and buyers. Advertisers haveranked Yahoo! as the “best ad value” and the “best environmentfor advertising” (Advertising Age, October 1999).

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FIND ANY AUDIENCEYahoo! Fusion Marketing helps companies reachpeople interested in their products and services,

no matter where they are.

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Connect with anyone Communicate with consumers in more than languages. Find new customers across the country or around theworld. Fusion Marketing on Yahoo!’s global network gets your message heard.

Correspondence

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SELL ANYTHINGYahoo!’s commerce platform enables sellers to drive transactions throughtheir own site or on Yahoo! Shopping, Yahoo! Store, or Yahoo! Auctions.

Annual Repor t • www.yahoo.com • © Yahoo! Inc.

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Fusion Marketing on Yahoo!

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GET MEASURABLE RESULTS. Combining targeted programs and research services allows today’s marketers to maximize results with Yahoo! Fusion Marketing.

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WHAT IS GOOD FOR CONSUMERS IS ALSO GOOD FOR BUSINESS

With Yahoo!, consumers have a trusted place to find the information and services they need.Is there a better place to market and sell?

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BE YOUR OWN BOSSThrough services like Yahoo! Store, Yahoo! Classifieds,and Yahoo! Auctions, you can easily launch and growyour own business. Even local merchants can leverage thepower of Yahoo! Fusion Marketing to reach an audiencearound the world.

1999 ANNUAL REPORT WWW.YAHOO.COM © 2000 YAHOO! INC.

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POSTAL SERVICE

WILL NOT DELIVER

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C O M M E R C E A N D C O M M U N I T Y. Your local flea market or garage sale are notonly ways to exchange goods, they are meeting places. Yahoo! brings thisunique combination of commerce and community online through Yahoo!Auctions and Yahoo! Classifieds.

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Once people have found each other, Yahoo!’s communitytools help them build lasting relationships. Through Yahoo!Chat, Yahoo! Clubs, Yahoo! Message Boards, and Yahoo!Geocities, Yahoo! helps bring people together.

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®1999 Annual Report www.yahoo.com © 2000 Yahoo! Inc.

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Es rápido, es gratis, es fácil

Through popular services such as Yahoo! Mail, Yahoo! Invites, andYahoo! Greetings, Yahoo! has become an essential way to stay in touch.

Annual Report www.yahoo.com © Yahoo! Inc.

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ON THE MONEY. From monitoring your bank account andstock portfolios, to scheduling the payment of monthly bills,Yahoo! Finance makes it easy to manage your money.

A Genuine Yahoo! Postcard

1999 ANNUAL REPORT WWW.YAHOO.COM © 2000 YAHOO! INC.

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S P O RT S , U P C L O S E A N D P E R S O N A L . Get the latest scores and statistics,along with sporting news and inside scoops, player information, and FantasySports games. On Yahoo! Sports, you’ll find others with a passion for sports,just like you.

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A GENUINE YAHOO! POSTCARD 1999 ANNUAL REPORT WWW.YAHOO.COM ©2000 YAHOO! INC.

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SEE THE WORLD WITH YAHOO! TRAVEL

Millions of businesses and individuals use Yahoo! every day to

plan vacations, book reservations, find hotels, and learn about

the world around them. Bon voyage!

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The latest headlines, the hottest trends, thenewest release. Whatever information you crave, in whatever form you want it, Yahoo!News brings it to your door all day every day.

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MAKE YAHOO! YOUR OWN

My Yahoo! allows you to craft a completely unique online experience, based on your own needs and interests.

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A PLACE FOR KIDS

Yahooligans! gives kids a safe place on the Web, designed just for themby certified educators. It’s fun for kids, and peace of mind for parents.

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THINK LOCALLY, ACT LOCALLYWhether you’re native or not, you can uncover hotspots, find your way around, discuss local issues,

and even land a new job. Yahoo! Get Local connectsyou to the information that is a vital par t of belonging

to your local community.

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Common GroundWhether you are a club of two, or a group of thousands,

Yahoo! helps you find and connect with anyone.

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Driving Fªw≥d Yahoo! is well poised for the future in the areas of richmedia, globalization, mobilization, business services,and voice services.

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Yahoo! EverywhereThink about all the places you’d want to yahoo. Yahoo! is now available on mobile and non-PC devices, such asPDAs and cell phones.

Correspondence Address

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OPEN ALL NIGHTWith over 21 locations around the world to serveyou and more to come.

Argentina www.yahoo.com.arAsia www.asia.yahoo.comAustralia & New Zealand www.yahoo.com.auBrazil www.yahoo.com.brCanada www.yahoo.caChina www.yahoo.com.cnChinese www.chinese.yahoo.comDenmark www.yahoo.dkEn Espanol www.espanol.yahoo.comFrance www.yahoo.frGermany www.yahoo.deHong Kong www.yahoo.com.hkItaly www.yahoo.itJapan www.yahoo.co.jpKorea www.yahoo.co.krMexico www.yahoo.com.mxNorway www.yahoo.noSingapore www.yahoo.com.sgSpain www.yahoo.esSweden www.yahoo.seTaiwan www.yahoo.com.twUK & Ireland www.yahoo.co.uk

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WAT C H A N D L I S T E NAs bandwidth grows for mainstream consumers, Yahoo! will continue

to bring users an increasingly rich online experience, integrating

streamed audio and video throughout the Yahoo! network.

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GET DOWN TO BUSINESSIn addition to using Yahoo! to connect with customers,businesses use Yahoo! to communicate with employees,

suppliers, and investors through Corporate Yahoo!,Yahoo! Broadcast, Yahoo! NetRoadshow, and the

Yahoo! B2B MarketPlace.

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VOICE ON THE WEBYahoo! offers users simple, easy-to-use voice-enabledservices in Yahoo! Messenger, Yahoo! Chat, and Yahoo!Clubs. These services allow people to conduct real-timeconversations using the Internet.Watch as we continueto integrate voice across relevant areas of our networkto better serve our consumers.

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T H E F U T U R ENo one can predict the future, but by listening to our users and

observing audience trends, Yahoo! is constantly evolving and

growing to anticipate and meet the needs of people worldwide.

Y A H O O !

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Dear Shareholders, We set out five years ago to build Yahoo! into the only place anyonein the world would have to go to find and get connected to anythingor anybody. Our goal was to attract and retain as large a globalaudience as possible and give consumers a single, trusted, and comprehensive place to go for all of their daily needs, be it content,things to buy, or ways to communicate with each other. From abusiness perspective, we set out to create a global, comprehensive,branded network. During 1999, we continued to be very aggressiveand made truly significant progress in growing our global enterprise.We finished the year having established a massive global audience,and on a financial basis we consistently exceeded expectations delivering record revenues and profits, while simultaneously investingheavily in growing our market share....

Sincerely,

Tim KoogleChairman and Chief Executive Officer, Yahoo! Inc.

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P.S. Find the rest of my letter at http://docs.yahoo.com/info/investor/

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Chief YahoosDavid Filo and Jerry Yang

Annual Report · www.yahoo.com · © Yahoo! Inc.

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YAHOO! INC.3420 Central ExpresswaySanta Clara, CA 95051408.731.3300

PLACE STAMP HERE

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