Q1’09 Financial Highlights

April 21, 2009

Note:

The matters discussed in this presentation contain forward-looking statements that involve risks and uncertaintiesconcerning Yahoo!’s expected financial performance, as well as Yahoo!’s strategic and operational plans. Actual resultsmay differ materially from the results predicted, and reported results should not be considered as an indication of futureperformance. The potential risks and uncertainties include, among others, theimpact of management and organizationalchanges; the implementation and results of Yahoo!'s ongoing strategic and cost reduction initiatives; Yahoo!'s ability tocompete with new or existing competitors; reduction in spending by, or loss of, marketing services customers; the demandby customers for Yahoo!'s premium services; acceptance by users of new products and services; risks related to jointventures and the integration of acquisitions; risks related to Yahoo!'s international operations; failure to manage growth anddiversification; adverse results in litigation, including intellectual property infringement claims; Yahoo!'s ability to protectitsintellectual property and the value of its brands; dependence onkey personnel; dependence on third parties for technology,services, content, and distribution; general economic conditionsand changes in economic conditions; the possibility thatthird parties may in the future make proposals to acquire all ora part of Yahoo! or take other actions which may createuncertainty for our employees, publishers, advertisers, and other business partners; and the possibility of significant costs ofdefense, indemnification, and liability resulting from stockholder litigation.All information in this presentation is as of April 21,2009. Yahoo! does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.More information about potential factors that could affect Yahoo!’s business and financial results is included under thecaptions “Risk Factors”and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”inYahoo!’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, which is on file with the Securities andExchange Commission (“SEC”) and available on the SEC’sweb site atwww.sec.gov. Additional information will also be setforth in those sections in Yahoo!’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, which will be filedwith the SEC in the second quarter of 2009.

$0$200$400$600$800$1,000$1,200$1,400

$ i n m i l l i o n s

Q 1 ' 0 8 Q 2 ' 0 8 Q 3 ' 0 8 Q 4 ' 0 8 Q 1 ' 0 9

FeesMarketing Services

Note: Revenue excluding traffic acquisition costs (Revenue ex-TAC) is a non-GAAP financial measure defined as GAAP revenue less TAC. Pleasereferto supporting Table 1 for Revenue ex-TAC Calculation by Segment.Throughout this presentation, we have rounded numbers as appropriate.

$1,352$1,346$1,325$1,375$1,156

Quarterly Revenue ex-TAC Trends