Terry Semel Advertising Quotations

While advertising revenue will always be an important part of our revenue base, we will leverage non-core assets to deliver premium services,

One year ago, we were underperforming the overall advertising market, ... Now, because of this balance, we feel confident that we will achieve double-digit year-over-year growth in marketing services during the second half of this year.

Yahoo! is off to a terrific start in 2005, ... We are in an excellent position to take advantage of all forms of advertising on the Web.

What advertisers are finding, and what our research demonstrates, is that the more they utilize both forms of advertising on the Yahoo network, the better they do with each.

Yahoo had another strong performance this quarter. Our overall advertising business saw solid growth and our user numbers continued to climb.

Yahoo! is the only company with both scale and leadership in branded and search advertising.

The Internet and Yahoo are firmly established as 'must buys' for brand advertising.

I believe online advertising will increase in importance and ultimately will get a larger share of company's overall marketing budgets, ... We see this time as our opportunity to regroup, rebuild and be stronger than ever for when ad spending picks up again around the middle of 2002.