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Yahoo! Appoints Michael Callahan as General Counsel and Secretary; Veteran Yahoo! Deputy Counsel to Lead Global Legal Team

Business Editors/High-Tech Writers

SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 20, 2003--Yahoo! Inc. (Nasdaq:YHOO), a leading global Internet company, today appointed Michael Callahan as general counsel and secretary. Callahan will be responsible for managing Yahoo!'s worldwide legal affairs, policy and strategy. Reporting to Susan Decker, chief financial officer and executive vice president of finance and administration, Callahan will lead Yahoo!'s legal professionals and serve as secretary to Yahoo!'s Board of Directors. Callahan assumes his responsibilities on September 2, 2003, succeeding Jon Sobel, who is leaving Yahoo! to take on a leadership role as a partner at Folger, Levin & Kahn.

Callahan, 35, previously served as Yahoo!'s deputy general counsel and assistant secretary. In this role, Callahan oversaw legal issues related to securities, mergers and acquisitions, employment, finance, real estate, governance and other corporate matters.

"Michael is an exceptional legal talent and has an in-depth understanding of the issues that affect Yahoo!," said Decker. "He has consistently provided excellent legal counsel and strategy to the company in critical areas such as corporate governance and securities, and has earned the trust and respect of Yahoo!'s executive team. His strong leadership abilities are an important component to sustaining the coordinated efforts of Yahoo!'s highly-skilled legal team. While we will miss Jon and are grateful for his many contributions, we are confident that Michael will provide superb leadership in his new role."

"Yahoo! has assembled an extremely talented legal team with a reputation for excellence," said Callahan. "I am honored to lead this group and I look forward to advising our senior executives in my new role. I believe my knowledge of Yahoo! and the industry will ensure a seamless transition and enable our team to stay focused on servicing Yahoo!'s legal needs. This is an exciting time to be at Yahoo! and I am pleased to have the opportunity to take on additional responsibilities within the organization."

Prior to joining Yahoo! in 1999, Callahan was a manager, business development and corporate counsel for Electronics for Imaging, Inc. He also worked on mergers and acquisitions and corporate matters at Skadden, Arps, Slate, Meagher, & Flom, LLP from 1995-1999. Callahan holds a J.D. degree with honors from the University of Connecticut School of Law and a B.S. degree in international affairs from Georgetown University.

About Yahoo!

Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!'s global network includes 25 world properties and is available in 13 languages.

Yahoo! and the Yahoo! logo are registered trademarks of Yahoo! Inc.

All other names are trademarks and/or registered trademarks of their respective owners.

    CONTACT: Yahoo! Inc.
             Nicki Dugan, 
             Fleishman Hillard (for Yahoo!)
             Michael Lynam, 
             Ruben Osario, 

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