Turbo YahooTurbo Yahoo

An Overview of Financial Performance

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AgendaAgenda

This presentation will focus on the profit opportunities of leveraging Broadcast.com’s technical and content assets along with Yahoo’s many assets to create a broadband, multimedia content world known as Turbo Yahoo

Highlights

Income

Revenue

Balance Sheet

Assets

Stock Performance

Revenue SourcesRevenue Sources

We will review the revenue assumptions for each of these revenue sources

Audio GW Ads

Video GW Ads

Audio InStream

Video InStream

Banners

Commerce & Others

Cost BreakdownCost Breakdown

We will breakdown the cost elements for each revenue source

Bandwidth

Servers

Software

Quality Control

Licensing

Commerce & Others

Audience GrowthAudience Growth

There are several significant opportunities for Turbo.

First there is the chance to go local. Developing turbo radio and tv designed for local markets means greater targeting, higher CPMs, and greater flexibility without much incremental costs.

All Qtrs are assumed to start 180 days from start of program

# of Stations

Stations Formats

Events

Local Content

National Content

Other options

Revenue AssumptionsRevenue Assumptions

Daily Revenue Opportunity Per User (based on 20kbs audio/video)

# Per User CPM Rev Per UserBanner Ad 1.00 15 0.0150$ Audio Gateway Ad 2.00 150 0.3000$ Video Gateway Ad 0.25 250 0.0625$ Total Revenue Per User GW and Banners 0.3775$

In Stream AdsBased upon 1 hr usage per person

Audio Ads 8.00 8 0.0640$ Video Ads 2.00 50 0.1000$ Total Daily Rev In Stream Ads 0.1640$

Total Revenue Per Person Per Day 0.5415$

Per User P&L Per User P&L Individual User P&L

# Per User CPM Rev Per User

Total Revenue Per Person Per Day 0.5415$

Bandwidth Cost Per User 0.0120$

Gross Margin Opportunity Per User Per Day 0.5295$

Assumes 1 Hour Usage75% audio, 25% video2 Gateway AdsBandwidth costs per spreadsheet

Yahoo TurboRadioYahoo TurboRadionational networknational network

Ave Simultaneous UsersFormat Q1 Q2 Q3 Q4

Top 40 5,000 7,000 9,000 12,000

Sports 2,000 2,800 3,600 4,000

AC 4,000 5,600 7,200 8,000

Country 4,000 5,600 7,200 8,000

AOR 4,000 5,600 7,200 8,000

Rythmic 6,000 8,400 10,800 14,400

Urban 6,000 8,400 10,800 14,400

Rock 4,000 5,600 7,200 8,000

Oldies 7,500 10,500 13,500 18,000

150 Niche Stations (total) 10,000 18,000 25,200 35,280

52,500 77,500 101,700 130,080

Active Hours Per Day 17 17 17 17

Total Daily Users 892,500 1,317,500 1,728,900 2,211,360

Formats with less national distribution have expected higher simulatneous usage

Niche Stations are in aggregateAverage Listen Time of 1 Hr 17 Active Hours Per day# of Daily users = Active Hours x Ave Simultaneous Listeners

Yahoo TurboRadioYahoo TurboRadioLocal -NY,Chi,LALocal -NY,Chi,LA

Per City NY,LA,Chi Ave Simultaneous UsersFormat Q1 Q2 Q3 Q4Top 40 6,000 7,200 8,640 10,368 Sports 2,400 2,880 3,456 4,147

AC 7,000 8,400 10,080 12,096 Country 6,000 7,200 8,640 10,368

AOR 6,000 7,200 8,640 10,368 Rythmic 5,000 6,000 7,200 8,640 Urban 5,000 6,000 7,200 8,640 Rock 7,000 8,400 10,080 12,096

Oldies 2,000 2,400 2,880 3,456 Local Niche Stations 500 600 720 864

46,900 56,280 67,536 81,043 Active Hours Per Day 17 17 17 17

Total Daily Users 797,300 956,760 1,148,112 1,377,734 Total 3 Cities 2,391,900 2,870,280 3,444,336 4,133,203

Niche Stations are in aggregateAverage Listen Time of 1 Hr 17 Active Hours Per day# of Daily users = Active Hours x Ave Simultaneous Listeners

Yahoo TurboRadioYahoo TurboRadioLocal -Mkt 4-12Local -Mkt 4-12

Per City NY,LA,Chi Ave Simultaneous UsersFormat Q1 Q2 Q3 Q4Top 40 4,000 4,800 5,760 6,912 Sports 1,600 1,920 2,304 2,765

AC 3,000 3,600 4,320 5,184 Country 2,000 2,400 2,880 3,456

AOR 3,000 3,600 4,320 5,184 Rythmic 3,000 3,600 4,320 5,184 Urban 3,000 3,600 4,320 5,184 Rock 3,000 3,600 4,320 5,184

Oldies 2,000 2,400 2,880 3,456 Local Niche Stations 500 600 720 864

25,100 30,120 36,144 43,373 Active Hours Per Day 17 17 17 17

Total Daily Users Each City 426,700 512,040 614,448 737,338 Total 8 Cities 3,413,600 4,096,320 4,915,584 5,898,701

Niche Stations are in aggregateAverage Listen Time of 1 Hr 17 Active Hours Per day# of Daily users = Active Hours x Ave Simultaneous Listeners

BCST TurboRadioBCST TurboRadioExisting StationsExisting StationsRemaining MktsRemaining Mkts

Ave Simultaneous UsersFormat Q1 Q2 Q3 Q4Top 40 750 900 1,080 1,296 Sports 300 360 432 518

AC 400 480 576 691 Country 500 600 720 864

AOR 300 360 432 518 Rythmic 400 480 576 691 Urban 400 480 576 691 Rock 400 480 576 691

Oldies 500 600 720 864

3,950 4,740 5,688 6,826 Active Hours Per Day 17 17 17 17

Total Daily Users Each City 67,150 80,580 96,696 116,035 30 markets 2,014,500 2,417,400 2,900,880 3,481,056

Assumes using existing BCST stations where in place, creating Internet Only where notAverage Listen Time of 1 Hr 17 Active Hours Per day# of Daily users = Active Hours x Ave Simultaneous Listeners

Yahoo TurboRadioYahoo TurboRadioTotal NetworkTotal Network

Daily Users Total Stations Total Servers

Format Q1 Q2 Q3 Q4 National Network 892,500 1,317,500 1,728,900 2,211,360 159 3000

Sports Network 87,894 16,594 64,500 83,039 200

Local Radio Network - - - - TotalNY,LA,Chi 2,391,900 2,870,280 3,444,336 4,133,203 36 6000

Total Mkts 4-12 3,413,600 4,096,320 4,915,584 5,898,701 96 8000

30 markets 2,014,500 2,417,400 2,900,880 3,481,056 300 3500

Total Daily Users 8,800,394 10,718,094 13,054,200 15,807,359 591 20,700

Active Hours Per Day 17 17 17 17Ave Simul Users 517,670 630,476 767,894 929,845

Niche Stations are in aggregateAverage Listen Time of 1 Hr 17 Active Hours Per dayServers assume P450 dual boxes, Will be reduced with improved technology

Yahoo TurboRadioYahoo TurboRadiosports networksports network

Ave Daily Listeners Sport Teams Games Ave Q1 Q2 Q3 Q4 College Football 100 1,200 5,000 - 60,000 46,667College Basketball 105 2,500 2,000 44,444 - 16,667College Baseball 25 425 100 283 94 - 94NFL 5 80 5,000 4,000 3,111NHL 30 2,400 2,000 42,667 16,000 16,000Other 120 1,200 100 500 500 500 500

87,894 16,594 64,500 83,039

Assumes No Growth From BCST #sDaily Ave is total games x ave listeners/% of days in quarter in season

B/W Cost AssumptionsB/W Cost Assumptions

Cost Comments

Cost Per MB Per Mo $ 300.00 OC12 Pricing, with Network HW

# of Hours Per Month 500.00 125 Hrs Per Week, not all hrs fully used

Cost Per Hr Per MB $.6000 $300 Per Mo/500 Hours Per Mo

Cost Per Hr – 20kbs $.0120 $Cost Per 20kbs Stream per Hr

No Multicast Savings Included

No other cost encumbrances

GrowthGrowth

Daily UserGrowth

(thousands)

Simul

User Growth

Revenues

(thousands)

6,785

8,300

10,153

12,326

Q1 Q2 Q3 Q4

100

250

500

1,000

Q1 Q2 Q3 Q4

2,000

4,000

10,000

20,000

Q1 Q2 Q3 Q4

Revenue by TypeRevenue by Type

In Stream Audio14%

In Stream Video21%

Audio Gateways

31%

Video Gateways

20%

Banners7%

Ecommerce7%

Revenue by LocationRevenue by Location

US51%

Europe13%

AIME29%

ROW7%

Balance SheetBalance Sheet

1994 1995

Assets

Cash and Short-Term Investments $x,xxx $x,xxx

Accounts Receivable xxx xxx

Inventories xxx xxx

Other xxx xx

Property, Plant, & Equipment -net xxx xxx

Other Assets xx xx

Total Assets $x,xxx $x,xxx

Liabilities

Accounts payable $x,xxx $x,xxx

Accrued compensation xxx xxx

Income taxes payable xxx xxx

Total current liabilities $x,xxx $x,xxx

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