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Agreement Solidifies Overture’s Market-Leading Japanese Commercial

Search Network As It Accelerates Toward Launch

PASADENA, Calif.–(BUSINESS WIRE)–Nov. 17, 2002– Overture Services, Inc. (Nasdaq:OVER), the world’s leading provider of Pay-For-Performance search to Web sites across the Internet, today announced that its Japanese operating subsidiary has signed a multi-year search distribution agreement with Yahoo Japan Corporation (Yahoo! JAPAN).

The implementation of the non-exclusive agreement will commence shortly after the launch of Overture’s service in Japan planned for this December. The term of the agreement is at least 18 months.

“The addition of Yahoo! JAPAN solidifies our global leadership position in this fast-growing Internet market,” said Johannes Larcher, general manager, Overture International. “This agreement will significantly benefit our Japanese advertisers, Yahoo! JAPAN, and its millions of users by providing the best value, performance and commercial search results in the industry.”

Yahoo! JAPAN joins a prominent list of Japanese market partners for Overture’s Japanese operating subsidiary. In September, Overture announced the signing of a multi-year deal to provide its search listings to Infoseek Japan. Earlier this year, the company also announced agreements with two other major Japanese affiliate partners, NTT-X, which operates the “goo” Internet portal, as well as Lycos Japan. In addition, Overture and MSN have agreed to an initial test of Overture’s search results on the MSN Japan Search Pane and the MSN Japan site.

Overture’s search listings are generated by advertisers who bid for placement on keywords relevant to their business. Overture’s editorial team carefully screens these listings before they are distributed to the company’s affiliate partner network of the Internet’s most popular destinations. The company currently operates its Pay-For-Performance search networks in the U.S., Canada, the U.K., Germany and France.

About Overture

Overture Services, Inc. (Nasdaq: OVER) is the world’s leader in Pay-For-Performance search on the Internet. The company created the market for Pay-For-Performance search by redefining how businesses market online. In the third quarter 2002, Overture facilitated 500 million paid introductions on a worldwide basis between consumers and its 73,000 advertisers, who bid for placement on relevant search results and pay Overture only when a consumer clicks on their listing. Following a rigorous screening for user relevance by Overture’s editorial team, the company distributes its search results to tens of thousands of sites across the Internet, including Yahoo!, MSN and Lycos, making it the largest Pay-For-Performance search and advertising network on the Internet. Overture is based in Pasadena, California, with offices in New York and San Francisco, and subsidiary offices in the UK, Germany, Ireland, France and Japan. For more information, visit www.overture.com.

This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include without limitation statements that users of Yahoo! JAPAN will want to use Overture’s search results, that advertisers and businesses will want to participate in Overture’s search results that appear on Yahoo! JAPAN by seeking enhanced placement in the search results, that Overture will successfully launch in Japan this December, that the implementation of the agreement with Yahoo! JAPAN will commence following the launch of Overture in Japan, and that Overture and MSN will test Overture search results on the MSN Search Pane in Japan and the MSN Japan site following Overture’s market launch. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially. These risks and uncertainties include, among others, that the implementation may not be successful or generate revenue for Overture or yield economic benefits to Overture, the risk that Overture’s Japanese advertisers may not want traffic from Yahoo! JAPAN, the MSN Search Pane in Japan and the MSN Japan site, the risk that users of Yahoo! JAPAN or the MSN Search Pane in Japan or the MSN Japan site may not use Overture’s search results, the risk that Overture does not launch successfully in Japan or in a timely manner, and the risk that Overture’s implementation on Yahoo! JAPAN does not launch successfully or in a timely manner. For a discussion of other risks that could cause actual results see the discussion of “Risks That Could Affect Our Financial Condition and Results of Operations” in Overture’s 10-Q filing with the SEC for the period ended September 30, 2002. Overture undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Overture and Pay-For-Performance are servicemarks of Overture Services, Inc.

Other product and service names mentioned herein are the trademarks of their respective owners.

CONTACT:

Overture Services, Inc.

Al Duncan, 626/685-5714 (Media)

al@overture.com

Laurie Berman, 626/229-5368 (Investors)

laurie.berman@overture.com