  The PHENIX experiment at RHIC has been carried out to investigate the
properties of QGP. Di-electron yields in p+p and Au+Au collisions have been
measured. An enhancement of the yield over a hadronic cocktail calculation is
clearly seen for $p_{T} < 1.0 $GeV/$c$ and $150 < m_{ee} < 750 $MeV/$c^{2}$ in
Au+Au collisions, while the result in p+p collisions is consistent with the
calculation. The fraction of the virtual direct photon component to the
di-electron yield is measured from a shape analysis using the di-electron mass
distributions for $1.0 < p_{T} < 5.0 $GeV/$c$ and $m_{ee} < 300 $MeV/$c^{2}$,
and the real direct photon spectra are deduced from the fractions obtained for
p+p and Au+Au collisions. An excess of the direct photon yield above a
binary-scaled p+p result is seen in Au+Au collisions. The excess is fitted with
an exponential function with an inverse slope parameter of $221 \pm 23 \pm 18
$MeV.
