Third Quarter of FY2010.3 Performance Outline YAMAHA CORPORATION February 3, 2010 (billions of yen) Three Months Results Ended Dec. 31, 2009 FY2010.3 Net Sales Japan Sales Overseas Sales Operating Income Ordinary Income Net Income Currency Exchange Rate (Settlement Rate) (=yen) ROE (*1) ROA (*2) Earnings per share Capital Expenditure (Depreciation) R&D Expenditure Three Months Results Ended Dec. 31, 2008 (Previous Year） FY2009.3 Nine Months Results Ended Dec. 31, 2009 FY2010.3 Nine Months Results Ended Dec. 31, 2008 Full Year Initial Projections (Previous Year） (Apr. 30, 2009) FY2009.3 FY2010.3 112.5 118.9 316.9 369.4 54.6 (48.5%) 58.2 (49.0%) 161.7 (51.0%) 183.5 (49.7%) 58.0 (51.5%) 60.7 (51.0%) 155.1 (49.0%) 185.9 (50.3%) 6.4 (5.6%) 8.9 (7.5%) 10.5 (3.3%) 22.2 (6.0%) 5.9 (5.3%) 7.7 (6.5%) 8.8 (2.8%) 21.0 (5.7%) 3.8 (3.4%) 5.0 (4.2%) 3.0 (0.9%) 9.3 (2.5%) 90/US$ 100/US$ 94/US$ 104/US$ 133/EUR 163/EUR 130/EUR 159/EUR 6.1% 6.8% 1.6% 4.0% 3.7% 4.2% 1.0% 2.5% ‐ ‐ 15.2 yen 46.8 yen 2.7 6.4 7.7 15.4 (3.6) (4.8) (10.3) (13.6) 5.0 5.0 15.7 17.2 439.0 232.2 206.8 6.0 3.0 0 0.0% 0.0% 0 yen 18.3 (15.2) 21.0 (52.9%) (47.1%) (1.4%) (0.7%) - Full Year Projections Full Year Results (Previous Year） FY2010.3 FY2009.3 413.0 459.3 216.0 (52.3%) 234.9 197.0 (47.7%) 224.4 6.0 (1.5%) 13.8 4.0 (1.0%) 12.0 -1.5 -20.6 93/US$ (*4) 102/US$ 129/EUR 153/EUR -0.6% -7.0% -0.4% -4.3% -7.6 yen -103.7yen 15.9 22.6 (14.2) (17.9) 21.0 23.2 (51.1%) (48.9%) (3.0%) (2.6%) - Free Cash Flows 10.2 -2.5 7.7 ‐ Operating Activities Investing Activities Total Inventories at period-end -2.7 -3.6 -6.3 ‐ 22.9 -12.5 10.4 74.5 -17.5 -18.7 -36.2 83.9 27.9 -18.0 9.9 72.5 34.5 -16.4 18.1 68.9 -2.2 -26.0 -28.2 80.7 ‐ ‐ ‐ 10,918 16,232 27,150 10,872 16,587 27,459 10,850 16,150 27,000 10,850 15,950 26,800 10,765 16,038 26,803 Number of Employees ‐ ‐ ‐ Japan Overseas Total (*3) （Changes from the changes in the scope of consolidation） (101) (186) (319) (75) (148) Sales by Business Segment Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others 71.4 17.4 5.3 10.1 8.4 (63.4%) (15.4%) (4.8%) (9.0%) (7.4%) 77.7 16.6 4.7 12.6 7.3 (65.3%) (14.0%) (4.0%) (10.6%) (6.1%) 211.0 41.9 15.0 28.0 21.0 (66.6%) (13.2%) (4.7%) (8.9%) (6.6%) 244.1 46.9 17.8 34.2 26.4 (66.1%) (12.7%) (4.8%) (9.3%) (7.1%) 294.0 53.0 22.0 43.0 27.0 (67.0%) (12.1%) (5.0%) (9.8%) (6.1%) 275.0 53.5 20.0 37.0 27.5 (66.6%) (12.9%) (4.8%) (9.0%) (6.7%) 306.6 56.7 22.0 43.1 30.8 (66.8%) (12.3%) (4.8%) (9.4%) (6.7%) Operating Income by Business Segment 2.9 2.0 0.6 0.4 0.5 8.5 1.1 -0.4 0.5 -0.8 7.8 1.9 -0.2 0.3 0.7 22.3 1.3 -1.0 -0.0 -0.4 56.3 -0.1 0.3 -0.8 68.1 1.6 2.0 0.0 176.6 -3.2 -2.0 -5.6 225.3 6.6 9.5 6.1 Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others 9.0 -0.5 -1.0 0.5 -2.0 5.5 1.0 -0.5 0 0 19.2 -0.4 -2.5 -0.3 -2.1 Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income (0.5%) - (2.3%) (2.9%) - - (2.9%) (4.2%) (2.7%) 274.6 1.2 4.4 -18.9 (0.5%) (1.6%) - ＊1, 2 The ROE and ROA are calculated on an annually adjusted basis. ＊3 Number of employees = Number of full-time staff at end of period + Average number of temporary staff during the period ＊4 4Q Currency exchange rates US$=90JPY EUR=127JPY The forward-looking statements in this document contain inherent risks and uncertainties insofar as they are based on future projections and plans that may differ materially from the actual results achieved.