FY2011.3 Performance Outline YAMAHA CORPORATION May 9, 2011 (billions of yen) Results Projections (Previous Year) (announced on Feb. 3, 2011) Results Projections (Full Year) Projections (Interim Period) Apr. 1, 2011-Sept. 30, 2011 Net Sales Japan Sales Overseas Sales Operating Income Ordinary Income Net Income Currency Exchange Rate (Settlement Rate) (=yen) ROE ROA Earnings per Share Capital Expenditure (Depreciation) R&D Expenditure Free Cash Flows Operating Activities Investing Activities Total FY2010.3 FY2011.3 FY2012.3 FY2012.3 FY2011.3 414.8 373.0 373.9 370.0 174.0 218.4 (52.7%) 183.0 (49.1%) 179.6 (48.0%) 176.3 (47.6%) 82.1 (47.2%) 196.4 (47.3%) 190.0 (50.9%) 194.3 (52.0%) 193.7 (52.4%) 91.9 (52.8%) 6.8 (1.6%) 12.5 (3.4%) 13.2 (3.5%) 10.0 (2.7%) 2.5 (1.4%) 4.9 (1.2%) 10.0 (2.7%) 11.0 (2.9%) 8.0 (2.2%) 2.0 (1.1%) -4.9 6.5 (1.7%) 5.1 (1.4%) 5.0 (1.4%) 0 93/US$ 87/US$ 86/US$ 85/US$ 85/US$ 130/EUR 115/EUR 115/EUR 110/EUR 110/EUR -2.0% 2.7% 2.1% 2.1% 0% -1.2% 1.7% 1.3% 1.3% 0% -25.0 yen 33.1 yen 25.9 yen 25.8 yen 0 yen 14.5 11.8 10.4 14.8 7.3 (14.1) (12.8) (12.8) (13.2) (6.2) 21.7 22.7 22.4 23.3 11.8 Inventories at End of Period Number of Employees Japan Overseas Total (*1) (Changes from the changes in the scope of consolidation) 39.9 -12.7 27.2 69.5 18.2 -10.9 7.3 69.2 22.6 -9.7 12.9 71.7 18.8 -12.2 6.6 68.8 -5.2 -6.8 -12.0 77.6 9,628 16,030 25,658 9,400 17,900 27,300 9,315 17,501 26,816 9,300 18,400 27,700 9,600 19,000 28,600 (0) (0) (0) (-1,106) (0) Sales by Business Segment Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products (*2) Others Operating Income by Business Segment Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products (*2) Others 276.3 54.4 19.7 36.9 27.5 (66.6%) (13.1%) (4.8%) (8.9%) (6.6%) 5.1 1.4 -0.6 0.4 0.5 268.0 57.5 21.5 26.0 8.0 2.0 1.0 1.5 (71.8%) (15.4%) (5.8%) (7.0%) 271.1 57.0 20.6 25.1 (72.5%) (15.3%) (5.5%) (6.7%) 8.6 2.5 0.5 1.5 271.0 52.0 23.5 23.5 (73.2%) (14.0%) (6.4%) (6.4%) 7.5 1.5 0 1.0 131.5 22.5 9.0 11.0 (75.6%) (12.9%) (5.2%) (6.3%) 3.0 0 -1.0 0.5 Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income 227.9 -9.8 -8.4 -16.4 - 248.3 0.1 7.9 3.9 (0.0%) (3.2%) (1.6%) ＊1 Number of Employees = Number of full-time staff at end of the period + Average number of temporary staff during the period ＊2 Following the handover of Lifestyle-Related Products business on March 31, 2010, this segment has been excluded from the consolidation from FY2011.3. 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.