Second Quarter of FY2010.3 Performance Outline YAMAHA CORPORATION October 30, 2009 (billions of yen) Six Months Initial Projections (April 30, 2009) Six Months Results Six Months Results Ended Sept. 30, 2009 Ended Sept. 30, 2008 Projections Results (Previous Year) (Full Year) (Previous Year) FY2010.3 FY2009.3 FY2010.3 FY2010.3 FY2009.3 Net Sales 212.5 204.3 250.5 439.0 459.3 Japan Sales 112.7 (53.0%) 107.2 (52.4%) 125.3 (50.0%) 232.2 (52.9%) 234.9 (51.1%) Overseas Sales 99.8 (47.0%) 97.1 (47.6%) 125.2 (50.0%) 206.8 (47.1%) 224.4 (48.9%) Operating Income 1.3 (0.6%) 4.1 (2.0%) 13.3 (5.3%) 6.0 (1.4%) 13.8 (3.0%) Ordinary Income -0.2 2.8 (1.4%) 13.3 (5.3%) 3.0 (0.7%) 12.0 (2.6%) Net Income -1.9 -0.8 4.4 (1.7%) 0 -20.6 Currency Exchange Rates 95/US$ 96/US$ 106/US$ 96/US$ (*4) 102/US$ (Settlement Rate) (=yen) 120/EUR 128/EUR 157/EUR 124/EUR 153/EUR ROE (*1) -1.6% -0.7% 2.7% 0.0% -7.0% ROA (*2) -0.9% -0.4% 1.7% 0.0% -4.3% Earnings per Share -9.1 yen -4.3 yen 21.9 yen 0 yen -103.7yen Capital Expenditures 8.7 5.0 9.0 18.3 22.6 (Depreciation Expenses) (7.0) (6.7) (8.8) (15.2) (17.9) R&D Expenses 11.0 10.7 12.2 21.0 23.2 Free Cash Flows Operating Activities Investing Activities Total Inventories at End of Period 7.1 -10.9 -3.8 82.6 12.6 -10.0 2.6 81.2 -14.8 -15.1 -29.9 91.1 27.9 -18.0 9.9 72.5 -2.2 -26.0 -28.2 80.7 10,980 17,430 28,410 11,033 16,413 27,446 10,924 16,861 27,785 10,850 16,150 27,000 10,765 16,038 26,803 (319) (148) Number of Employees Japan Overseas Total (*3) （Changes from the changes in the scope of consolidation） (324) (202) (86) Sales by Business Segment Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others 145.4 24.2 8.8 21.3 12.8 (68.4%) (11.4%) (4.2%) (10.0%) (6.0%) 139.7 24.5 9.6 17.9 12.6 (68.4%) (12.0%) (4.7%) (8.7%) (6.2%) 166.4 30.3 13.1 21.6 19.1 (66.4%) (12.1%) (5.3%) (8.6%) (7.6%) 294.0 53.0 22.0 43.0 27.0 (67.0%) (12.1%) (5.0%) (9.8%) (6.1%) 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 Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others 5.3 -1.2 -1.9 0.1 -1.0 4.9 0.0 -0.8 -0.1 0.2 13.8 0.2 -0.6 -0.5 0.4 9.0 -0.5 -1.0 0.5 -2.0 19.2 -0.4 -2.5 -0.3 -2.1 Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income 120.2 -3.0 -2.3 -4.9 - 157.2 5.0 7.5 6.1 (3.2%) (4.8%) (3.9%) 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 2H Currency Exchange Rates US$=95JPY EUR=120JPY 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.