First Quarter of FY2010.3 Performance Outline YAMAHA CORPORATION July 31, 2009 (billions of yen) 1Q Initial Projections (April 30, 2009) 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 Expenditures (Depreciation Expenses) R&D Expenses 1Q Results 1Q Results Projections Results (Previous Year) (Full Year) (Previous Year) FY2010.3 FY2010.3 FY2009.3 FY2010.3 FY2009.3 104.5 99.4 123.3 439.0 459.3 59.1 (56.6%) 55.4 (55.7%) 66.3 (53.8%) 232.2 (52.9%) 234.9 (51.1%) 45.4 (43.4%) 44.0 (44.3%) 57.0 (46.2%) 206.8 (47.1%) 224.4 (48.9%) -0.7 0.2 (0.2%) 5.6 (4.6%) 6.0 (1.4%) 13.8 (3.0%) -1.4 -0.5 5.7 (4.6%) 3.0 (0.7%) 12.0 (2.6%) -2.3 -2.9 1.1 (0.9%) 0 -20.6 95/US$ 97/US$ 104/US$ 96/US$ (*4) 102/US$ 120/EUR 124/EUR 155/EUR 121/EUR 153/EUR -4.0% -4.6% 1.3% 0.0% -7.0% -2.4% -2.8% 0.8% 0.0% -4.3% -11.6yen -14.7yen 5.3yen 0yen -103.7yen 2.5 4.3 18.3 22.6 (3.3) (4.3) (15.2) (17.9) 5.2 6.0 21.0 23.2 Free Cash Flows Operating Activities Investing Activities Total Inventories at End of Period -8.2 -6.1 -14.3 82.8 -1.0 -3.5 -4.5 84.3 -16.5 -1.9 -18.4 85.5 27.9 -18.0 9.9 72.5 -2.2 -26.0 -28.2 80.7 11,205 17,397 28,602 11,149 16,555 27,704 10,950 16,133 27,083 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） (365) (353) (82) Sales by Business Segment Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others Operating Income by Business Segment Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others 72.5 11.1 4.3 10.3 6.3 2.4 -1.1 -1.3 -0.2 -0.5 (69.4%) (10.6%) (4.1%) (9.9%) (6.0%) 68.4 11.2 4.7 8.8 6.3 (68.8%) (11.3%) (4.7%) (8.8%) (6.4%) 1.8 -0.5 -0.5 -0.5 -0.1 81.2 13.8 7.5 10.5 10.3 (65.9%) (11.2%) (6.1%) (8.5%) (8.3%) 6.2 -0.5 -0.2 -0.6 0.7 294.0 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 9.0 -0.5 -1.0 0.5 -2.0 (66.8%) (12.3%) (4.8%) (9.4%) (6.7%) 19.2 -0.4 -2.5 -0.3 -2.1 Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income 59.4 -1.5 -1.2 -3.5 - 77.0 3.7 4.9 2.5 (4.8%) (6.4%) (3.2%) 274.6 1.2 4.4 -18.9 (0.5%) (1.6%) - ＊1, 2 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 2Q-4Q currency exchange rates US$1=JPY95, EUR1=JPY120 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.