FY2009.3 Performance Outline YAMAHA CORPORATION April 30, 2009 (billions of yen) Results Projections (Previous Year) (March 19, 2009) Results Projections (Full Year) Projections (Interim Period) Apr. 1, 2009-Sept. 30, 2009 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 FY2008.3 FY2009.3 FY2009.3 548.8 465.0 459.3 276.7 (50.4%) 237.2 (51.0%) 234.9 (51.1%) 272.1 (49.6%) 227.8 (49.0%) 224.4 (48.9%) 32.8 (6.0%) 11.5 (2.5%) 13.8 (3.0%) 32.6 (5.9%) 9.5 (2.0%) 12.0 (2.6%) 39.6 (7.2%) -23.0 -20.6 116/US$ 103/US$ 102/US$ 159/EUR 153/EUR 153/EUR 11.5% -7.6% -7.0% 7.2% -4.7% -4.3% 191.8yen -115.7yen -103.7yen 24.4 24.0 22.6 (20.3) (18.1) (17.9) 24.9 24.2 23.2 FY2010.3 439.0 232.2 (52.9%) 206.8 (47.1%) 6.0 (1.4%) 3.0 (0.7%) 0 95/US$ 120/EUR 0.0% 0.0% 0yen 18.3 (15.2) 21.0 FY2010.3 212.5 112.7 (53.0%) 99.8 (47.0%) 1.3 (0.6%) -0.2 -1.9 95/US$ 120/EUR -1.6% (*1) -0.9% (*2) -9.1yen 8.7 (7.0) 11.0 Free Cash Flows Operating Activities Investing Activities Total Inventories at End of Period 37.2 42.0 79.2 76.3 -10.5 -26.1 -36.6 77.7 -2.2 -26.0 -28.2 80.7 27.9 -18.0 9.9 72.5 7.1 -10.9 -3.8 82.6 10,699 15,843 26,542 10,822 15,806 26,628 10,765 16,038 26,803 10,850 16,150 27,000 10,980 17,430 28,410 (148) (319) (324) Number of Employees Japan Overseas Total (*3） （Newly Consolidated） (-1,082) (179) Sales by Business Segment Musical Instruments AV/IT Electronic Devices (*4） Electronic Equipment and Metal Products Lifestyle-Related Products Recreation Others (*5） Operating Income by Business Segment Musical Instruments AV/IT Electronic Devices (*4） Electronic Equipment and Metal Products Lifestyle-Related Products Recreation Others (*5） 340.0 70.8 (62.0%) (12.9%) - 45.0 (8.2%) 45.5 11.4 36.1 (8.3%) (2.1%) (6.5%) 27.9 1.8 308.5 58.0 22.5 (12.5%) (4.8%) 44.5 31.5 17.5 -0.5 -3.0 - (66.3%) 1.9 - 0.6 -1.1 1.7 0 -2.5 306.6 56.7 22.0 (66.8%) (12.3%) (4.8%) (9.6%) 43.1 30.8 (67.0%) (12.1%) (5.0%) (9.4%) (6.8%) 294.0 53.0 22.0 43.0 19.2 -0.4 -2.5 27.0 (68.4%) (11.4%) (4.2%) (9.8%) (6.7%) 145.4 24.2 8.8 21.3 (10.0%) (6.1%) 12.8 9.0 -0.5 -1.0 5.3 -1.2 -1.9 - - - -0.3 0.5 0.1 - - - -2.1 -2.0 -1.0 (6.0%) Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income 315.6 12.3 17.9 62.0 (3.9%) (5.7%) (19.6%) 274.6 1.2 4.4 -18.9 (0.5%) (1.6%) - ＊1, 2 The ROE and ROA projections for the interim period of FY2010.3 are calculated on an annually adjusted basis. ＊3 Number of Employees = Number of full-time staff at end of the period + Average number of temporary staff during the period (The figures for the previous year is the number of temporary staff at end of the period.) ＊4 Following the handover of Electronic Metal Products business, Electronic Equipment and Metal Products segment was renamed Electronic Devices segment starting from FY2009.3. ＊5 Following the handover of a portion of the resort facilities, figures of Others segment from FY2009.3 include that of Recreation segment. 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.