Second Quarter of FY2009.3 Performance Outline YAMAHA CORPORATION (billions of yen) 2Q Initial Projections 2Q Results (Aug. 1, 2008) FY2009.3 FY2009.3 2Q Results Initial Projections (Previous Year) (Aug. 1, 2008) FY2008.3 FY2009.3 Projections Results (Previous Year) FY2009.3 FY2008.3 Net Sales 256.0 250.5 280.7 533.0 488.0 548.8 Japan Sales 126.9 (49.6%) 125.3 (50.0%) 147.2 (52.4%) 259.7 (48.7%) 246.6 (50.5%) 276.7 (50.4%) Overseas Sales 129.1 (50.4%) 125.2 (50.0%) 133.5 (47.6%) 273.3 (51.3%) 241.4 (49.5%) 272.1 (49.6%) Operating Income 17.0 (6.6%) 13.3 (5.3%) 21.3 (7.6%) 30.5 (5.7%) 14.5 (3.0%) 32.8 (6.0%) Ordinary Income 16.5 (6.4%) 13.3 (5.3%) 21.6 (7.7%) 28.5 (5.3%) 13.0 (2.7%) 32.6 (5.9%) 7.5 (2.9%) 4.4 (1.7%) 30.8 (11.0.%) 16.5 (3.1%) 1.5 (0.3%) (*6) Net Income Currency Exchange Rate (Settlement Rate) (=yen) 104/US$ 106/US$ 120/US$ 105/US$ 101/US$ 39.6 (7.2%) 116/US$ 158/EUR 157/EUR 158/EUR 159/EUR 154/EUR 159/EUR ROE (*1) 4.5% 2.7% 17.0% 4.9% 0.5% 11.5% ROA (*2) 2.8% 1.7% 10.3% 3.1% 0.3% 7.2% 37.5 yens 21.9 yens 149.3 yens 83.0 yens 7.6 yens 191.8 yens Earnings per Share Capital Expenditures 14.0 9.0 12.7 30.5 27.5 24.4 (Depreciation Expenses) (9.2) (8.8) (10.6) (19.4) (18.8) (20.3) R&D Expenses 12.7 12.2 12.0 25.5 25.0 24.9 Operating Activities -14.8 -14.8 0.2 18.8 0.2 37.2 Investing Activities -19.1 -15.1 48.9 -32.2 -28.4 42.0 -33.9 -29.9 49.1 -13.4 -28.2 79.2 89.0 91.1 95.6 75.5 73.7 76.3 Japan 11,042 10,924 11,697 10,986 10,838 10,699 Overseas 17,284 16,861 15,395 16,490 15,895 15,843 28,326 27,785 27,092 27,476 26,733 Free Cash Flow Total Inventories at End of Period Number of Employees Total (*3) （Changes from the changes in the scope of consolidation） (84) (86) (86) 26,542 (88) (-1,082) Sales by Business Segment 168.5 (65.8%) 166.4 (66.4%) 170.8 (60.9%) 345.0 (64.7%) 319.5 (65.5%) 340.0 (62.0%) AV/IT Electronic Devices (*4) Electronic Equipment and Metal Products 31.5 (12.3%) 14.5 (5.7%) 30.3 (12.1%) 13.1 (5.3%) 33.7 (12.0%) - 71.0 (13.3%) 33.0 (6.2%) 62.0 (12.7%) 26.5 (5.4%) 70.8 (12.9%) - Lifestyle-Related Products 22.0 (8.6%) - 21.6 - (8.6%) Others (*5) Operating Income by Business Segment 19.5 (7.6%) 19.1 (7.6%) Musical Instruments Musical Instruments Recreation - - - - 45.0 (8.2%) 27.9 (9.9%) 22.9 (8.1%) (3.1%) 45.0 (8.5%) - 44.5 - (9.1%) 8.7 16.7 (6.0%) 39.0 (7.3%) 35.5 (7.3%) 45.5 (8.3%) 11.4 (2.1%) 36.1 (6.5%) 16.0 13.8 18.0 28.0 18.0 27.9 AV/IT Electronic Devices (*4) Electronic Equipment and Metal Products 0.5 0 0.2 -0.6 0.8 - 1.0 0.5 -0.5 -2.0 1.8 - - 1.8 - - 1.9 Lifestyle-Related Products 0 - -0.5 - 0.3 Recreation -0.7 0.5 - 0 - -1.1 Others (*5) 0.5 0.4 1.1 0.5 -1.0 1.7 - 0.6 Non-Consolidated Basis Net Sales 157.2 171.9 315.6 Operating Income 5.0 (3.2%) 12.8 (7.5%) 12.3 (3.9%) Ordinary Income 7.5 (4.8%) 15.1 (8.8%) 17.9 (5.7%) Net Income 6.1 (3.9%) 58.3 (33.9%) 62.0 (19.6%) ＊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 (figures for the previous year indicate the number of temporary staff at end of 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. ＊6 2H Currency Exchange Rates US$=95JPY EUR=150JPY (Regarding the 2H EUR rate, Yamaha has already entered into a foreign exchange forward contract at the rate of 159 yens for approximately 76% of projected EUR sales. As for the remaining 24%, the rate is forecast to be 120 yens.) 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.