FY2008.3 Performance Outline YAMAHA CORPORATION (billions of yen) Net Sales Japan Sales Overseas Sales Operating Income Recurring Profit Net Income Currency Exchange Rate (=yen) ROE ROA Earnings per Share Capital Expenditure (Depreciation) R&D Expenditure Results Projections (Previous Year) (Feb. 6, 2008) FY2007.3 550.4 FY2008.3 554.0 FY2008.3 548.8 291.3 259.1 27.7 42.6 27.9 277.2 276.8 33.5 33.0 39.0 276.7 272.1 32.8 32.6 39.6 (52.9%) (47.1%) (5.0%) (7.7%) (5.1%) (50.0%) (50.0%) (6.0%) (6.0%) (7.0%) Results (50.4%) (49.6%) (6.0%) (5.9%) (7.2%) Projections Projections (Full Year) (Interim Period) FY2009.3 540.0 FY2009.3 260.3 269.9 270.1 35.0 32.0 20.5 132.3 128.0 19.4 18.3 12.0 (50.0%) (50.0%) (6.5%) (5.9%) (3.8%) 117/US$ 144/EUR 117/US$ 158/EUR 116/US$ 159/EUR 100/US$ 155/EUR 100/US$ 155/EUR 8.4% 5.2% 135.2yens 25.2 (20.0) 24.2 10.9% 6.8% 189.0yens 23.5 (20.2) 24.5 11.5% 7.2% 191.8yens 24.4 (20.3) 24.9 6.1% 3.8% 99.4yens 32.0 (21.0) 25.5 7.2% 4.5% 58.2yens 17.0 (9.9) 12.7 (50.8%) (49.2%) (7.5%) (7.0%) (4.6%) (*1) (*2) Free Cash Flow Operating Activities 39.7 34.6 37.2 31.0 -6.2 Investing Activities -22.4 17.3 82.2 43.4 78.0 78.2 42.0 79.2 76.3 -25.4 5.6 75.7 -12.1 -18.3 86.7 11,644 14,348 25,992 10,834 15,777 26,611 10,699 15,843 26,542 10,949 16,542 27,491 11,105 17,539 28,644 (-1,082) (-1,082) (33) (35) Total Inventories at End of Period Number of Employees Japan Overseas Total (*3） （Newly Consolidated） Sales by Business Segment Musical Instruments AV/IT Electronic Equipment and Metal Products Electronic Devices (*4） 326.0 72.8 (59.2%) 343.0 72.0 (61.9%) (13.0%) 340.0 70.8 (62.0%) (13.2%) 54.8 (10.0%) 45.5 (8.2%) 45.0 (8.2%) - - (12.9%) - 342.5 70.0 (8.3%) (2.1%) 45.5 11.4 (2.1%) (6.5%) 36.1 (6.5%) 42.5 (6.4%) (8.9%) (7.9%) 20.4 (7.8%) 32.4 Musical Instruments 22.0 2.1 29.5 1.0 27.9 1.8 3.1 1.5 1.9 - - 1.2 -1.5 0.8 0.5 -1.0 2.0 0.6 -1.1 1.7 1.5 1.5 - 0.5 0.5 - 2.0 1.2 Lifestyle-Related Products Recreation Others (*5） 36.0 (12.0%) - Others (*5） Operating Income by Business Segment AV/IT Electronic Equipment and Metal Products Electronic Devices (*4） (5.9%) (64.7%) 16.7 23.8 - (6.8%) (8.5%) Recreation (3.2%) 168.3 31.1 46.6 17.8 Lifestyle-Related Products (8.3%) (13.0%) 37.0 48.0 - 46.0 11.5 (63.4%) 28.5 1.5 (9.1%) 17.0 0.2 Non-Consolidated Basis Net Sales Operating Income Recurring Profit Net Income 323.0 12.6 19.9 11.3 (3.9%) (6.2%) (3.5%) 315.6 12.3 17.9 62.0 (3.9%) (5.7%) (19.6%) ＊1, 2 The ROE and ROA projections of the interim period for FY2009.3 are calculated on an annually adjusted basis. ＊3 Number of Employees = Number of full-time staff at end of period + Number of temporary staff at end of period ＊4 As a result of the sale of Electronic Metal Products business, Electronic Equipment and Metal Products segment will be classified as Electronic Devices segment starting from FY2009.3. ＊5 Following the sale of the 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.