Third Quarter of FY2007.3 Performance Outline YAMAHA CORPORATION (billions of yen) 3Q Results 3Q Results 3Q Results 3Q Results Initial Projections (Previous Year） (Oct. 31, 2006) (Apr. 05-Dec. 05) FY2007.3 FY2007.3 FY2006.3 (Previous Year） (Oct. 06-Dec. 06） (Oct. 05-Dec. 05） Net Sales 152.0 149.2 (Apr. 06-Dec. 06) Projections Results (Previous Year） 416.5 406.4 546.0 542.5 534.1 Japan Sales 74.9 (49.3%) 75.0 (50.2%) 219.1 (52.6%) 224.3 (55.2%) 287.5 (52.7%) 287.3 (53.0%) 295.2 (55.3%) Overseas Sales 77.1 (50.7%) 74.3 (49.8%) 197.4 (47.4%) 182.1 (44.8%) 258.5 (47.3%) 255.2 (47.0%) 238.9 (44.7%) Operating Income 13.0 (8.6%) 11.5 (7.7%) 26.9 (6.5%) 25.8 (6.3%) 25.0 (4.6%) 26.0 (4.8%) 24.1 (4.5%) Recurring Profit 15.5 (10.2%) 14.2 (9.5%) 38.5 (9.2%) 35.5 (8.7%) 38.0 (7.0%) 41.0 (7.6%) 35.2 (6.6%) Net Income 12.5 10.9 (7.3%) 29.9 (7.2%) 27.5 (6.8%) 29.0 (5.3%) 30.5 (5.6%) 28.1 (5.3%) （*5） 113/US$ (8.2%) Currency Exchange 117/US$ 116/US$ 116/US$ 112/US$ 115/US$ 116/US$ Rate (=yen) 146/EUR 135/EUR 142/EUR 134/EUR 141/EUR 143/EUR 135/EUR ROE(%) （*1） 14.7% 14.2% 12.0% 12.4% 8.5% 9.2% 9.5% ROA(%) （*2） 8.9% 8.3% 7.4% 7.1% 5.4% 5.8% 5.5% ‐ ‐ 145.2yens 133.2yens 140.7yens 148.0yens 136.0yen 22.9 Earnings per share Capital Expenditure 4.2 5.0 15.9 14.8 26.5 25.5 Depreciation 5.0 5.1 14.7 14.3 20.0 19.6 18.9 R&D Expenditure 6.2 6.6 17.9 18.1 24.5 24.5 24.1 0.3 13.6 -10.2 -9.4 -8.0 Loans & Equivalents （*3） ‐ ‐ Free Cash Flow Operating Activities 11.1 7.4 13.3 -1.7 31.4 29.7 25.5 Investing Activities -5.3 -2.9 -17.1 -11.9 -24.0 -23.5 -18.1 5.8 4.5 -3.8 -13.6 7.4 6.2 7.4 Total Inventories at year-end ‐ ‐ 86.3 84.7 74.3 76.5 77.9 Japan ‐ ‐ 11,785 11,799 11,730 11,700 11,734 Overseas ‐ ‐ 14,023 13,129 13,520 13,800 13,564 Total (*4) ‐ ‐ 25,808 24,928 25,250 25,500 25,298 No. of Employees (Newly consolidated) (976) Sales by Business segment Musical Instruments 88.7 (58.4%) 86.2 (57.8%) 246.1 (59.1%) 237.0 (58.3%) 323.5 (59.3%) 322.0 (59.4%) 314.1 (58.8%) AV/IT 22.8 (15.0%) 25.4 (17.0%) 57.6 (13.8%) 60.8 (15.0%) 75.0 (13.7%) 72.0 (13.3%) 75.9 (14.2%) 14.3 (9.4%) 14.2 (9.5%) 41.9 (10.1%) 42.6 (10.5%) 54.5 (10.0%) 55.0 (10.1%) 56.2 (10.5%) 12.9 (8.5%) 12.5 (8.4%) 35.4 (8.5%) 35.1 (8.6%) 46.0 (8.4%) 46.0 (8.5%) 45.2 (8.5%) Recreation 4.2 (2.8%) 4.2 (2.8%) 13.2 (3.2%) 13.2 (3.2%) 18.0 (3.3%) 17.5 (3.2%) 18.0 (3.4%) Others 9.0 (5.9%) 6.6 (4.4%) 22.3 (5.3%) 17.7 (4.4%) 29.0 (5.3%) 30.0 (5.5%) 24.7 (4.6%) Electronic Equipment and Metal Products Lifestyle-Related Operating Income by Business segment Musical Instruments 9.3 7.6 20.3 15.7 20.0 21.0 14.1 AV/IT 1.9 1.9 2.6 2.6 2.0 1.5 2.1 1.3 1.7 3.5 6.9 2.5 3.0 7.9 Lifestyle-Related 0.6 0.8 1.0 1.9 1.0 1.0 1.2 -0.5 -0.9 -1.1 -1.6 -1.5 -1.5 -1.8 0.5 0.3 0.6 0.5 1.0 1.0 0.6 Electronic Equipment and Metal Products Recreation Others Non Consolidated Basis Net Sales 82.0 84.5 251.7 254.7 320.0 320.0 321.3 Operating Income 4.3 (5.2%) 3.4 (4.0%) 14.8 (5.9%) 12.8 (5.0%) 10.0 (3.1%) 11.0 (3.4%) 8.0 (2.5%) Recurring Profit 6.7 (8.2%) 4.2 (5.0%) 19.9 (7.9%) 17.1 (6.7%) 16.0 (5.0%) 18.5 (5.8%) 14.0 (4.3%) Net Income 5.0 (6.1%) 2.7 (3.2%) 14.0 (5.6%) 11.9 (4.7%) 11.0 (3.4%) 12.5 (3.9%) 10.2 (3.2%) *1,2 ROE and ROA are calculated on an annually adjusted basis. *3 Loans & Equivalents = Loans(Short term , Long term) - Cash & Bank Deposit *4 No. of Employees = No. of Full-time Staff at end of period + Average No. of Temp. Staff *5 4Q Currency Exchange Rates US$=115JPY EUR=148JPY 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.