FY March 2006 Performance Outline YAMAHA CORPORATION (billions of yen) Net Sales JAPAN Sales Overseas Sales Operating Income Recurring Profit Net Income Currency Exchange Rate (=yen) ROE(*1) ROA(*2) Earnings per share Capital Expenditure Depreciation R&D Expenditure Loans & Equivalents (*3） Results (Previous Year) FY Mar. 05 Projections (Feb. 8, 2006) FY Mar. 06 534.1 312.9 (58.6%) 221.2 (41.4%) 35.7 (6.7%) 41.3 (7.7%) 19.7 (3.7%) 108/US$ 133/EUR 7.4% 3.9% 95.1yens 22.7 19.0 23.0 -4.6 529.0 292.7 (55.3%) 236.3 (44.7%) 24.0 (4.5%) 35.0 (6.6%) 26.0 (4.9%) 111/US$ 134/EUR 8.9% 5.1% 126.1yens 24.0 19.5 23.0 -2.0 Results FY Mar. 06 Projections (Full Year) FY Mar. 07 Projections (Interim Period) FY Mar. 07 534.1 295.2 (55.3%) 238.9 (44.7%) 24.1 (4.5%) 35.2 (6.6%) 28.1 (5.3%) 113/US$ 135/EUR 9.5% 5.5% 136.0yens 22.9 18.9 24.1 -8.0 546.0 290.4 (53.2%) 255.6 (46.8%) 25.0 (4.6%) 35.0 (6.4%) 28.0 (5.1%) 115/US$ 134/EUR 8.6% 5.3% 135.8yens 27.0 20.0 24.5 -9.3 265.0 143.4 (54.1%) 121.6 (45.9%) 11.0 (4.2%) 17.0 (6.4%) 14.0 (5.3%) 115/US$ 134/EUR 8.7% 5.3% 67.9yens 15.0 9.8 12.8 17.0 Free Cash Flow Operating Activities Investing Activities Total Inventories at end of period 39.6 -12.9 26.7 78.4 22.4 -20.2 2.2 72.5 25.5 -18.1 7.4 77.9 33.6 -25.7 7.9 73.7 -6.6 -14.5 -21.1 84.6 11,711 12,149 23,860 11,600 13,270 24,870 （913） 11,768 13,560 25,328 （976） 11,734 13,556 25,290 12,018 14,265 26,283 No. of Employees JAPAN Overseas Sales Total (*4） （Newly consolidated） Sales by Business Segment Musical Instruments AV/IT Electronic Equipment and Metal Lifestyle-Related Recreation Others Operating Income by Business Segment Musical Instruments AV/IT Electronic Equipment and Metal Lifestyle-Related Recreation Others 302.6 (56.7%) 77.7 (14.5%) 309.0 (58.4%) 77.0 (14.6%) 314.1 (58.8%) 75.9 (14.2%) 325.0 (59.5%) 76.0 (13.9%) 69.0 (12.9%) 42.8 (8.0%) 18.3 (3.4%) 23.6 (4.4%) 56.0 (10.6%) 44.5 (8.4%) 18.0 (3.4%) 24.5 (4.6%) 56.2 (10.5%) 45.2 (8.5%) 18.0 (3.4%) 24.7 (4.6%) 54.0 43.0 19.0 29.0 14.2 3.7 14.0 1.0 14.1 2.1 19.0 1.5 9.4 0.2 20.0 0.0 -2.3 0.2 8.0 1.5 -1.5 1.0 7.9 1.2 -1.8 0.6 2.0 1.5 -1.0 2.0 0.7 0.6 -0.3 0.4 (9.9%) (7.9%) (3.5%) (5.3%) 160.0 (60.4%) 34.3 (12.9%) 26.4 (10.0%) 21.5 (8.1%) 9.7 (3.7%) 13.1 (4.9%) Non Consolidated Basis 341.5 318.0 321.3 323.0 22.6 (6.6%) 9.0 (2.8%) 8.0 (2.5%) 6.5 Recurring Profit 25.1 (7.4%) 14.5 (4.6%) 14.0 (4.3%) 10.0 Net Income 0.3 (0.1%) 10.0 (3.1%) 10.2 (3.2%) 7.0 ＊1,2 The ROE and ROA of the interim period for FY March 2007 are calculated on an annually ＊3 Loans & Equivalents = Loans (Short term , Long term) - Cash & Bank Deposit ＊4 No. of Employees = No. of employees at end of period Net Sales Operating Income 169.0 5.5 (3.1%) 8.0 (2.2%) 6.0 adjusted basis. (2.0%) (3.3%) (4.7%) (3.6%) The forward-looking statements in this flash report contain inherent risks and uncertainties insofar as they are based on future projections and plans that may differ materially from the actual results achieved.