First Quarter of FY March 2006 Performance Outline YAMAHA CORPORATION (billions of yen) Initial Projections (Apr 28, 2005) 1Q Results Projections 1Q Results (Previous Year） 1Q FY Mar.06 Results (Previous Year） FY Mar.05 125.8 124.1 132.9 546.0 534.1 JAPAN Sales 75.5 (60.0%) 76.9 (62.0%) 87.2 (65.6%) 297.2 (54.4%) 312.9 (58.6%) Overseas Sales 50.3 (40.0%) 47.2 (38.0%) 45.7 (34.4%) 248.8 (45.6%) 221.2 (41.4%) Net Sales Operating Income 6.1 (4.8%) 6.9 (5.6%) 15.0 (11.3%) 37.0 (6.8%) 35.7 (6.7%) Recurring Profit 8.0 (6.4%) 11.6 (9.3%) 17.2 (12.9%) 42.5 (7.8%) 41.3 (7.7%) Net Income 5.3 (4.2%) 9.8 (7.9%) 29.0 (5.3%) 19.7 (3.7%) -12.6 Currency Exchange 105/US$ 107/US$ 109/US$ 105/US$ 108/US$ Rate (=yen) 134/EUR 134/EUR 132/EUR 134/EUR 133/EUR 1.9% ROE(%) 3.5% -5.0% 10.1% 7.4% 1.1% 2.0% -2.5% 5.8% 3.9% 25.7yens 47.7yens -61.1yens 140.7yens 95.1yens Capital Expenditure 4.6 3.5 4.0 24.0 22.7 Depreciation 4.7 4.7 4.8 19.9 19.0 R&D Expenditure 5.9 5.5 5.4 23.0 23.0 19.3 14.9 22.3 -2.4 -4.6 -16.5 -14.2 1.0 27.4 39.6 -5.1 -5.5 -3.4 -23.8 -12.9 -21.6 -19.7 -2.4 3.6 26.7 78.1 84.7 79.3 69.4 78.4 JAPAN 12,004 11,902 11,964 11,600 11,711 Overseas 13,273 13,263 12,453 12,900 12,149 Total (*2) 25,277 25,165 24,417 24,500 23,860 ROA(%) Earnings per share Loans & Equivalents（*1） Free Cash Flow Operating Activities Investing Activities Total Inventories at end of period No. of Employees Sales by Business segment Musical Instruments 74.9 (59.5%) 73.3 (59.1%) 73.6 (55.4%) 313.0 (57.3%) 302.6 (56.7%) AV/IT 17.6 (14.0%) 16.2 (13.1%) 17.7 (13.3%) 89.0 (16.3%) 77.7 (14.5%) Electronic Equipment and Metal 13.6 (10.8%) 13.8 (11.1%) 21.2 (16.0%) 58.5 (10.7%) 69.0 (12.9%) Lifestyle-Related 10.2 (8.1%) 11.2 (9.0%) 10.4 (7.8%) 41.5 (7.6%) 42.8 (8.0%) 4.3 5.2 (3.4%) 4.0 5.5 (3.2%) 4.3 5.8 (3.2%) 20.0 24.0 (3.7%) 18.3 23.6 (3.4%) Recreation Others Operating Income by Business segment (4.1%) (4.4%) (4.4%) (4.4%) Musical Instruments 4.9 4.4 6.6 21.5 14.2 AV/IT 0.1 0.1 1.8 5.0 3.7 Electronic Equipment and Metal 2.0 2.6 7.7 10.0 20.0 Lifestyle-Related 0.0 0.3 -0.1 0.0 0.0 Recreation -0.6 -0.5 -0.8 -0.5 -2.3 Others -0.3 0.1 -0.2 1.0 0.2 79.4 81.3 92.5 334.0 341.5 (4.4%) Non Consolidated Basis Net Sales Operating Income 4.8 (6.0%) 5.8 (7.1%) 13.7 (14.8%) 18.0 (5.4%) 22.6 (6.6%) Recurring Profit 5.2 (6.5%) 6.2 (7.6%) 14.7 (15.9%) 21.0 (6.3%) 25.1 (7.4%) 12.0 (3.6%) 0.3 (0.1%) 2.8 (3.5%) 4.7 (5.8%) -18.3 *1 Loans & Equivalents = Loans(Short term , Long term) + Convertible Bonds - Cash & Bank Deposit *2 No. of Employees = No. of Full-time Staff at end of period + Average No. of Temp. Staff Net Income 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.