Second Quarter of FY2014.3 Performance Outline October 31, 2013 (billions of yen) Six Months Initial Projections Six Months Results Six Months Results Ended Sept. 30, 2013 Ended Sept. 30, 2012 Initial Projections Projections Results (Previous Year) (Full Year) (announced on July 31, 2013) (Full Year) (Previous Year) (announced on July 31, 2013) Net Sales Japan Sales Overseas Sales Operating Income Ordinary Income Net Income Currency Exchange Rate (Settlement Rate) (=yen) ROE (*1) ROA (*2) Earnings per Share Capital Expenditure (Depreciation) R&D Expenditure Cash Flows Operating Activities Investing Activities Total Inventories at End of Period Number of Employees Japan Overseas Total (*3) （Changes from the changes in the scope of consolidation） Temporary Staff (average during the period) FY2014.3 FY2014.3 FY2013.3 FY2014.3 FY2014.3 FY2013.3 196.5 197.7 176.8 408.0 408.0 366.9 81.3 (41.4%) 82.3 (41.6%) 84.4 (47.8%) 165.8 (40.6%) 166.2 (40.7%) 165.8 (45.2%) 115.2 (58.6%) 115.4 (58.4%) 92.4 (52.2%) 242.2 (59.4%) 241.8 (59.3%) 201.2 (54.8%) 11.5 (5.9%) 13.7 (6.9%) 6.8 (3.9%) 20.0 (4.9%) 22.0 (5.4%) 9.2 (2.5%) 11.0 (5.6%) 13.5 (6.8%) 6.1 (3.5%) 18.5 (4.5%) 20.5 (5.0%) 8.6 (2.3%) 10.0 (5.1%) 12.5 (6.3%) 3.3 (1.9%) 16.5 (4.0%) 18.0 (4.4%) 4.1 (1.1%) (*5) 96/US$ 98/US$ 80/US$ 96/US$ 97/US$ 82/US$ 123/EUR 125/EUR 105/EUR 124/EUR 127/EUR 103/EUR 8.6% 10.6% 3.4% 7.0% 7.5% 1.9% 5.0% 6.1% 1.9% 4.2% 4.5% 1.1% 51.6 yen 64.6 yen 17.3 yen 85.2 yen 93.0 yen 21.3 yen 7.6 4.9 5.8 14.8 12.0 13.8 (6.2) 6.0 (5.4) (13.7) (13.1) (11.6) 11.8 10.7 11.0 24.0 23.0 22.1 3.7 -4.7 -1.0 89.2 4.3 -2.5 1.8 90.5 -4.6 -5.8 -10.5 83.7 26.3 -11.8 14.5 79.4 26.5 -7.3 19.2 80.3 7.8 -12.6 -4.9 82.0 7,100 13,100 20,200 6,991 12,901 19,892 7,538 12,551 20,089 7,000 13,200 20,200 6,900 13,200 20,100 7,143 12,545 19,688 (50) (46) (169) (55) (50) (173) 8,900 8,604 8,598 8,200 8,200 8,198 Sales by Business Segment Musical Instruments (*4) Audio Equipment (*4) Electronic Devices Others Operating Income by Business Segment Musical Instruments (*4) Audio Equipment (*4) Electronic Devices Others 126.5 48.5 9.5 12.0 7.5 3.0 0.5 0.5 (64.4%) (24.7%) (4.8%) (6.1%) 126.9 48.7 10.1 11.9 (64.2%) (24.7%) (5.1%) (6.0%) 115.0 41.5 7.9 12.4 9.6 2.6 1.2 0.3 (65.0%) (23.5%) (4.5%) (7.0%) 258.0 106.0 19.0 25.0 14.0 5.5 0 0.5 4.7 2.3 -0.9 0.7 (63.2%) (26.0%) (4.7%) (6.1%) 258.5 105.0 20.0 24.5 16.0 5.0 0.5 0.5 (63.4%) (25.7%) (4.9%) (6.0%) 235.5 92.6 15.0 23.8 (64.2%) (25.2%) (4.1%) (6.5%) 6.4 4.6 -2.0 0.3 Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income 119.7 7.0 12.7 14.0 (5.8%) (10.6%) (11.7%) 124.7 1.9 5.7 4.8 (1.5%) (4.5%) (3.9%) 231.4 -4.2 6.2 5.8 ＊1, 2 The ROE and ROA for the interim period are calculated on an annually adjusted basis. ＊3 Number of Employees = Number of full-time staff at end of the period ＊4 Effective in the first quarter of FY2014.3, AV/IT segment was renamed audio equipment segment, and the PA equipment business, which was previously reported as part of the musical instruments segment has now been reported as part of the audio equipment business. The above figures of FY2013.3 reflect the new segments accordingly. ＊5 2H Currency Exchange Rates US$=95JPY EUR=130JPY Consolidated financial forecasts were prepared based on information available at the time of the announcement and do not represent promises by the Company or its management that these performance figures will be attained. Actual consolidated results may differ from forecasts owing to a wide range of factors. (2.7%) (2.5%)