FY2004 Performance Outline YAMAHA CORPORATION (billions of yen) Results Forecast(Full Year） (Previous Year） Announced on Feb.9.04 FY2003 FY2004 Net Sales 524.7 542.0 JAPAN Sales 312.1 (59.5%) 323.7 Overseas Sales 212.6 (40.5%) 218.3 Results FY2004 Forecast (Full Year） FY2005 Forecast (Half Year） FY2005 539.5 553.0 273.0 (59.7%) 320.8 (59.5%) 320.3 (57.9%) 164.0 (60.1%) (40.3%) 218.7 (40.5%) 232.7 (42.1%) 109.0 (39.9%) Operating Income 32.0 (6.1%) 45.5 (8.4%) 45.1 (8.4%) 37.5 (6.8%) 23.0 (8.4%) Recurring Profit 33.8 (6.4%) 51.0 (9.4%) 51.0 (9.5%) 40.0 (7.2%) 25.5 (9.3%) Net Income 17.9 (3.4%) 44.0 (8.1%) 43.5 (8.1%) 16.0 (2.9%) -10.0 (-3.7%) Currency Exchange 122/US$ 115/US$ 114/US$ 110/US$ 110/US$ Rate (=yen) 116/EUR 128/EUR 129/EUR 127/EUR 127/EUR 8.6% 18.6% 18.4% 6.0% -3.9% ROE(%) 3.5% 8.7% 8.5% 3.3% -2.0% 86.7yens 213.4yens 210.6yens 77.6yens -48.5yens Capital Expenditure 16.9 22.4 21.2 25.1 14.5 Depreciation 17.6 18.2 17.5 21.3 10.5 R&D Expenditure 22.4 22.7 22.5 23.0 11.6 Loans & Equivalents（ （*1） 46.0 24.8 16.8 3.1 28.7 33.0 56.5 58.3 37.3 5.2 Investing Activities -21.6 -23.8 -18.8 -16.2 -12.4 Total 11.4 32.7 39.5 21.1 -7.2 80.1 71.5 72.1 68.1 81.1 JAPAN 11,887 11,924 11,849 11,806 12,015 Overseas 11,676 12,162 12,054 11,797 12,346 Total (*2) 23,563 24,086 23,903 23,603 24,361 ROA(%) Earnings per share Free Cash Flow Operating Activities Inventories at year-end No. of Employees （Newly consolidated） (-) (760) (725) (-) (-) Sales by Business segment 292.6 (55.8%) 296.0 (54.6%) 293.4 (54.4%) 301.5 (54.5%) 151.0 (55.3%) AV/IT 83.7 (16.0%) 79.0 (14.6%) 78.3 (14.5%) 86.0 (15.6%) 37.5 (13.7%) Life Related 46.0 (8.8%) 45.0 (8.3%) 44.8 46.0 23.5 Electronic Equipment 60.6 (11.5%) 76.0 (14.0%) Recreation 20.9 20.9 20.0 26.0 (3.7%) Musical Instruments Others Operating Income by Business segment (4.0%) (4.0%) (4.8%) (8.3%) (8.3%) 76.0 (13.7%) 40.0 (14.7%) 20.1 26.1 20.5 23.0 10.0 11.0 (3.7%) (4.8%) (3.7%) (4.2%) Musical Instruments 9.8 12.0 10.5 14.0 9.0 AV/IT 3.2 4.0 4.4 4.0 1.5 Life Related 0.5 1.0 1.5 1.5 1.0 Electronic Equipment 19.3 29.0 30.0 18.5 12.0 Recreation -1.1 -1.0 -1.1 -1.0 -0.7 0.4 0.5 -0.2 0.5 0.2 334.0 344.0 345.4 345.0 180.0 Others (8.6%) 76.9 (14.3%) (3.7%) (4.0%) Non Consolidated Basis Net Sales Operating Income 21.9 (6.5%) 27.5 (8.0%) 27.0 (7.8%) 21.0 (6.1%) 17.0 Recurring Profit 22.2 (6.6%) 28.5 (8.3%) 28.1 (8.1%) 22.0 (6.4%) 18.0 (10.0%) 7.7 (2.3%) 26.5 (7.7%) 25.6 (7.4%) 0.5 (0.1%) *1 Loans & Equivalents = Loans(Short term , Long term) + Convertible Bonds - Cash & Bank Deposit *2 No. of Employees = No. of Full-time Staff at year-end + Average No. of Temp. Staff -15.5 (-8.6%) Net Income (9.4%)