Corporate Profile Aiming to Become an “Indispensable, Brilliantly Individual Company”

We at the Yamaha Group share our corporate philosophy “Sharing Passion & Performance,” and contribute to the enriched lifestyles of people while focusing our business on sound and music. In January 2019, we established our new brand promise “Make Waves” that captures that special moment when our customers’ hearts tremble. With this brand promise as our pledge to our customers, we committed to further promoting that values the customers’ perspective, an approach we inherited and have followed since our foundation in 1887.

Yamaha has defined its management vision of “Becoming an Indispensable, Brilliantly Individual Company” that can “Boost brand power to become a highly profitable enterprise” as its future image in the medium-to-long term. In order to realize this management vision, we outlined our basic strategy to “develop closer ties with customers and society, and boost value creation capabilities” in our medium- term management plan “Make Waves 1.0” that encompasses the three-year period from April 2019. We continue to merge technologies and sensibility to create new value and to propose lifetime value for each customer by developing closer ties with our customers.

We at Yamaha Group want to be a company that support the challenges and passion of each and every one of our customers. We will continue to make every effort to be a company that can meet everyone’s expectations and to be able to stay with you, and we greatly appreciate your ongoing support.

Takuya Nakata President and Representative Executive Officer

New Medium-Term Management Plan Management Vision Become an Indispensable, MAKE WAVES 1.0 Brilliantly Individual Company Develop closer ties with customers and society, Boost brand power to and boost value creation capabilities become a highly profitable Core operating Income ratio* enterprise

Core operating income ratio* 13.8% (Based on IFRS standards) 20%

2019-2022

2016-2019 NEXT STAGE 12 Increase brand power Operrating Income ratio % (Japanese GAAP standards) 2013-2016 12.8 Core operating Income ratio* 12.1% (IFRS standards) YMP2016 Increase profitability Operrating Income ratio % 2010-2013 9.3

YMP125 *Core operating income corresponds to operating income under Rebuild business platform Operrating Income ratio Japanese GAAP. However, sales discounts of ¥3 billion are 2.5% deducted from revenue (non-operating expenses under At Yamaha Corporate Museum "Innovation Road" Japanese GAAP). 2 3 Sharing Passion & Performance Summary of Businesses

Our history began in 1887 when Yamaha founder completed a difficult repair job on Drawing on the strengths we have nurtured as the a reed organ at a Japanese primary school. Perhaps no one thought at the time that this event would Sales y Business Segment Sales y Business Segment world’s largest manufacturer of musical instruments, mark the beginning of 130-plus year history during which Yamaha would become a world-leading brand we are driving ahead globally in our three fields of in musical instruments, audio equipment, and other products and services dear to the hearts of people Others Others musical instruments, audio equipment, and industrial everywhere. 34.7 billion yen 34.7 billion yen (79) machinery/components and other. (79) With our unique expertise and sensibilities, gained from our devotion to sound and music, We have Yamaha Group companies and branches we are committed to creating Fiscal Year ended in more than 30 countries and regions, and are Fiscal Year ended March 2019 March 2019 excitement and cultural inspiration expanding operations to meet the needs of customers 437.4 billion yen 437.4 billion yen together with people around the world. around the world and to deepen our engagement with our valued customers.

Audio euipment Musical Audio euipment Musical instruments instruments 120.7 billion yen 120.7 billion yen (27) 282.0 billion yen (27) 282.0 billion yen () ()

Sales y Region Sales y Region apan apan

Europe 29.7% Europe 29.7%

19.2% China North America 19.2% China North America 13.5% 21.0% 13.5% 21.0%

fiscal fiscal 2019 2019

Other areas Other areas 16.6% 16.6%

Net Sales Operating Income *Core operating income (ratio) for 2022/3 Net Sales Operating Income *Core operating income (ratio) for 2022/3

(Billions of yen) (Billions of yen) 13.8 (%) (Billions of yen) (Billions of yen) 13.8 (%) 470.0 70 Operating Income 12.8 14 470.0 70 Operating Income 12.8 14 500 432.2 435.5 433.0 437.4 500 432.2 435.5 433.0 437.4 408.2 Ratio* (%) 11.3 65.0 408.2 Ratio* (%) 11.3 65.0 60 10.9 12 60 10.9 12 400 9.3 56.0 400 9.3 56.0 50 48.8 10 50 48.8 10 7.0 44.3 7.0 44.3 300 40 40.7 8 300 40 40.7 8

30 6 30 6 200 30.1 200 30.1 20 4 20 4 100 100 10 2 10 2

0 0 0 0 0 0

2015/3 2016/3 2017/3 2018/3 2019/3 2015/3 2016/3 2017/3 2018/3 2019/3 2015/3 2016/3 2017/3 2018/3 2019/3 2015/3 2016/3 2017/3 2018/3 2019/3 Target2022/3 for Target2022/3 for Target2022/3 for Target2022/3 for

4 5 Musical Instruments Business Audio Equipment Business

Yamaha's core business begins with the manufacturing With sound and music at its core, and drawing on and marketing of musical instruments, and extends its accumulated know-how in digital and acoustic to the management of music schools. These products technologies, Yamaha’s audio equipment business and services, which have earned high marks from delivers best-in-class commercial and consumer music enthusiasts from beginners to professionals, solutions. The audio equipment business spans are supported by research and development that professional audio equipment, music production progress through dialogue with artists as well as fine- equipment and software as well as audiovisual tuned sales and service activities via networks spread equipment, commercial online karaoke systems, throughout the world. Digital Mixing System network devices and unified communication devices. RIVAGE PM10

Grand Tenor Saxophone Speaker System CFX YTS-875EX VXL Series

Advanced Production System Nuage

NEXO Speaker Digital Audio Workstation STM Series Stage Piano Bösendorfer Software CP88 Clavinova CSP-170PE Grand Piano Cubase Pro 10.5 Model 185VC

Acoustic Drums Live Custom Hybrid Oak

Premium Bookshelf Speaker NS-5000 Sound Bar YAS-109 Power Amplifier M-5000 Processor HX Stomp Wireless Speaker MusicCast 20

Sound Bar MusicCast BAR 400 Pre-Amplifier C-5000

Turntable Electric Acoustic Guitar Electric Guitar GT-5000 FG/FS Red Label FGX5 Revstar RSP20CR

Simple L2 Switch Video Sound Collaboration System SWX2100-24G YM-6100 for Huddle Rooms Yamaha CS-700 Music School

VPN Concentrator RTX830 Personal Speakerphone Recorder YVC-200 YRS-401 Pianica P-32EP/P-32E

6 7 Human sensitivity Industrial Machinery/Components and Other Businesses Research & Development Materials evaluation Mechatronics Analysis & analysis technology simulation technology Acoustic technology Our industrial machinery/components businesses Over its long history of manufacturing acoustic instruments, Innovation Materials Craftsmanship Sensibility comprise electronic devices, centered on Yamaha has produced a broad array of original technologies, processing pervading AI Yamaha semiconductors, factory automation, and automobile guided by the expertise passed on from generation to Sound technologies IoT sources interior wood components. Yamaha also manufactures generation and our keen sensitivity in sound creation. Authenticity Digital golf products and operates resort business. While in the field of digital instruments and audio equipment, technology Manufacturing Signal Our diverse businesses draw on the technology, know- Yamaha has developed groundbreaking electronics technology. technology Sensing processing Design how, and sensitivities Yamaha has accumulated By drawing on the strengths of these technologies and fusing M&A Networks through the manufacturing and marketing of musical them, Yamaha continues to create value in unique ways as well Open innovation Excellence instruments to offer products and services that as new ways to enjoy and utilize sound and music. galvanize the emotions of customers. True Yamaha spirit Create new value by combining technology and sensibility Real wood luxury automotive interior components

The Innovation Center, completed in 2018, features the Graphic controller latest research and testing equipment for further enhancing for amusement equipment Yamaha’s core technologies and create new value YGV637

Core Technologies

In the musical instruments domain, Yamaha has a long In the audio equipment sphere, Yamaha draws on its strengths Speakers for high resolution history of R&D related to processing wood, metal, and other in advanced software and electronic technologies, primarily personal computers materials and draws on this legacy to present its customers in digital signal processing and network technologies and NS-N25 with more and more fulfilling sound and music experiences. leverages its expertise as well as its know-how about sound What is more, through ongoing research of technologies on in innovative ways. Yamaha offers high-value-added products the mechanisms of keyboard actions, sound generation and like AV products and PA equipment as well as network devices. effects, and acoustics, we have a passion for developing superior sound and making outstanding performance possible.

Modules for in-vehicle, Electronic circuit board hands-free telephone calls Fusion of Core Technologies testing machine Yamaha fuses its technologies to invent new hybrid instruments and to enhance its existing products. Conical pipe Venova Casual Wind Instrument

The Venova is a completely new type of acoustic wind instrument with Branched an innovative branched-pipe structure with meandering shape that was cylindrical pipe Peltier modules developed to allow players to enjoy the rich sound of a conical bore YKH Series wind instrument like saxophone with ease. Branched-pipe Leak tester for drum cans structure with meandering shape Initiatives in New Businesses Omotenashi Guide™ Modules for In-vehicle, Hands-free Telephone Calls Yamaha’s "Omotenashi* Guide" helps promote inbound Yamaha developed modules for in-vehicle, hands-free calls tourism and barrier-free initiatives by receiving translations of the Automatic Collision Notification system, for which of Japanese-language announcements in written format on the mandatory deployment on vehicles is advanced in Russia smartphones and tablet devices. and Europe. Also in various regions including , an *Omotenashi is a Japanese word that means hospitality examination of such compulsory measures is underway.

Information for airbag inflation, etc. Automatic calls (Information on location and voice, etc.)

Automatic Call center Translation into multiple languages Scene of the accident Collision Notification Audio (ACN) System announcements Golf Product in Japanese inpres UD+2 RMX 120

Driver Driver KATSURAGI Hotel Kitanomaru Ambulance Fire station

8 9 Design Sustainability

Based on its integrated design policy expressed in its products throughout the world. Yamaha's design has The Yamaha Group conducts its sustainability activities, Yamaha Design Philosophy, Yamaha continues to impart received accolades, winning a number of notable design seeking to contribute to the sustainable development of its original and engaging style across a wide range of awards from authoritative sources. society and to further strengthen the bond of trust with its stakeholders through sound, transparent management methods, and corporate activities that balance social and Design for Asia Award iF Design Award Gold Award environmental concerns, based on the ISO 26000 standard, Grand Award with Special Red Dot Design Award which provides international guidance related to social Casual Wind Instrument Mention German Design Award GOOD DESIGN AWARD Design for Asia Award Grand Award responsibility. Venova™ Grand Award YEV GOOD DESIGN AWARD

In particular, Yamaha takes into account the influence of our business activities on the environment and society, as well as the expectations of stakeholders and social requirements. In line with this, we have formulated sustainability priorities and implemented initiatives to

address those themes in the medium to long term under Yamaha became a signatory to UNGC in June 2011, the leadership of top management. and cooperates actively with Global Compact Network Japan in such ways as managing subcommittees. As the Yamaha Group has provided various products and services to customers around the world, the value chain for creating and delivering products and services has also expanded throughout the world. To conduct the Group- wide efforts for sustainability activities from a global iF Design Award perspective, in addition to working to adhere to the Ten Stage Piano Design for Asia Award Silver Award Acoustic Guitar iF Design Award CP88 / CP73 GOOD DESIGN AWARD STORIA™ GOOD DESIGN AWARD Principles of the UN Global Compact, through its business activities, the Yamaha Group intends to contribute to the attainment of the Sustainable Development Goals (SDGs), which have been established as common global goals.

Yamaha’s Initiatives

Playing Musical Instruments in Solving Social Problems with the Initiatives for Sustainable Use of Music Classes Power of Music Wood Resources

Yamaha is developing its “School Project” Yamaha launched “I’m a HERO Program” The Yamaha Group uses a diversity of to offer opportunities to as many in Columbia to help children to determine wood species for manufacturing musical children as possible to experience the joy their own future through learning Venova instruments and is implementing initiatives Disseminating the Yamaha of playing musical instruments. wind instruments and performing at a aimed at ensuring the sustainability of Brand to the World at Milan football match. wood resources. Design Week 2019 Yamaha exhibited at the world's largest design event “Milan Design Week 2019”. Yamaha crafted its Design Philosophy by communicating Yamaha’s own world view to people from around the world and sensing their response firsthand.

[Yamaha Design] https://www.yamaha.com/en/about/design/ [Sustainability] https://www.yamaha.com/en/csr/

10 11 Main Networks (As of January 2020)

Domestic Network Overseas Network

■ Sales companies, etc. ● Manufacturing / production companies, etc. ● Music entertainment business companies ● Retail shops (Yamaha Music Retailing Co., Ltd.)

1 10 21 Yamaha Music Europe 18 15 48 14 16 11 22 19 17 23 Yamaha Corporation of America Yamaha Electronics (Suzhou) 5 3 20 31 13 28 33 1 2 4 2 12 25 26 27 29 30 46 24 47 32 6 44 45 46 35 36 7 eaduarters 11 12 13 14 15 Yamaha Ginza 37 38 39 40 41 34

3 4 5 6 7 42 43 Yamaha Music & Electronics (China)

9 8 8 49 Yamaha Indonesia 9 10

Company name Location Company name Location

Yamaha Music Manufacturing Japan Corporation ■1 Yamaha Corporation of America California, U.S.A. ■26 Yamaha Music Technical (Shanghai) Co., Ltd. Shanghai, China ●2 Yamaha Guitar Group, Inc. California, U.S.A. ■27 Yamaha Trading (Shanghai) Co., Ltd. Shanghai, China ●3 Yamaha Unified Communications, Inc. Massachusetts, U.S.A. ●28 Yamaha Electronics (Suzhou) Co., Ltd. Suzhou, China ■4 Services, Inc. New York, U.S.A. ●29 Xiaoshan Yamaha Musical Instruments Co., Ltd. Hangzhou, China Company name Location Company name Location ■5 Yamaha Canada Music Ltd. Toronto, Canada ●30 Hangzhou Yamaha Musical Instruments Co., Ltd. Hangzhou, China ●1 Kitami Mokuzai Co., Ltd. Mombetsu-gun, Hokkaido, Japan ●9 Yamaha Music Manufacturing Japan Corporation Iwata, Shizuoka, Japan ■6 Yamaha de México, S.A. de C.V. Mexico City, Mexico ●31 Tianjin Yamaha Electronic Musical Instruments, Inc. Tianjin, China ●2 Sakuraba Mokuzai Co., Ltd. Kitaakita, Akita, Japan ●10 Yamaha Hi-Tech Design Corporation Iwata, Shizuoka, Japan ■7 Yamaha Music Latin America, S.A. Panama City, Panama ●32 Shenzhen Yamaha Music & Electronics Trading Co., Ltd *1 Shenzhen, China ■3 Yamaha Music Japan Co., Ltd. Minato, , Japan ■11 Yamaha Piano Service Co., Ltd. , Shizuoka, Japan 8 ■8 Branch in Argentina Buenos Aires, Argentina ■33 Yamaha Music Korea Ltd. Seoul, South Korea ■4 Yamaha Music Retailing Co., Ltd. Minato, Tokyo, Japan ■12 Yamaha Corporate Services Corporation Hamamatsu, Shizuoka, Japan ■9 Yamaha Musical do Brasil Ltda. São Paulo, Brazil ■34 Yamaha Music (Asia) Pte. Ltd. Singapore ●5 Yamaha Sound Systems Inc. Chuo, Tokyo, Japan ■13 Yamaha Ai Works Co., Ltd. *1 Hamamatsu, Shizuoka, Japan ■10 Yamaha Music Europe GmbH Rellingen, ■35 Yamaha Music (Malaysia) Sdn. Bhd. Petaling Jaya, Malaysia ●6 Yamaha Music Entertainment Holdings, Inc. Shibuya, Tokyo, Japan ■14 Yamaha Fine Technologies Co., Ltd. Hamamatsu, Shizuoka, Japan ■11 Branch in France Croissy-Beaubourg, France ●36 Yamaha Electronics Manufacturing (M) Sdn. Bhd. Chemor, Malaysia ●7 Yamaha Music Communications Co., Ltd. Shibuya, Tokyo, Japan ●15 Yamaha Travel Service Co., Ltd. Hamamatsu, Shizuoka, Japan ■12 Branch in Italy Milan, Italy ●37 PT. Yamaha Indonesia East Jakarta, Indonesia

■8 Yamaha Resort Inc. Fukuroi, Shizuoka, Japan *1 Non-consolidated subsidiaries and affiliates ■13 Branch in Ibérica Madrid, Spain ●38 PT. Yamaha Music Manufacturing Indonesia East Jakarta, Indonesia ■14 Branch in the U.K. , U.K. ■39 PT. Yamaha Musik Indonesia (Distributor) Central Jakarta, Indonesia ■15 Branch in Scandinavia Gothenburg, Sweden ●40 PT. Yamaha Music Manufacturing Asia Bekasi, Indonesia ■16 Branch in Switzerland Thalwil, Switzerland ●41 PT. Yamaha Musical Products Asia Bekasi, Indonesia ■17 Branch in Austria Vienna, Austria ●42 PT. Yamaha Musical Products Indonesia Pasuruan, Indonesia ■18 Branch in Benelux Vianen, Netherlands ●43 PT. Yamaha Electronics Manufacturing Indonesia Pasuruan, Indonesia Two Yamahas, One Passion: Yamaha Corporation and Yamaha Motor Co., Ltd. ■19 Branch in Poland Warsaw, Poland ■44 Siam Music Yamaha Co., Ltd. *1 Bangkok, Thailand ■20 Branch in Turkey Istanbul, Turkey ■45 Yamaha Music Vietnam Company Ltd. Ho Chi Minh City, Vietnam In 1955, Yamaha’s division was split off from Yamaha (called Nippon Gakki Co., Ltd., at that time), thus giving birth to a new ●21 Steinberg Media Technologies GmbH Hamburg, Germany ■46 Yamaha Music India Pvt. Ltd. Gurugram, India *2 company. Although both companies are independent in terms of management, they share the goals of helping to enrich people’s lives and ●22 Nexo S.A. Plailly, France ■47 Yamaha Music Gulf FZE Dubai, U.A.E. contribute to the community and culture through sharing passion and performance with and offering new excitement to customers. 23 L. Bösendorfer Klavierfabrik GmbH Wiener Neustadt, Austria 48 Yamaha Music (Russia) LLC. Moscow, Russia To realize the missions of the Yamaha brand, the main business of Yamaha Corporation is sound and music and the principal business of ● ■ Yamaha Motor is providing mobility. Each company is working to responsibly create shared value with its stakeholders. ■24 Yamaha Music & Electronics Taiwan Co., Ltd. New Taipei, Taiwan ■49 Yamaha Music Australia Pty. Ltd. Melbourne, Australia 25 Yamaha Music & Electronics (China) Co., Ltd. Shanghai, China 50 ■ *2 Factory: Chennai, India ●46 51 12 13 Our History Yamaha Philosophy

The Yamaha Group is steadily expanding its business cultivated in its 130-year history, Yamaha will continue The Yamaha Philosophy expresses the philosophical from the customer's viewpoint, and consistently provide operations guided by its Corporate Philosophy which to create products and services that contribute to the framework of the Yamaha Group and consists of high quality products and services that exceed the continues to be upheld to this day. Drawing upon the development of musical culture and the enrichment of four elements: the Corporate Philosophy, Customer expectations of our customers, and to create excitement accumulated unique Yamaha qualities that Yamaha has society. Experience, Yamaha Quality (criteria for quality), and and cultural inspiration together with people around Yamaha Way (mindset and manners). We utilize the the world. Yamaha Philosophy as a foundation, and try to think 1887 Company founder Torakusu Yamaha 1966 Establishes (becomes repairs elementary general incorporated foundation in 2011) school’s reed organ Expands into Europe with founding of Yamaha Europa and successfully GmbH in former West Germany Corporate Philosophy builds his first reed The Corporate Philosophy defines the reason for Yamaha’s existence as a company and the organ 1968 Issues shares at market price (the first such issuance goals that we seek to achieve through our work together. in Japan) Customer Experience 1971 Begins production of semiconductors The Customer Experience exemplifies the meaning of “Sharing Passion & Performance” from the customer’s viewpoint. When customers experience, 1889 Establishes Yamaha Fukin Seizoujo (currently Yamaha use, or own Yamaha products and services, they should experience a Corporation) 1980 Establishes Yamaha Piano Technical Academy, a piano profound response that will stimulate both their emotions and senses. tuner training school 1897 Establishes Nippon Yamaha Quality Gakki Co., Ltd. 1987 Changes corporate name from Nippon Gakki Co., The Yamaha Quality is a set of criteria that supports Yamaha’s insistence (currently Yamaha Ltd. to Yamaha Corporation to mark 100th year in on quality in products and services and our dedication to excellence in Corporation) business manufacturing. These criteria assist in making the Corporate Philosophy a reality. Opens Yamaha English-language school Yamaha Way 1900 Begins production of upright 1989 Establishes subsidiary in China, Tianjin Yamaha The Yamaha Way explains the mindset that all employees of the Yamaha Group should adopt, and the manner in which they should act on a daily basis, in order to put the Corporate Electronic Musical Instruments, Inc., for manufacture Philosophy into practice. and sale of digital musical instruments 1949 Lists on 2002 Establishes Yamaha Music & Electronics (China) Co., Ltd. Establishes Yamaha Music Holding Europe GmbH in 1954 Establishes Yamaha Music Germany (currently Yamaha Music Europe GmbH) School and holds pilot classes (As of March 2019) Produces its first audio product 2005 Acquires German audio software house Steinberg Corporate Data (HiFi player) Media Technologies GmbH Begins production of Company Name Yamaha Corporation Number of Employees 20,375 (Excluding average number of temporary employees: (Consolidated) 7,733) 2008 Acquires Austrian piano manufacturer L. Bösendorfer Headquarters 10-1, Nakazawa-cho, Klavierfabrik GmbH Naka-ku, Hamamatsu, Number of Employees Japan: 5,736, North America: 768, Europe: 1,117, China: 5,407, Acquires French loudspeaker manufacturer NEXO S.A. Shizuoka 430-8650, Japan by Region Others: 7,347 1955 Establishes Yamaha Motor Co., Ltd. (splits off Year of Foundation 1887 Number of Subsidiary 63 (of which 59 are consolidated companies) Companies motorcycle division) 2010 Completes integration of Date of Incorporation October 12, 1897 Number of Affiliated 6 Japanese piano factories Paid-in Capital ¥28,534 million 1958 Establishes first overseas into Kakegawa plant Companies Net Sales ¥437.4 billion subsidiary, Yamaha de México S.A. in Mexico Begins production of sports equipment 2012 Completes integration of Japanese wind instrument factories into Toyooka plant (As of July 1, 2019) 1959 Begins production of Celebrates 125th year in business Board of Directors and Executive Officers electronic organs (Electone™) 2014 Acquires U.S. and audio Board of Directors Executive Officers 1960 Establishes subsidiary in United States, Yamaha equipment manufacturer Line 6, Inc. (currently International Corporation (currently Yamaha Yamaha Guitar Group, Inc.) Director Takuya Nakata President and Representative Executive Officer Takuya Nakata Corporation of America) Acquires U.S. provider of wireless audio solutions Director Satoshi Yamahata Managing Executive Officer Shinobu Kawase Revolabs, Inc. (currently Yamaha Unified Outside Director Masatoshi Ito Managing Executive Officer Satoshi Yamahata 1962 Begins recreation business Communications, Inc.) Outside Director Yoshimi Nakajima Executive Officer Shigeki Fujii

1965 Begins production of wind 2018 Opens R&D facility Outside Director Taku Fukui Executive Officer Akira Iizuka instruments "Innovation Center" Outside Director Yoshihiro Hidaka Executive Officer Seiichi Yamaguchi Outside Director Mikio Fujitsuka Executive Officer Takashi Dairokuno Outside Director Paul Candland Executive Officer Teruhiko Tsurumi

14 15 Corporate Profile

Corporate Communications Division https://www.yamaha.com/en/ 2020/3 - CM205