Yamaha Corporation Annual Report 2016 10 Global Market Size for Musical Instruments Approx. ¥860 billion Key Financial Figures Year ended March 31, 2016 Musical instruments 64.0% Digital musical instruments Electronic devices 3.0% Guitars String and percussion instruments (excluding guitars) Others 5.6% Pianos Segment Sales Composition Audio equipment 27.4% Wind instruments ¥435.5 billion Net Sales +0.8 % ¥40.7 billion Operating Income +34.9 % ¥32.6 billion Net Income +30.9 % 10.1 % ROE +2.0 points ¥43.0 billion Free Cash Flow +114.6 % Yamaha Market Share for Musical Instruments 25 % Yamaha’s Highlights Yamaha Market Share by Musical Instrument (based on amounts for the year ended March 31, 2016, Yamaha estimates)