Proactive Investor Relations Efforts to Promote Understanding of the Company

  Yamaha Corporation adheres to our Disclosure Policy that ensures fair and timely disclosure of information to institutional and individual investors around the world.

  In addition to holding quarterly results conferences for institutional investors in Japan, Yamaha conducts conferences and briefings on its management policies and individual business segments as well as factory and facility tours as required. For institutional investors in other countries, along with making available English translations of all information provided to institutional investors in Japan, the Company's president and directors visit investors overseas several times a year to foster mutual understanding through direct communication that encompass explanations of the Company's management plans as well as the status of its businesses.

  For individual shareholders, and as a part of efforts to expand its shareholder base, Yamaha commenced conferences and briefings for individual investors in regional cities from fiscal 2010. Briefing sessions were held in Nagoya in February 2011 as well as Fukuoka and Hiroshima in March 2011. For the benefit of shareholders, Yamaha also runs a special benefit plan designed to encourage more shareholders to become active proponents of the Company's products and philosophy.

  Through these initiatives, we work to enhance communication with investors, and use the results of feedback and other information gained to improve investor relations activities and management performance.

• * IR: Investor Relations(corporate communication for shareholders and investors)