Yamaha Compliance Code of Conduct

The Yamaha Group aims to create a society that realizes the well-being of all people around the world. To achieve this goal, we will continue to create excitement and cultural inspiration together with people around the world, with our corporate philosophy of "Yamaha Philosophy" as the foundation to draw from.
Based on this concept, in our relationships with people associated with Yamaha’s business around the world, all officers, employees, and related parties will comply with the legal requirements and internal codes that apply to companies and individuals, and act openly and fairly in accordance with business ethics and social norms. The Yamaha Compliance Code of Conduct offers specific examples of actions and behavior that will help to bring these concepts to reality.
Below is the code that is used as the guideline for Yamaha Group companies. Overseas subsidiaries have their own codes, which are based on this code and which have been adapted to local legislation and social norms.

Contents

1. RELATIONSHIP WITH CUSTOMERS

1-1 Realization of customer satisfaction

Yamaha strives to develop, manufacture and provide high-quality products and services to ensure its customers are impressed and satisfied.

1-2 Ensuring safety of products and services

Yamaha will take all reasonable measures to ensure that its products, services or facilities do not cause damage or injury to a customer's life, body or property. In the event that any damage or injury is caused despite our efforts, Yamaha is committed to providing prompt and appropriate remedies and to taking appropriate steps to prevent recurrence.

1-3 Proper advertisement and publicity and accurate presentation of information

Yamaha shall conduct advertising and publicity that appropriately communicates the contents of its products and services to consumers as well as present accurate information about them in accordance with applicable laws and regulations.

1-4 Understanding of consumer-protection regulations

Yamaha understands the importance of consumer protection, complies with laws and regulations relating to it, and markets its goods only after it has fully provided appropriate explanations of its products, services or warranties according to the specific characteristics of each product or service, and in a manner that is easy to understand in line with each customer's level of knowledge and experience.

1-5 Protection of customers' personal information

Yamaha observes laws and regulations and relevant internal rules concerning the protection of personal information, and strives to provide the proper protection and utilization of customers' personal information.

1-6 Offer of after-sales services and response to customer inquiries

Yamaha has a well-established after-sales services system, and responds to its customers' requests by offering prompt and reliable after-sales services in an effort to provide complete customer satisfaction. Moreover, Yamaha responds appropriately to inquiries and requests from customers.

2. RELATIONSHIP WITH SHAREHOLDERS AND INVESTORS

2-1 Accurate accounting records and financial reports

Yamaha accurately prepares its accounting books in compliance with applicable laws and regulations and provides a true and accurate report of its financial condition and operational results to the required government entities and to its shareholders. Yamaha will not engage in fraudulent accounting or any other inappropriate accounting practices.

2-2 Timely disclosure of information

In pursuit of establishing transparency in its operations, Yamaha regularly updates its shareholders and investors with appropriate business information in order to obtain their support for Yamaha's activities. In addition, Yamaha also promptly publishes any information that may have a material impact on its business operations.

2-3 Prohibition against speculative trading

Yamaha does not engage in speculative trading for the purpose of making profits outside its main business.

2-4 Appropriate allocation of profits

Yamaha invests profits earned through its business in R&D, marketing, capital equipment, and other areas, while flexibly returning a portion of such profits to shareholders.

2-5 Prohibition against extending benefits to shareholders

Yamaha does not extend financial benefits to anyone in relation to, or in return for, their exercise of shareholder rights, and Yamaha will never offer any economic benefits, including financial benefits, nor promise the same in response to any requests from specific shareholders.

2-6 Prohibition against insider trading

Yamaha shall not tolerate insider trading. If an employee obtains material information concerning Yamaha or any other company in the course of duties the employee is prohibited from purchasing or selling securities of the company about which the employee has obtained material information until such information is made public.

3. RELATIONSHIP WITH EMPLOYEES

3-1 Respect for creativity and independence

Yamaha respects and encourages employee creativity and independence, and strives to maintain the conditions necessary to realize them. Yamaha appropriately acquires, protects and effectively utilizes the intellectual property, such as inventions and creations, produced in the course of its business activities.

3-2 Prohibition against harassment

Yamaha does not engage in unjust discrimination or language or behavior that may be construed as harassment, including sexual harassment or bullying.

3-3 Favorable employer-employee relationships

Yamaha gives due consideration to the protection of employees’ rights prescribed by international treaties, applicable laws and regulations, and complies with collective labor agreements and other agreements between the employer and employees. We promote the creation of an environment where employees and the employer can cooperate to realize Yamaha Corporate Philosophy.

3-4 Ensuring safety and good health

Yamaha continuously strives to improve its working environment by taking necessary measures in a continuous and planned manner in order to maintain and improve the physical and mental health of employees. Employees must comply with the requirements based on such measures.

3-5 Fair evaluation and compensation

Yamaha determines evaluation and compensation of employees based on fair rules using criteria such as the ability to perform tasks, job responsibilities and achievements.

3-6 Promotion and development of job skills

Yamaha endeavors to encourage skill development of employees regardless of race, age, gender and other unrelated factors, so that each employee can demonstrate the employee’s full potential. Managers are obliged to train employees through daily instruction so that they can understand Yamaha Corporate Philosophy and can enhance their value as useful members of the Yamaha team.

3-7 Prohibition against forced labor and child labor

Yamaha does not permit any form of forced labor or labor by children under the minimum age permissible by law. In addition, Yamaha supports international efforts to exclude and abolish such child labor and endeavors to realize this ideal.

4. RELATIONSHIP WITH SOCIETY

4-1 Respect for human rights and prohibition against discrimination

Yamaha respects fundamental human rights and adheres to and observes internationally recognized standards in its business activities. Yamaha especially objects to any discrimination based on race, gender, religion, language or ethnic background, and will not discriminate based on ideology, creed or political opinion.

4-2 Protecting the global environment

Yamaha recognizes the importance of the protection of the global environment for mankind and society. Yamaha proactively addresses issues such as measures to prevent environmental pollution and global warming; biodiversity measures, including the sustainable procurement of timber; the development of environmentally friendly technology as well as the provision of environmentally friendly products and services; and the proper disposal of industrial waste.

4-3 Harmonization with society

Yamaha acknowledges that a corporation is a member of society and endeavors to be a “good corporate citizen”. Yamaha will not only adhere to logic applicable within our organization, but will strive to foster socially acceptable values and conduct and to cooperate with the local community and thus to harmonize with it.

4-4 Dealing with antisocial forces

Yamaha does not maintain any relationship with any organized crime organization, terrorist support organization, or other antisocial organizations or persons. If Yamaha receives any unjustifiable demands disguised as business transactions or customer claims, Yamaha will respond with a resolute attitude and will not make any unjustified payments or provide any other benefits.

4-5 Promotion of social contribution (charitable) activities

Yamaha contributes to the development and welfare of society through our business operations and by promoting social-contribution activities, and supports social contribution activities undertaken by our employees.

5. RELATIONSHIP WITH BUSINESS PARTNERS

5-1 Building a healthy business relationship

Yamaha values mutual understanding and trust with its business partners and aims to build a healthy business relationship.

5-2 Selection of suppliers

Yamaha selects its suppliers from the pool of suppliers who satisfy Yamaha's objective procurement standards based on its fair and reasonable decisions and expects such suppliers to fulfill their social responsibilities.

5-3 Fair trade

Yamaha will not engage in unfair dealings with its suppliers and customers.

5-4 Elimination of improper relationships (gift giving, business entertainment, etc.)

Yamaha does not permit any employee from abusing a position by accepting gifts, entertainment, or any other tangible or intangible benefits from business partners, or any other third party, or accepting personal benefits in relation to the business.

5-5 Transactions with contractors

With respect to transactions with contractors, Yamaha will not engage in any unfair conduct, such as abuse of its dominant bargaining position.

6. RELATIONSHIP WITH COMPETITORS

6-1 Fair competition

Yamaha will not engage in unreasonable restrictions of competition and/or unfair practices.

6-2 Prohibition against inappropriate comparative advertising

Yamaha will not knowingly injure the reputation of the products and/or services of other companies nor use false comparisons or comparisons that may mislead consumers in its advertisements.

6-3 Respect for intellectual property rights

Yamaha will respect the intellectual property rights owned by others and will obtain permission from the rights holder or otherwise take appropriate steps to secure the necessary rights when it seeks to use such intellectual property. Yamaha will appropriately protect its own intellectual property, including when Yamaha allows others to use it.

6-4 Legitimate and appropriate acquisition and use of information

Yamaha takes legitimate and compliant measures when it obtains trade secrets and confidential information of its competitors and other third parties.

7. RELATIONSHIP WITH ADMINISTRATION AND POLITICIANS

7-1 Transactions with government and public officials

Yamaha conducts transactions with government and/or public officials fairly and in accordance with public bidding rules and other prescribed rules and procedures. Furthermore, Yamaha will not offer bribes or provide any other improper benefits to government officials or quasi-government officials.

7-2 Prohibition against gift giving to and entertainment of government officials, etc.

In principle, Yamaha does not offer gifts, entertainment or any other improper benefits to officers or employees of governments and/or public offices. Where the recipient organization's standards have been established, Yamaha respects those standards and responds appropriately.

7-3 Political Contributions

Yamaha shall not make any contribution to an individual politician where prohibited by law, and to a political organization or party, in excess of the permissible amount under the law.

7-4 Response to government authorities

Yamaha fully cooperates with courts, police, tax authorities and other government authorities when requested to do so.

8. COMPLIANCE IN INTERNATIONAL TRANSACTIONS

8-1 Understanding business partners' local cultures and legal systems

In every country where Yamaha conducts business, we understand and respect their culture and comply with the laws of the country where we conduct our business.

8-2 Compliance with import and export regulations

Yamaha complies with proper customs procedures according to the relevant import and export laws and regulations. Moreover, Yamaha does not trade in goods whose export or import is prohibited by international treaties.

8-3 National security-related trade control

Yamaha hopes for global peace and safety. Yamaha observes the applicable security-related trade control regulations that have been set out to prevent proliferation of weapons of mass destruction and accumulation of other weapons. To that end Yamaha will develop and comply with internal management rules.

8-4 Appropriate pricing

Yamaha exercises due care in setting prices for its products and services, and prepares and maintains evidential documents for the proof of adequate pricing in order to avoid being subject to anti-dumping measures and transfer-price taxation in every country.

8-5 Prohibition against bribery to foreign government officials

Yamaha will not provide corporate entertainment, gifts or any other improper benefits to foreign government officials under any circumstances.

9. YAMAHA EMPLOYEES' CODE OF CONDUCT

9-1 Maintaining dignity

We strive to maintain dignity as employees of Yamaha and act in good faith. We will not take or get involved in any activities that may harm our company's reputation and damage its brand image.

9-2 Enhancement of brand trustworthiness

We acknowledge that Yamaha's business activities and success rely heavily on the brand image of Yamaha, and we endeavor to enhance the trustworthiness and goodwill of the Yamaha brand through our business activities. In addition, we use the Yamaha brand properly in accordance with the established and prescribed rules.

9-3 Avoidance of conflict of interest

We do not engage in any activities that conflict with the interests of Yamaha. If there is a risk of a conflict of interest, we report or consult with the company in advance to avoid any problems.

9-4 Strict adherence to duty of confidentiality

We will properly manage intellectual property owned by the company and confidential information obtained in the course of our duties, and will not improperly disclose or leak such information during or after our employment.

9-5 Cooperation with audits

We will actively cooperate with all audits and inspections, including audits by outside auditors, Audit Committee and audit departments, etc. based on laws, regulations and rules adopted by the corporation, and provide accurate responses and materials based on facts. Furthermore, when such audits and inspections disclose a need for improvements, we will immediately follow up such requests unless there are reasonable grounds for objection.

9-6 Response to media

When an employee is contacted by the mass media or any other external media regarding matters related to the company, the employee should direct such inquiries to the corporate communications department (public relations) and should not communicate any personal views or any information obtained within the company without the company's permission.

9-7 Appropriate utilization of company's assets

We will utilize the company's buildings, facilities, office equipment and any other company property with due care, and limit the use of the same by employees solely for business purposes.

9-8 Utilization and management of the company's information systems

When we use the company's information equipment and other information systems, we will observe the internal security regulations and other applicable rules in order to prevent information leakage, and take appropriate protective measures against external attacks.

9-9 Responsibility for personal use of social media and other online services

When we personally participate in social media or use other online services, we should be responsible for what we say and keep in mind to act as responsible members of society with good sense.

Established: April 2003
Revised: September 2026