Abstract: An exhaust pipe suitable for a personal watercraft which can reduce exhaust noises, prevent a transom board from being made dirty by an exhaust gas and avoid exposing a rider trying to get onto a deck to the exhaust gas stream directly, the exhaust pipe being provided above a water line of a transom board for discharging an exhaust gas behind the personal watercraft, the exhaust pipe projects from the transom board rearward and has at least a rear portion curved downward. Consequently, an opening face provided on a rear end of the exhaust pipe is oriented obliquely rearward with respect to a water surface as seen from a side of the personal watercraft.