Notifications regarding the Revision of Dividends from Surplus (Interim Dividend) and Forecast of Final Dividends

Yamaha Motor Co., Ltd. hereby announces that at the Board of Directors meeting on August 8, 2017, the Company has determined to make payments of dividends from surplus (interim dividend) with a record date of June 30, 2017, and has furthermore revised the forecast of final dividends based on the forecast consolidated business results for the fiscal year ending December 31, 2017.

1. Details of Dividends from Surplus (Interim Dividend)

2. Contents of Final Dividend Forecast Revision

3. Reasons
Recognizing that shareholders' interests represent one of the Company's highest management priorities, the Company has been striving to meet shareholder expectations by working to maximize its corporate value.
With regards to dividends, the Company is aiming towards a payout ratio of 30% of net income attributable to parent company shareholders, and focusing on maintaining and increasing a stable financial platform, and increasing new growth investment and stock dividends.
The Company has determined that, despite negative effects such as increasing raw material costs, given the steady increase in earning power through improving product competitiveness, platform cost reductions, etc., based on the above dividend policy the forecast total dividend for the year will be changed to 78 yen at a payout ratio of 30.3% (an increase of 13 yen from the initial forecast, and an increase of 18 yen compared with the previous fiscal year), with an interim dividend of 39 yen (an increase of 6.50 yen from the initial forecast, and an increase of 9 yen compared with the previous fiscal year).