To Our Stakeholders - Annual Report 2016

To Our Stakeholders

Further enhancing Yamaha’s brand value and moving forward toward becoming a unique company that continues to achieve dynamic milestones

The Yamaha Motor Group is managed with the primary objective of further enhancing and refining the value of the Yamaha brand, by continuing to work with the spirit and passion that incorporate our brand slogan: Revs your Heart?delivering exceptional value and experiences that enrich the lives of everyone who comes into contact with Yamaha.

The fiscal year ended December 2016 showed signs of major changes in the global economic environment, along with continued sharp fluctuations in exchange rates and weak demand in some markets. Yamaha Motor’s net sales, operating income, and ordinary income for the year were all lower than in the previous year, but if impacts of the exchange rate are excluded we recorded growth in both sales and profit. With the global business environment undergoing drastic changes, we are making steady progress in implementing measures for the medium to long term, which are beginning to produce results.

Our Medium-Term Management Plan (2016?2018) sets a long-term vision of being a unique company that continues to achieve dynamic milestones. We are positioning this three-year period as a time to achieve significant increases in corporate strength, and begin laying the foundation for even greater strength going forward. During 2017, the second year under the plan, we aim to continue to achieve stable profit, and to increase investment for future growth and returns to shareholders.

I ask for your continued guidance and support in these endeavors.

April 2017