Integrated Report 2021(For the year ended December 31, 2020)

With years of respect and widespread recognition in the European market, the Yamaha brand is the market leader in certain countries and product lines and has carved out a position among the top three motorcycle brands in the 41 countries served by Yamaha Motor Europe. The strength of the brand and our products helped us establish our monobrand network that accounts for over 80% of our sales in those countries.We are also now seeing new additions to our customer base and higher expectations for our products as solutions that improve our customers’ quality of life. Yamaha Motor products are answers to expectations that include 1) new electric and eco-friendly (Euro 5-compliant) mobility, 2) mobility providing new freedom in a post-COVID-19 world, and 3) mobility creat-ing the better world our customers hope for. At the same time, they support both the market of today and of tomorrow.Thanks to our distribution networks, high level of technical expertise, and, of course, our competitive lineup, Yamaha Motor already enjoys a trustworthy reputation in the market, so from here it is up to us to build a bright future for the brand in Europe.Eric de SeynesSenior Executive Officer, President, Yamaha Motor Europe N.V. (YMENV)Message from Management Fiscal 2021 Initiatives As motorcycles continue to be reassessed for their role in personal mobility and commuting, we will ramp up launches of products tailored to the individual market characteristics of each country and build platforms for profitability in the growth areas unique to our brand to capture rising demand. For the motorcycle and recreational vehicle (RV) businesses in developed markets, we will aim to improve profitability through structural reforms and the release of new models. With electrically power-assisted bicycles, we plan to develop new products using novel technologies and leverage strategic partnerships to offer value across-the-board in order to expand the business on a global basis. Future Measures for Realizing Our Long-Term Vision Produce Synergy between the Motorcycle and SPV BusinessesA strength of the Land Mobility business is its full lineup of prod-ucts available around the world. To boost competitiveness, the Smart Power Vehicle Business Unit was merged with our Motorcycle Business Operations in fiscal 2020 in an organizational restructuring that formed our Land Mobility Business Operations. With fiscal 2021 as the final year of the current Medium-Term Management Plan, our target figures and the like remain the same. For the next plan, however, we will move forward with initiatives to produce synergy between the motorcycle and SPV businesses. There will be difficulties in integrating two different business systems, but we are committed to furthering our strengths in order to drive not only product electrification but also the creation of new forms of mobility.Accelerate Our Digital Transformation Strategies to Better Connect with CustomersThe Land Mobility business is moving forward with its digital transformation strategies for both products and marketing, and these are aimed at delivering the following types of value by forming connections among products, customers, and traffic environments.1. Even greater convenience and value in mobility2. A safer, more secure mobility experience by constructing a connected traffic environment3. Support for self-actualization by providing data and evaluations on vehicle operation4. Community building to strengthen ties with customersWork to implement the strategies with our products is being carried out in stages while integration methods and deployment timetables for services offered around the world, such as the Yamaha Riding Academy riding safety program and the bLU cRU amateur racer support program, are under consideration. Overview of Fiscal 2020 The spread of COVID-19 led to a fall in sales volume and expenses and product inventory decreased in turn. In developed markets, the swift recovery of demand for outdoor recreation and personal mobility following the lifting of lockdowns became a tailwind that helped minimize the damage to our numbers despite lower sales and profits. However, product stock remains at a low level in almost all regions and in fiscal 2021 we intend to realign our production plans to meet the surge in demand.• Transferred ownership shares to an Italian motorcycle engine manufacturer and began reallocating production duties at the Iwata Main Factory and surrounding factories as part of production base structural reforms aimed at raising production efficiency and market adaptability• Developed and launched the Wolverine RMAX 1000 as an ROV platform model• Released a flagship e-MTB model incorporating knowledge gained through motorcycle development, etc.• Began accepting commissions for prototype electric motor development for EVsProgress of Priority Initiatives73Yamaha Motor Co., Ltd. Integrated Report 2021

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