Notice of Allocation of New StockOptions

July 22, 2003

This is to notify you that the resolution (special resolution) for the allocation of new stock options passed at Yamaha Motor Co., Ltd.'s 68th Annual Shareholders Meeting held on June 25, 2003 was passed at the Yamaha Motor Co., Ltd. Board Meeting held on July 22, 2003.

1.	Issue date of new stock options	August 1, 2003
2.	Number of new stock options to be issued	297
3.	Issue price of new stock options	¥0
4.	Type and quantity of stock of the new stock option	297,000 common stock
5.	Amount to be paid when exercising the new stock option	To be decided
6.	Total issue price of stock when issued as a result of exercising the new stock option	To be decided
7.	Capitalization amount of 1 stock when stock issued as a result of exercising the new stock option	To be decided
8.	Period that new stock option to be exercised	From August 1, 2005 to July 31, 2007
9.	New stock options allocated to:	A total of 87 persons, comprising 11 Yamaha Motor Co., Ltd. directors, 13 Yamaha Motor Co., Ltd executive officers, 15 Yamaha Motor Co., Ltd. employees, 15 directors of subsidiaries wholly owned by Yamaha Motor Co., Ltd., 3 executive officers of subsidiaries wholly owned by Yamaha Motor Co., Ltd., 25 directors of Yamaha Motor Co., Ltd. subsidiaries other than wholly owned subsidiaries, 2 executive officers of Yamaha Motor Co., Ltd subsidiaries other than wholly owned subsidiaries and 3 directors of Yamaha Motor Co., Ltd. affiliated companies.



	« Reference »
	(1) Date of Board Meeting resolution to be submitted to the Annual Shareholder's Meeting.		May 7, 2003
	(2) Date of Annual Shareholder's Meeting resolution (special resolution)		June 25, 2003