Revised Forecasts of Non-consolidated Business Results for the First Half-year Ended September 30, 2003

Yamaha Motor Co., Ltd. (the Company) has revised its forecasts of non-consolidated business results for the first half-year ended September 30, 2003 (April 1 to September 30, 2003). The original forecasts were released on May 7, 2003.

(2) Main Reasons for the Revision

Non-consolidated recurring profit and net income for the first half-year ended March 30, 2003 are expected to exceed the previously announced forecasts, due to a sales expansion for industrial robots including surface mounters, and an increase in dividend income from the Company's subsidiaries.
Forecasts of non-consolidated business results for the full-year ended March 31, 2004 will be released on November 6, when the Company's non-consolidated business results for the first half-year ended September 30, 2003 are to be announced.

(3) Loss on Devaluation of Equity Securities for Affiliates

In the first half-year ended September 30, 2003, the Company will register a loss on devaluation of equity securities for Yamaha Motor India Private Limited (YMI), the Company's motorcycle sales and manufacturing subsidiary, pursuant to a review of the composition of YMI's capital, following a capital reduction. This loss on devaluation of equity securities amounts to 2,630 million yen, which will be posted as an extraordinary loss.
The revised forecast of non-consolidated net income for the period is premised on registering this extraordinary loss.
This accounting will have no influence on the Company's consolidated business results.

(4) Forecasts of Consolidated Business Results

The Company is presently preparing its consolidated business results, scheduled to be announced November 6, 2003.