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Change in the Number of Shares Per Stock Trading Unit

April 28, 2004

Yamaha Motor Co., Ltd. passed a resolution at the Board of Directors Meeting on April 28, 2004 regarding a change in the number of shares per stock trading unit. Details are as follows.

1.

Reason for the change:

To increase the number of individual shareholders and improve the liquidity of the Company's stock.

2.

Details of the change:

The number of shares per stock trading unit will change from 1,000 to 100.

3.

Scheduled date for change:

August 2, 2004 (Monday)

Reference

1.

On August 2, 2004 (Monday), the stock trading unit for shares of Yamaha Motor Co., Ltd. on the Tokyo Stock Exchange will be changed from 1,000 to 100.

2.

Effective July 30, 2004 (Friday), the Company will deliver 100-share stock certificates to shareholders for every whole-number multiple of 100 shares held in stock certificates that are registered in the stock ledger and are of less volume than the minimum trading lot.

3.

Schedule for the change

April 28, 2004(Wednesday)

Board of Directors Meeting concerning the change in the number of shares per stock trading unit

April 28, 2004(Wednesday)

Notice to shareholders of the Board of Directors Meeting resolution

April 29, 2004(Thursday)

Public announcement of the Board of Directors Meeting resolution

July 30, 2004(Friday)

Notice sent to shareholders regarding new stock certificate exchange

August 2, 2004(Monday)

Change in the number of shares per stock trading unit takes effect; transactions using the new stock trading unit begin


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