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Summary of Consolidated Business Results for the First Quarter of the Fiscal Year Ending December 31, 2007

April 26, 2007

Consolidated Business Results for the First Quarter Ended March 31, 2007

Net sales, operating income and recurring profit all exceeded the figures for the previous first quarter

Consolidated business results for Yamaha Motor Co., Ltd. (the "Company") for the first quarter of the fiscal year ending December 31, 2007 were 453.9 billion yen in net sales, 37.2 billion yen in operating income, 39.3 billion yen in recurring profit, and 25.2 billion yen in net income, respectively. Compared with the results for the previous first quarter, net sales, operating income and recurring profit rose by 13.8 percent, 0.6 percent and 5.1 percent, respectively, while net income decreased 10.4 percent.

On the foreign exchange front, the average purchasing value of the yen depreciated by two yen against the U.S. dollar during the term compared with the value in the previous first quarter, to 116 yen, and dropped by 13 yen against the euro from the previous same period, to 150 yen.

Sales expanded in all business segments. Motorcycle sales totaled 284.4 billion yen -- up 18.2 percent from the previous first quarter -- due mainly to robust sales in Indonesia, Vietnam and other ASEAN countries, coupled with favorable sales in Latin America. Marine product sales amounted to 72.9 billion yen -- up 5.0 percent -- led by sales growth for personal watercraft in major markets and for outboard motors in Europe. Power product sales amounted to 57.9 billion yen -- up 11.6 percent -- reflecting favorable sales for side-by-side vehicles in North America. Sales in the "other products" segment reached 38.7 billion yen -- up 4.1 percent -- pushed up by growth in automotive engine sales.

With regard to profits by business segment, operating income from the motorcycle business reached 19.3 billion yen, up 19.6 percent from the previous first quarter. In the marine product business, operating income amounted to 8.1 billion yen, down 16.5 percent. Operating income from the power product business reached 4.0 billion yen, down 32.4 percent. Operating income from the "other products" segment totaled 5.8 billion yen, up 11.0 percent. Major negative factors impacting the Company's operating income were an increase in selling, general and administrative expenses totaling 12.4 billion yen from the previous first quarter; depreciation amounting to 1.8 billion yen more than the previous same period; hikes in raw material prices totaling 0.6 billion yen; and a change in the product mix and related factors amounting to 6.8 billion yen. Major positive factors impacting the operating income were an increase in gross profit due to sales expansion, totaling 10.1 billion yen; cost reductions in purchasing amounting to 1.8 billion yen; and an exchange gain totaling 9.8 billion yen. All these factors combined to increase the Company's operating income during the first quarter.

Effective from the fiscal ending December 31, 2007, the Company changed the accounting status of PT. Yamaha Motor Nuansa Indonesia and other group companies, making them consolidated subsidiaries. Consequently, the number of consolidated subsidiaries at the end of the first quarter stood at 109, an increase of one from the end of the previous fiscal year, while the number of companies accounted for by the equity method was 40, a decrease of three.

Forecast Business Results

No revisions in either interim period or full-year forecast business results

In the forecast business results for the fiscal year ending December 31, 2007, the Company expects to earn 860 billion yen in net sales, 70 billion yen in operating income, 72 billion yen in recurring profit and 43 billion yen in net income for the interim period. For the full-year, the Company projects 1,650 billion yen in net sales, 128 billion yen in operating income, 133 billion yen in recurring profit and 78 billion yen in net income. These figures are the same as the targets officially announced on February 6, 2007.

These forecast business results are based on the assumption that one U.S. dollar will trade at 114 yen during the year (the same as the previous fiscal year), while one euro will equal 148 yen (a depreciation of seven yen).

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