Announcement of Personnel Changes in the Office of Directors and Executive Officers

December 26, 2011

Yamaha Motor Co., Ltd. announces the following personnel changes affecting Directors and Executive Officers approved at the Board of Directors meeting, December 26, 2011. These changes will be effective following official approval at the Board of Directors Meeting to be held immediately after the Ordinary General Meeting of Shareholders scheduled for the end of March, 2012.

Changes Affecting Directors

	1.	New Director candidates
		Yoshiaki Hashimoto	Director (current Senior Executive Officer, Senior General Manager of Human Resources & General Affairs Section and Chief General Manager of Business Development Managing Unit)

	2.	Resignations of Directors
		Toyoo Ohtsubo	Current Managing Executive Officer and Director, Chief General Manager of Technology Center

		Yoshiteru Takahashi	Current Managing Executive Officer and Director, Chief General Manager of Motorcycle Business Operations and Chief General Manager of Overseas Market Development Operation Business Unit

Changes Affecting Executive Officers
	3.	Change in position of Executive Officers
		Hajime Yamaji	Senior Executive Officer (current Executive Officer, President of Yamaha Motor Europe N.V.)

		Ryouichi Sumioka	Senior Executive Officer (current Executive Officer, Executive General Manager of 1st Business Unit, Motorcycle Business Operations)

		Toshizumi Kato	Senior Executive Officer (current Executive Officer, President of Yamaha Motor Corporation, U.S.A.)

		Yoichiro Kojima	Senior Executive Officer (current Executive Officer, Executive General Manager of Marine Engine Business Unit, Marine Business Operations)

	4.	New Executive Officer candidates
		Masaru Ono	Executive Officer (current Executive General Manager of Parts Business Unit and General Manager of Business Planning Division, Parts Business Unit)

		Katsuhito Yamaji	Executive Officer (current Senior General Manager of Engine Manufacturing Section, Manufacturing Center)

		Toshinori Kuromoto	Executive Officer (current Senior General Manager of Product Planning Section, Motorcycle Business Operations, General Manager of Product Planning Division, Product Planning Section, Motorcycle Business Operations and General Manager of Corporate Design Division, Technology Center)

	5.	Resignations of Executive Officers
		Toyoo Ohtsubo	Current Managing Executive Officer and Director, Chief General Manager of Technology Center

		Yoshiteru Takahashi	Current Managing Executive Officer and Director, Chief General Manager of Motorcycle Business Operations and Chief General Manager of Overseas Market Development Operation Business Unit

		Nobuaki Shiraishi	Current Executive Officer, Executive General Manager of Recreational Vehicles Business Unit, Motorcycle Business Operations

		Tadakazu Ishibashi	Current Executive Officer, Executive General Manager of Product Assurance & Safety Promotion Center, General Manager of Safety Promotion & Traffic System Division, Product Assurance & Safety Promotion Center and Executive General Manager of Business Development Managing Unit


Main businesses of the group companies referenced above:
		Yamaha Motor Europe N.V.: Import and sales of Yamaha Motor products in the Netherlands, marketing of Yamaha Motor products in Europe, product development, finance and other businesses
		Yamaha Motor Corporation, U.S.A.: Import and sales of Yamaha Motor products in the U.S.