Announcement of Dividends from Surplus

Yamaha Motor Co., Ltd. (the "Company"), by resolution at the Board of Directors meeting held on February 15, 2012, has decided to submit a proposal to the 77th Ordinary General Meeting of Shareholders scheduled for March 23, 2012 regarding the payment of a dividend from retained earnings with a record date of December 31, 2011.

1.Details of the dividend payout

2.Reason for the dividend payout

Recognizing that improving shareholders' interests is the greatest challenge for management, the Company has strived to increase its corporate value by conducting business in regions around the world from a global perspective.
The Company's policy on dividend payouts is to actively make investments for sustainable growth and to return profits to shareholders in full view of performance trends as well as internal reserves and other management environment factors, using a minimum payout ratio equal to 20% of consolidated net income.
As announced on August 3, 2011, the Company has determined that the steady implementation of structural reform has yielded improved business results and financial resilience, and as such, will pay a year-end dividend.
Based on the consolidated net income announced today for the fiscal year ended December 31, 2011, the Company will pay dividends according to the payout ratio of 20%, and has therefore revised the dividend per share from the ¥20 announced on August 3 to ¥15.50.

(Reference) Breakdown of annual dividend payout