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Notifications regarding the Revision of Dividends from Surplus (Interim Dividend) and Forecast of Final Dividends

August 5, 2014

Yamaha Motor Co., Ltd. hereby announces that at the Board of Directors meeting on August 5, 2014, the Company resolved to make payments of dividends from surplus (interim dividend) with a record date of June 30, 2014, and has furthermore revised the forecast of final dividends based on the anticipated consolidated business results for the fiscal year ending December 31, 2014.

1. Details of Dividends from Surplus (Interim Dividend)

Amount Determined Previous Dividend Forecast(announced February 12, 2014) Results for Previous Fiscal Year(Year ended December 31, 2013)
Record Date June 30, 2014 (as on left) June 30, 2013
Cash Dividends per Share 14.50 yen 13.00 yen 10.00 yen
Total Dividend Payment 5,063 million yen 3,491 million yen
Effective Date September 10, 2014 September 10, 2013
Dividend Source Earned Surplus Earned Surplus

2. Contents of Dividend Forecast Revision

Cash Dividends per Share
Dividend Payment at End of Second Quarter End of term Total
Previous Forecast 13.00 yen 13.00 yen 26.00 yen
New Revised Forecast - 14.50 yen 29.00 yen
Results for Current Fiscal Year 14.50 yen
Results for Previous Fiscal Year (Year ended December 31, 2013) 10.00 yen 16.00 yen 26.00 yen

3. Reason

Recognizing that shareholders' interests represent one of the Company's highest management priorities, the Company has been striving to meet shareholder expectations by working to maximize its corporate value through a diversity of business operations worldwide. The Company aims to maintain a balance between proactive investment for growth, and returns to shareholders and the repayment of borrowings, and provide dividends that reflect comprehensive consideration of the business environment, including trends in business performance and retained earnings, while maintaining a minimum payout ratio of 20% of consolidated net income.
With the improvement over the previous forecasts in the new anticipated consolidated business results for the fiscal year ending December 31, 2014 announced today, and based on a payout ratio (consolidated) of 20%, the forecast dividend for the year was revised to 29 yen per share. Accordingly, the interim dividend is set at 14.50 yen per share, and the year-end dividend forecast has been revised to 14.50 yen per share.

(Reference) Forecast Consolidated Business Results for the Fiscal Year ending December 31, 2014

Net Sales Operating Income Ordinary Income Net Income
Previous Forecast (announced February 12, 2014) 1,500 billion yen 75 billion yen 77 billion yen 45 billion yen
Forecast Announced Today 1,500 billion yen 83 billion yen 85 billion yen 50 billion yen
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