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Notifications regarding the Revision of Forecast of Final Dividends

November 6, 2014

Yamaha Motor Co., Ltd. hereby announces that at the Board of Directors meeting on November 6, 2014, the Company has revised the forecast of final dividends as shown below, based on the anticipated consolidated business results for the fiscal year ending December 31, 2014.

1. Contents of Dividend Forecast Revision

Cash Dividends per Share
Dividend Payment at End
of Second Quarter
End of term Total
Previous Forecast - 14.50 yen 29.00 yen
New Revised Forecast - 20.50 yen 35.00 yen
Results for Current Fiscal Year 14.50 yen - -
Results for Previous Fiscal Year
(Year ending December 31, 2013)
10.00 yen 16.00 yen 26.00 yen

2. 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 shall 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 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 final dividend was revised to 20.50 yen per share. As a result, in addition to the interim dividend of 14.50 yen, the dividend for the year will be 35 yen, which is an increase of 9 yen over the previous term.

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

Net Sales Operating Income Ordinary Income Net Income
Previous Forecast
(announced August 5, 2014)
1,500 billion yen 83 billion yen 85 billion yen 50 billion yen
Forecast Announced
1,500 billion yen 86 billion yen 91 billion yen 60 billion yen
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