Notification of Business Integration between Yamaha Motor Co., Ltd., SHINKAWA LTD., and APIC YAMADA CORPORATION (APIC YAMADA CORPORATION to become a wholly-owned subsidiary of SHINKAWA LTD., SHINKAWA LTD. to become a subsidiary of Yamaha Motor Co., Ltd., and transition of SHINKAWA LTD. into a joint holding company structure by corporate separation)

February 12, 2019

Yamaha Motor Co., Ltd. (hereinafter “Yamaha Motor”), SHINKAWA LTD. (hereinafter “Shinkawa”), and APIC YAMADA CORPORATION (hereinafter “Apic Yamada”) hereby announce that at the Board of Directors Meeting of each company held today, resolutions were passed so that Yamaha Motor has made Shinkawa a subsidiary through a third-party allotment of shares, Shinkawa has made Apic Yamada a wholly-owned subsidiary through a tender offer and subsequent procedures, and Shinkawa and Apic Yamada will transition to a joint holding company structure through corporate separation of Shinkawa, thus integrating the businesses of the three companies (hereinafter, “this Business Integration”). A business integration agreement (hereinafter “this Business Integration Agreement”) has also been concluded.