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

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