Dividend Policy

Recognizing that shareholders' interests represent one of Yamaha Motor'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 actively invest for sustained growth and provide shareholder returns that reflect comprehensive consideration of the business environment, including trends in business performance and retained earnings, while maintaining a minimum dividend payout ratio of 20% of consolidated net income.

1. Forecast for Cash Dividends

The Company has judged that improvement in its business performance and financial position has been achieved through the steady implementation of structural reforms. As such, the Company paid a year-end dividend of ¥15.5 per share in accordance with a payout ratio of 20%.
In addition, based on the fiscal 2012 full-year forecast, the Company will pay annual cash dividends of ¥10 per share ( a second-quarter end dividend of ¥5 and a year-end dividend of ¥5) with a payout ratio of 20% for fiscal 2012.

	Forecast for Dec. 2012
	Interim Dividend	Year-end Dividend	Annual Dividend
Dividend per share (Yen)	5	5	10

2. History of Dividend per Share (Yen)

	Interim Dividend	Year-end Dividend	Annual Dividend
Mar. 2001	4.00	4.00	8.00
Mar. 2002	4.00	4.00	8.00
Mar. 2003	4.00	6.00	10.00
Mar. 2004	5.00	7.00	12.00
Dec. 2004	-	14.00	14.00
Dec. 2005	8.50	19.50	28.00
Dec. 2006	15.00	21.00	36.00
Dec. 2007	20.50	20.50	41.00
Dec. 2008	20.50	5.00	25.50
Dec. 2009	0	0	0
Dec. 2010	0	0	0
Dec. 2011	0	15.50	15.50

Note 1:The fiscal year ended December 31, 2004 is an irregular 9-month accounting period.

Note 2:FY2005, the 50th anniversary commemorative dividend of 5 yen is included in the year-end dividend of 19.5 yen.