Revision of Forecasts for Consolidated Business Results and Dividends for the Fiscal Year Ending December 31, 2020

IWATA, February 1，2021 - Yamaha Motor Co., Ltd. (Tokyo: 7272) hereby announces that at the Board of Directors meeting held today, the Company has decided to revise the forecasts for its consolidated business results and year-end dividends for the fiscal year ending December 31, 2020 announced on November 9, 2020 as follows:

1) Revisions to Consolidated Business Results Forecast
(January 1, 2020 through December 31, 2020)

1-1) Revision content

1-2) Reasons for the revisions

Net sales overall fell due to sales of motorcycles in emerging markets being lower than expected, but thanks to faster shipment of high valued-added products in the Marine Products business and cost-cutting efforts Companywide, operating income, ordinary income and net income attributable to owners of parent are projected to exceed the previous forecast. Based on this, the Company has decided to revise the figures presented in this previous forecast.

2) Revisions to Year-End Dividends

2-1) Revision content

2-2) Reasons for the revisions

In line with the revisions made to the consolidated business results forecast, the forecast for year-end dividends was revised accordingly as well.

Regarding the consolidated business results for the fiscal year ending December 31, 2020, the year-end closing process is currently underway and the results are scheduled to be announced on February 12, 2021.