Shareholder Return

Dividends

Profit Distribution Policy

Keeping in mind the improvement of its consolidated return on equity, Yamaha Corporation undertakes investments for growth—including R&D, investing in marketing capabilities and the making of other capital investments—on the basis of its medium-term consolidated income level, while proactively returning profits to shareholders. Taking continuous and steady cash dividends as the basis of its shareholder returns, Yamaha will implement flexible shareholder returns as it sees fit with the aim of improving its capital efficiency, while giving due consideration to the maintaining of a balance between adequate internal reserves of investment for future growth. Yamaha Corporation will implement shareholder returns with a target consolidated total return ratio of 50% (cumulative amount of medium-term management plan period).

Acquisition of Treasury Shares

Purpose

Yamaha aims to improve shareholder returns and capital efficiency through flexible acquisition and cancellation of treasury shares.