Shareholder Return

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).

Purpose

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

Acquisition of Treasury Shares

Acquisition period Acquisition method Amount of acquisition Number of shares acquired
November 5, 2019 to February 20, 2020 (Trade Base) Purchase on the Tokyo Stock Exchange market 2,534,800 shares 14,999,927,963 yen
February 6, 2019 to April 26, 2019 (Trade Base) Purchase on the Tokyo Stock Exchange market 3,625,200 shares 19,999,945,000 yen
December 1, 2017 to March 23, 2018 (Trade Base) Purchase on the Tokyo Stock Exchange market 5,660,700 shares 24,999,818,463 yen
February 5, 2016 to April 8, 2016 Purchase in the market through a trust bank 6,182,400 shares 19,999,748,900 yen

February 9, 2011

Off-hours trading system of the Tokyo Stock Exchange for own share acquisitions 910,000 shares 1,023,750,000 yen
November 10, 2010 Off-hours trading system of the Tokyo Stock Exchange for own share acquisitions 2,674,900 shares 2,626,751,800 yen
May 5, 2008 to June 6, 2008 Market purchases on the Tokyo Stock Exchange 9,033,800 shares 17,999,998,700 yen

Cancellation of Treasury Stock

Date of cancellation Number of treasury shares to be cancelled
June 26, 2018 5,700,000 shares
June 30, 2008 9,269,601 shares

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