Yamaha Motor : and Vehicle Venture Company glafit Conclude Capital Business Alliance for Electric Mobility Product Development

January 24, 2019

Iwata and Wakayama, January 24, 2019 - Yamaha Motor Co., Ltd. (Tokyo: 7272) (Headquarters: Iwata, Shizuoka, Japan, President: Yoshihiro Hidaka) and vehicle-related venture company glafit inc. (Headquarters: Wakayama, Japan, President: Teizo Narumi) announced today that they have concluded a business alliance for effective and efficient product development aimed at providing the convenience of personal mobility to more customers. Yamaha Motor will make an investment in glafit as part of this business alliance.

Through it, the two companies plan to develop model derivatives based on the glafit GFR Series, aiming for a sales launch around the spring of 2020. Subsequently, the two companies will continue to work to maximize their respective strengths in the field of electric mobility, providing safe, convenient, and fun mobility solutions even more suited to the user's perspective.

On December 11, 2018, Yamaha Motor announced its 2030 Long-Term Vision, headlined by the concept of 'ART for Human Possibilities.' Yamaha Motor's aims of expanding human possibilities and realizing better lifestyles and a better society are reflected in its ideals of promoting 'Advancing Robotics,' 'Rethinking Solutions - addressing social issues with initiatives in the unique style of Yamaha,' and 'Transforming Mobility.'

In 2017 glafit launched the GFR-01, a new electric hybrid bike - which is neither a bicycle or a scooter - targeted at people who do not use two-wheeled vehicles. This model has succeeded in attracting new users to the two-wheeled vehicle category. This capital procurement will strengthen glafit's management platform through product development and personnel recruitment, aiming for listing on the stock exchange as a mobility venture company originating in Wakayama.

Comment from Executive Officer Takuya Kinoshita, Chief General Manager of Motorcycle Business Operations, Yamaha Motor Co., Ltd.
'This investment in and collaboration with grafit has come about because grafit's passion for creating Kando^* for people through Monozukuri (engineering, manufacturing and marketing) and vehicles is in harmony with our vision. In addition, our two companies share a mission of expanding the possibilities of value in vehicles.

Through support for startups which create new value in these ways and joining together with other like-minded companies, Yamaha Motor will continue to take initiatives which expand people's possibilities in networks.'

*Kando is a Japanese word for the simultaneous feelings of deep satisfaction and intense excitement that we experience when we encounter something of exceptional value.

Comment from glafit President and Representative Director Teizo Narumi
'This business alliance with Yamaha Motor is in harmony with our vision of being a 'next-generation mobility manufacturer.' It has come about because of our conviction that through it we can together begin initiatives which increase value and further possibilities in mobility.
grafit will continue to provide people worldwide with products and services which surprise and provide Kando to them.'

Outline of Yamaha Motor Co., Ltd.

Headquarters	：	2500 Shingai, Iwata, Shizuoka 438-8501, Japan
President and Representative Director	：	Yoshihiro Hidaka
Capital	：	85,797,000,000 yen (as at end September 2018)
Staff	：	10,564 (as at end December 2017)
Established	：	July 1, 1955
Website	：	https://global.yamaha-motor.com/

Outline of glafit inc.

Headquarters	：	Forte North Building, 7-1 Minami-daiku-machi, Wakayama, Wakayama 640-8032, Japan
President and Representative Director	：	Teizo Narumi
Capital	：	3,000,000 yen (as at end September 2018)
Staff	：	8 (as at end December 2018)
Established	：	September 1, 2017
Website	：	https://glafit.com/