DCF FY09A FY10A FY11A FY12E FY13E FY14E FY15E FY16E Terminal Year

Revenue $4,287,130 $4,176,627 $4,662,264 $4,908,195 $5,169,581 $5,447,546 $5,695,045 $5,954,422 $6,226,260

Domestic ( US Markets) $2,910,094 $2,818,032 $3,155,608 $3,313,388 $3,479,058 $3,653,011 $3,835,661 $4,027,444 $4,228,817

Europe $700,882 $699,492 $781,432 $797,061 $813,002 $829,262 $845,847 $862,764 $880,019

Others ( Asia and Japan) $676,154 $659,103 $725,224 $797,746 $877,521 $965,273 $1,013,537 $1,064,214 $1,117,424

% growth (2.58%) 11.63% 5.27% 5.33% 5.38% 4.54% 4.55% 2.50%

EBITDA $645,088 $793,716 $803,103 $834,393 $878,829 $980,558 $1,025,108 $1,071,796 $1,120,727

% margin 15.05% 19.00% 17.23% 17.00% 17.00% 18.00% 18.00% 18.00% 18.00%

EBIT $406,812 $545,470 $629,144 $651,258 $685,941 $777,299 $812,614 $849,624 $888,412

NOPAT $264,428 $354,556 $408,944 $423,318 $445,861 $505,244 $528,199 $552,255 $577,468

Working capital change $128,614 -$334,130 $39,595 $41,684 $43,903 $46,264 $48,366 $50,569 $52,877

Tax % of EBIT 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%

D&A 238,276 248,246 173,959 183,135 192,888 203,260 212,494 222,172 232,315

D&A % of revenue 5.56% 5.94% 3.73% 3.73% 3.73% 3.73% 3.73% 3.73% 3.73%

Tax expense 142,384 190,915 220,200 227,940 240,079 272,055 284,415 297,368 310,944

FCF 262,774 769,202 363,320 555,275 404,767 642,014 492,694 693,620 546,777

Discount factor 1.08 1.16 1.24 1.34 1.44 1.54 1.66 1.78 1.92

NPV of FCF $244,441 $665,615 $292,458 $415,790 $281,944 $416,001 $296,973 $388,914 $285,190

Capex $111,316 $167,730 $179,988 $9,494 $190,079 $20,225 $199,634 $30,238 $210,128

Capex as % of revenues 2.60% 4.02% 3.86% 4% 4% 4% 4% 4% 4%

Terminal value $11,208,933

FCFF $14,496,259

Cash $1,096,710

Net debt $303,000

Equity value $14,193,259

WACC 7.50%

Shares Outstanding 231,300

Firm Value of Motorcycles 13,399,549

Financial Division Book Value (FY12E) $986,539

Growth Rate of Financial Division 4.93%

Financial Division Book Value (FY12E) $1,035,175

Total Value $15,228,435

Price 65.84