**Exhibit 99.1**

 

 
| “Regular” Distribution  Period:   |   |                                 |   |                                       |
|---------------------------------------------|--------|--------------------------------------|--------|--------------------------------------------|
| April 15, 2003 to  April 15, 2004 |   | **Yamaha Motor Master Trust**        |   | Annual  Collection Period :                |
| “Actual” Distribution  Period:    |   | **Aggregate Servicer’s Report** |   | April 1,  2003 to March 31, 2004 |
| April 15, 2003 to  April 15, 2004 |   |                                 |   |                                       |

 

**(i).****                              ****Aggregate Pool Balance**

 
| Aggregate Pool Balance as of the beginning  of the twelve Preceding Collection Periods |   | 886,600,519.01   |   |   |   |   |   |   |   |
|----------------------------------------------------------------------------------------|--------|------------------|--------|--------|--------|--------|--------|--------|--------|
| Collections other than finance charges,  cash Adjustment Payments                      |   | 2,329,628,817.35 |   |   |   |   |   |   |   |
| Other Reductions to Pool Balance                                                       |   | 9,648,540.59     |   |   |   |   |   |   |   |
| Additional Receivables                                                                 |   | 2,309,420,823.48 |   |   |   |   |   |   |   |
| Aggregate Pool Balance as of the end of the  twelve Preceding Collection Periods       |   | 856,743,984.55   |   |   |   |   |   |   |   |

 

**(ii).****                          ****Aggregate Trust Collections**

 
| Collections other than finance charges,  cash Adjustment Payments |   | 2,329,628,817.35 |   |   |   |   |   |   |   |
|-------------------------------------------------------------------|--------|------------------|--------|--------|--------|--------|--------|--------|--------|
| Yield Collections                                                 |   | 144,772,279.44   |   |   |   |   |   |   |   |
| Principal Collections                                             |   | 2,184,856,537.91 |   |   |   |   |   |   |   |

 

**(iii)****                          TotalAmount  Distributed to Investors**

 
|                                    |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate**  |   |
|-----------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|----------------|--------|
|                                    |   |               |   |               |   |               |   |           |   |
| Class A amount distributed to Investors |   | 136,184,677.93     |   | 2,455,284.65       |   | 173,237,311.06     |   | 311,877,273.64 |   |
| Class B amount distributed to Investors |   | 232,911.61         |   | 225,980.67         |   | 22,550,889.58      |   | 23,009,781.86  |   |
| Class C amount distributed to Investors |   | 329,960.19         |   | 320,139.29         |   | 0.00               |   | 650,099.48     |   |

 

**(iv)****          Total Principal  Distributed to Investors**

 
|                                     |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate**   |   |
|------------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|-----------------|--------|
|                                     |   |               |   |               |   |               |   |            |   |
| Class A amount distributed to Investors  |   | 0.00               |   | 0.00               |   | 172,500,000.00     |   | 172,500,000.00  |   |
| Class B amount distributed to Investors  |   | 0.00               |   | 0.00               |   | 22,415,254.24      |   | 22,415,254.24   |   |
| Class C amount distributed to Investors  |   | 0.00               |   | 0.00               |   | 0.00               |   | 0.00            |   |
| Class A amount funded by Investors       |   | 0.00               |   | 0.00               |   | (178,000,000.00    | )      | (178,000,000.00 | )      |
| Class B amount funded by Investors       |   | 0.00               |   | 0.00               |   | (23,129,943.50     | )      | (23,129,943.50  | )      |
| Class C amount funded by Investors       |   | 0.00               |   | 0.00               |   | 0.00               |   | 0.00            |   |
| Total Principal Distributed to Investors |   | 0.00               |   | 0.00               |   | (6,214,689.26      | )      | (6,214,689.26   | )      |

 

**(v)****           Total Interest  Distributed to Investors**

 
|                                    |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate** |   |
|-----------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|---------------|--------|
|                                    |   |               |   |               |   |               |   |          |   |
| Class A amount distributed to Investors |   | 2,851,344.61       |   | 2,455,284.65       |   | 737,311.06         |   | 6,043,940.32  |   |
| Class B amount distributed to Investors |   | 232,911.61         |   | 225,980.67         |   | 135,635.34         |   | 594,527.62    |   |
| Class C amount distributed to Investors |   | 329,960.19         |   | 320,139.29         |   | 0.00               |   | 650,099.48    |   |
| Total Interest Distributed to Investors |   | 3,414,216.41       |   | 3,001,404.61       |   | 872,946.40         |   | 7,288,567.42  |   |

 

**(vi)****                             InvestorDefault Amount Allocated during the period 4/1/03 through 3/31/04**

 
|                                               |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate** |   |
|----------------------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|---------------|--------|
|                                               |   |               |   |               |   |               |   |          |   |
| Aggregate Monthly Defaulted Receivables            |   | 159,318.51         |   | 124,473.77         |   | (15,405.82         | )      | 268,386.45    |   |
| Aggregate Monthly Recoveries                       |   | (190,545.44        | )      | (148,871.02        | )      | 18,425.41          |   | (320,991.04   | )      |
|                                               |   |               |   |               |   |               |   |          |   |
| Aggregate Defaulted Receivables net of  Recoveries |   | (31,226.93         | )      | (24,397.25         | )      | 3,019.59           |   | (52,604.59    | )      |

 

**(vii)****                         AggregateMonthly Servicing Fee Paid during the period 4/1/03 through 3/31/04**

 
|                                                                  |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate** |   |
|-----------------------------------------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|---------------|--------|
|                                                                  |   |               |   |               |   |               |   |          |   |
| Aggregate Monthly Servicing Fee Due                                   |   | 4,678,360.80       |   | 3,999,999.96       |   | 1,545,989.16       |   | 10,224,349.92 |   |
| Aggregate Monthly Servicing Fee Paid as  Reported                     |   | 4,678,360.80       |   | 3,999,999.96       |   | 1,372,632.35       |   | 10,050,993.11 |   |
|                                                                  |   |               |   |               |   |               |   |          |   |
| Aggregate Monthly Servicing Fee Un-paid as  of 3/31/04                |   | 0.00               |   | 0.00               |   | 173,356.81         |   | 173,356.81    |   |
|                                                                  |   |               |   |               |   |               |   |          |   |
| Amount of underpayment to be paid on  June 15, 2004 payment date |   | 0.00               |   | 0.00               |   | 173,356.81         |   | 173,356.81    |   |
|                                                                  |   |               |   |               |   |               |   |          |   |
| Balance of underpayment payable on  subsequent payment date(s)        |   | 0.00               |   | 0.00               |   | 0.00               |   | 0.00          |   |

 

**NOTE:  In the course of our annual review of servicing compliance, it wasdiscovered that the Monthly Servicing Fee allocable to the 1998-1 Series wasmiscalculated during the fiscal years ended March 31, 2000 throughMarch 31, 2004.  Suchmiscalculation resulted in the Servicer being underpaid (and distributions tothe Transferor were overpaid in an equivalent amount) in an aggregate amountequal to $551,004.82 (which amount includes the $173,356.81 described above)for such fiscal years.  Such $551,004.82servicing fee underpayment will be paid to Yamaha, as servicer, on the June 15,2004 payment date (thereby reversing any related over-distributions to thetransferor in prior periods).**

 

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**(viii)****                     InvestedAmount as of 4/1/03**

 
|                                                                               |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate**  |   |
|------------------------------------------------------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|----------------|--------|
|                                                                               |   |               |   |               |   |               |   |           |   |
| Class A Invested Amount                                                            |   | 200,000,000.00     |   | 171,000,000.00     |   | 170,000,000.00     |   | 541,000,000.00 |   |
| Class B Invested Amount                                                            |   | 14,035,000.00      |   | 12,000,000.00      |   | 22,090,395.48      |   | 48,125,395.48  |   |
| Class C Invested Amount                                                            |   | 19,883,041.00      |   | 17,000,000.00      |   | —             |   | 36,883,041.00  |   |
| Aggregate Invested Amount                                                          |   | 233,918,041.00     |   | 200,000,000.00     |   | 192,090,395.48     |   | 626,008,436.48 |   |
|                                                                               |   |               |   |               |   |               |   |           |   |
| Class A Principal Funding Account or  Capitalized Interest Account (series 1998-A) |   | 0.00               |   | 0.00               |   | 1,166,667.00       |   | 1,166,667.00   |   |
|                                                                               |   |               |   |               |   |               |   |           |   |
| Adjusted Invested Amount                                                           |   | 233,918,041.00     |   | 200,000,000.00     |   | 190,923,728.48     |   | 624,841,769.48 |   |

 

**(ix)****                            InvestedAmount as of 3/31/04**

 
|                                                                               |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   | **Aggregate**  |   |
|------------------------------------------------------------------------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|----------------|--------|
|                                                                               |   |               |   |               |   |               |   |           |   |
| Class A Invested Amount                                                            |   | 200,000,000.00     |   | 171,000,000.00     |   | 175,500,000.00     |   | 546,500,000.00 |   |
| Class B Invested Amount                                                            |   | 14,035,000.00      |   | 12,000,000.00      |   | 22,805,084.75      |   | 48,840,084.75  |   |
| Class C Invested Amount                                                            |   | 19,883,041.00      |   | 17,000,000.00      |   | —             |   | 36,883,041.00  |   |
| Aggregate Invested Amount                                                          |   | 233,918,041.00     |   | 200,000,000.00     |   | 198,305,084.75     |   | 632,223,125.75 |   |
|                                                                               |   |               |   |               |   |               |   |           |   |
| Class A Principal Funding Account or  Capitalized Interest Account (series 1998-A) |   | 133,333,333.33     |   | 0.00               |   | 1,166,667.00       |   | 134,500,000.33 |   |
|                                                                               |   |               |   |               |   |               |   |           |   |
| Adjusted Invested Amount                                                           |   | 100,584,707.67     |   | 200,000,000.00     |   | 197,138,417.75     |   | 497,723,125.42 |   |

 

**(x).****                             SeriesFactor as of 4/1/03 and 3/31/04**

 
|                |   | **Series  1999-1** |   | **Series  2000-1** |   | **Series  1998-1** |   |   |   |
|---------------------|--------|--------------------|--------|--------------------|--------|--------------------|--------|--------|--------|
|                |   |               |   |               |   |               |   |   |   |
| Class A Pool Factor |   | 1.000000           |   | 1.000000           |   | —             |   |   |   |
| Class B Pool Factor |   | 1.000000           |   | 1.000000           |   | —             |   |   |   |
| Class C Pool Factor |   | 1.000000           |   | 1.000000           |   | —             |   |   |   |

 

**(xi)****                            YieldFactor applicable with Respect to Collection Periods**

 
| During the period April 1, 2003 to  November 30, 2003 |   | 1.50 | % |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|------|---|--------|--------|--------|--------|--------|--------|
| During the period December 1, 2003 to  March 31, 2004 |   | 1.75 | % |   |   |   |   |   |   |

 
| **(xii)** | **Aggregate Collections of Receivables  Comprised of Interest, Fees and Service Charges collected from Dealers** |   | 32,487,166.65 |   |
|-----------|------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|

 

**(xiii).****                 EarlyAmortization Event ?**

 
| Series 1998-1 |   | NO |   |   |   |   |   |   |   |
|---------------|--------|----|--------|--------|--------|--------|--------|--------|--------|
| Series 1999-1 |   | NO |   |   |   |   |   |   |   |
| Series 2000-1 |   | NO |   |   |   |   |   |   |   |

 
| **(xiv).** | **Dealers with Receivables exceeding 1% of the Pool Balance  as of 4/1/03 and 3/31/04** |   | 0.00 |   |
|------------|-----------------------------------------------------------------------------------------|--------|------|--------|

 

 
|   | NAME:  | /s/ TAKUYA WATANABE                              |   |
|--------|--------|--------------------------------------------------|--------|
|   |   |                                             |
|   | TITLE: | Senior Vice President  & Secretary/Treasurer |

 

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