FINANCIAL SUMMARY

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FY2017 Second Quarter

(April 1, 2016 through September 30, 2016)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2017 Second Quarter Consolidated Financial Results

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

English translation from the original Japanese-language document

November 8, 2016

Company name	: Toyota Motor Corporation
Stock exchanges on which the shares are listed	: Tokyo, Nagoya, Sapporo and Fukuoka Stock   Exchanges in Japan
Code number	: 7203
URL	: http://www.toyota.co.jp
Representative	: Akio Toyoda, President
Contact person	: Yasushi Kyoda, General Manager, Accounting Division   Tel. (0565)28-2121
Filing date of quarterly securities report	: November 11, 2016
Payment date of cash dividends	: November 29, 2016
Supplemental materials prepared for quarterly financial results	: yes
Earnings announcement for quarterly financial results	: yes

(Amounts are rounded to the nearest million yen)

1. Consolidated Results for FY2017 First Half (April 1, 2016 through September 30, 2016)

(1) Consolidated financial results (For the six months ended September 30)

	(% of change from previous first half)
	Net revenues				Operating income				Income before income taxes and equity in earnings of affiliated companies				Net income attributable to Toyota Motor Corporation
	Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2017 first half		13,070,533		-7.2		1,116,865		-29.5		1,176,534		-29.8		946,173		-24.8
FY2016 first half		14,091,488		8.9		1,583,405		17.1		1,675,151		11.0		1,258,112		11.6

(Note) Comprehensive income: FY2017 first half 242,981 million yen (-73.7 %), FY2016 first half 925,033 million yen (-40.3 %)

	Net income attributable to Toyota Motor Corporation per common share – Basic		Net income attributable to Toyota Motor Corporation per common share  – Diluted
	Yen		Yen
FY2017 first half		311.08		307.84
FY2016 first half		399.39		397.75

(2) Consolidated financial position

	Total assets		Mezzanine equity and Shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity
	Million yen		Million yen		Million yen		%
FY2017 second quarter		43,776,105		17,442,264		16,391,908		37.4
FY2016		47,427,597		18,088,186		16,746,935		35.3

2. Cash Dividends

	Annual cash dividends per common share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2016		—		100.00		—		110.00		210.00
FY2017		—		100.00
FY2017 (forecast)						—		—		—

(Note)	Revisions to the forecast of cash dividends since the latest announcement: none
	Please refer to “(Reference) Cash Dividends on Class Shares” for information regarding cash dividends on class shares, which are unlisted and have different rights from common stock.

3. Forecast of Consolidated Results for FY2017 (April 1, 2016 through March 31, 2017)

	(% of change from FY2016)
	Net revenues				Operating income				Income before income taxes and equity in earnings of affiliated companies				Net income attributable to Toyota Motor Corporation				Net income attributable to Toyota Motor Corporation per common share – Basic
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Yen
Full-year		26,000,000		-8.5		1,700,000		-40.4		1,900,000		-36.3		1,550,000		-33.0		512.77

(Note) Revisions to the forecast of consolidated results since the latest announcement: yes

Notes

(1) Changes in significant subsidiaries during the current quarter

(Changes in specified subsidiaries that caused a change in the scope of consolidation): none

(2) Simplified accounting procedures and specific accounting procedures: yes

Note: For more details, please see page 5 “Other Information”.

(3) Changes in accounting policies

(i) Changes by a newly issued accounting pronouncement: yes

(ii) Changes other than (3)-(i) above: yes

Note: For more details, please see page 5 “Other Information”.

(4) Number of shares issued and outstanding (common stock)

(i) Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2017 second quarter 3,337,997,492 shares, FY2016 3,337,997,492 shares

(ii) Number of treasury stock at the end of each period: FY2017 second quarter 334,684,022 shares,

FY2016 300,321,622 shares

(iii) Average number of shares issued and outstanding in each period: FY2017 first half 3,025,875,694 shares,

FY2016 first half 3,143,911,710 shares

Information Regarding the Quarterly Review Procedures

At the time of disclosure of this report, the procedures for review of quarterly consolidated financial statements, pursuant to the “Financial Instruments and Exchange Act” of Japan, have not been completed.

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

This report contains summarized and condensed financial information prepared in accordance with U.S. generally accepted accounting principles.

(Reference) Cash Dividends on Class Shares

Cash dividends on class shares, which have different rights from common stock, are as follows:

	Annual cash dividends per First Series Model AA Class Share
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
FY2016		—		26.00		—		26.00		52.00
FY2017		—		52.50
FY2017 (forecast)						—		—		—

(Note) The First Series Model AA Class Shares were issued in July 2015.

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

TABLE OF CONTENTS

1.   Information Concerning Consolidated Financial Results for FY2017 First Half	2
(1) Financial Results	2
(2) Segment Operating Results	2
(3) Geographic Information	3
2.   Information Concerning Forecast of Consolidated Financial Results for FY2017	4
3.  Other Information	5
(1) Changes in significant subsidiaries during the current period	5
(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements	5
(3) Changes in accounting principles, procedures, and disclosures for consolidated financial statements	5
4.  Consolidated Production and Sales	6
(1) Production	6
(2) Sales (by destination)	6
5.  Consolidated Financial Statements	7
(1) Consolidated Balance Sheets	7
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	9
(3) Consolidated Statements of Cash Flows	13
(4) Going Concern Assumption	14
(5) Segment Information	14
(6) Significant Changes in Shareholders’ Equity	16

1

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

1. Information Concerning Consolidated Financial Results for FY2017 First Half

(1) Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 85 thousand units, or 2.0%, to 4,363 thousand units in FY2017 first half (the six months ended September 30, 2016) compared with FY2016 first half (the six months ended September 30, 2015). Vehicle unit sales in Japan increased by 94 thousand units, or 9.6%, to 1,078 thousand units in FY2017 first half compared with FY2016 first half. Meanwhile, overseas vehicle unit sales decreased by 9 thousand units, or 0.3%, to 3,285 thousand units in FY2017 first half compared with FY2016 first half.

As for the results of operations, net revenues decreased by 1,020.9 billion yen, or 7.2%, to 13,070.5 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 466.5 billion yen, or 29.5%, to 1,116.8 billion yen in FY2017 first half compared with FY2016 first half. The factors contributing to an increase in operating income were cost reduction efforts of 220.0 billion yen and marketing efforts of 205.0 billion yen. On the other hand, the factors contributing to a decrease in operating income were the effects of changes in exchange rates of 565.0 billion yen, the increase in expenses and others of 225.0 billion yen, and other factors of 101.5 billion yen. Income before income taxes and equity in earnings of affiliated companies decreased by 498.6 billion yen, or 29.8%, to 1,176.5 billion yen in FY2017 first half compared with FY2016 first half. Net income attributable to Toyota Motor Corporation decreased by 311.9 billion yen, or 24.8%, to 946.1 billion yen in FY2017 first half compared with FY2016 first half.

(2) Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations decreased by 944.9 billion yen, or 7.3%, to 11,938.0 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 453.9 billion yen, or 32.6%, to 937.3 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.

(ii) Financial services:

Net revenues for the financial services operations decreased by 79.0 billion yen, or 8.3%, to 870.9 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 13.6 billion yen, or 8.2%, to 152.1 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the increase in expenses related to credit losses and residual value losses in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses decreased by 18.6 billion yen, or 3.4%, to 532.8 billion yen in FY2017 first half compared with FY2016 first half, and operating income was 27.2 billion yen in FY2017 first half.

2

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(3) Geographic Information

(i) Japan:

Net revenues in Japan decreased by 241.7 billion yen, or 3.3%, to 6,980.4 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 473.5 billion yen, or 49.4%, to 484.7 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.

(ii) North America:

Net revenues in North America decreased by 654.3 billion yen, or 11.8%, to 4,876.3 billion yen in FY2017 first half compared with FY2016 first half. However, operating income increased by 35.8 billion yen, or 13.0%, to 311.2 billion yen in FY2017 first half compared with FY2016 first half. The increase in operating income was mainly due to the decrease in expenses and others, and cost reduction efforts.

(iii) Europe:

Net revenues in Europe decreased by 83.3 billion yen, or 6.4%, to 1,225.9 billion yen in FY2017 first half compared with FY2016 first half. However, operating income increased by 4.2 billion yen, or 14.1%, to 34.5 billion yen in FY2017 first half compared with FY2016 first half.

(iv) Asia:

Net revenues in Asia decreased by 139.5 billion yen, or 5.7%, to 2,301.5 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 21.3 billion yen, or 8.7%, to 222.7 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the increase in expenses and others, and the effects of changes in exchange rates.

(v) Other (Central and South America, Oceania, Africa and the Middle East):

Net revenues in other regions decreased by 138.2 billion yen, or 11.7%, to 1,046.6 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 14.0 billion yen, or 21.0%, to 52.8 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.

3

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

2. Information Concerning Forecast of Consolidated Financial Results for FY2017

Based on the current trend of financial results, due to changes in foreign currency exchange rates and favorable results of a variety of measures for profit improvement, the current forecast of consolidated financial results for FY2017 (April 1, 2016 through March 31, 2017) is set forth below. This forecast assumes average exchange rates through the fiscal year of 103 yen per US$1 and 114 yen per 1 euro.

Forecast of consolidated results for FY2017

Net revenues	26,000.0 billion yen	(a decrease of 8.5% compared with FY2016)
Operating income	1,700.0 billion yen	(a decrease of 40.4% compared with FY2016)
Income before income taxes and equity in earnings of affiliated companies	1,900.0 billion yen	(a decrease of 36.3% compared with FY2016)
Net income attributable to Toyota Motor Corporation	1,550.0 billion yen	(a decrease of 33.0% compared with FY2016)

These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

4

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

3. Other Information

(1) Changes in significant subsidiaries during the current period

(Changes in specified subsidiaries that caused a change in the scope of consolidation)

None

(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements

Provision for income taxes

The provision for income taxes is computed by multiplying income before income taxes and equity in earnings of affiliated companies for the first half by estimated annual effective tax rates. These estimated annual effective tax rates reflect anticipated investment tax credits, foreign tax credits and other items, including changes in valuation allowances, that are expected to affect estimated annual effective tax rates.

(3) Changes in accounting principles, procedures, and disclosures for consolidated financial statements

In February 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. The parent company and its consolidated subsidiaries (“Toyota”) adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. In August 2015, the FASB issued an additional update which clarifies that debt issuance costs for line of credit agreements may continue to be deferred and amortized. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In November 2015, the FASB issued updated guidance to simplify the balance sheet classification of deferred taxes. This guidance will require that deferred tax assets and liabilities be classified as noncurrent on the balance sheet. Toyota early adopted this guidance on April 1, 2016. Toyota adopted this guidance on a prospective basis from April 1, 2016 and prior periods were not retrospectively adjusted.

5

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

4. Consolidated Production and Sales

(1) Production

		(Units)
Business segment		FY2016 first half (Six months ended September 30, 2015)		FY2017 first half (Six months ended September 30, 2016)		Increase (Decrease)
Automotive	Japan		1,940,800		1,992,732		51,932
	North America		989,386		1,035,402		46,016
	Europe		267,303		278,719		11,416
	Asia		810,050		829,243		19,193
	Other		251,704		253,102		1,398
	Total		4,259,243		4,389,198		129,955
Other	Housing		2,484		2,817		333
Business segment		FY2016 second quarter (Three months ended September 30, 2015)		FY2017 second quarter (Three months ended September 30, 2016)		Increase (Decrease)
Automotive	Japan		999,338		1,058,744		59,406
	North America		461,956		508,005		46,049
	Europe		132,402		134,849		2,447
	Asia		438,301		409,108		(29,193	)
	Other		134,132		129,040		(5,092	)
	Total		2,166,129		2,239,746		73,617
Other	Housing		1,476		1,658		182

Note: 1 Production in “Automotive” indicates production units of new vehicles.

2 “Other” in “Automotive” consists of Central and South America, Oceania and Africa.

(2) Sales (by destination)

		(Units)
Business segment		FY2016 first half (Six months ended September 30, 2015)		FY2017 first half (Six months ended September 30, 2016)		Increase (Decrease)
Automotive	Japan		984,397		1,078,810		94,413
	North America		1,413,064		1,400,369		(12,695	)
	Europe		407,352		434,381		27,029
	Asia		653,566		764,750		111,184
	Other		819,628		685,227		(134,401	)
	Total		4,278,007		4,363,537		85,530
Other	Housing		2,424		2,796		372
Business segment		FY2016 second quarter (Three months ended September 30, 2015)		FY2017 second quarter (Three months ended September 30, 2016)		Increase (Decrease)
Automotive	Japan		514,426		567,640		53,214
	North America		684,251		684,985		734
	Europe		200,978		211,673		10,695
	Asia		324,964		380,579		55,615
	Other		439,388		346,001		(93,387	)
	Total		2,164,007		2,190,878		26,871
Other	Housing		1,533		1,611		78

Note: 1 Sales in “Automotive” indicates sales units of new vehicles.

2 “Other” in “Automotive” consists of Central and South America, Oceania, Africa and the Middle East, etc.

6

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

5. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Yen in millions)
	FY2016 (March 31, 2016)			FY2017 second quarter (September 30, 2016)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		2,939,428			2,767,004			(172,424	)
Time deposits		1,032,034			987,985			(44,049	)
Marketable securities		1,511,389			1,503,005			(8,384	)
Trade accounts and notes receivable, less allowance for doubtful accounts		2,000,149			1,805,932			(194,217	)
Finance receivables, net		5,912,684			5,349,933			(562,751	)
Other receivables		451,406			425,195			(26,211	)
Inventories		2,061,511			2,058,076			(3,435	)
Deferred income taxes		967,607			—			(967,607	)
Prepaid expenses and other current assets		1,333,345			756,009			(577,336	)
Total current assets		18,209,553			15,653,139			(2,556,414	)
Noncurrent finance receivables, net		8,642,947			7,944,409			(698,538	)
Investments and other assets:
Marketable securities and other securities investments		7,439,799			7,355,033			(84,766	)
Affiliated companies		2,631,612			2,587,773			(43,839	)
Employees receivables		32,998			29,075			(3,923	)
Other		730,271			917,845			187,574
Total investments and other assets		10,834,680			10,889,726			55,046
Property, plant and equipment:
Land		1,352,904			1,347,459			(5,445	)
Buildings		4,311,895			4,253,545			(58,350	)
Machinery and equipment		10,945,267			10,524,881			(420,386	)
Vehicles and equipment on operating leases		5,652,622			5,282,596			(370,026	)
Construction in progress		513,953			502,263			(11,690	)
Total property, plant and equipment, at cost		22,776,641			21,910,744			(865,897	)
Less – Accumulated depreciation		(13,036,224	)		(12,621,913	)		414,311
Total property, plant and equipment, net		9,740,417			9,288,831			(451,586	)
Total assets		47,427,597			43,776,105			(3,651,492	)

7

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

	(Yen in millions)
	FY2016 (March 31, 2016)			FY2017 second quarter (September 30, 2016)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		4,698,134			4,600,148			(97,986	)
Current portion of long-term debt		3,822,954			3,554,849			(268,105	)
Accounts payable		2,389,515			2,225,891			(163,624	)
Other payables		1,040,277			824,848			(215,429	)
Accrued expenses		2,726,120			2,556,974			(169,146	)
Income taxes payable		343,325			226,339			(116,986	)
Other current liabilities		1,104,131			1,029,213			(74,918	)
Total current liabilities		16,124,456			15,018,262			(1,106,194	)
Long-term liabilities:
Long-term debt		9,772,065			8,706,063			(1,066,002	)
Accrued pension and severance costs		904,911			917,057			12,146
Deferred income taxes		2,046,089			1,230,450			(815,639	)
Other long-term liabilities		491,890			462,009			(29,881	)
Total long-term liabilities		13,214,955			11,315,579			(1,899,376	)
Total liabilities		29,339,411			26,333,841			(3,005,570	)
Mezzanine equity
Model AA Class Shares, no par value, authorized: 150,000,000 shares at March 31, 2016 and September 30, 2016 issued: 47,100,000 shares at March 31, 2016 and September 30, 2016		479,779			483,452			3,673
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2016 and September 30, 2016 issued: 3,337,997,492 shares at March 31, 2016 and September 30, 2016		397,050			397,050			—
Additional paid-in capital		548,161			514,587			(33,574	)
Retained earnings		16,794,240			17,401,371			607,131
Accumulated other comprehensive income (loss)		610,768			(103,018	)		(713,786	)
Treasury stock, at cost, 300,321,622 shares at March 31, 2016 and 334,684,022 shares at September 30, 2016		(1,603,284	)		(1,818,082	)		(214,798	)
Total Toyota Motor Corporation shareholders’ equity		16,746,935			16,391,908			(355,027	)
Noncontrolling interests		861,472			566,904			(294,568	)
Total shareholders’ equity		17,608,407			16,958,812			(649,595	)
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		47,427,597			43,776,105			(3,651,492	)

Note: The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares.

8

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

First half for the six months ended September 30
Consolidated Statements of Income
	(Yen in millions)
	FY2016 first half (Six months ended September 30, 2015)			FY2017 first half (Six months ended September 30, 2016)			Increase (Decrease)
Net revenues:
Sales of products		13,162,616			12,216,706			(945,910	)
Financing operations		928,872			853,827			(75,045	)
Total net revenues		14,091,488			13,070,533			(1,020,955	)
Costs and expenses:
Cost of products sold		10,518,787			10,056,838			(461,949	)
Cost of financing operations		588,751			533,813			(54,938	)
Selling, general and administrative		1,400,545			1,363,017			(37,528	)
Total costs and expenses		12,508,083			11,953,668			(554,415	)
Operating income		1,583,405			1,116,865			(466,540	)
Other income (expense):
Interest and dividend income		83,036			79,754			(3,282	)
Interest expense		(19,658	)		(11,113	)		8,545
Foreign exchange gain (loss), net		36,590			(27,907	)		(64,497	)
Other income (loss), net		(8,222	)		18,935			27,157
Total other income (expense)		91,746			59,669			(32,077	)
Income before income taxes and equity in earnings of affiliated companies		1,675,151			1,176,534			(498,617	)
Provision for income taxes		516,368			354,924			(161,444	)
Equity in earnings of affiliated companies		161,662			168,395			6,733
Net income		1,320,445			990,005			(330,440	)
Less – Net income attributable to noncontrolling interests		(62,333	)		(43,832	)		18,501
Net income attributable to Toyota Motor Corporation		1,258,112			946,173			(311,939	)

Note:  Net income attributable to common shareholders for the first half ended September 30, 2016 and 2015 is 941,275 million yen and 1,255,652 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 4,898 million yen and 2,460 million yen, respectively, from Net income attributable to Toyota Motor Corporation.

	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		399.39	311.08	(88.31	)
Diluted		397.75	307.84	(89.91	)

9

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

Consolidated Statements of Comprehensive Income
	(Yen in millions)
	FY2016 first half (Six months ended September 30, 2015)			FY2017 first half (Six months ended September 30, 2016)			Increase (Decrease)
Net income		1,320,445			990,005			(330,440	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(142,295	)		(554,883	)		(412,588	)
Unrealized gains (losses) on securities		(252,582	)		(191,427	)		61,155
Pension liability adjustments		(535	)		(714	)		(179	)
Total other comprehensive income (loss)		(395,412	)		(747,024	)		(351,612	)
Comprehensive income		925,033			242,981			(682,052	)
Less – Comprehensive income attributable to noncontrolling interests		(31,596	)		(8,368	)		23,228
Comprehensive income attributable to Toyota Motor Corporation		893,437			234,613			(658,824	)

10

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

Second quarter for the three months ended September 30
Consolidated Statements of Income
	(Yen in millions)
	FY2016 second quarter (Three months ended September 30, 2015)	FY2017 second quarter (Three months ended September 30, 2016)	Increase (Decrease)
Net revenues:
Sales of products	6,634,883	6,057,702	(577,181)
Financing operations	468,957	423,718	(45,239)
Total net revenues	7,103,840	6,481,420	(622,420)
Costs and expenses:
Cost of products sold	5,269,997	5,043,030	(226,967)
Cost of financing operations	280,376	268,395	(11,981)
Selling, general and administrative	726,063	695,360	(30,703)
Total costs and expenses	6,276,436	6,006,785	(269,651)
Operating income	827,404	474,635	(352,769)
Other income (expense):
Interest and dividend income	29,710	22,993	(6,717)
Interest expense	(15,262)	(6,190)	9,072
Foreign exchange gain, net	2,402	1,398	(1,004)
Other income (loss), net	(14,362)	6,642	21,004
Total other income (expense)	2,488	24,843	22,355
Income before income taxes and equity in earnings of affiliated companies	829,892	499,478	(330,414)
Provision for income taxes	248,411	167,099	(81,312)
Equity in earnings of affiliated companies	60,760	78,395	17,635
Net income	642,241	410,774	(231,467)
Less – Net income attributable to noncontrolling interests	(30,523)	(17,066)	13,457
Net income attributable to Toyota Motor Corporation	611,718	393,708	(218,010)
Note:  Net income attributable to common shareholders for the second quarter ended September 30, 2016 and 2015 is 391,259 million yen and 609,258 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 2,449 million yen and 2,460 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic	193.97	129.77	(64.20)
Diluted	192.51	128.54	(63.97)

11

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

Consolidated Statements of Comprehensive Income
	(Yen in millions)
	FY2016 second quarter (Three months ended September 30, 2015)	FY2017 second quarter (Three months ended September 30, 2016)	Increase (Decrease)
Net income	642,241	410,774	(231,467)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(227,562)	(104,983)	122,579
Unrealized gains (losses) on securities	(330,242)	73,775	404,017
Pension liability adjustments	(2,376)	2,894	5,270
Total other comprehensive income (loss)	(560,180)	(28,314)	531,866
Comprehensive income	82,061	382,460	300,399
Less – Comprehensive income attributable to noncontrolling interests	3,045	(12,635)	(15,680)
Comprehensive income attributable to Toyota Motor Corporation	85,106	369,825	284,719

12

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(3) Consolidated Statements of Cash Flows

	(Yen in millions)
	FY2016 first half (Six months ended September 30, 2015)			FY2017 first half (Six months ended September 30, 2016)
Cash flows from operating activities:
Net income		1,320,445			990,005
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		784,705			767,044
Provision for doubtful accounts and credit losses		43,737			37,763
Pension and severance costs, less payments		7,293			21,956
Losses on disposal of fixed assets		18,077			12,202
Unrealized losses on available-for-sale securities, net		6,197			5,990
Deferred income taxes		53,219			18,740
Equity in earnings of affiliated companies		(161,662	)		(168,395	)
Changes in operating assets and liabilities, and other		(114,488	)		(110,929	)
Net cash provided by operating activities		1,957,523			1,574,376
Cash flows from investing activities:
Additions to finance receivables		(7,018,921	)		(6,471,350	)
Collection of and proceeds from sales of finance receivables		6,725,564			6,248,137
Additions to fixed assets excluding equipment leased to others		(631,430	)		(592,974	)
Additions to equipment leased to others		(1,422,814	)		(1,198,120	)
Proceeds from sales of fixed assets excluding equipment leased to others		14,846			15,866
Proceeds from sales of equipment leased to others		537,111			620,871
Purchases of marketable securities and security investments		(915,383	)		(1,220,327	)
Proceeds from sales of and maturity of marketable securities and security investments		1,580,087			864,289
Changes in investments and other assets, and other		(1,025,228	)		698,684
Net cash used in investing activities		(2,156,168	)		(1,034,924	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		2,806,288			2,080,740
Payments of long-term debt		(2,150,070	)		(2,112,216	)
Increase in short-term borrowings		230,267			353,872
Proceeds from issuance of class shares		474,917			—
Dividends paid to Toyota Motor Corporation class shareholders		—			(1,224	)
Dividends paid to Toyota Motor Corporation common shareholders		(393,352	)		(334,144	)
Dividends paid to noncontrolling interests		(59,027	)		(47,934	)
Reissuance (repurchase) of treasury stock, and other		(245,819	)		(505,603	)
Net cash provided by (used in) financing activities		663,204			(566,509	)
Effect of exchange rate changes on cash and cash equivalents		(58,265	)		(145,367	)
Net increase (decrease) in cash and cash equivalents		406,294			(172,424	)
Cash and cash equivalents at beginning of period		2,284,557			2,939,428
Cash and cash equivalents at end of period		2,690,851			2,767,004

Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value.

13

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(4) Going Concern Assumption

          None

(5) Segment Information

(i) Segment Operating Results

FY2016 first half (Six months ended September 30, 2015)

	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		12,856,840		928,872		305,776		—			14,091,488
Inter-segment sales and transfers		26,091		21,109		245,772		(292,972	)		—
Total		12,882,931		949,981		551,548		(292,972	)		14,091,488
Operating expenses		11,491,577		784,138		524,313		(291,945	)		12,508,083
Operating income		1,391,354		165,843		27,235		(1,027	)		1,583,405
FY2017 first half (Six months ended September 30, 2016)
	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		11,915,160		853,827		301,546		—			13,070,533
Inter-segment sales and transfers		22,849		17,137		231,306		(271,292	)		—
Total		11,938,009		870,964		532,852		(271,292	)		13,070,533
Operating expenses		11,000,649		718,768		505,623		(271,372	)		11,953,668
Operating income		937,360		152,196		27,229		80			1,116,865
FY2016 second quarter (Three months ended September 30, 2015)
	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		6,458,452		468,957		176,431		—			7,103,840
Inter-segment sales and transfers		13,089		10,722		118,168		(141,979	)		—
Total		6,471,541		479,679		294,599		(141,979	)		7,103,840
Operating expenses		5,757,750		384,009		279,647		(144,970	)		6,276,436
Operating income		713,791		95,670		14,952		2,991			827,404
FY2017 second quarter (Three months ended September 30, 2016)
	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		5,897,299		423,718		160,403		—			6,481,420
Inter-segment sales and transfers		11,673		8,335		123,406		(143,414	)		—
Total		5,908,972		432,053		283,809		(143,414	)		6,481,420
Operating expenses		5,515,053		370,098		266,908		(145,274	)		6,006,785
Operating income		393,919		61,955		16,901		1,860			474,635

14

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(ii) Geographic Information

FY2016 first half (Six months ended September 30, 2015)

	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		4,149,579		5,416,766		1,244,296		2,204,258		1,076,589		—			14,091,488
Inter-segment sales and transfers		3,072,596		114,026		65,017		236,834		108,233		(3,596,706	)		—
Total		7,222,175		5,530,792		1,309,313		2,441,092		1,184,822		(3,596,706	)		14,091,488
Operating expenses		6,263,942		5,255,398		1,279,062		2,196,962		1,117,928		(3,605,209	)		12,508,083
Operating income		958,233		275,394		30,251		244,130		66,894		8,503			1,583,405
FY2017 first half (Six months ended September 30, 2016)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		4,119,205		4,785,406		1,166,278		2,057,926		941,718		—			13,070,533
Inter-segment sales and transfers		2,861,212		90,989		59,639		243,644		104,894		(3,360,378	)		—
Total		6,980,417		4,876,395		1,225,917		2,301,570		1,046,612		(3,360,378	)		13,070,533
Operating expenses		6,495,708		4,565,136		1,191,392		2,078,779		993,761		(3,371,108	)		11,953,668
Operating income		484,709		311,259		34,525		222,791		52,851		10,730			1,116,865
Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East.
FY2016 second quarter (Three months ended September 30, 2015)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		2,142,419		2,635,474		636,733		1,160,467		528,747		—			7,103,840
Inter-segment sales and transfers		1,577,794		54,873		28,556		137,648		59,800		(1,858,671	)		—
Total		3,720,213		2,690,347		665,289		1,298,115		588,547		(1,858,671	)		7,103,840
Operating expenses		3,237,834		2,541,813		642,897		1,154,082		559,681		(1,859,871	)		6,276,436
Operating income		482,379		148,534		22,392		144,033		28,866		1,200			827,404
FY2017 second quarter (Three months ended September 30, 2016)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		2,139,769		2,300,602		576,245		994,421		470,383		—			6,481,420
Inter-segment sales and transfers		1,479,238		41,234		27,842		124,492		54,696		(1,727,502	)		—
Total		3,619,007		2,341,836		604,087		1,118,913		525,079		(1,727,502	)		6,481,420
Operating expenses		3,424,665		2,202,017		578,572		1,023,570		499,528		(1,721,567	)		6,006,785
Operating income		194,342		139,819		25,515		95,343		25,551		(5,935	)		474,635
Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East.

15

TOYOTA MOTOR CORPORATION    FY2017 Second Quarter Financial Summary

(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

(6) Significant Changes in Shareholders’ Equity

          None

16