FINANCIAL SUMMARY

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

FY2019 Third Quarter

(April 1, 2018 through December 31, 2018)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2019 Third 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

February 6, 2019

Company name	: Toyota Motor Corporation
Stock exchanges on which the shares are listed	: Tokyo and Nagoya Stock Exchanges in Japan
Code number	: 7203
URL Representative	: https://www.toyota.co.jp : Akio Toyoda, President
Contact person	: Kenta Kon, General Manager, Accounting Division   Tel. (0565)28-2121
Filing date of quarterly securities report	: February 13, 2019
Payment date of cash dividends	: —
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 FY2019 First Nine Months (April 1, 2018 through December 31, 2018)

(1) Consolidated financial results (For the nine months ended December 31)

	(% of change from previous first nine months)
	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		%
FY2019 first nine months		22,475,548		3.1		1,937,974		9.5		1,725,779		-13.8		1,423,307		-29.3
FY2018 first nine months		21,796,974		8.1		1,770,186		13.8		2,003,113		13.6		2,013,177		40.5

(Note) Comprehensive income: FY2019 first nine months 1,553,353 million yen ( -36.0 %), FY2018 first nine months 2,428,083 million yen ( 50.3 %)

	Net income attributable to Toyota Motor Corporation per common share – Basic		Net income attributable to Toyota Motor Corporation per common share – Diluted
	Yen		Yen
FY2019 first nine months		489.82		485.72
FY2018 first nine months		677.95		670.31

(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		%
FY2019 third quarter		51,085,992		20,275,480		19,089,239		37.4
FY2018		50,308,249		19,922,076		18,735,982		37.2

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
FY2018		—		100.00		—		120.00		220.00
FY2019		—		100.00		—
FY2019 (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 FY2019 (April 1, 2018 through March 31, 2019)

	(% of change from FY2018)
	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		29,500,000		0.4		2,400,000		0.0		2,200,000		-16.0		1,870,000		-25.0		645.42

(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 9 “Other Information”.

(3) Changes in accounting policies

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

(ii) Changes other than (3)-(i) above: none

Note: For more details, please see page 9 “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): FY2019 third quarter 3,262,997,492 shares, FY2018 3,262,997,492 shares

(ii) Number of treasury stock at the end of each period: FY2019 third quarter 415,937,064 shares, FY2018 353,073,500 shares

(iii) Average number of shares issued and outstanding in each period: FY2019 first nine months 2,883,125,232 shares, FY2018 first nine months 2,955,906,559 shares

This report is not reviewed.

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, fluctuations in stock prices, 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
FY2018		—		79.00		—		79.00		158.00
FY2019		—		105.50		—
FY2019 (forecast)								—		—

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

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

TABLE OF CONTENTS

1.  Consolidated Financial Statements	2
(1) Consolidated Balance Sheets	2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	4
(3) Consolidated Statements of Cash Flows	8
(4) Going Concern Assumption	9
(5) Significant Changes in Shareholders’ Equity	9
2.  Other Information	9
(1) Changes in significant subsidiaries during the current period	9
(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements	9
(3) Changes in accounting principles, procedures, and disclosures for consolidated financial statements	9
Supplemental Material for Financial Results for FY2019 Third Quarter

1

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

1. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Yen in millions)
	FY2018 (March 31, 2018)			FY2019 third quarter (December 31, 2018)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		3,052,269			3,162,040			109,771
Time deposits		901,244			980,662			79,418
Marketable securities		1,768,360			1,122,318			(646,042	)
Trade accounts and notes receivable, less allowance for doubtful accounts		2,219,562			2,135,896			(83,666	)
Finance receivables, net		6,348,306			6,431,388			83,082
Other receivables		489,338			465,889			(23,449	)
Inventories		2,539,789			2,555,133			15,344
Prepaid expenses and other current assets		833,788			937,868			104,080
Total current assets		18,152,656			17,791,194			(361,462	)
Noncurrent finance receivables, net		9,481,618			10,134,747			653,129
Investments and other assets:
Marketable securities and other securities investments		7,999,323			8,057,717			58,394
Affiliated companies		3,162,917			3,206,165			43,248
Employees receivables		22,562			22,000			(562	)
Other		1,221,500			1,317,710			96,210
Total investments and other assets		12,406,302			12,603,592			197,290
Property, plant and equipment:
Land		1,404,611			1,389,061			(15,550	)
Buildings		4,659,753			4,745,652			85,899
Machinery and equipment		11,535,381			11,722,145			186,764
Vehicles and equipment on operating leases		5,934,393			6,191,301			256,908
Construction in progress		509,851			622,008			112,157
Total property, plant and equipment, at cost		24,043,989			24,670,167			626,178
Less – Accumulated depreciation		(13,776,316	)		(14,113,708	)		(337,392	)
Total property, plant and equipment, net		10,267,673			10,556,459			288,786
Total assets		50,308,249			51,085,992			777,743

2

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

	(Yen in millions)
	FY2018 (March 31, 2018)			FY2019 third quarter (December 31, 2018)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		5,154,913			5,386,412			231,499
Current portion of long-term debt		4,186,277			4,408,164			221,887
Accounts payable		2,586,657			2,345,483			(241,174	)
Other payables		1,048,216			907,137			(141,079	)
Accrued expenses		3,104,260			3,059,104			(45,156	)
Income taxes payable		462,327			230,376			(231,951	)
Other current liabilities		1,254,241			1,434,597			180,356
Total current liabilities		17,796,891			17,771,273			(25,618	)
Long-term liabilities:
Long-term debt		10,006,374			10,433,541			427,167
Accrued pension and severance costs		931,182			957,078			25,896
Deferred income taxes		1,118,165			1,073,947			(44,218	)
Other long-term liabilities		533,561			574,673			41,112
Total long-term liabilities		12,589,282			13,039,239			449,957
Total liabilities		30,386,173			30,810,512			424,339
Mezzanine equity
Model AA Class Shares, no par value, authorized: 150,000,000 shares at March 31, 2018 and December 31, 2018 issued: 47,100,000 shares at March 31, 2018 and December 31, 2018		491,974			494,376			2,402
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2018 and December 31, 2018 issued: 3,262,997,492 shares at March 31, 2018 and December 31, 2018		397,050			397,050			—
Additional paid-in capital		487,502			487,353			(149	)
Retained earnings		19,473,464			21,531,645			2,058,181
Accumulated other comprehensive income (loss)		435,699			(818,100	)		(1,253,799	)
Treasury stock, at cost, 353,073,500 shares at March 31, 2018 and 415,937,064 shares at December 31, 2018		(2,057,733	)		(2,508,709	)		(450,976	)
Total Toyota Motor Corporation shareholders’ equity		18,735,982			19,089,239			353,257
Noncontrolling interests		694,120			691,865			(2,255	)
Total shareholders’ equity		19,430,102			19,781,104			351,002
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		50,308,249			51,085,992			777,743

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

3

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

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

First nine months ended December 31
Consolidated Statements of Income
	(Yen in millions)
	FY2018 first nine months (Nine months ended December 31, 2017)			FY2019 first nine months (Nine months ended December 31, 2018)			Increase (Decrease)
Net revenues:
Sales of products		20,335,530			20,896,268			560,738
Financing operations		1,461,444			1,579,280			117,836
Total net revenues		21,796,974			22,475,548			678,574
Costs and expenses:
Cost of products sold		16,859,814			17,285,985			426,171
Cost of financing operations		954,418			1,046,333			91,915
Selling, general and administrative		2,212,556			2,205,256			(7,300	)
Total costs and expenses		20,026,788			20,537,574			510,786
Operating income		1,770,186			1,937,974			167,788
Other income (expense):
Interest and dividend income		148,661			190,403			41,742
Interest expense		(20,049	)		(20,508	)		(459	)
Foreign exchange gain, net		73,755			12,772			(60,983	)
Unrealized gains (losses) on equity securities		—			(355,812	)		(355,812	)
Other income (loss), net		30,560			(39,050	)		(69,610	)
Total other income (expense)		232,927			(212,195	)		(445,122	)
Income before income taxes and equity in earnings of affiliated companies		2,003,113			1,725,779			(277,334	)
Provision for income taxes		278,309			479,739			201,430
Equity in earnings of affiliated companies		358,851			254,865			(103,986	)
Net income		2,083,655			1,500,905			(582,750	)
Less – Net income attributable to noncontrolling interests		(70,478	)		(77,598	)		(7,120	)
Net income attributable to Toyota Motor Corporation		2,013,177			1,423,307			(589,870	)
Note:  Net income attributable to common shareholders for the first nine months ended December 31, 2018 and 2017 is 1,412,216 million yen and 2,003,958 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 11,091 million yen and 9,219 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		677.95			489.82			(188.13	)
Diluted		670.31			485.72			(184.59	)

4

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

Consolidated Statements of Comprehensive Income
	(Yen in millions)
	FY2018 first nine months (Nine months ended December 31, 2017)			FY2019 first nine months (Nine months ended December 31, 2018)			Increase (Decrease)
Net income		2,083,655			1,500,905			(582,750	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		123,885			8,809			(115,076	)
Unrealized gains (losses) on securities		213,341			32,360			(180,981	)
Pension liability adjustments		7,202			11,279			4,077
Total other comprehensive income (loss)		344,428			52,448			(291,980	)
Comprehensive income		2,428,083			1,553,353			(874,730	)
Less – Comprehensive income attributable to noncontrolling interests		(85,049	)		(74,225	)		10,824
Comprehensive income attributable to Toyota Motor Corporation		2,343,034			1,479,128			(863,906	)

5

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

Third quarter for the three months ended December 31
Consolidated Statements of Income
	(Yen in millions)
	FY2018 third quarter (Three months ended December 31, 2017)			FY2019 third quarter (Three months ended December 31, 2018)			Increase (Decrease)
Net revenues:
Sales of products		7,101,556			7,257,438			155,882
Financing operations		504,211			544,104			39,893
Total net revenues		7,605,767			7,801,542			195,775
Costs and expenses:
Cost of products sold		5,869,991			5,995,359			125,368
Cost of financing operations		328,159			352,802			24,643
Selling, general and administrative		733,972			777,252			43,280
Total costs and expenses		6,932,122			7,125,413			193,291
Operating income		673,645			676,129			2,484
Other income (expense):
Interest and dividend income		55,899			65,625			9,726
Interest expense		(6,508	)		(8,905	)		(2,397	)
Foreign exchange gain (loss), net		19,936			(52,012	)		(71,948	)
Unrealized gains (losses) on equity securities		—			(503,661	)		(503,661	)
Other income (loss), net		7,968			(206	)		(8,174	)
Total other income (expense)		77,295			(499,159	)		(576,454	)
Income before income taxes and equity in earnings of affiliated companies		750,940			176,970			(573,970	)
Provision for income taxes		(95,938	)		6,148			102,086
Equity in earnings of affiliated companies		123,808			32,278			(91,530	)
Net income		970,686			203,100			(767,586	)
Less – Net income attributable to noncontrolling interests		(28,837	)		(22,185	)		6,652
Net income attributable to Toyota Motor Corporation		941,849			180,915			(760,934	)
Note: Net income attributable to common shareholders for the third quarter ended December 31, 2018 and 2017 is 177,218 million yen and 938,776 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 3,697 million yen and 3,073 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		319.01			61.85			(257.16	)
Diluted		314.99			62.12			(252.87	)

6

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

Consolidated Statements of Comprehensive Income
	(Yen in millions)
	FY2018 third quarter (Three months ended December 31, 2017)	FY2019 third quarter (Three months ended December 31, 2018)	Increase (Decrease)
Net income	970,686	203,100	(767,586)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	47,759	(133,039)	(180,798)
Unrealized gains (losses) on securities	39,293	(33,495)	(72,788)
Pension liability adjustments	3,205	119	(3,086)
Total other comprehensive income (loss)	90,257	(166,415)	(256,672)
Comprehensive income	1,060,943	36,685	(1,024,258)
Less – Comprehensive income attributable to noncontrolling interests	(36,559)	(16,389)	20,170
Comprehensive income attributable to Toyota Motor Corporation	1,024,384	20,296	(1,004,088)

7

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

(3) Consolidated Statements of Cash Flows

	(Yen in millions)
	FY2018 first nine months (Nine months ended December 31, 2017)			FY2019 first nine months (Nine months ended December 31, 2018)
Cash flows from operating activities:
Net income		2,083,655			1,500,905
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,280,923			1,321,612
Provision for doubtful accounts and credit losses		57,317			51,772
Pension and severance costs, less payments		10,990			25,306
Losses on disposal of fixed assets		29,293			27,627
Unrealized losses (gains) on marketable securities		389			361,112
Deferred income taxes		(200,218	)		(85,615	)
Equity in earnings of affiliated companies		(358,851	)		(254,865	)
Changes in operating assets and liabilities, and other		3,561			(81,084	)
Net cash provided by operating activities		2,907,059			2,866,770
Cash flows from investing activities:
Additions to finance receivables		(11,310,609	)		(11,961,107	)
Collection of and proceeds from sales of finance receivables		10,494,113			11,145,254
Additions to fixed assets excluding equipment leased to others		(871,349	)		(1,052,940	)
Additions to equipment leased to others		(1,750,068	)		(1,799,469	)
Proceeds from sales of fixed assets excluding equipment leased to others		46,658			34,095
Proceeds from sales of equipment leased to others		889,071			1,055,835
Purchases of marketable securities and security investments		(2,190,010	)		(1,563,763	)
Proceeds from sales of and maturity of marketable securities and security investments		1,927,388			1,893,797
Changes in investments and other assets, and other		(144,938	)		(94,370	)
Net cash used in investing activities		(2,909,744	)		(2,342,668	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		3,547,901			3,799,869
Payments of long-term debt		(3,315,773	)		(3,251,657	)
Increase in short-term borrowings		477,968			181,037
Dividends paid to Toyota Motor Corporation class shareholders		(6,194	)		(8,690	)
Dividends paid to Toyota Motor Corporation common shareholders		(620,698	)		(636,117	)
Dividends paid to noncontrolling interests		(63,727	)		(69,132	)
Reissuance (repurchase) of treasury stock		(233,260	)		(451,420	)
Net cash used in financing activities		(213,783	)		(436,110	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		31,232			(13,704	)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		(185,236	)		74,288
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period		3,149,326			3,219,639
Cash and cash equivalents and restricted cash and cash equivalents at end of period		2,964,090			3,293,927

Note: Cash and cash equivalents and restricted cash and cash equivalents for the first nine months ended December 31, 2018 include restricted cash and cash equivalents of 167,370 million yen and 131,887 million yen at the beginning of the period and the end of the period, respectively. Restricted cash and cash equivalents were included in Prepaid expenses and other current assets in the consolidated balance sheets.

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TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

(4) Going Concern Assumption

None

(5) Significant Changes in Shareholders’ Equity

None

2. 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 nine months 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance on the recognition of revenue from contracts with customers. This guidance requires an entity to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and supersedes the current revenue recognition guidance. The parent company and its consolidated subsidiaries (“Toyota”) applied the modified retrospective method of adoption to contracts that were not completed as of the adoption on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In January 2016, the FASB issued updated guidance for financial instruments. This guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and requires entities to measure equity investments at fair value and recognize any changes in fair value in net income. Toyota adopted this guidance on April 1, 2018. Toyota recognized a cumulative-effect adjustment to retained earnings of ¥1,309,725 million as of April 1, 2018 for after-tax unrealized gains (losses) on equity securities previously recognized in accumulated other comprehensive income. Unrealized gains (losses) on equity securities, which is mainly included in “Unrealized gains (losses) on equity securities” and “Equity in earnings of affiliated companies” of Toyota’s consolidated statements of income for the first nine months ended December 31, 2018, was losses of ¥439,670 million.

9

TOYOTA MOTOR CORPORATION    FY2019 Third Quarter Financial Summary

In August 2016, the FASB issued updated guidance for classification of statement of cash flows. This guidance clarifies classification of certain cash receipts and cash payments of statement of cash flows. Toyota adopted this guidance on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In October 2016, the FASB issued updated guidance that would require entities to recognize the income tax consequences of intercompany asset transfers other than inventory. Toyota adopted this guidance on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.

In November 2016, the FASB issued updated guidance for the statement of cash flows. This guidance requires that restricted cash and restricted cash equivalents should be included with cash and cash equivalents. It also requires entities to disclose how the statement of cash flows that includes restricted cash with cash and cash equivalents reconciles to the balance sheet. Toyota adopted this guidance on April 1, 2018. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements. Restricted cash and cash equivalents mainly include customer collections on securitized receivables to be distributed to investors as payments on the related secured debt.

10

Supplemental Material for Financial Results for FY2019 Third Quarter (Consolidated)

< U.S. GAAP >

	FY2018																		FY2019												FY2019
	1Q (2017/4-6)			2Q (2017/7-9)			3Q (2017/10-12)			9 months (2017/4-12)			4Q (2018/1-3)			12 months (’17/4-’18/3)			1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			9 months (2018/4-12)			Forecast 12 months (’18/4-’19/3)
Vehicle Production (thousands of units)		2,216			2,176			2,266			6,658			2,306			8,964			2,199			2,184			2,262			6,645
(Japan) – including Daihatsu & Hino		1,023			1,039			1,100			3,162			1,124			4,286			1,003			1,004			1,099			3,106
[Daihatsu & Hino]		[266	]		[260	]		[273	]		[799	]		[288	]		[1,087	]		[257	]		[257	]		[290	]		[804	]
(Overseas) – including Daihatsu & Hino		1,193			1,137			1,166			3,496			1,182			4,678			1,196			1,180			1,163			3,539
[Daihatsu & Hino]		[92	]		[93	]		[90	]		[275	]		[129	]		[404	]		[133	]		[162	]		[161	]		[457	]
North America		509			438			459			1,406			497			1,903			517			447			435			1,399
Europe		176			152			178			506			175			681			168			159			173			500
Asia		383			406			413			1,202			399			1,601			402			449			429			1,280
Central and South America		79			86			90			254			79			333			82			93			96			271
Oceania		20			23			0			43			0			43			0			0			0			0
Africa		26			32			26			85			32			117			28			31			30			89
Vehicle Sales (thousands of units)		2,215			2,175			2,289			6,678			2,286			8,964			2,236			2,183			2,282			6,701			8,950
(Japan) – including Daihatsu & Hino		544			543			552			1,639			616			2,255			510			521			565			1,595			2,230
[Daihatsu & Hino]		[164	]		[162	]		[158	]		[484	]		[201	]		[685	]		[155	]		[161	]		[169	]		[485	]		[700	]
(Overseas) – including Daihatsu & Hino		1,671			1,632			1,737			5,039			1,670			6,709			1,726			1,662			1,717			5,105			6,720
[Daihatsu & Hino]		[71	]		[75	]		[79	]		[224	]		[82	]		[306	]		[75	]		[87	]		[89	]		[251	]		[320	]
North America		723			672			735			2,132			675			2,806			746			665			680			2,091			2,750
Europe		240			229			237			706			262			968			253			240			232			725			970
Asia		363			382			404			1,148			394			1,543			394			417			464			1,275			1,680
Central and South America		108			109			118			335			110			445			117			120			114			351			450
Oceania		74			70			71			215			68			283			72			74			66			212			280
Africa		42			46			46			134			50			184			48			50			54			152			190
Middle East		119			122			123			363			109			472			93			95			105			293			400
Other		2			2			3			6			2			8			2			2			2			6
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,590			2,626			2,631			7,847			2,594			10,441			2,616			2,677			2,707			8,000			10,550
Housing Sales (units)		2,312			5,399			2,699			10,410			5,812			16,222			1,892			4,808			2,656			9,356			15,300

Supplemental 1

Supplemental Material for Financial Results for FY2019 Third Quarter (Consolidated)

< U.S. GAAP >

	FY2018																		FY2019													FY2019
	1Q (2017/4-6)			2Q (2017/7-9)			3Q (2017/10-12)			9 months (2017/4-12)			4Q (2018/1-3)			12 months (’17/4-’18/3)			1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			9 months (2018/4-12)				Forecast 12 months (’18/4-’19/3)
Foreign Exchange Rates
Yen to US Dollar Rate		111			111			113			112			108			111			109			111			113			111				as premise: 110
Yen to Euro Rate		122			130			133			129			133			130			130			130			129			129				as premise: 128
Market Share (Japan)
Toyota (excluding Mini-Vehicles) (%)		49.3			45.1			50.0			48.1			44.0			46.9			46.2			45.2			47.3			46.2				approximately: 46.0
Toyota, Daihatsu and Hino (including Mini-Vehicles) (%)		46.2			43.3			46.8			45.4			42.0			44.4			43.8			42.7			44.9			43.8
Number of Employees		371,888			371,286			368,883			368,883			369,124			369,124			373,272			371,796			371,495			371,495		(Note 1)
Net Revenues (billions of yen)		7,047.6			7,143.6			7,605.7			21,796.9			7,582.5			29,379.5			7,362.7			7,311.2			7,801.5			22,475.5				29,500.0
Geographic Information
Japan		3,686.3			3,881.8			4,173.1			11,741.3			4,283.4			16,024.8			3,865.4			4,012.3			4,259.8			12,137.6
North America		2,661.4			2,567.7			2,799.8			8,029.0			2,545.3			10,574.4			2,791.1			2,636.4			2,753.7			8,181.2
Europe		761.5			758.2			792.2			2,312.0			873.1			3,185.2			785.8			795.8			784.0			2,365.8
Asia		1,196.7			1,287.6			1,341.5			3,825.9			1,322.2			5,148.1			1,316.2			1,318.7			1,496.5			4,131.5
Other		612.4			625.4			616.2			1,854.0			599.2			2,453.2			598.4			608.3			592.8			1,799.7
Elimination		-1,870.8			-1,977.3			-2,117.1			-5,965.4			-2,040.9			-8,006.4			-1,994.4			-2,060.4			-2,085.5			-6,140.4
Business Segment
Automotive		6,368.6			6,368.2			6,862.8			19,599.7			6,798.1			26,397.9			6,633.4			6,514.8			7,018.4			20,166.8
Financial Services		503.7			493.8			512.5			1,510.1			506.8			2,017.0			516.8			534.4			552.4			1,603.7
All Other		337.9			430.8			381.0			1,149.9			496.2			1,646.1			358.0			412.3			391.2			1,161.6
Elimination		-162.8			-149.2			-150.7			-462.8			-218.7			-681.5			-145.6			-150.3			-160.6			-456.6
Operating Income (billions of yen)		574.2			522.2			673.6			1,770.1			629.6			2,399.8			682.6			579.1			676.1			1,937.9				2,400.0
(Operating Income Ratio) (%)		(8.1	)		(7.3	)		(8.9	)		(8.1	)		(8.3	)		(8.2	)		(9.3	)		(7.9	)		(8.7	)		(8.6	)			(8.1	)
Geographic Information
Japan		319.2			321.3			470.6			1,111.1			548.7			1,659.9			395.9			354.2			494.2			1,244.4
North America		89.2			55.3			33.1			177.7			-38.8			138.8			63.5			47.4			18.1			129.0
Europe		20.3			17.4			23.3			61.1			13.8			75.0			23.0			38.1			27.9			89.2
Asia		104.3			109.8			123.6			337.8			95.3			433.1			146.3			137.1			116.7			400.2
Other		38.6			31.6			33.0			103.3			9.2			112.6			43.2			22.7			19.1			85.1
Elimination		2.4			-13.4			-10.1			-21.1			1.2			-19.8			10.4			-20.5			-0.1			-10.1
Business Segment
Automotive		489.3			423.1			569.0			1,481.5			529.5			2,011.1			602.5			462.2			581.3			1,646.1
Financial Services		75.3			69.4			82.6			227.3			58.1			285.5			73.5			81.4			82.6			237.6
All Other		13.6			22.8			24.7			61.2			39.5			100.8			11.4			29.3			13.9			54.8
Elimination		-4.0			6.8			-2.7			0.0			2.3			2.3			-4.8			6.1			-1.8			-0.6
Income before Income Taxes (billions of yen)		679.3			572.8			750.9			2,003.1			617.3			2,620.4			813.8			734.9			176.9			1,725.7				2,200.0
(Income before Income Taxes Ratio) (%)		(9.6	)		(8.0	)		(9.9	)		(9.2	)		(8.1	)		(8.9	)		(11.1	)		(10.1	)		(2.3	)		(7.7	)			(7.5	)
Equity in Earnings of Affiliated Companies (billions of yen)		137.8			97.2			123.8			358.8			111.2			470.0			116.5			106.0			32.2			254.8				370.0
Net Income (billions of yen)		613.0			458.2			941.8			2,013.1			480.8			2,493.9			657.3			585.0			180.9			1,423.3				1,870.0		(Note 2)
(Net Income Ratio) (%)		(8.7	)		(6.4	)		(12.4	)		(9.2	)		(6.3	)		(8.5	)		(8.9	)		(8.0	)		(2.3	)		(6.3	)			(6.3	)
Dividends
Common Shares
Cash Dividends (billions of yen)		—			293.4			—			293.4			349.1			642.6			—			286.9			—			286.9		(Note 3)
Cash Dividends per Share (yen)		—			100			—			100			120			220			—			100			—			100
Payout Ratio (%)		—			27.8			—			—			24.8			26.1			—			23.4			—			—
Model AA Class Shares
Cash Dividends (billions of yen)		—			3.7			—			3.7			3.7			7.4			—			4.9			—			4.9		(Note 3)
Cash Dividends per Share (yen)		—			79			—			79			79			158			—			105.5			—			105.5
Value of Shares Repurchased (billions of yen)[actual purchase]		—			249.9			34.9			284.9			214.9			499.9			129.1			170.8			151.7			451.7		(Note 4)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			249.9			—			—			299.9			549.9			—			249.9			—			—		(Note 4) (Note 5)
Number of Outstanding Common Shares (thousands)		3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997			3,262,997
Number of Outstanding Model AA Class Shares (thousands)		47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100			47,100

Supplemental 2

Supplemental Material for Financial Results for FY2019 Third Quarter (Consolidated)

< U.S. GAAP >

	FY2018												FY2019									FY2019
	1Q (2017/4-6)		2Q (2017/7-9)		3Q (2017/10-12)		9 months (2017/4-12)		4Q (2018/1-3)		12 months (’17/4-’18/3)		1Q (2018/4-6)		2Q (2018/7-9)		3Q (2018/10-12)		9 months (2018/4-12)			Forecast 12 months (’18/4-’19/3)
R&D Expenses (billions of yen)		278.6		272.0		264.3		815.0		249.2		1,064.2		268.5		258.5		274.4		801.5			1,080.0
Depreciation Expenses (billions of yen)		212.9		242.3		248.5		703.8		260.6		964.4		217.7		255.3		248.1		721.2			1,000.0	(Note 6)
Geographic Information
Japan		108.4		132.6		136.4		377.5		145.9		523.4		108.5		148.1		142.6		399.2			550.0
North America		45.5		48.7		51.8		146.1		55.7		201.9		49.8		50.6		51.2		151.7			210.0
Europe		15.4		16.3		15.4		47.2		13.2		60.5		14.1		11.3		11.1		36.6			60.0
Asia		34.1		35.3		35.1		104.6		37.1		141.7		36.5		36.0		34.2		106.9			140.0
Other		9.2		9.2		9.6		28.1		8.6		36.7		8.6		9.1		8.8		26.5			40.0
Capital Expenditures (billions of yen)		205.7		285.1		299.4		790.4		512.3		1,302.7		311.8		307.6		329.1		948.6			1,380.0	(Note 6)
Geographic Information
Japan		112.5		152.1		156.9		421.6		264.0		685.7		143.6		167.5		156.0		467.2			730.0
North America		65.3		70.9		83.5		219.7		139.0		358.8		106.6		75.6		76.1		258.4			340.0
Europe		4.8		15.0		16.1		36.1		23.4		59.6		15.1		30.9		43.8		89.8			140.0
Asia		13.3		29.3		21.1		63.8		62.9		126.8		25.2		15.9		34.3		75.5			110.0
Other		9.6		17.6		21.7		48.9		22.7		71.7		21.2		17.5		18.7		57.5			60.0
Total Liquid Assets (billions of yen)		9,364.0		9,306.7		9,309.1		9,309.1		9,372.1		9,372.1		9,005.4		9,562.6		9,198.8		9,198.8	(Note 7)
Total Assets (billions of yen)		49,456.0		50,253.0		51,216.4		51,216.4		50,308.2		50,308.2		51,049.1		52,516.0		51,085.9		51,085.9
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		17,874.2		18,253.4		18,996.4		18,996.4		18,735.9		18,735.9		18,946.9		19,511.3		19,089.2		19,089.2
Return on Equity (%)		13.8		10.1		20.2		14.6		10.1		13.7		13.9		12.1		3.7		10.0
Return on Asset (%)		5.0		3.7		7.4		5.4		3.8		5.0		5.2		4.5		1.4		3.7
Number of Consolidated Subsidiaries (including Variable Interest Entities)												606
No. of Affil. Accounted for Under the Equity Method												57

Analysis of Consolidated Net Income for FY2019 (billions of yen, approximately)	3Q (2018/10-12)	9 months   (2018/4-12)	(Note 2)
Marketing Efforts	60.0	210.0
Effects of Changes in Exchange Rates	30.0	10.0
Cost Reduction Efforts	-20.0	10.0
From Engineering	-30.0	-30.0
From Manufacturing and Logistics	10.0	40.0
Increase or decrease in expenses and expense reduction efforts	-50.0	-10.0
Other	-17.6	-52.3
(Changes in Operating Income)*2	2.4	167.7
Non-operating Income*2	-576.4	-445.1
Equity in Earnings of Affiliated Companies*2	-91.5	-103.9
Income Taxes, Net Income Attributable to Noncontrolling Interests*1*2	-95.4	-208.5
(Changes in Net Income)*1*2	-760.9	-589.8	(Note 2)

*1 Net income attributable to Toyota Motor Corporation for the first nine months ended December 31, 2017 includes a reduction in income taxes of 291.9 billion yen, which is mainly attributable to the revaluation of deferred tax assets and liabilities resulting from the Tax Cuts and Jobs Act of 2017 of the United States.

*2 Net income attributable to Toyota Motor Corporation for the first nine months ended December 31, 2018 includes a loss of 310.0 billion yen (net of tax, etc.), which is attributable to the effect of unrealized gains (losses) on equity securities.

Supplemental 3

Supplemental Material for Financial Results for FY2019 Third Quarter (Unconsolidated)

< Japan GAAP >

	FY2018																		FY2019												FY2019
	1Q (2017/4-6)			2Q (2017/7-9)			3Q (2017/10-12)			9 months (2017/4-12)			4Q (2018/1-3)			12 months (‘17/4-‘18/3)			1Q (2018/4-6)			2Q (2018/7-9)			3Q (2018/10-12)			9 months (2018/4-12)			Forecast 12 months (‘18/4-‘19/3)
Toyota & Lexus brand
Domestic Vehicle Production (thousands of units)		757			779			827			2,363			836			3,199			746			748			809			2,302			3,200
Overseas Vehicle Production (thousands of units)		1,464			1,420			1,435			4,319			1,405			5,724			1,451			1,443			1,447			4,342			5,700
Domestic Vehicle Retail Sales (thousands of units)		390			383			384			1,157			440			1,597			359			381			384			1,124			1,540
Exports Vehicle Sales (thousands of units)		440			457			504			1,401			481			1,882			464			461			484			1,407			1,940
North America		190			193			220			603			193			796			191			197			190			577			820
Europe		57			63			57			177			71			248			65			56			61			182			260
Asia		72			77			97			246			77			323			76			83			96			255			330
Central and South America		12			12			14			38			15			53			16			11			8			35			50
Oceania		40			42			38			120			46			166			46			43			45			133			180
Africa		14			15			13			42			12			54			14			14			15			43			60
Middle East		53			54			63			170			64			234			54			55			67			176			240
Other		2			1			2			5			3			8			2			2			2			6
Net Revenues (billions of yen)		2,870.2			2,918.1			3,259.8			9,048.1			3,153.2			12,201.4			2,980.3			3,026.3			3,294.7			9,301.4			12,400.0
Domestic		962.8			946.5			1,067.5			2,976.9			1,098.4			4,075.4			923.9			949.9			1,083.3			2,957.2
Exports		1,907.3			1,971.5			2,192.2			6,071.1			2,054.8			8,126.0			2,056.3			2,076.3			2,211.4			6,344.1
Operating Income (billions of yen)		222.4			215.5			343.3			781.4			476.1			1,257.5			308.7			284.5			400.9			994.2			1,230.0
(Operating Income Ratio) (%)		(7.8	)		(7.4	)		(10.5	)		(8.6	)		(15.1	)		(10.3	)		(10.4	)		(9.4	)		(12.2	)		(10.7	)		(9.9	)
Ordinary Income (billions of yen)		570.7			513.2			674.4			1,758.4			479.7			2,238.1			714.8			507.6			605.0			1,827.6			2,080.0
(Ordinary Income Ratio) (%)		(19.9	)		(17.6	)		(20.7	)		(19.4	)		(15.2	)		(18.3	)		(24.0	)		(16.8	)		(18.4	)		(19.6	)		(16.8	)
Net Income (billions of yen)		488.1			437.4			585.7			1,511.3			347.9			1,859.3			591.5			397.7			504.8			1,494.2			1,680.0
(Net Income Ratio) (%)		(17.0	)		(15.0	)		(18.0	)		(16.7	)		(11.0	)		(15.2	)		(19.8	)		(13.1	)		(15.3	)		(16.1	)		(13.5	)
R&D Expenses (billions of yen)		241.6			237.3			230.3			709.3			211.2			920.6			234.4			225.1			234.8			694.5			920.0
Depreciation Expenses (billions of yen)		58.4			58.0			56.0			172.5			55.2			227.8			52.6			57.3			61.7			171.7			240.0
Capital Expenditures (billions of yen)		54.0			57.6			60.0			171.6			113.2			284.8			73.6			61.8			62.5			198.0			320.0

Analysis of Unconsolidated Net Income for FY2019 (billions of yen, approximately)	3Q (2018/10-12)		9 months (2018/4-12)
Marketing Efforts		-20.0		15.0
Effects of Changes in Exchange Rates		30.0		35.0
Cost Reduction Efforts		5.0		45.0
From Engineering		0.0		35.0
From Manufacturing and Logistics		5.0		10.0
Increase or decrease in expenses and expense reduction efforts		40.0		115.0
Other		2.5		2.7
(Changes in Operating Income)		57.5		212.7
Non-operating Income		-126.9		-143.6
Income Taxes, etc.		-11.5		-86.3
(Changes in Net Income)		-80.8		-17.1

Cautionary Statement with Respect to Forward-Looking Statements

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, fluctuations in stock prices, 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.

(Note 1) Shows the number of employees as of the end of each period (excluding loan employees from Toyota and its consolidated subsidiaries (“Toyota”) to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2) Shows “Net income attributable to Toyota Motor Corporation”

(Note 3) 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 4) Value of common shares repurchased (excluding shares constituting less than one unit that were purchased upon request)

(Note 5) Value of common shares repurchased (shareholder return on Net Income for the period)

(Note 6) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease

(Note 7) Cash and cash equivalents, time deposits, marketable debt securities and its investment in monetary trust funds, excluding in eash case those relating to financial services

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