Dividends

Dividend Policy(As of March 31, 2013)

TMC (Toyota Motor Corpotation) deems the benefit of its shareholders as one of its priority management policies, and it continues to work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value.

TMC will strive for the stable and continuous payment of dividends aiming at a consolidated payout ratio of 30% while giving due consideration to factors such as business results for each term, investment plans and its cash reserves.

In order to survive tough competition, TMC will utilize its internal funds for the early commercialization of technologies for the next-generation environment and safety, giving priority to customer safety and security.

TMC pays dividends twice a year — an interim dividend and a year-end dividend-and in order to secure an opportunity to directly seek shareholders' opinions, TMC will treat payments of year-end dividends as a matter to be resolved at the FY2013 General Shareholders' Meeting, even though TMC's articles of incorporation stipulate that retained earnings can be distributed as dividends pursuant to the resolution of the board of directors.

Considering these factors, an annual dividend of 90 yen per share was paid for fiscal 2013, consisting of a year-end dividend of 60 yen per share and an interim dividend of 30 yen per share.

Note: The Board of Directors determined the interim dividend for the last term on November 5, 2012.

Dividends per share

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Cautionary Statement

Contains forward-looking statements that reflect Toyota's plans and expectations
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