Dividends

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

TMC will strive to continue to pay dividends while giving due consideration to factors such as business results for each term, investment plans and its cash reserves.

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

TMC pays dividends twice a year — an interim dividend and a year-end dividend. In order to secure an opportunity to directly seek shareholders' opinions, TMC treats payments of year-end dividends as a matter to be resolved at the 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 50 yen per share was paid for fiscal 2011, consisting of a year-end dividend of 30 yen per share and an interim dividend of 20 yen per share.

Note: The Board of Directors determined the interim dividend for the last term on November 8, 2011.