FINANCIAL SUMMARY

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

FY2017 Third Quarter

(April 1, 2016 through December 31, 2016)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2017 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, 2017

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 Representative	: :	http://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, 2017
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 FY2017 First Nine Months (April 1, 2016 through December 31, 2016)

(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		%
FY2017 first nine months		20,154,720		-6.0		1,555,451		-32.5		1,764,072		-28.1		1,432,704		-24.0
FY2016 first nine months		21,431,370		6.5		2,305,671		9.0		2,452,912		4.1		1,886,077		9.2

(Note)  Comprehensive income: FY2017 first nine months 1,615,665 million yen ( -11.7%),

             FY2016 first nine months 1,829,702 million yen ( -36.5 %)

	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 nine months		472.31		467.35
FY2016 first nine months		601.44		597.29

(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 third quarter		48,111,485		18,389,079		17,293,229		35.9
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		26,500,000		-6.7		1,850,000		-35.2		2,070,000		-30.6		1,700,000		-26.5		561.38

(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 third quarter 3,262,997,492 shares, FY2016 3,337,997,492 shares

(ii) Number of treasury stock at the end of each period: FY2017 third quarter 274,703,146 shares,

FY2016 300,321,622 shares

(iii) Average number of shares issued and outstanding in each period: FY2017 first nine months 3,017,815,402 shares,

FY2016 first nine months 3,128,810,377 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 Third 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 Nine Months	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 Third 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 Nine Months

(1) Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 150 thousand units, or 2.3%, to 6,643 thousand units in FY2017 first nine months (the nine months ended December 31, 2016) compared with FY2016 first nine months (the nine months ended December 31, 2015). Vehicle unit sales in Japan increased by 136 thousand units, or 9.2%, to 1,613 thousand units in FY2017 first nine months compared with FY2016 first nine months. Overseas vehicle unit sales increased by 14 thousand units, or 0.3%, to 5,030 thousand units in FY2017 first nine months compared with FY2016 first nine months.

As for the results of operations, net revenues decreased by 1,276.6 billion yen, or 6.0%, to 20,154.7 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 750.2 billion yen, or 32.5%, to 1,555.4 billion yen in FY2017 first nine months compared with FY2016 first nine months. The factors contributing to an increase in operating income were cost reduction efforts of 305.0 billion yen and marketing efforts of 300.0 billion yen. On the other hand, the factors contributing to a decrease in operating income were the effects of changes in exchange rates of 770.0 billion yen, the increase in expenses and others of 405.0 billion yen, and other factors of 180.2 billion yen. Income before income taxes and equity in earnings of affiliated companies decreased by 688.8 billion yen, or 28.1%, to 1,764.0 billion yen in FY2017 first nine months compared with FY2016 first nine months. Net income attributable to Toyota Motor Corporation decreased by 453.3 billion yen, or 24.0%, to 1,432.7 billion yen in FY2017 first nine months compared with FY2016 first nine months.

(2) Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations decreased by 1,190.3 billion yen, or 6.1%, to 18,407.5 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 678.8 billion yen, or 34.0%, to 1,320.1 billion yen in FY2017 first nine months compared with FY2016 first nine months. 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 86.9 billion yen, or 6.1%, to 1,346.9 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 70.1 billion yen, or 26.5%, to 194.8 billion yen in FY2017 first nine months compared with FY2016 first nine months. 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 25.7 billion yen, or 3.1%, to 808.9 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 1.3 billion yen, or 3.0%, to 43.7 billion yen in FY2017 first nine months compared with FY2016 first nine months.

2

TOYOTA MOTOR CORPORATION    FY2017 Third 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 320.8 billion yen, or 2.9%, to 10,752.9 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 656.9 billion yen, or 48.6%, to 694.0 billion yen in FY2017 first nine months compared with FY2016 first nine months. 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 799.1 billion yen, or 9.5%, to 7,588.6 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 44.2 billion yen, or 10.4%, to 381.9 billion yen in FY2017 first nine months compared with FY2016 first nine months. The decrease in operating income was mainly due to the unfavorable impact of fluctuations in foreign currency translation rates.

(iii) Europe:

Net revenues in Europe decreased by 65.0 billion yen, or 3.3%, to 1,901.1 billion yen in FY2017 first nine months compared with FY2016 first nine months. However, operating income increased by 1.9 billion yen, or 3.8%, to 52.6 billion yen in FY2017 first nine months compared with FY2016 first nine months.

(iv) Asia:

Net revenues in Asia decreased by 239.4 billion yen, or 6.3%, to 3,562.7 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 31.5 billion yen, or 8.3%, to 347.4 billion yen in FY2017 first nine months compared with FY2016 first nine months. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.

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

Net revenues in other regions decreased by 137.0 billion yen, or 7.9%, to 1,606.5 billion yen in FY2017 first nine months compared with FY2016 first nine months, and operating income decreased by 14.9 billion yen, or 16.2%, to 77.0 billion yen in FY2017 first nine months compared with FY2016 first nine months. The decrease in operating income was mainly due to the increase in expenses and others.

3

TOYOTA MOTOR CORPORATION    FY2017 Third 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 the upward revision of our sales plans, 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 107 yen per US$1 and 118 yen per 1 euro.

Forecast of consolidated results for FY2017

Net revenues	26,500.0 billion yen	(a decrease of 6.7% compared with FY2016)
Operating income	1,850.0 billion yen	(a decrease of 35.2% compared with FY2016)
Income before income taxes and equity in earnings of affiliated companies	2,070.0 billion yen	(a decrease of 30.6% compared with FY2016)
Net income attributable to Toyota Motor Corporation	1,700.0 billion yen	(a decrease of 26.5% 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 Third 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 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 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 Third 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 nine months (Nine months ended December 31, 2015)		FY2017 first nine months (Nine months ended December 31, 2016)		Increase (Decrease)
Automotive	Japan		2,950,996		3,005,606	54,610
	North America		1,453,827		1,528,933	75,106
	Europe		419,077		454,234	35,157
	Asia		1,223,399		1,262,662	39,263
	Other		357,384		377,093	19,709
	Total		6,404,683		6,628,528	223,845
Other	Housing		4,019		4,377	358
Business segment		FY2016 third quarter (Three months ended December 31, 2015)		FY2017 third quarter (Three months ended December 31, 2016)		Increase (Decrease)
Automotive	Japan		1,010,196		1,012,874	2,678
	North America		464,441		493,531	29,090
	Europe		151,774		175,515	23,741
	Asia		413,349		433,419	20,070
	Other		105,680		123,991	18,311
	Total		2,145,440		2,239,330	93,890
Other	Housing		1,535		1,560	25
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 nine months (Nine months ended December 31, 2015)		FY2017 first nine months (Nine months ended December 31, 2016)		Increase (Decrease)
Automotive	Japan		1,476,655		1,612,729	136,074
	North America		2,140,655		2,145,016	4,361
	Europe		617,684		667,378	49,694
	Asia		1,016,235		1,192,811	176,576
	Other		1,241,555		1,025,452	(216,103)
	Total		6,492,784		6,643,386	150,602
Other	Housing		3,759		4,078	319
Business segment		FY2016 third quarter (Three months ended December 31, 2015)		FY2017 third quarter (Three months ended December 31, 2016)		Increase (Decrease)
Automotive	Japan		492,258		533,919	41,661
	North America		727,591		744,647	17,056
	Europe		210,332		232,997	22,665
	Asia		362,669		428,061	65,392
	Other		421,927		340,225	(81,702)
	Total		2,214,777		2,279,849	65,072
Other	Housing		1,335		1,282	(53)
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 Third 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 third quarter (December 31, 2016)			Increase (Decrease)
Assets
Current assets:
Cash and cash equivalents		2,939,428			2,550,786			(388,642	)
Time deposits		1,032,034			1,138,560			106,526
Marketable securities		1,511,389			1,554,341			42,952
Trade accounts and notes receivable, less allowance for doubtful accounts		2,000,149			1,874,846			(125,303	)
Finance receivables, net		5,912,684			6,270,410			357,726
Other receivables		451,406			470,715			19,309
Inventories		2,061,511			2,212,269			150,758
Deferred income taxes		967,607			—			(967,607	)
Prepaid expenses and other current assets		1,333,345			966,220			(367,125	)
Total current assets		18,209,553			17,038,147			(1,171,406	)
Noncurrent finance receivables, net		8,642,947			9,135,122			492,175
Investments and other assets:
Marketable securities and other securities investments		7,439,799			7,991,307			551,508
Affiliated companies		2,631,612			2,685,526			53,914
Employees receivables		32,998			29,638			(3,360	)
Other		730,271			1,034,578			304,307
Total investments and other assets		10,834,680			11,741,049			906,369
Property, plant and equipment:
Land		1,352,904			1,367,663			14,759
Buildings		4,311,895			4,418,698			106,803
Machinery and equipment		10,945,267			11,242,256			296,989
Vehicles and equipment on operating leases		5,652,622			6,093,270			440,648
Construction in progress		513,953			499,822			(14,131	)
Total property, plant and equipment, at cost		22,776,641			23,621,709			845,068
Less – Accumulated depreciation		(13,036,224	)		(13,424,542	)		(388,318	)
Total property, plant and equipment, net		9,740,417			10,197,167			456,750
Total assets		47,427,597			48,111,485			683,888

7

TOYOTA MOTOR CORPORATION    FY2017 Third 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 third quarter (December 31, 2016)			Increase (Decrease)
Liabilities
Current liabilities:
Short-term borrowings		4,698,134			5,364,889			666,755
Current portion of long-term debt		3,822,954			4,200,035			377,081
Accounts payable		2,389,515			2,135,759			(253,756	)
Other payables		1,040,277			876,169			(164,108	)
Accrued expenses		2,726,120			2,829,421			103,301
Income taxes payable		343,325			197,074			(146,251	)
Other current liabilities		1,104,131			1,284,669			180,538
Total current liabilities		16,124,456			16,888,016			763,560
Long-term liabilities:
Long-term debt		9,772,065			9,881,275			109,210
Accrued pension and severance costs		904,911			926,548			21,637
Deferred income taxes		2,046,089			1,501,723			(544,366	)
Other long-term liabilities		491,890			524,844			32,954
Total long-term liabilities		13,214,955			12,834,390			(380,565	)
Total liabilities		29,339,411			29,722,406			382,995
Mezzanine equity
Model AA Class Shares, no par value, authorized: 150,000,000 shares at March 31, 2016 and December 31, 2016 issued: 47,100,000 shares at March 31, 2016 and December 31, 2016		479,779			483,428			3,649
Shareholders’ equity
Toyota Motor Corporation shareholders’ equity:
Common stock, no par value, authorized: 10,000,000,000 shares at March 31, 2016 and December 31, 2016 issued: 3,337,997,492 shares at March 31, 2016 and 3,262,997,492 shares at December 31, 2016		397,050			397,050			—
Additional paid-in capital		548,161			484,176			(63,985	)
Retained earnings		16,794,240			17,205,489			411,249
Accumulated other comprehensive income (loss)		610,768			721,568			110,800
Treasury stock, at cost, 300,321,622 shares at March 31, 2016 and 274,703,146 shares at December 31, 2016		(1,603,284	)		(1,515,054	)		88,230
Total Toyota Motor Corporation shareholders’ equity		16,746,935			17,293,229			546,294
Noncontrolling interests		861,472			612,422			(249,050	)
Total shareholders’ equity		17,608,407			17,905,651			297,244
Commitments and contingencies
Total liabilities, mezzanine equity and shareholders’ equity		47,427,597			48,111,485			683,888

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 Third 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 nine months ended December 31

Consolidated Statements of Income

	(Yen in millions)
	FY2016 first nine months (Nine months ended December 31, 2015)			FY2017 first nine months (Nine months ended December 31, 2016)			Increase (Decrease)
Net revenues:
Sales of products		20,028,604			18,833,706			(1,194,898	)
Financing operations		1,402,766			1,321,014			(81,752	)
Total net revenues		21,431,370			20,154,720			(1,276,650	)
Costs and expenses:
Cost of products sold		16,125,146			15,693,468			(431,678	)
Cost of financing operations		869,334			864,850			(4,484	)
Selling, general and administrative		2,131,219			2,040,951			(90,268	)
Total costs and expenses		19,125,699			18,599,269			(526,430	)
Operating income		2,305,671			1,555,451			(750,220	)
Other income (expense):
Interest and dividend income		135,061			129,644			(5,417	)
Interest expense		(29,302	)		(19,588	)		9,714
Foreign exchange gain, net		32,830			42,536			9,706
Other income (loss), net		8,652			56,029			47,377
Total other income (expense)		147,241			208,621			61,380
Income before income taxes and equity in earnings of affiliated companies		2,452,912			1,764,072			(688,840	)
Provision for income taxes		736,823			525,244			(211,579	)
Equity in earnings of affiliated companies		267,728			258,002			(9,726	)
Net income		1,983,817			1,496,830			(486,987	)
Less - Net income attributable to noncontrolling interests		(97,740	)		(64,126	)		33,614
Net income attributable to Toyota Motor Corporation		1,886,077			1,432,704			(453,373	)
Note:   Net income attributable to common shareholders for the first nine months ended December 31, 2016 and 2015 is 1,425,357 million yen and 1,881,792 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 7,347 million yen and 4,285 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		601.44			472.31			(129.13	)
Diluted		597.29			467.35			(129.94	)

9

TOYOTA MOTOR CORPORATION    FY2017 Third 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 nine months (Nine months ended December 31, 2015)			FY2017 first nine months (Nine months ended December 31, 2016)			Increase (Decrease)
Net income		1,983,817			1,496,830			(486,987	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(147,185	)		9,033			156,218
Unrealized gains (losses) on securities		(10,286	)		94,912			105,198
Pension liability adjustments		3,356			14,890			11,534
Total other comprehensive income (loss)		(154,115	)		118,835			272,950
Comprehensive income		1,829,702			1,615,665			(214,037	)
Less - Comprehensive income attributable to noncontrolling interests		(74,707	)		(69,935	)		4,772
Comprehensive income attributable to Toyota Motor Corporation		1,754,995			1,545,730			(209,265	)

10

TOYOTA MOTOR CORPORATION    FY2017 Third Quarter Financial Summary

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

Third quarter for the three months ended December 31

Consolidated Statements of Income

	(Yen in millions)
	FY2016 third quarter (Three months ended December 31,  2015)			FY2017 third quarter (Three months ended December 31, 2016)			Increase (Decrease)
Net revenues:
Sales of products		6,865,988			6,617,000			(248,988	)
Financing operations		473,894			467,187			(6,707	)
Total net revenues		7,339,882			7,084,187			(255,695	)
Costs and expenses:
Cost of products sold		5,606,359			5,636,630			30,271
Cost of financing operations		280,583			331,037			50,454
Selling, general and administrative		730,674			677,934			(52,740	)
Total costs and expenses		6,617,616			6,645,601			27,985
Operating income		722,266			438,586			(283,680	)
Other income (expense):
Interest and dividend income		52,025			49,890			(2,135	)
Interest expense		(9,644	)		(8,475	)		1,169
Foreign exchange gain (loss), net		(3,760	)		70,443			74,203
Other income (loss), net		16,874			37,094			20,220
Total other income (expense)		55,495			148,952			93,457
Income before income taxes and equity in earnings of affiliated companies		777,761			587,538			(190,223	)
Provision for income taxes		220,455			170,320			(50,135	)
Equity in earnings of affiliated companies		106,066			89,607			(16,459	)
Net income		663,372			506,825			(156,547	)
Less - Net income attributable to noncontrolling interests		(35,407	)		(20,294	)		15,113
Net income attributable to Toyota Motor Corporation		627,965			486,531			(141,434	)
Note:   Net income attributable to common shareholders for the third quarter ended December 31, 2016 and 2015 is 484,082 million yen and 626,140 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 2,449 million yen and 1,825 million yen, respectively, from Net income attributable to Toyota Motor Corporation.
	(Yen)
Net income attributable to Toyota Motor Corporation per common share
Basic		202.06			161.26			(40.80	)
Diluted		199.54			159.54			(40.00	)

11

TOYOTA MOTOR CORPORATION    FY2017 Third 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 third quarter (Three months ended December 31,  2015)			FY2017 third quarter (Three months ended December 31,  2016)			Increase (Decrease)
Net income		663,372			506,825			(156,547	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(4,890	)		563,916			568,806
Unrealized gains (losses) on securities		242,296			286,339			44,043
Pension liability adjustments		3,891			15,604			11,713
Total other comprehensive income (loss)		241,297			865,859			624,562
Comprehensive income		904,669			1,372,684			468,015
Less - Comprehensive income attributable to noncontrolling interests		(43,111	)		(61,567	)		(18,456	)
Comprehensive income attributable to Toyota Motor Corporation		861,558			1,311,117			449,559

12

TOYOTA MOTOR CORPORATION    FY2017 Third 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 nine months (Nine months ended December 31, 2015)			FY2017 first nine months (Nine months ended December 31, 2016)
Cash flows from operating activities:
Net income		1,983,817			1,496,830
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,229,429			1,174,743
Provision for doubtful accounts and credit losses		71,410			66,522
Pension and severance costs, less payments		18,151			28,370
Losses on disposal of fixed assets		23,717			20,493
Unrealized losses on available-for-sale securities, net		8,127			5,885
Deferred income taxes		93,655			33,654
Equity in earnings of affiliated companies		(267,728	)		(258,002	)
Changes in operating assets and liabilities, and other		(94,705	)		(407,207	)
Net cash provided by operating activities		3,065,873			2,161,288
Cash flows from investing activities:
Additions to finance receivables		(10,404,240	)		(10,055,887	)
Collection of and proceeds from sales of finance receivables		9,926,216			9,491,446
Additions to fixed assets excluding equipment leased to others		(937,146	)		(860,918	)
Additions to equipment leased to others		(2,111,378	)		(1,749,248	)
Proceeds from sales of fixed assets excluding equipment leased to others		28,113			25,175
Proceeds from sales of equipment leased to others		802,473			917,723
Purchases of marketable securities and security investments		(1,921,156	)		(1,809,606	)
Proceeds from sales of and maturity of marketable securities and security investments		2,401,360			1,400,215
Changes in investments and other assets, and other		(724,653	)		481,892
Net cash used in investing activities		(2,940,411	)		(2,159,208	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		3,606,030			3,218,047
Payments of long-term debt		(2,811,811	)		(2,844,726	)
Increase in short-term borrowings		187,139			560,094
Proceeds from issuance of class shares		474,917			—
Dividends paid to Toyota Motor Corporation class shareholders		(1,225	)		(3,697	)
Dividends paid to Toyota Motor Corporation common shareholders		(704,728	)		(634,476	)
Dividends paid to noncontrolling interests		(73,041	)		(62,297	)
Reissuance (repurchase) of treasury stock, and other		(546,413	)		(610,112	)
Net cash provided by (used in) financing activities		130,868			(377,167	)
Effect of exchange rate changes on cash and cash equivalents		(54,637	)		(13,555	)
Net increase (decrease) in cash and cash equivalents		201,693			(388,642	)
Cash and cash equivalents at beginning of period		2,284,557			2,939,428
Cash and cash equivalents at end of period		2,486,250			2,550,786

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 Third 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 nine months (Nine months ended December 31, 2015)

	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		19,555,545		1,402,766		473,059		—			21,431,370
Inter-segment sales and transfers		42,408		31,188		361,553		(435,149	)		—
Total		19,597,953		1,433,954		834,612		(435,149	)		21,431,370
Operating expenses		17,598,939		1,168,884		789,487		(431,611	)		19,125,699
Operating income		1,999,014		265,070		45,125		(3,538	)		2,305,671
FY2017 first nine months (Nine months ended December 31, 2016)
	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		18,371,493		1,321,014		462,213		—			20,154,720
Inter-segment sales and transfers		36,062		25,951		346,694		(408,707	)		—
Total		18,407,555		1,346,965		808,907		(408,707	)		20,154,720
Operating expenses		17,087,435		1,152,071		765,151		(405,388	)		18,599,269
Operating income		1,320,120		194,894		43,756		(3,319	)		1,555,451
FY2016 third quarter (Three months ended December 31, 2015)
	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		6,698,705		473,894		167,283		—			7,339,882
Inter-segment sales and transfers		16,317		10,079		115,781		(142,177	)		—
Total		6,715,022		483,973		283,064		(142,177	)		7,339,882
Operating expenses		6,107,362		384,746		265,174		(139,666	)		6,617,616
Operating income		607,660		99,227		17,890		(2,511	)		722,266
FY2017 third quarter (Three months ended December 31, 2016)
	(Yen in millions)
	Automotive		Financial Services		All Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		6,456,333		467,187		160,667		—			7,084,187
Inter-segment sales and transfers		13,213		8,814		115,388		(137,415	)		—
Total		6,469,546		476,001		276,055		(137,415	)		7,084,187
Operating expenses		6,086,786		433,303		259,528		(134,016	)		6,645,601
Operating income		382,760		42,698		16,527		(3,399	)		438,586

14

TOYOTA MOTOR CORPORATION    FY2017 Third Quarter Financial Summary

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

(ii) Geographic Information

FY2016 first nine months (Nine months ended December 31, 2015)

	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		6,334,209		8,220,267		1,862,267		3,439,764		1,574,863		—			21,431,370
Inter-segment sales and transfers		4,739,580		167,522		103,998		362,500		168,776		(5,542,376	)		—
Total		11,073,789		8,387,789		1,966,265		3,802,264		1,743,639		(5,542,376	)		21,431,370
Operating expenses		9,722,808		7,961,645		1,915,499		3,423,300		1,651,717		(5,549,270	)		19,125,699
Operating income		1,350,981		426,144		50,766		378,964		91,922		6,894			2,305,671
FY2017 first nine months (Nine months ended December 31, 2016)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		6,259,928		7,452,000		1,803,043		3,191,618		1,448,131		—			20,154,720
Inter-segment sales and transfers		4,492,980		136,646		98,139		371,166		158,411		(5,257,342	)		—
Total		10,752,908		7,588,646		1,901,182		3,562,784		1,606,542		(5,257,342	)		20,154,720
Operating expenses		10,058,874		7,206,709		1,848,509		3,215,329		1,529,533		(5,259,685	)		18,599,269
Operating income		694,034		381,937		52,673		347,455		77,009		2,343			1,555,451
Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East.
FY2016 third quarter (Three months ended December 31, 2015)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		2,184,630		2,803,501		617,971		1,235,506		498,274		—			7,339,882
Inter-segment sales and transfers		1,666,984		53,496		38,981		125,666		60,543		(1,945,670	)		—
Total		3,851,614		2,856,997		656,952		1,361,172		558,817		(1,945,670	)		7,339,882
Operating expenses		3,458,866		2,706,247		636,437		1,226,338		533,789		(1,944,061	)		6,617,616
Operating income		392,748		150,750		20,515		134,834		25,028		(1,609	)		722,266
FY2017 third quarter (Three months ended December 31, 2016)
	(Yen in millions)
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination			Consolidated
Net revenues:
Sales to external customers		2,140,723		2,666,594		636,765		1,133,692		506,413		—			7,084,187
Inter-segment sales and transfers		1,631,768		45,657		38,500		127,522		53,517		(1,896,964	)		—
Total		3,772,491		2,712,251		675,265		1,261,214		559,930		(1,896,964	)		7,084,187
Operating expenses		3,563,166		2,641,573		657,117		1,136,550		535,772		(1,888,577	)		6,645,601
Operating income		209,325		70,678		18,148		124,664		24,158		(8,387	)		438,586

Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East.

15

TOYOTA MOTOR CORPORATION    FY2017 Third 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