Exhibit 99.1
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[GRAPHIC OMITTED] Presentation Materials for Investors January 2013 |
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Disclaimer
[] This presentation includes certain "forward-looking statements" within the
meaning of The U. S. Private Securities Litigation Reform Act of 1995.
[] These statements are based on current expectations and currently available
information.
[] Actual results may differ materially from these expectations due to certain
risks, uncertainties and other important factors, including the risk
factors set forth in the most recent annual and periodic reports of Toyota
Motor Corporation and Toyota Motor Credit Corporation
[] We do not undertake to update the forward-looking statements to reflect
actual results or changes in the factors affecting the forward-looking
statements.
[] This presentation does not constitute an offer to sell or a solicitation of
an offer to purchase any securities. Any offer or sale of securities will
be made only by means of a prospectus and related documentation.
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Disclaimer
[] This presentation includes certain "forward-looking statements" within the
meaning of The U. S. Private Securities Litigation Reform Act of 1995.
[] These statements are based on current expectations and currently available
information.
[] Actual results may differ materially from these expectations due to certain
risks, uncertainties and other important factors, including the risk
factors set forth in the most recent annual and periodic reports of Toyota
Motor Corporation and Toyota Motor Credit Corporation
[] We do not undertake to update the forward-looking statements to reflect
actual results or changes in the factors affecting the forward- looking
statements.
[] This presentation does not constitute or form part of and should not be
construed as, an offer to sell or issue or the solicitation of an offer to
purchase or subscribe for securities of TMCC in any jurisdiction or an
inducement to enter into investment activity in any jurisdiction. Neither
this presentation nor any part thereof, nor the fact of its distribution,
shall form the basis of, or be relied on in connection with, any contract
or commitment or investment decision whatsoever. Any offer or sale of
securities by TMCC will be made only by means of a prospectus and related
documentation.
[] Investors and prospective investors in securities of TMCC are required to
make their own independent investigation and appraisal of the business and
financial condition of TMCC and the nature of its securities. This
presentation does not constitute a recommendation regarding securities of
TMCC. Any prospective purchaser of securities in TMCC is recommended to
seek its own independent financial advice.
[] This presentation is made to and directed only at (i) persons outside the
United Kingdom, or (ii) qualified investors or investment professionals
falling within Article 19(5) and Article 49(2)(a) to (d) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order"), or (iii) high net worth individuals, and other persons to whom it
may lawfully be communicated, falling within Article 49(2)(a) to (d) of the
Order, and (iv) persons who are "qualified investors" within the meaning of
Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) as
amended (such persons collectively being referred to as "Relevant Persons")
. This presentation must not be acted or relied on by persons who are not
Relevant Persons. Any investment or investment activity to which this
presentation relates is available only to Relevant Persons and will be
engaged in only with Relevant Persons.
[] This presentation is an advertisement and not a prospectus and investors
should not subscribe for or purchase any securities of TMCC referred to in
this presentation or otherwise except on the basis of information in the
base prospectus of Toyota Motor Finance (Netherlands) B. V. , Toyota Credit
Canada Inc. , Toyota Finance Australia Limited and Toyota Motor Credit
Corporation dated 14 September 2012 as supplemented from time to time
together with the applicable final terms which are or will be, as
applicable, available on the website of the London Stock Exchange plc at
www. londonstockexchange. com/exchange/news/market-news/market-news- home.
html.
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Toyota's Global Businesses
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TMC Consolidated Financial Results
Six Months
Fiscal Year Ended March 31, Ended
(JPY billions) 2011 2012 September 30, 2012
---------------- -------- ------------------ -------------------
Net Revenues 18,993.7 18,583.7 10,908.4
Operating Income 468.3 355.6 693.8
Net Income 408.2 283.6 548.3
Source: TMC FY2011 , FY2012 and FY2013 Q2 Financial Summary
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TMC Consolidated Balance Sheet
FY2011 FY2012
(JPY billions) As of March 31,2011 As of March 31,2012
---------------------------------------- -------------------- ------------------
Current assets 11,829.8 12,321.2
Noncurrent finance receivables, net 5,556.7 5,602.5
Investment and other assets 6,122.5 6,491.9
Property, plant and equipment, net 6,309.2 6,235.4
-------------------- ------------------
Total Assets 29,818.2 30,651.0
-------------------- ------------------
Liabilities 18,898.1 19,584.5
Shareholders' equity 10,920.0 11,066.5
-------------------- ------------------
Total Liabilities and Shareholders' Equity 29,818.2 30,651.0
-------------------- ------------------
FY2013
As of September 30, 2012
------------------------
11,961.4
5,539.7
6,565.5
6,034.1
------------------------
30,100.7
------------------------
18,835.4
11,265.3
------------------------
30,100.7
------------------------
Source: TMC FY2011 , FY2012 and FY2013 Q2 Financial Summary
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Toyota Across the United States
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Source: Toyota Motor Corporation FY2011 and FY2012 Financial Summary
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Toyota Motor Sales, USA
[] In 2012, more than 40% of the vehicle models TMS sold were all-new or
significantly refreshed. TMS launched 19 new or refreshed models, including
7 from Toyota, 9 from Lexus and 3 from Scion
[] For 2013, TMS is launching 9 new or refreshed models
[] Industry-leading investment in next-generation technologies in power-train,
safety and production
-- TMS has the most fuel-efficient line-up of any full-line OEM
-- 11 hybrid models(1) in TMS line-up and 71% share of the U. S. hybrid market
(2)
[] Recent and upcoming vehicle launches:
-Prius PHV -Lexus GS and HV
-Avalon and HV -Lexus ES and HV
-RAV 4 -Lexus LS and HV
-Corolla -Lexus IS
(1) Includes cars and light trucks
(2) As of September 2012
Source: TMS Reports
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Toyota Motor Sales, USA (2)
[] Quality, dependability, safety and product appeal remain high as reflected
by numerous 3(rd) party accolades
2012 Consumer Reports' CarMD Vehicle Health Index
Annual Reliability Study Toyota ranked #1 OEM for the
Toyota, Lexus, and Scion swept top second straight year
three brands, 16 of 27 models
received top ratings
---------------------------------- ----------------------------------
2012 Interbrand 2012 Cars.com
"Best Global Green Brands" "American-Made Index "
Toyota ranked #1 among all brands Camry ranked #1 for fourth
and industries consecutive year
---------------------------------- ----------------------------------
2012 JD Power Vehicle 2012 Consumer Reports Top Picks
Dependability Study Toyota captured 5 of the 10 "Top
Lexus ranked #1, Toyota ranked #3 Picks" spots
highest non-premium brand
---------------------------------- ----------------------------------
Consumer Reports' 2012 2012 IIHS "Top Safety"
Car-Brand Perception Survey TMS earned 19
Toyota ranked #1 "top safety" awards, more than any
other automaker
---------------------------------- ----------------------------------
2012 Interbrand
"Best Global Brands"
At #10, Toyota ranked first among
all auto brands
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2012 JD Power IQS
Toyota and Lexus earned 5 segment
awards; Lexus repeated as #1
overall nameplate
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Parents Magazine and Edmunds.com
"Best Family Cars of 2012" List
Prius v, Camry, Sienna
----------------------------------
Kelley Blue Book 2012
"Best Resale Value"
Toyota best automotive brand
Lexus best luxury brand
----------------------------------
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Toyota Motor Sales, USA (4)
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Toyota PRIUS Plug-In
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Toyota Motor Sales, USA (5)
Lexus IS F-Sport
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Toyota Financial Services
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TFS Group Global Presence
[] 34 Countries and Regions Worldwide
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Toyota Motor Credit Corporation (TMCC)
Toyota Motor Corporation (TMC)
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Toyota Financial Services Corporation (TFSC)
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Toyota Motor Credit Corporation (TMCC)
[] Nearly 4.0 million active finance contracts (1)
[] AA- (2)/Aa3(2) rated captive finance company by SandP / Moody's
[] Credit support agreement structure with TFSC/TMC
(1) As of September 30, 2012
(2) Outlook negative
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Credit Support Agreements
[] Securities* issued by TMCC (and various other TFSC subsidiaries) have the
benefit of a credit support agreement with TFSC
-- TFSC will own 100% of TMCC
-- TFSC will cause TMCC to maintain a tangible net worth of at least $100,000
as long as covered securities are outstanding
-- If TMCC determines it will be unable to meet its payment obligations on any
securities, TFSC will make sufficient funds available to TMCC to ensure
that all such payment obligations are paid as due
-- Agreement cannot be terminated until (1) repayment of all outstanding
securities or (2) each rating agency requested by Toyota to provide a
rating has confirmed no change in rating of all such securities
[] TFSC in turn has the benefit of a credit support agreement with Toyota
Motor Corporation ("TMC")
-- Same key features as TFSC/TMCC credit support agreement
-- TMC will cause TFSC to maintain a tangible net worth of at least JPY10mm as
long as covered securities are outstanding
[] TFSC's and/or TMC's credit support obligations will rank pari passu with
all other senior unsecured debt obligations
* Securities defined as outstanding bonds, debentures, notes and other
investment securities and commercial paper, but does not include
asset-backed securities 16 issued by TMCC's securitization trusts.
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TMCC Products and Services
Consumer Dealer Commercial
Finance Finance Finance
[] Retail [] Wholesale [] Forklift
[] Lease [] Real Estate [] Hino Medium Duty
[] Working Capital [] Retail
[] Revolving Credit [] Lease
Lines
Insurance
[] Service Agreements
[] Ext. Warranty
[] Guaranteed Auto Protection
[] Roadside Assistance
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Extensive Field Organization
[] Decentralized dealer and field support
[] Centralized servicing and collections
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TMCC FY12 Business Highlights
[] 2(nd) highest market share ever helped drive strong financing revenues
[] Lowest net charge-off ratio ever
[] 2(nd) lowest residual value losses ever driven by record used vehicle
values
[] Highest insurance penetration ever
[] 2(nd) highest operating income(1) ever
[] Celebrating 30 years of supporting Toyota/Lexus/ Scion sales and enhancing
customer relationships
(1) Operating Income: pre-tax income, excluding the impact of derivative
mark-to-market adjustments
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TMCC 2Q FY13 Operating Highlights
Consolidated Net Income
-- $326 million 2QFY13
-- $803 million FYTD
Financing Volume (in units)
-- 347K 2QFY13
-- 678K FYTD
Market Share(1)
-- 64.2% 2QFY13 (45.6% retail / 18.6% lease)
-- 63.3% FYTD (44.5% retail / 18.8% lease)
(1) Represents the percentage of total domestic TMS sales of new Toyota and
Lexus vehicles financed by us, excluding non-Toyota/Lexus sales, sales
under dealer rental car and commercial fleet programs and sales of a
private Toyota distributor.
Source: TMCC September 30, 2012 10-Q
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TMCC Earning Asset Composition
Managed Assets
(USD billions) 80.7
76.8 76.8
72.6 72.2
13.8
12.1 12.7
10.8 11.3
3.0 11.3 10.5 10.8
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Source: TMCC March 31, 2012 10-K and September 30, 2012 10-Q
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TMCC Financial Performance - Select Data
Six months
Fiscal Year Ended March 31, Ended
September 30,
(USD millions) 2009 2010 2011 2012 2012
Total Financing Revenues 8,800 8,163 8,064 7,429 3,608
add: Other Income 432 680 779 717 368
less: Interest Expense 7,132 5,587 4,967 4,639 2,076
and Depreciation
Net Financing Revenues 2,100 3,256 3,876 3,507 1,900
and Other Revenues
Net Income (Loss) (623) 1,063 1,853 1,486 803
Source: TMCC March 31, 2012 10-K and September 30, 2012 10-Q
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TMCC Financial Performance - Select Data
Six months
Fiscal Year Ended March 31, Ended
September 30,
(USD millions) 2009 2010 2011 2012 2012
Over 60 Days Delinquent (1) 0.68% 0.45% 0.26% 0.18% 0.24%
Allowance for Credit Losses (1)(2) 2.51% 2.31% 1.13% 0.80% 0.68%
Net Credit Losses (3) 1.37% 1.03% 0.52% 0.21% 0.15%
(1) Percentage of gross earning assets
(2) The quotient of allowance for credit losses divided by the sum of gross
finance receivables (net finance receivables less allowance for credit
losses) plus gross investments in operating leases (net investments in
operating leases less allowance for credit losses)
(3) Percentage of average gross earning assets annualized
Note: All percentage figures calculated for fiscal years 2009 were based on a
150-day charge-off policy, which was changed to 120 days in fiscal 2010
Source: TMCC March 31,2012 10-K and September 30,2012 10-Q
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TMCC Funding Programs
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Exceptional Liquidity
[] A-1+/P-1 direct commercial paper program
[] $15.4 billion multi-party committed credit facilities (1) [] $7.2 billion
short-term investment portfolio
[] Over $50 billion in readily salable retail loan and lease receivables
[] Access to various domestic and international markets
[] Billions of additional capacity in global benchmark markets
[] Extensive inter-company lending infrastructure
[] Credit support agreements: TMCC []TFSC [] TMC
(1) Average balance for quarter ended September 30, 2012 25
Source:TMCC September 30,2012 10-Q
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TMCC Funding Program Objectives
[] TMCC is committed to:
-- Maintaining funding diversity and exceptional liquidity
-- Issuing into strong demand with attractive deals
-- Identifying and developing new markets and investor relationships
-- Responding quickly to opportunities with best-in-class execution
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TMCC FYTD13 Funding Overview
TMCC Long Term Debt Issuance
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Public /
Private ABS MTN
27% 37%
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[] $12.2 billion of long term debt funded FYTD -- $ 8.9 billion in unsecured
debt -- $ 3.3 billion in secured debt (net of amount retained)
o $1.6 billion comprised of public term secured funding (net of amount
retained)
As of December 31, 2012
Source:Company Reports
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Diversification in Debt Offerings
TMCC Long Term Debt Outstanding
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Global MTN USD
$15,350 $39,815
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Funding Flexibility And Responsiveness
Increased Diversification Across USD Curve (1)
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(1) Unsecured U.S. MTN issuance, excluding Structured Notes and Retail Notes.
(2) As of December 31, 2012
(3) Percentages may not add to 100% due to rounding
Source:Company Reports
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Key Investment Highlights
[] Financial strength supported by strong credit ratings
[] Transparent business model with exceptional liquidity
[] Rational funding programs with long term perspective
-- Diversification in bond offerings
-- Focus on proactively meeting needs of market
-- Strong emphasis placed on flexibility and responsiveness
[] Industry-leading in:
-- Liquidity management framework
-- Balance sheet strength
-- Business model resiliency
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TMCC Retail Loan Collateral and ABS Transactions
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Credit Decisioning and Collections
[] Major adjustments to credit decisioning implemented beginning in late 2007
and enhanced in subsequent years
-- Identification and minimization of least desirable segments
[] Renewed focus on core Toyota and Lexus business
[] Rededication of collections strategy and staff
-- Re-trained staff and out-sourced high risk collections
-- Emphasis on early intervention
-- Optimization of staff and technology resources
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Credit: Results*
[] Retail loan credit performance has shown significant improvement
-- Portfolio-level performance trends show general improvement
-- Recent vintages outperforming older cohorts
Cumulative Net losses: Annual Origination Vintages
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* Abbreviated for presentation purposes
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Source: Company Reports
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Managed Portfolio Performance
TMCC Retail Loan Delinquency Experience (1)
At December 31,
---------------------- ---------- ----------
2012 2011 2012 2011
----------- ---------- ---------- ----------
Outstanding Contracts (2) 3,153,235 3,132,976 3,119,781 3,189,591
Number of Accounts Past Due
in the followingcategories
30 - 59 days 45,965 52,675 35,162 43,070
60 - 89 days 9,932 11,456 6,786 8,588
Over 89 days 8,497 9,263 5,870 9,153
Delinquencies as a Percentage
of Contracts Outstanding (3)
30 - 59 days 1.46% 1.68% 1.13% 1.35%
60 - 89 days 0.31% 0.37% 0.22% 0.27%
Over 89 days 0.27% 0.30% 0.19% 0.29%
At March 31,
-------------- ----------- -----------
2010 2009 2008
-------------- ----------- -----------
3,093,894 3,050,178 2,942,565
55,123 57,547 54,219
11,722 13,327 13,010
10,953 11,797 9,575
1.78% 1.89% 1.84%
0.38% 0.44% 0.44%
0.35% 0.39% 0.33%
(1) The historical delinquency data reported in this table includes all retail
vehicle installment sales contracts purchased by TMCC, excluding those
purchased by a subsidiary of TMCC operating in Puerto Rico. Includes
contracts that have been sold but are still being serviced by TMCC.
(2) Number of contracts outstanding at end of period.
(3) The period of delinquency is based on the number of days payments are
contractually past due. A payment is deemed to be past due if less than 90%
of such payment is made.
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Source: Company Reports
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Performance -- Retail Loan
TMCC Managed Portfolio Net Loss and Repossession Experience (dollars in
thousands) (1)
For the 9Months Ended
Ended
--------------------------------
----------------------------------------- -------------
December 31,
--------------------------------
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2012 2011
2009 2008
---------------- ---------------
------------- -------------
PrincipalBalance Outstanding (2) $46,632,023 $44,671,053
$43,485,623 $42,313,780
Average PrincipalBalance Outstanding (3) $45,640,021 $44,862,178
$42,899,702 $39,900,783
Number of Contracts Outstanding 3,153,235 3,132,976
3,050,178 2,942,565
Average Number of Contracts Outstanding (3) 3,136,508 3,161,284
2,996,372 2,812,234
Number of Repossessions (4) 24,764 32,475
81,270 65,785
Number of Repossessions as a Percent of
the Average Number of Contracts Outstanding 1.05% (7) 1.37% (7)
2.71% 2.34%
Gross Charge-Offs (5)(8) $181,388 $186,839
$897,508 $608,689
Recoveries (6) $45,173 $59,709
$87,182 $68,511
Net Losses $136,215 $127,130
$810,326 $540,178
Net Losses as a Percentage of Average
PrincipalBalance Outstanding 0.40% (7) 0.38% (7)
1.89% 1.35%
For the FiscalYears
--------------
March 31,
-------------- ------------- -------------
2012 2011 2010
-------------- ------------- -------------
$44,648,020 $45,053,303 $43,234,740
$44,850,661 $44,144,021 $43,360,181
3,119,781 3,189,591 3,093,894
3,154,686 3,141,743 3,072,036
42,937 64,710 79,637
1.36% 2.06% 2.59%
$240,736 $447,159 $724,212
$78,593 $98,105 $116,892
$162,143 $349,054 $607,320
0.36% 0.79% 1.40%
(1) The net loss and repossession data reported in this table includes all
retail installment sales contracts purchased by TMCC, excluding those
purchased by a subsidiary of TMCC operating in Puerto Rico. Includes
contracts that have been sold but are still being serviced by TMCC.
(2) Principal Balance Outstanding includes payoff amount for simple interest
contracts and net principal amount for actuarial contracts.
(3) Average of the principal balance or number of contracts outstanding as of
the beginning and end of the indicated periods.
(4) Includes bankrupt repossessions but excludes bankruptcies.
(5) Amount charged-off is the net remaining principal balance, including earned
but not yet received finance charges, repossession expenses and unpaid
extension fees, less any proceeds from the liquidation of the related
vehicle. Also includes dealer reserve charge-offs.
(6) Includes all recoveries from post-disposition monies received on previously
charged -off contracts including any proceeds from the liquidation of the
related vehicle after the related charge-off. Also includes recoveries for
dealer reserve charge-offs and chargebacks.
(7) Annualized.
(8) Beginning in February 2010, Toyota Motor Credit Corporation changed its
charge-off policy from 150 days past due to 120 days past due.
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Source: Company Reports
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Origination Profile
TMCC Retail Auto Loan Originations
Original Sum m ary Characteristics
by Vintage Origination Year:
2007 2008
================== ===============
Number of PoolAssets 1,070,814 1,070,411
OriginalPoolBalance $23,723,872,435 $23,938,411,965
Average InitialLoan Balance $22,155 $22,364
Weighted Average Interest Rate 7.64% 6.03%
Weighted Average OriginalTerm 62 months 63 months
Weighted Average FICO 708 723
Geographic Distribution of Receivables
representing the 5 states with the greatest
aggregate originalprincipalbalance:
State 1 CA - 22.9% CA - 20.7%
State 2 TX - 11.0% TX - 12.0%
State 3 NY - 5.1% NY - 4.8%
State 4 NJ - 4.8% NJ - 4.5%
State 5 VA - 4.3% IL - 4.3%
Distribution of Receivables by Contract Rate:
Less than 2.0% 11.3% 16.0%
2.0% - 3.99% 8.9% 14.7%
4.0% - 5.99% 11.6% 20.4%
6.0% - 7.99% 31.8% 26.2%
8.0% - 9.99% 18.2% 12.6%
10.0% - 11.99% 6.0% 3.7%
12.0% - 13.99% 2.5% 2.1%
14.0% - 15.99% 2.4% 1.3%
16.0% and greater 7.4% 3.0%
================== ===============
Total 100.00% 100.00%
================== ===============
Share of OriginalAssets:
% of Non-Toyota/Non-Lexus 7.2% 6.1%
% of 72+ Month Term 7.7% 20.6%
% of Used Vehicles 23.4% 25.4%
2009 2010 2011 2012
=============== ================== =================== =================
824,133 956,010 911,545 973,979
$17,974,710,305 $21,924,552,881 $21,608,462,287 $24,029,119,369
$21,810 $22,933 $23,705 $24,671
5.69% 3.91% 3.76% 3.15%
62 months 62 months 63 months 63 months
737 738 735 731
CA - 18.9% CA - 18.0% CA - 18.9% CA - 19.3%
TX - 12.1% TX - 13.1% TX - 12.6% TX - 14.1%
NY - 5.4% NY - 5.2% NY - 5.4% NY - 5.1%
NJ - 5.2% NJ - 4.7% NJ - 4.9% NJ - 4.5%
IL - 4.3% VA - 4.5% IL - 4.1% VA - 4.2%
17.1% 35.2% 30.3% 44.1%
17.9% 22.8% 35.9% 27.8%
21.2% 19.3% 17.5% 15.1%
23.9% 13.6% 8.5% 6.6%
11.3% 4.1% 3.2% 2.7%
3.6% 1.7% 1.6% 1.4%
1.7% 0.9% 0.7% 0.5%
1.0% 0.7% 0.6% 0.5%
2.3% 1.8% 1.7% 1.4%
=============== ================== =================== =================
100.00% 100.00% 100.00% 100.00%
=============== ================== =================== =================
4.8% 4.9% 4.4% 3.3%
15.1% 9.8% 10.5% 10.0%
29.5% 30.6% 31.5% 24.4%
(1) As of December 31, 2012
(2) Percentages may not add to 100% due to rounding
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Source: Company Reports
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Origination Characteristics
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Weighted Average Original Term
*As of December 31, 2012
Source: Company Reports
Weighted Average FICO
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Weighted Average FICO
New vs. Used
[GRAPHIC OMITTED]
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ABS Deal Comparison
Toyota Auto Owner Trust (TAOT)(1)
============================================================== =================
TAOT 2010-C TAOT 2011-A
======================================== ===================== =================
Number of Pool Assets 104,874 77,857
Original Pool Balance $1,344,094,647 $1,038,130,389
Average Principal Balance $12,816 $13,334
Weighted Average Interest Rate 4.06% 3.57%
Weighted Average Original Term 60 60
Weighted Average FICO 755 755
Geographic Distribution of Receivables representing the 5 states with the
greatest aggregate original principal balance:
State 1 CA - 19.5% CA - 19.0%
State 2 TX - 11.5% TX - 12.2%
State 3 PA - 5.9% PA - 5.4%
State 4 MD - 4.8% IL - 4.6%
State 5 IL - 4.6% NY - 4.5%
NY - 4.5% Share of Original Assets:
% of Non-Toyota/Non-Le 0.0% 0.0%
% of 72+ Month Term 0.0% 0.0%
% of Used Vehicles 19.5% 20.3%
================== ====================== =====================
TAOT 2011-B TAOT 2012-A TAOT 2012-B
================== ====================== =====================
111,163 95,915 62,985
$1,573,816,681 $1,558,792,743 $1,034,333,678
$14,158 $16,252 $16,422
2.99% 2.89% 2.85%
60 61 61
755 754 754
CA - 18.9% CA - 19.8% CA - 21.4%
TX - 12.0% TX - 12.4% TX - 13.3%
PA - 4.8% IL - 4.5% NJ - 4.7%
NY - 4.5% VA - 4.5% IL - 4.5%
IL - 4.5% MD - 4.1%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
23.8% 27.3% 26.3%
(1) Abbreviated for presentation purposes
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Source: Company Reports
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TAOT Deal Performance
Transaction Moody's EL SandP's EL
----------- ---------- -----------------
TAOT 2010-A 1.25% (1) 1.70% - 1.90% (2)
----------- ---------- -----------------
TAOT 2010-B 1.25% (1) 1.50% - 1.70% (2)
----------- ---------- -----------------
TAOT 2010-C 1.15% (1) 1.40% - 1.60% (2)
----------- ---------- -----------------
TAOT 2011-A 1.15% (1) 1.40% - 1.60%
----------- ---------- -----------------
TAOT 2011-B 0.85% (1) 1.15% - 1.35%
----------- ---------- -----------------
TAOT 2012-A 0.70% 0.85% - 1.00%
----------- ---------- -----------------
TAOT 2012-B 0.50% 0.75% - 0.90%
----------- ---------- -----------------
[GRAPHIC OMITTED]
(1) Moody's cumulative net loss assumption at initial transaction rating. On
September 15, 2011, Moody's announced that it had decreased the transaction
CNL assumptions to 0.45%-0.70% for 2010-A and 2010-B and 0.35%-0.60% for
2010-C. On February 16, 2012, Moody's announced that it had decreased the
transaction CNL assumption to 0.40% on 2011-A. On November 21, 2012,
Moody's announced that it had decreased the transaction CNL assumption to
0.25% on 2011-B.
(2) Standard and Poors cumulative net loss assumption at initial transaction
rating. On January 17, 2012, Standard and Poors announced that it had
decreased the transaction CNL assumptions to 0.45%-0.55% for 2010-A,
0.40%-0.50% for 2010-B and 0.35%-0.45% for 2010-C.
39
Source: Company Reports
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[GRAPHIC OMITTED]
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