Summary of Q&A, Conference call for FY 2024 Q1 Financial Results
Q1. What is the current status and thoughts regarding capital policy, such as reducing cross shareholdings?
A1. There is currently no concrete decisions, however we are considering various aspects based on
the market expectations and changes in the environment.

Q2. What is the status of the certification of engines for domestic forklift and the situation ofinvestigations overseas, such as in Europe and the United States?
A2. Regarding domestic certification, the special investigation committee is still conducting aninvestigation, and there is no new information to report at this time. Investigations are also being
carried out by authorities overseas.

Q3. Please tell us about the future direction of the automotive battery business and the role of Toyota
Industries.
A3. We have been conducting research and development on batteries, anticipating variouspossibilities. We believe that the knowledge and expertise gained from the development andproduction of bipolar nickel-metal hydride batteries are applied to the development of lithium-ionbatteries. Although we cannot provide specific information on future product development andproduction at this time, we want to contribute to the increase of BEVs (battery electric vehicles) ofToyota Motor.

Q4. Why the company has lowered the unit sales forecast of forklifts in North America?
A4. Although the initial forecast for North America was slightly strong, we recognized certain risk ofparts supply problems due to shortages of personnel among our suppliers after careful examination,and thus lowered the unit sales forecast.

Q5. Why does the profit margin of Toyota Industries’ Material Handling Equipment business lag
behind that of the competitors?
A5. While the profit of forklift business is stable, that of logistics solutions business varies dependingon the progress of the projects. Under such situations, supply chain issues and project delays due tolabor shortages have pushed down the profit margin.

Q6. What are the actual results and forecast for the operating profit of logistics solutions business inthis fiscal year?
A6. We have not disclosed the profit, but the results for the first quarter were poor due to factors suchas supply chain issues and labor shortages. The forecast for this fiscal year takes these into accountas possible risks.

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Q7. How about the orders for logistics solutions?
A7. As stated in the financial results briefing material, orders have increased compared to the fourth
quarter of previous fiscal year, due mainly to the recovery in airport business.

Q8. Regarding compressors, it seems that unit sales in Europe have increased while unit sales toChina have decreased. What is the background behind this? Also, please tell us about Toyota
Industries’ strategy in China in the future.
A8. In Europe, the production increase of car manufacturers has led to an increase in our unit sales.
In China, sales have decreased due to the impact of the economic downturn, which led to a decreasein sales in other regions. In the future, we will continue to work on expanding sales including to local
manufacturers in China and aim to increase sales in the medium term.

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