FY2024

Financial Results
May 13, 2024

1/33

Ⅰ．Financial Results
Ⅱ．Engine Certification Issue
Ⅲ．Initiatives to Enhance
Corporate Value

2/33

Ⅰ. Financial Results

3/33

Points of Financial Results for FY2024■ Net sales and profits for FY2024 increased YoY due to unit sales increases
in automobile related businesses, along with positive effect of weaker yen■ Dividends for FY2024 is ¥240, ¥50 increase from FY2023
Dividends plan for FY2025 is ¥280, ¥40 increase from FY2024■ Increases in net sales and profits are expected for the FY2025 forecast

4/33

FY2024 Performance(Billions of yen)

FY2023

FY2024

Change amount

Change %3,379.8

3,833.2+ 453.4+ 13.4%

Operating profit

169.9

200.4

+ 30.5+ 18.0%

Profit before income
taxes

262.9

309.1

+ 46.2+ 17.6%

Profit attributable toowners of the parent

192.8

228.7

+ 35.9+ 18.6%

Dividends per share[Year end]

¥190[¥100]¥240[¥140]+ ¥50[+ ¥40]-

Payout ratio

30.6%

32.6%

-

-

US $

¥135

¥145

+ ¥10

-

Euro

¥141

¥157

+ ¥16

-

Net sales<Exchange rate>

Net sales and profits increased due to unit sales increases in the automobile related business and the positive effect of
weaker yen, despite higher labor costs and increased expenses related to domestic certification issues for engines.

5/33

FY2024 Segment Information - Automobile
FY2023

FY2024

ChangeAmountChange%Sales units [k]

290

337

+ 47

+ 16.3%

Net sales [¥bn]

83.1

100.8

+ 17.7+ 21.3%

Sales units [k]

847

987

+ 140

+ 16.6%

Net sales [¥bn]

322.4

330.8

+ 8.4

+ 2.6%Car Air-conditioning Sales units [k]Compressor
Net sales [¥bn]

30,937

31,849+ 912+ 2.9%

429.7

466.1

+ 36.4+ 8.5%Net sales [¥bn]

122.5

198.5

+ 76.0+ 62.0%Net sales [¥bn]

957.8

1,096.4+ 138.6+ 14.5%

Operating Profit [¥bn]

34.6

18.2

(16.4)(47.4%)

VehicleEngineElectronics partsand others
Automobile

Vehicle : Net sales increased due to unit sales increase of RAV4 overseas
Engine : Net sales increased mainly due to unit sales increase of gasoline engines
Car Air-Conditioning Compressor : Net sales increased mainly due to unit sales increase in North America and Europe

6/33

FY2024 Segment Information - Material Handling Equipment and Others
FY2023

Material Handling
Equipment
Textile Machinery
OthersTotal

FY2024

ChangeAmountChange%Sales units [k]

317

308

(9)

(2.7%)Net sales [¥bn]

2,283.8

2,587.2+ 303.4+ 13.3%Operating Profit [¥bn]

121.8

165.6

+ 43.8+ 35.9%Net sales [¥bn]

84.3

93.3

+ 9.0

+ 10.7%

Operating Profit [¥bn]

7.8

8.0

+ 0.2

+ 3.3%Net sales [¥bn]

53.9

56.2

+ 2.3

+ 4.2%

Operating Profit [¥bn]

5.4

8.8

+ 3.4

+ 62.6%

3,379.8

3,833.2+ 453.4+ 13.4%

169.9

200.4

+ 30.5+ 18.0%Net sales [¥bn]
Operating Profit [¥bn]

Material Handling Equipment : Net sales and profit increased due to price increase in forklifts andpositive effect of weaker yen
Textile Machinery : Net sales and profit increased due to increase of air-jet loom and spinning machinery7/33

Changes in Operating Profit from FY2023 to FY2024(Billions of yen)

252.9

Operating profit + ¥30.5 billion [ ¥169.9 to ¥200.4 billion]

Excluding domestic engine certification related costs

Main breakdown

R&D expenses
Sales expenses
Depreciation
Energy costs(12.5)
(7.5)
(3.5)
(0.7)

Cost
reduction
Exchange
rate

Labor
costs
Domestic
Raw material
enginecertification
related costs

FY2023

Decreases (102.6)

Logistics
costs

Main breakdown
Cost reduction+ 12.0
Response to supplier priceincrease requests
(7.0)

Sales
Expenses& others

Main breakdown

US $
Euro

+ 15.6+ 8.7
Increases +133.1

FY2024

YoY profit increased due mainly to increases in sales and positive effect of weaker yen, despite increases inlabor costs, raw materials, and other expenses including engine certification related costs

8/33

FY2024 Investments in tangible assets and Depreciation(Billions of yen)

FY2023

ChangeAmountFY2024

Change%Investments intangible assets*

144.4

170.5

+ 26.1+ 18.1%

Depreciation*

99.9

105.7

+ 5.8

+ 5.9%* Investments in tangible assets and depreciation apply to property, plant and equipment.
They do not include material handling equipment leased under operating leases.

Investments in tangible assets increased overall due to increases in Vehicle,
Car Air-conditioning Compressor, and Material Handling Equipment businesses

9/33

FY2024 Assets, Equity and others(Billions of yen)

FY2023

ChangeAmountFY2024

Change%Total assets

7,821.1

11,078.4+ 3,257.3+ 41.6%

Total equity

3,935.4

6,153.3+ 2,217.9+ 56.4%Equity attributable toowners of the parent
per share¥12,359.66¥19,472.48+ ¥7,112.82-

Percentage of equity
attributable to ownersof the parent

49.1%

54.6%

-

-

271

277

+6

-

Consolidated
subsidiaries

Total assets increased mainly due to an increase in other financial assets, such as investment securities10/33

FY2025 Forecast Performance(Billions of yen)

FY2025
Forecast

FY2024

Net sales

ChangeamountChange%3,833.2

3,900.0+ 66.8+ 1.7%

Operating profit

200.4

250.0

+ 49.6+ 24.7%

Profit before income
taxes

309.1

355.0

+ 45.9+ 14.8%

Profit attributable toowners of the parent

228.7

260.0

+ 31.3+ 13.6%

Dividends per share¥240[¥140]¥280[¥140]+ ¥40[± ¥0]-

Payout ratio

32.6%

33.4%

-

-

US $

¥145

¥145

-

-

Euro

¥157

¥155

(¥2)

-

*

<Exchange rate>

11/33

FY2025 Forecast Segment Information - Automobile
FY2024FY2025
Forecast

ChangeamountChange%Sales units [k]

337

327

(10)

(2.9%)Net sales [¥bn]

100.8

98.0

(2.8)

(2.8%)

Sales units [k]

987

1,073

+ 86

+ 8.7%Net sales [¥bn]

330.8

350.0

+ 19.2+ 5.8%Car Air-conditioning Sales units [k]Compressor
Net sales [¥bn]

31,84932,500+ 651+ 2.0%

466.1

494.0

+ 27.9+ 6.0%Net sales [¥bn]

198.5

240.0

+ 41.5+ 20.9%Net sales [¥bn]

1,096.4

1,182.0+ 85.6+ 7.8%

VehicleEngineElectronics partsand others
Automobile

12/33

FY2025 Forecast Segment Information - Material Handling Equipment and Others
FY2024FY2025
Forecast

ChangeamountChange%Material Handling
Equipment

Sales units [k]

308

304

(4)

(1.1%)Net sales [¥bn]

2,587.2

2,585.0(2.2)(0.1%)

Textile Machinery

Net sales [¥bn]

93.3

79.0

(14.3)(15.4%)

Others

Net sales [¥bn]

56.2

54.0

(2.2)

(3.9%)

3,833.2

3,900.0+ 66.8+ 1.7%

200.4

250.0

+ 49.6+ 24.7%

Net sales [¥bn]

Total
Operating Profit [¥bn]

13/33

Changes in Operating Profit from FY2024 to FY2025 Forecast
Operating profit + ¥ 49.6billion [¥ 200.4 to ¥ 250.0 billion](Billions of yen)

252.9
(Excluding domestic engine certification related costs)

Costreduction

Labor costs
Raw material

Expenses& others

Main breakdown

Sales

Domestic
enginecertification
related costs

Main breakdown

Cost reduction+ 14.0
Response to supplier priceincrease request(7.0)

R&D expenses (10.0)
Depreciation(4.5)

FY2024

Decreases (57.9)

Increases + 107.5

FY2025
Forecast

14/33

FY2025 Forecast Investments in tangible assets and Depreciation(Billions of yen)

FY2025
Forecast

FY2024

ChangeAmountChange%Investments intangible assets*

170.5

220.0

+ 49.5+ 29.0%Depreciation

105.7

110.0

+ 4.3

+ 4.0%* Investments in tangible assets and depreciation apply to property, plant and equipment.
They do not include material handling equipment leased under operating leases.

15/33

Ⅱ. Engine Certification Issue

Background on Engine Certification Issue
Mar. 17, 2023

16/33

Disclosure of legal violations for four industrial vehicle engine models
Suspension of shipments of these engines and lift trucks equipped with theseenginesEstablishment of the Special Investigation Committee

Apr. 26, 2023

Recall of lift trucks equipped with two types of engines that do not conform tostandards
Cancellation of type designation for these two engine models

Jan. 29, 2024

Publication of report by the Special Investigation CommitteeJan. 30, 2024

Announcement of Toyota Group VisionFeb. 22, 2024

Issuance of correction order by the Ministry of Land, Infrastructure, Transport
and Tourism (MLIT)
Cancellation of type designation for three engine models, including one
engine model that does not conform to standards
Report on recurrence prevention measures

Apr. 11, 2023

Mar. 5, 2024
Mar. 22, 2024

Review
As the entire TICO Group grew,■ We failed to grasp changes in the environment, think through what we should do in stepwith the latest trends in laws, regulations and markets and foster the mindset andcommitment to take relevant initiatives and make appropriate responses.

■ We failed to properly allocate the necessary personnel, tools and funds because we did
not accurately and sensitively recognize the changes in the tightening of exhaust gas
regulations for industrial vehicle engines and understand the certification system.

■ We failed as an organization to understand the concerns and hardships of the factory floor
and workplace by creating an environment in which small-scale businesses and functions withless authority were compelled to engage in misconduct.

■ We failed to speak up, recognize our mistakes and start over despite our commitment toengage in daily work for the benefit of our customers.

17/33

Go Back to the Basics and Make a Fresh Start
In order to continue contributing to society by providing safe and reliable quality
products to our customers, we will go back to the basics and make a concerted
commitment to three reforms to do the right thing in the correct way.

Create a system that
ensures integrity andcorrect manufacturing

Establish an
Organization/
Mechanism
organization/system to
Systemappropriately addressrisks and optimallyDo the right thing
allocate managementin the correct way
resources
CultureFoster a culture in which, when we become aware of a
mistake, we pause and collaborate to make improvements

18/33

19/33

Ⅲ. Initiatives to Enhance
Corporate Value

Initiatives to Enhance Corporate Value

20/33

Our Milestones to Date
✓ Founding period✓ Businessdiversification andscale expansion✓ Full-fledged global
expansion✓ Expanding
business domains
utilizing strategic
M&As and otherschemes

Net sales since our founding

1926

Toyota Industries established to manufacture and sell Type G automatic looms.

1935

Model A1 passenger car prototype completed.

1937

Automobile Department spun off and Toyota Motor Co., Ltd. (now Toyota Motor Corporation) established.

1940

Steel Production Department spun off and Toyoda Steel Works, Ltd. (now Aichi Steel Corporation) established.

1953

Production of Type S engines launched; assembly of automobiles launched.

1954

Toyoda de Mexico established (withdrew from the country in 1961 due to changes in the surrounding environment).

1956

Production of lift trucks launched (started as part of new businesses).

1958

Agricultural machinery business launched (withdrew from the business in 1966 due to performance and sales issues).

1960

Production of car air-conditioning compressors launched.

1967

The Nagakusa Plant commences production of small passenger cars.

1988

Responding to an increase in demand in various countries where Toyota Industries engages in business.

2000

Welcomes the BT Industries Group as a subsidiary to facilitate further growth of the Material Handling
Equipment Business.

2001

Takes over Toyota Motor Corporation’s industrial equipment sales division, becoming responsible forboth production and sales.

2003

The world’s first mass production of electric compressors commenced.

2011

Accelerates the establishment of plants in emerging countries (Indonesia, Brazil, etc.).

2017

Augments the Logistics Solutions Business by welcoming Vanderlande and Bastian as subsidiaries.

2021

Production of bipolar nickel-metal hydride batteries for HEVs launched.

Since our founding in 1926, we have diversified our businesses through various
challenges, with the Textile Machinery Business as our origin.

Material
Handling
Equipment /Logistics
Automobilerelated
businesses

Initiatives to Enhance Corporate Value

21/33

TICO’s Strengths
Movement of goods and people
Strengthen mobility-related competitiveness through ideas andtechnological proposals cultivated through the Solution Business.

Solution(Material Handling
Equipment / Logistics,
etc.)

Electrification
FC
Batteries,

Mobility-related

AI etc.

Strengthen the Solution Business by utilizing and applying theimportant basics of manufacturing as well as cutting-edge
technologies nurtured in the Automobile-related businesses.

Contribute to communities and society by supporting the movement of goods and people
through software and hardware technologies based on our strengths in both solution andmobility-related businesses.

Initiatives to Enhance Corporate Value

22/33

Aggressively invest in next-generation R&D and collaboration
with other companies/M&A to further expand businesses andenhance value in the Logistics Solutions Business, including
automation and advanced environmental technologies that
optimize and streamline the movement of goods.

(Electrification / FC / batteries / AI, etc.)

AI

Mobility-related
Top priority on strengthening the foundation of complianceand monozukuri, mainly in the Engine Business.

FC

Electrification

Timeline

Next-generation R&D

Synergistic domain

Collaboration with other companies/M&A

Corporate/business value

Growth Trajectoryetc.
Batteries
Power
supplies

While placing top priority on strengthening the foundation of compliance, human resources
development and monozukuri, aim for further growth by leveraging our comprehensive
strengths closely linked to monozukuri capabilities of the Automobile-related businesses and by
taking on the challenge in the fields of next-generation R&D, collaboration with othercompanies and M&A, with a primary focus on the Logistics Solutions Business.

Initiatives to Enhance Corporate Value

23/33

Vision for the Logistics Solutions BusinessInformation (data)

Movement ofgoods and people

Port

Warehouse

Changing lifestyles willlead to increasingly
diverse logistics needs.
E-commerce
Emerging countries

AirportFood andpharmaceuticals, etc.

B

A

Realize the movement of goods,
including the flow up to the last mile.
- Contributing to the resolution of social issues throughparticipation in the Physical Internet domain in Japan.

In addition to further expanding the lineup of systems that support the movement of goods, propose
the overall optimization and efficiency of warehouse/worksite logistics by effectively
coordinating, controlling and managing these systems and utilizing operational data.

Aim to be a leading company that connects the globally expanding movement of goods ofvarious volumes transported at different speeds.

Initiatives to Enhance Corporate Value

24/33

Vision for the Logistics Solutions Business
1 Expand lineup for warehouse logistics systems
Expand the lineup of equipment/systems thatform the core of warehouse operations, including
storage, picking, transfer and sorting.

Shipping

Sorting

StorageTransfer

Lineup for warehouselogistics systems
Picking

1
Receipt<Example: Efforts at warehouses and worksites>

2 Strengthen control/management software
Develop/acquire software to link multiple devices/
systems for optimal storage and receipt/shippingof goods, such as WMS* and WES*.
*WMS: Warehouse Management System, WES: Warehouse Execution System

2 Control/management software

3 Create a data platform for warehouse operations
Build a platform that visualizes data leading topreventive maintenance and improvement
support as well as provides feedback to customers.

3
Progress
statusData platform
for warehouse operations
Material
handling
operational
statusOperational
statusIncident
recordMaintenancerecordVisualizationof CO2emissionsetc.

We achieve the provision of comprehensive
services through the enhancement oflogistics DX.

Initiatives to Enhance Corporate Value

25/33

Vision for the Logistics Solutions Business
FY2024 Sales by Region
North America
EuropeApprox. ¥720 billion

Approx. ¥1,240 billion

Japan
Approx. ¥240 billion

Australia/Asia, etc.
Approx. ¥360 billion

Aim for further growth by forging a stronger global network and facilitating collaboration among Toyota Material
Handling Japan, Bastian, Vanderlande and viastore, thereby expanding business domains and regions in terms
of product stock and flow, centered on North America, Europe and Japan.

Initiatives to Enhance Corporate Value

26/33

26/32

Vision for the Mobility-related BusinessElectric compressors

Expanding functions for heating the interior and cooling on-board devices■ Overseas production plan
Start local production of electric compressors in
Europe and the U.S., where the market forbattery EVs is expected to expand.

Electronics products

On-board batteries■ Focus resources on four products (onboard devices/ESUs, DC-DC converters,
reactors and AC inverters)■ Overseas production plan
New DC-DC converter production plant to beestablished in the U.S. in FY2026 to respond to
Toyota’s expansion of electrified vehicles inNorth America■ Commence mass production of bipolar
nickel-metal hydride batteries for HEVs

15,000■ Expand production capacity and ensurestable supply to meet future growth indemand for electrified vehicles

Expanding production capacity for bipolar nickel-metal
hydride batteries(Thousand units/year)(Thousand units/month)Electric compressor sales
15,000(Thousand units)

10,000No.1

Production capacity

Global Market Share

10,000Oct. 2022: Ishihama Plant newly
established (40,000 units/month)

5,000
5,000

Jun. 2021: Kyowa Plant starts production(20,000 units/month)

0

05
06

10
11

15
16

20
21

25
26

FY

0

FY2023

FY2024FY2025

FY2026

Contribute to the electrification of automobiles by leveraging the electrification
technologies cultivated to date. We will continue to respond to customer needs andexpand our business domain.

Projected demand expansion

Jan. 2024: Ishihama Plant’s
second line starts mass production(60,000 units/month)Initiatives to Enhance Corporate Value

27/33

Overview of Business Investment
Growth Investment andInfrastructure Investment
Approx. 1.5 trillion yen in
cumulative total for FY 2025 to 2027.

Approximately 1.5 trillion yen in cumulative total over the three fiscal years
from FY2025 to 2027 (*including utilization of M&A).
・ ・ ・ Approx. 700 billion yen in infrastructure investment + approx. 800 billion yen in growth investment.
✓ Enhancement of system lineups for strengthening the value chain and logistics digital transformation (DX).

✓ Enhancement of functionalities in Japan and Asia, and further business expansion in Europe and America.
✓ Participation in the physical internet domain in Japan.

Solution area

✓ Investing in unique technologies that deepen automation and carbon neutrality based on safety, benefiting people and the environment.
✓ Expanding the range of power sources to meet needs.
✓ Hydrogen Production Key Device through Water Electrolysis(inspired by knowledge of materials developed for vehicle batteries).
✓ Enhancement of fuel cell (FC) units (applying knowledge and technical expertise cultivated in the FCEV domain to the forklift domain).

✓ Enhancement of product strength and contribution to carbon neutrality through meeting demands for high-voltage electrified vehicles.

Synergy area

✓ Utilize AI to enhance development capabilities as well as intelligentize forklifts.
✓ Investment in production facilities, IT infrastructure, and research and development to prevent recurrence and strengthen foundations in
response to compliance issues such as engine certification issues.

Mobility area

✓ Diverse development leveraging technologies in electric compressors, electronics products, and bipolar nickel-metal hydride batteries.
✓ Investment in the maintenance and upgrading of existing facilities.

Accelerate growth investments primarily in the logistics solutions business, as well as in the mobility and synergy domains.
Actively utilize M&A to achieve next-generation growth.

Initiatives to Enhance Corporate Value

28/33
2030年以降Management Targets<Targets>(Billions of yen)

Aim for ROE 8%

Aim for ROE 6%

Announcement of Vision 2030

ROE 4.6%

Operating profit

300.0
(7%)

Mobility-related

134.6

4,400.0（6.1%）

3,833.2
Net sales

2,214.9

17

18

19

Solution(Material
Handling
Equipment /Logistics)

20

21

22

23

24

Circa
2727–28

Mid-Long Term

After the announcement of the Vision 2030, sales have been steadily increasing due to various initiatives.
Along with the expansion of profits, we aim for an ROE of 6% in FY2027 to FY2028 and an ROE of 8% in
the medium to long term.

FY

Initiatives to Enhance Corporate Value

29/33<Reference> Major Initiatives for FY 2020-2024(Electrification)(Autonomous driving)

Structure to produce 10 million electric compressors

Feasibility test of an autonomous towing tractor

Development and commercialization of on-board batteries

Pilot operation of baggage transfer by an autonomous towing tractor

Unit integrating a power supply component newly developed

Autonomous lift truck capable of loading onto trucks developed and released(Fuel cells (FC))
FC air compressor and hydrogen circulation pump newly developed
General-purpose compact FC module newly developed

Expanded lineup for FC lift trucks and towing tractors

Feasibility test of an autonomous lift truck capable of refrigeration/freezer operation
Release of automated logistics system for e-commerce sector(Reinforcement of businesses, expansion of value chain)
Acquisition of viastore, a logistics system integrator
Acquisition of Lift-Tek, a manufacturer and distributor of cargo-handling equipment(Textile machinery)
New JAT910 air-jet loom released

Accelerated future-oriented initiatives, such as the development of electrification, FC and autonomous
driving technologies and reinforcement of the Logistics Solutions Business, while benefiting from production
and business expansion in response to a post-COVID increase in demand.

30/33

Initiatives to Enhance Corporate Value

Measures aimed at achieving a 6% ROE (Return on Equity).
Improvement of R: Operating Profit (FY2025 to 2027)

Compression of E: Shareholder's Equity (Cumulative from FY2025 to 2027)

Inorganic
growth (M&A)

Over 300
billion yen
6,045.8billion yen
200.4 billion yen

FY2024(performance)

Dividends
Current net
income(cumulative
over threeterms)

Growth ofexisting
businesses andimprovement in
profitability

FY2027(target)FY2027
includinginorganic growth(target)Strengthening earning power through the acceleration of
growth investment and improvement in profitability.

Share pricefluctuation ofheld sharesStockbuybacks

Shareholder returns:
approximately 700
billion yen in total.

FY-end 2024
(performance)

FY-end 2027
(target)By enhancing shareholder returns, compressing equity.

Aiming to achieve a 6% ROE through the increase in profits (R) and compression of equity (E).

31/33

Initiatives to Enhance Corporate Value
Results and forecast of shareholder returns(billion yen)

Dividends

At the Board of Directors meeting
held on May 10, 2024, it was
resolved to buy back 10 million
shares (up to 180 billion yen).

Share buybacks

Aiming for a consolidated dividend payout ratio of around 30%,
continuously increased dividends.

18.0

31.4

FY2015

86.9

37.7

37.6

41.9

FY2016FY2017FY2018

48.1

49.7

46.6

49.7

FY2019FY2020

FY2021

FY202255.9

FY202362.1

FY2024FY2025**The forecasted dividend for the fiscal year ending March 2025 is 280 yen, calculated based on the number ofissued shares excluding treasury stock as of the end of March 2024.

Our company aims for a consolidated dividend payout ratio of 30% and plans to gradually strengthen shareholder
returns, including flexible share buybacks. We anticipate executing shareholder returns of approximately 700 billion
yen cumulatively over the three years starting from the fiscal year 2025.

Initiatives to Enhance Corporate Value

32/33

Generation and Allocation of Funds

Targets for the next three years
Significant reduction in policyheld shares and utilization ofavailable liquid assets.
*Unless there is a rationality for holding
policy-held shares, we will not holdsuch shares.

Share buyback
Generationof funds

Similar to policy-held shares, themanagerial significance of holding other
owned shares will also be scrutinized in
the future.

Shareholder
returns
Approx.

Approx.

¥1 trillion¥0.7 trillion

Growthinvestment

Policy- held shares

FY2025

Shareholder returns through stable dividends

Cash flows
fromoperatingactivities

Approx.
¥1.2 trillion

Approx.

Accelerate next-generation growth by leveraging
M&A in addition to internal investments and value
chain development, particularly in the Logistics
Solutions Business.
Next-generation technologies/R&D (environment,
automation, etc.), DX, human resources, facilities, etc.

¥0.8 trillion

Infrastructure
investment
Approx.
¥0.7 trillion

Strengthen the foundation for sustainable growth.
Primary focus on compliance, human resources
development and manufacturing, as well as production
facilities, IT infrastructure, R&D, etc.

While making steady investments to strengthen management/business foundation and appropriate allocation of funds
for shareholder returns, carry out proactive investment in R&D and M&A to enable future growth, primarily in the
Logistics Solutions Business, thereby aim to realize ROE and share price-conscious management.

33/33

Cautionary Statement with Respect to
Forward-Looking Statements
This presentation contains projections of business results as well as statements regarding
business plans, forecasts, strategies, and other forward-looking statements that are not to betaken as historical fact. Projections and forward-looking statements are based on the current
expectations and estimates of Toyota Industries and its Group companies. All such projections
and forward-looking statements are based on management’s assumptions and beliefs derived
from the information available to it at the time of producing this report and are not guarantees of

future performance. You should also be aware that certain risks and uncertainties could cause theactual results of Toyota Industries and its Group companies to differ materially from any
projections or forward-looking statements appearing in this report. These risks and uncertainties
include, but are not limited to, the following: 1) economic trends, 2) various competitive pressures,3) changes in relevant laws and regulations, and 4) fluctuations in exchange rates.