# EDGAR Filing Document

**Accession Number:** 0002039570
**File Stem:** 0000947871-25-000596
**Filing Date:** 2025-6
**Character Count:** 417616
**Document Hash:** fd5b6c4de5df7923c58b2c11302bafa4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-25-000596.hdr.sgml**: 20250611

**ACCESSION NUMBER**: 0000947871-25-000596

**CONFORMED SUBMISSION TYPE**: CB

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250611

**DATE AS OF CHANGE**: 20250611

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hino Motors, Ltd.
- **CENTRAL INDEX KEY:** 0002037949

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** CB
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95073
- **FILM NUMBER:** 251038765

**BUSINESS ADDRESS:**
- **STREET 1:** 3-1-1 HINO-DAI, HINO-SHI
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 191-8660
- **BUSINESS PHONE:** 81-42-586-5011

**MAIL ADDRESS:**
- **STREET 1:** 3-1-1 HINO-DAI, HINO-SHI
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 191-8660
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mitsubishi Fuso Truck & Bus Corp
- **CENTRAL INDEX KEY:** 0002039570

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** CB

**BUSINESS ADDRESS:**
- **STREET 1:** 10 OHKURA-CHO, NAKAHARA-KU, KAWASAKI-SHI
- **CITY:** KANAGAWA
- **STATE:** M0
- **ZIP:** 211-8522
- **BUSINESS PHONE:** 81-070-4260-8000

**MAIL ADDRESS:**
- **STREET 1:** 10 OHKURA-CHO, NAKAHARA-KU, KAWASAKI-SHI
- **CITY:** KANAGAWA
- **STATE:** M0
- **ZIP:** 211-8522

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

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FORM CB<br> TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

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| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | □ |
| Securities Act Rule 802 (Exchange Offer) | ⌧ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | □ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | □ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | □ |

---

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| |
|:---|
| **Hino Jidousha Kabushiki Kaisha**<br> **Mitsubishi Fuso Truck/Bus Kabushiki Kaisha**<br>|
| (Name of Subject Company)<br>|
| **Hino Motors, Ltd.** <br> **Mitsubishi Fuso Truck and Bus Corporation**<br>|
| (Translation of Subject Company's Name into English (if applicable)) |
| **Japan** |
| (Jurisdiction of Subject Company's Incorporation or Organization) |
| **Hino Motors, Ltd.** <br> **Mitsubishi Fuso Truck and Bus Corporation**<br>|
| (Name of Person(s) Furnishing Form) |
| **Common Stock** |
| (Title of Class of Subject Securities) |
| **N/A** |
| (CUSIP Number of Class of Securities (if applicable)) |
| <br> **Hino Motors, Ltd.** <br> **Attn: Takao Kemmochi**<br> **3-1-1, Hino-dai, Hino-shi, Tokyo 191-8660, Japan**<br> **+81-50-3200-2831**<br>**Mitsubishi Fuso Truck and Bus Corporation**<br> **Attn: Markward Schemitsch**<br> **10 Ohkura-cho, Nakahara-ku, Kawasaki-shi, Kanagawa, 211-8522 Japan**<br> **+81-70-4260-8000**<br>|
| (Name, Address (including zip code) and Telephone Number (including area code)<br> of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)<br>|
| **N/A** |
| (Date Tender Offer/Rights Offering Commenced) |

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**PART I – INFORMATION SENT TO SECURITY HOLDERS**

**Item 1. Home Jurisdiction Documents** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit**<br> **<u>Number</u>** |  |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[Notice Concerning Execution of Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation, dated June 10, 2025 (English Translation).](ss3921804_ex9901.htm) |
| &nbsp;&nbsp;99.2 | &nbsp;&nbsp;[Notice Concerning Issuance of Common Shares and Class A Shares by Way of Third-Party Allotment, dated June 10, 2025 (English Translation).](ss3921804_ex9902.htm) |
| &nbsp;&nbsp;99.3 | &nbsp;&nbsp;[Notice Concerning Execution of Agreement Regarding Transfer of Hamura Plant to Toyota Motor Corporation, dated June 10, 2025 (English Translation).](ss3921804_ex9903.htm) |
| &nbsp;&nbsp;99.4 | &nbsp;&nbsp;[Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors, Ltd. and Toyota Motor Corporation conclude an MoU on accelerating development of Advanced Technologies and merging Mitsubishi Fuso and Hino Motors, dated May 30, 2023 (English Translation).](ss3921804_ex9904.htm) |
| &nbsp;&nbsp;99.5 | &nbsp;&nbsp; [Notice Concerning Execution of a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation, dated May 30, 2023 (English Translation).](ss3921804_ex9905.htm) |
| &nbsp;&nbsp;99.6 | &nbsp;&nbsp; [Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors, Ltd. and Toyota Motor Corporation report progress on the collaboration based on the Memorandum of Understanding, dated February 29, 2024 (English Translation).](ss3921804_ex9906.htm) |
| &nbsp;&nbsp;99.7 | &nbsp;&nbsp; [Notice Concerning Progress of Collaboration based on a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation, dated February 29, 2024 (English Translation).](ss3921804_ex9907.htm) |

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**Item 2. Informational Legends**

The required legend is prominently included in the document(s) referred to in Item 1.

**PART II – INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS** 

N/A

**PART III – CONSENT TO SERVICE OF PROCESS**

Hino Motors, Ltd. submitted to the Securities and Exchange Commission a written irrevocable consent and power of attorney on Form F-X dated June 11, 2025.<br> Mitsubishi Fuso Truck and Bus Corporation submitted to the Securities and Exchange Commission a written irrevocable consent and power of attorney on Form F-X dated June 11, 2025.<br>

**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  | **Hino Motors, Ltd.**<br>/s/ Yasushi Nakano |
|  | Name: Yasushi Nakano |
|  | Title: Chief Financial Officer |
| Date: June 11, 2025 |  |

---

**SIGNATURES** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
|  | **Mitsubishi Fuso Truck and Bus Corporation**<br>/s/ Hetal Laligi |
|  | Name: Hetal Laligi |
|  | Title: Senior Vice President and CFO |
| Date: June 11, 2025 |  |

---

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| | |
|:---|:---|
|  | **Mitsubishi Fuso Truck and Bus Corporation**<br>/s/ Markward Schemitsch |
|  | Name: Markward Schemitsch |
|  | Title: General Counsel |
| Date: June 11, 2025 |  |

---

## Exhibit 99.1

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

June 10, 2025

To Whom It May Concern

Company name: Hino Motors, Ltd.

Representative: Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors,

(Code Number: 7205 TSE, Prime, NSE, Premier)

Contact Person: Makoto Iijima, General Manager,

Corporate Communications Dept, Public Affairs Div.<br> Phone: (042)586-5494

**Notice Concerning Execution of Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation**

As Hino Motors, Ltd. (the "Company") has announced in its press releases titled "Notice Concerning Execution of a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation" dated May 30, 2023 (the "Press Release dated May 30, 2023") and "Notice Concerning Progress of Collaboration based on a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation", the four companies, the Company, Mitsubishi Fuso Truck and Bus Corporation ("MFTBC"), Toyota Motor Corporation (the parent company of the Company; "Toyota"), and Daimler Truck AG (the parent company of MFTBC; "Daimler Truck"), have executed a memorandum of understanding (the "MOU") regarding the business integration (the "Business Integration") between the Company and MFTBC on May 30, 2023, and have been holding discussions and deliberations.

The Company hereby announces that, at its Board of Directors meeting held today, the Company has resolved to execute a business integration agreement (the "Business Integration Agreement") regarding the Business Integration and that the Company, MFTBC, Toyota and Daimler Truck have entered into the Business Integration Agreement as of today, as follows.

1. Purpose of the Business Integration

Common to the corporate philosophies of all four companies, the Company, MFTBC, Toyota and Daimler Truck, is the desire to "contribute to a prosperous society through mobility". To continue to be an essential force for transformation in the world, the four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in global social systems.

Commercial vehicles, which support our daily lives by moving people and goods, are an important form of mobility that can be considered a form of social infrastructure. To create a prosperous mobility society through the use of commercial vehicles, we must solve pending challenges, such as how to achieve carbon neutrality and more efficient logistics. Doing so will require significant investment. As the number of commercial vehicles is smaller than that of passenger cars, it is extremely difficult for each of Japan's commercial vehicle manufacturers to respond to the Japanese market on their own. To protect the automotive industry and jobs in Japan and Asia, including the Company, we must increase our competitiveness by improving our operational efficiencies in development and production.

By joining forces, the Company and MFTBC aim to enhance the competitiveness of Japanese truck manufacturers, helping to strengthen the foundation of the Japanese and Asian automotive industries. In this way, the Integrated Company aims to make a meaningful and lasting contribution to society and to stakeholders.

Since announcing the execution of the MOU in May 2023, the companies have discussed and investigated the potential synergies that the integration of the Company and MFTBC (the "Integrated Company") could offer to customers, shareholders, employees and society. Having confirmed that the industrial logic behind the integration is sound, the companies now aim to complete the Business Integration with the scheduled closing date set on April 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Company and MFTBC will integrate on an equal footing and collaborate
in the areas of commercial vehicle development, procurement, and production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Daimler Truck and Toyota will each aim to own 25% of the (listed) Integrated
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Integrated Company plans to own 100% of the Company and MFTBC

2. Summary of the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;(1) Method of the Business Integration

In the Business Integration Agreement, the Company, MFTBC, Toyota and Daimler Truck have agreed on the method of the Business Integration as outlined below. Please also refer to the reference diagram below for the method of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will establish a corporation (the Integrated Company) as its wholly-owned subsidiary (Note
1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will issue its common shares and class A shares to Toyota through a third-party allotment
(the "Third-Party Allotment"). The Third-Party Allotment is intended (a) to use its proceeds to repay the borrowing from Toyota,
the parent company of the Company, and to reduce the Company's debt to Toyota, thereby improving the Company's financial position,
including strengthening its capital and improving its equity ratio, in order to facilitate the Business Integration and (b) to adjust
the voting rights ratio of Toyota in the Integrated Company after the Business Integration to 19.9% (Note 2) by utilizing non-voting class
shares. For details, please refer to "Notice Concerning Issuance of Common Shares and Class A Shares by Way of Third-Party Allotment"
dated today.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Toyota and Daimler Truck will adjust their respective shareholdings (partial transfer of MFTBC shares
from Daimler Truck to Toyota) so that their respective shareholding ratios in the Integrated Company after the Business Integration will
be equal (the "Shareholding Adjustment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A share exchange (the "Share Exchange") will be implemented so that (a) the Integrated Company
shall become a wholly-owning parent company and (b) the Company shall become a wholly-owned subsidiary. Upon the Share Exchange, the Company
will become a wholly-owned subsidiary of the Integrated Company, and the shareholders of the Company will acquire shares of the Integrated
Company. For details of the Share Exchange, please refer to "3. Share Exchange" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A share delivery (the "Share Delivery") will be implemented so that the Integrated Company
shall acquire all the shares of MFTBC held by all the shareholders of MFTBC. Upon the Share Delivery, it is intended that MFTBC will become
a wholly-owned subsidiary of the Integrated Company, and the shareholders of MFTBC will acquire shares of the Integrated Company. For
details of the Share Exchange, please refer to "4. Share Delivery" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Integrated Company will acquire and cancel all shares of the Integrated Company to be held by the
Company through share repurchase or dividend in kind, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The common shares of the Integrated Company will be listed on the Prime Market of the Tokyo Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Toyota and Daimler Truck aim to reduce their respective shareholding ratios in the Integrated Company
to 25% each of the total issued shares of the Integrated Company in order to increase the tradable share ratio of the common shares of
the Integrated Company (voting rights ratio: Toyota 19.9% (Note 2), Daimler Truck 26.7%) at the same time, immediately after, or some
time following the effective date of the Business Integration, through a method mutually agreed upon between Toyota and Daimler Truck
(for example, through a secondary public offering of the shares of the Integrated Company) within a certain period following the effective
date of the Business Integration as mutually agreed upon by Toyota and Daimler Truck (the "Shareholding Ratio Adjustment Transaction").

(Note 1) A preparatory company for the Business Integration has already been established as of today.

(Note 2) While Toyota will no longer be the parent company of the Company as a result of the Business Integration, given that Toyota is engaged in the light-duty truck business in Japan, from the viewpoint of respecting the independent business operations of the Integrated Company and in light of competition law, it has been determined that it would be appropriate to set the ratio of Toyota's voting rights in the Integrated Company to be less than 20%.

※Reference Diagram

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| | |
|:---|:---|
| &nbsp;&nbsp;(i) Current status | &nbsp;&nbsp;(ii) Third-Party Allotment and repayment of borrowing obligations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](image_003.jpg)Toyota Minority shareholders Daimler Truck MFTBC shareholders other than <br> Dimler Truck Company MFTBC Integrated Company Toyota Minority <br> shareholders Company Cash payment relating to the Third-Party Allotment (Allocated to a part of borrowed money) Issuance of common shares and non-voting class shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](image_003.jpg)Toyota Minority shareholders Daimler Truck MFTBC shareholders other than <br> Dimler Truck Company MFTBC Integrated Company Toyota Minority <br> shareholders Company Cash payment relating to the Third-Party Allotment (Allocated to a part of borrowed money) Issuance of common shares and non-voting class shares |
| &nbsp;&nbsp;(iii) Adjustment of shareholdings<br>| &nbsp;&nbsp;(iv) Share Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](image_004.jpg)Minority shareholders Toyota Daimler Truck MFTBC shareholders other than <br> Dimler Truck Integrated Company MFTBC Company Minority shareholders Toyota Daimler Truck MFTBC shareholders other than <br> Dimler Truck Company MFTBC Integrated Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](image_004.jpg)Minority shareholders Toyota Daimler Truck MFTBC shareholders other than <br> Dimler Truck Integrated Company MFTBC Company Minority shareholders Toyota Daimler Truck MFTBC shareholders other than <br> Dimler Truck Company MFTBC Integrated Company |
| &nbsp;&nbsp;(v) Share Delivery<br>| &nbsp;&nbsp;(vi) Share repurchase or dividend in kind, etc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](image_005.jpg)MFTBC Company Integrated Company MFTBC shareholders other than <br> Dimler Truck Minority shareholders Toyota Daimler Truck MFTBC Company Integrated Company MFTBC shareholders other than <br> Dimler Truck Minority shareholders Toyota Daimler Truck | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](image_005.jpg)MFTBC Company Integrated Company MFTBC shareholders other than <br> Dimler Truck Minority shareholders Toyota Daimler Truck MFTBC Company Integrated Company MFTBC shareholders other than <br> Dimler Truck Minority shareholders Toyota Daimler Truck |

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&nbsp;&nbsp;&nbsp;&nbsp;(2) Schedule for the Business Integration

The schedule for the Business Integration shall be as below. Such schedule is based on current expectations and may change in the future depending on the progress of obtaining necessary clearances and regulatory approvals under

competition and other laws and regulations in relation to the Business Integration, investigations by authorities or litigation and the like, surrounding the issues regarding the certification on gas emission and fuel efficiency of the Company's engines (the "Engine Issues"), the status of satisfaction of the conditions precedent in respect of the Business Integration, as provided for in the Business Integration Agreement (including the implementation of the Third-party Allotment and the withdrawal of the Company's business from certain sanctioned countries) or other reasons.

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| | |
|:---|:---|
| &nbsp;&nbsp;Execution of the MOU | &nbsp;&nbsp;May 30, 2023 |
| &nbsp;&nbsp;Resolution of a meeting of the Company's Board of Directors regarding the execution of the Business Integration Agreement | &nbsp;&nbsp;Today |
| &nbsp;&nbsp;Execution of the Business Integration Agreement | &nbsp;&nbsp;Today |
| &nbsp;&nbsp; Date of public announcement of the record date for the general meeting of shareholders of the Company to approve the share exchange agreement (the "Share Exchange Agreement") pertaining to the Share Exchange<br>| &nbsp;&nbsp;Around September 2025 (scheduled) |
| &nbsp;&nbsp;Record date for the general meeting of shareholders of the Company to approve the Share Exchange Agreement | &nbsp;&nbsp;September 30, 2025 (scheduled) |
| &nbsp;&nbsp; Execution of the Share Exchange Agreement<br>| &nbsp;&nbsp;To be executed in or around November 2025 if the general meeting of shareholders of the Company to approve the Share Exchange Agreement is held around November 2025. |
| &nbsp;&nbsp;Preparation of the share delivery plan for the Share Delivery (the "Share Delivery Plan") | &nbsp;&nbsp;To be prepared in or around November 2025 |
| &nbsp;&nbsp;General meeting of shareholders of the Company to approve the Share Exchange Agreement | &nbsp;&nbsp; To be held in or around November 2025 (scheduled) |
| &nbsp;&nbsp;General meeting of shareholders of the Integrated Company to approve the Share Exchange Agreement | &nbsp;&nbsp;To be held in or around November 2025 if the general meeting of shareholders of the Company to approve the Share Exchange Agreement is held around November 2025. |
| &nbsp;&nbsp;General meeting of shareholders of the Integrated Company to approve the Share Delivery Plan | &nbsp;&nbsp;To be held in or around November 2025. |
| &nbsp;&nbsp;Date of application for transfer of the shares of MFTBC in connection with the Share Delivery | &nbsp;&nbsp;Undetermined |
| &nbsp;&nbsp;Effective date of the Business Integration (effective date of the Share Exchange and the Share Delivery) | &nbsp;&nbsp;April 1, 2026 (scheduled) |

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&nbsp;&nbsp;&nbsp;&nbsp;(3) Exchange ratio with respect to the Share Exchange and delivery ratio with respect to the Share Delivery

Regarding the Share Exchange, one (1) common share and one (1) class A share of the Integrated Company will be allotted and delivered per common share and class A share (to be issued by way of the Third-Party Allotment) of the Company. For details, please refer to "(4) Details of allotment pertaining to the Share Exchange" in "3. Share Exchange" below.

Regarding the Share Delivery, the Company, MFTBC, Toyota and Daimler Truck have agreed that as of December 31, 2024 (the "Share Delivery Ratio Reference Date"), the equity value ratio of the Company and MFTBC (the equity value ratio of MFTBC's shares assuming the equity value of the Company is 1; the "Equity Value Ratio") shall be 1.00:1.70 and that 310 shares of common share of the Integrated Company shall be allocated for one (1) share of common share of MFTBC based on such Equity Value Ratio (such share delivery ratio is hereinafter referred to as the "Share Delivery Ratio". In addition, the Share Delivery Ratio has been agreed upon considering the number of shares to be issued by way of the Third-Party Allotment.). Since the announcement titled "Misconduct concerning Engine Certification" dated March 4, 2022, the Company has disclosed the Engine Issues (please refer to the series of announcements published under the heading "List of Notices to Customers and Announcements regarding the Company's Certification Issues" (Japanese website: <u>https://www.hino.co.jp/corp/news/2023/ninshohusei_tokusetsu.html</u> on the Company's website and the Company's 112th annual securities report dated June 26, 2024 and other materials). Based on the fundamental concept that the shareholders of MFTBC should not bear the risks concerning the Engine Issues, the equity value of the Company, which forms the basis for calculation of the Share Delivery Ratio, reflects the amount of liabilities related to the Engine Issues recorded as provisions and other liabilities as of the Share Delivery Ratio Reference Date, including the provisions for the Engine Issues for North America recorded on the Interim Consolidated Financial Statements for the fiscal year ending March 2025. For details, please refer to "(4) Details of allotment pertaining to the Share Exchange" in "4. Share Delivery" below.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Special indemnification for the Engine Issues

In addition to general indemnification for breach, etc., of representations and warranties, if, after the Share Delivery Ratio Reference Date, any contingent liabilities related to the Engine Issues that are not recorded as provisions or other liabilities as of the Share Delivery Ratio Reference Date materialize and thereby cause any loss to the Integrated Company, the Company, MFTBC or Daimler Truck or other shareholders of MFTBC that will execute agreements to participate in the Business Integration Agreement and thereby become shareholders of the Integrated Company (including Daimler Truck, hereinafter the "Indemnifiable Shareholders of MFTBC"), the Integrated Company and the Company will owe a monetary indemnity obligation of a certain amount to the Indemnifiable Shareholders of MFTBC for such loss (if any part of such loss is recorded as provisions as of the Share Delivery Ratio Reference Date, limited to the amount that exceeds the relevant provisions). The loss to be indemnified includes impairment of the value of shares of the Integrated Company held by the Indemnifiable Shareholders of MFTBC due to any loss incurred by the Integrated Company, the Company or MFTBC (including impairment due to payment of indemnification money for the special indemnification) and the tax burden incurred by the Indemnifiable Shareholders of MFTBC as a result of their receipt of indemnification money (however, any potential liabilities (a) arising from the Engine Issues that were accrued, incurred, or paid between the Share Delivery Ratio Reference Date and the effective date of the Business Integration and (b) that were not recorded as provisions or other liabilities as of the Share Delivery Ratio Reference Date shall not be subject to the indemnification for tax burden, to the extent of the cumulative amount not exceeding 30 billion yen). Each of the Indemnifiable Shareholders of MFTBC will be entitled to claim indemnification for such loss in proportion to their respective shareholdings in the Integrated Company at the time of claiming indemnification (however, in the case of potential liabilities arising from the Engine Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that were accrued, incurred, or paid between the Share Delivery Ratio Reference Date and the effective date of the Business Integration and (b) that were not recorded as provisions or other liabilities as of the Share Delivery Ratio Reference Date, the indemnification will be in proportion to their respective shareholdings in the Integrated Company at the time of completion of the Shareholding Ratio Adjustment Transaction; on the assumption that the Shareholding Ratio Adjustment Transaction has been completed, to the extent of the cumulative amount not exceeding 30 billion yen. Furthermore , if the Indemnifiable Shareholders of MFTBC directly incurs a loss resulting from the Engine Issues, the indemnification for the Indemnifiable Shareholders of MFTBC shall cover the full amount of such loss). The claim period for this special indemnification is 15 years from the effective date of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Risks related to success of the Business Integration and the relevant terms

As disclosed previously (please refer to the series of announcements published under the heading "List of Notices to Customers and Announcements regarding the Company's Certification Issues" (Japanese website: <u>https://www.hino.co.jp/corp/news/2023/ninshohusei_tokusetsu.html</u>) on the Company's website and the Company's 112th annual securities report dated June 26, 2024 and other materials), the U.S. Department of Justice and other U.S. authorities have been conducting investigations with respect to potential violations of relevant laws and regulations regarding the certification of the Company's Model Year 2010 to Model Year 2019 engines for the U.S. market. As disclosed on January 16, 2025, the Company reached a plea agreement with the U.S. Department of Justice on the same date, to resolve its criminal investigations and also reached an agreement on consent decree with the U.S. federal and California government authorities for consolidated civil resolutions. The plea agreement and the consent decree have been approved by the court and are now in effect. In addition, a lawsuit naming the Company and its subsidiaries as defendants in a class action lawsuit has been filed at the U.S. District Court for the Southern District of Florida, claiming damages related to the Company's vehicles sold in the United States from 2004 to 2021. As disclosed on October 25, 2023, on the same date, the Company and its subsidiaries executed a settlement agreement for a total amount of USD 237.5 million, with persons who purchased or leased on-road vehicles sold or leased in the United States with the Company's engines from and including engine Model Year 2010 to engine Model Year 2019. A final approval of the settlement agreement by the court was issued on April 1, 2024. Also in Canada, two lawsuits naming the Company and its subsidiaries as defendants in class action lawsuits have been filed and the Company and its subsidiaries executed a settlement agreement for a total amount of CAD 55 million on November 13, 2024, with persons who purchased or leased on-road vehicles sold or leased in Canada with the Company's engines from and including engine Model Year 2010 to engine Model Year 2019. This settlement agreement was approved by the Supreme Court of British Columbia on May 6, 2025, and will be finalized subject to approval by the Superior Court of Quebec. In addition, two lawsuits naming the Company and its subsidiary as defendants in representative action lawsuits have also been filed in Australia, and the Company and its subsidiary executed a settlement agreement for a total amount of AUD 87 million on February 14, 2025, with persons who or which by April 17, 2023, purchased, leased or otherwise acquired an interest in Australia in the Company's branded vehicle fitted with a diesel engine that was manufactured during the period from January 1, 2003 to August 22, 2022. This settlement agreement is expected to be finalized upon receiving the final approval by the court. Furthermore, as disclosed on March 31, 2025, in New Zealand, a lawsuit naming the Company as defendant in a class action lawsuit has been filed, and it is possible that other similar lawsuits may be filed in the United States, Australia, Canada, New Zealand and other jurisdictions in the future.

Regarding the financial impact on the Company in connection with these matters, as a loss related to the certification issue of engines for North America, the Company has recorded an extraordinary loss for losses related to certification in North America in the interim consolidated financial statements for the fiscal year ending March 31, 2025 that cover the costs associated with the potential resolution of the certification issues with the U.S. authorities and the settlement money of the class action lawsuits in Canada, to the extent that the Company was able to make a reasonable estimation at the time of preparing the interim consolidated financial statements for the fiscal year ending March 31, 2025. In addition, the loss recorded as described above does not include costs that the Company may incur in connection with certification issues in countries other than the United States and settlement money, etc. for lawsuits filed in countries other than Canada. Administrative and criminal penalties, such as fines imposed as a result of the investigations by the aforementioned authorities, claims for damages and market action may have a material adverse effect on the Company's management, financial condition and cash flow position.

Depending on the extent of the financial impact and the timing at which it becomes known, there are risks that (i) the conditions precedent for the closing of the Business Integration Agreement may not be satisfied, and as a result, the implementation of the Business Integration may not be achieved, and (ii) pursuant to the Business Integration Agreement, the Integrated Company and the Company may be responsible for special indemnification to the Indemnifiable Shareholders of MFTBC. These risks may have a material effect on whether the Business Integration is successfully implemented and the relevant terms.

Additionally, the implementation of the Business Integration may not be achieved due to the inability to obtain the necessary clearances and regulatory approvals under competition and other laws and regulations and a failure to satisfy the conditions precedent for the Business Integration as provided in the Business Integration Agreement (including the implementation of the Third-Party Allotment and the withdrawal of the Company's business from certain sanctioned countries).

In addition, if the consolidated net interest-bearing debt etc. or net working capital of the Company or MFTBC as of the day immediately before the effective date of the Business Integration exceeds or falls below a certain threshold in relation to the forecast amount agreed upon in the Business Integration Agreement, the difference between the actual amount and such forecast amount shall be compensated as follows: if the difference arises for the Company, the Integrated Company and the Company will owe a monetary indemnity obligation of a certain amount to Daimler Truck; if the difference arises for MFTBC, Daimler Truck will owe a monetary payment obligation of a certain amount to MFTBC (In cases where the Integrated Company and the Company owe a monetary payment obligation to Daimler Truck, any impairment of the value of the shares of the Integrated Company held by Daimler Truck due to the payment for the relevant monetary payment obligation is subject to the payment obligation.)

&nbsp;&nbsp;&nbsp;&nbsp;(6) Matters related to the listing of the shares after the Business Integration

As of today, the Company's common shares are listed on the Prime Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange. It is expected that the common shares of the Integrated Company will be listed on the Prime Market of the Tokyo Stock Exchange as of the effective date of the Business Integration upon the implementation of the Business Integration (the Company does not plan to apply for the Technical Listing on the Premier Market of the Nagoya Stock Exchange). Since the Company will become a wholly-owned subsidiary of the Integrated Company upon the Business Integration, the common shares of the Company are scheduled to be delisted; however, the shareholders of the Company are scheduled to receive the shares of the Integrated Company upon the Business Integration.

Since the Business Integration will be conducted with MFTBC, which is a private company, there is a possibility that the common shares of the Integrated Company may fall under "An Issue in a Grace Period pertaining to Delisting regarding Ceasing to be a Substantial Survivor due to Merger, etc." based on the delisting criteria of the Tokyo Stock Exchange (Prime Market). The Company will do its best to ensure that such shares of the Integrated Company are judged to be in compliance with the criteria equivalent to the initial listing examination within the grace period, even if such shares are designated as the issue above.

In order to increase the tradable share ratio of the Integrated Company to be 35% or more, which would meet the criteria for maintaining a listing on the Prime Market of the Tokyo Stock Exchange, Toyota and Daimler Truck intend to reduce their respective shareholding ratios in the Integrated Company by the Shareholding Ratio Adjustment Transaction so that each company's shareholding ratio in the Integrated Company will be 25% of the total issued shares.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Status of the Integrated Company after the Business Integration

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| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;Integrated Company |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;The name as of the Business Integration will be determined closer to the date of the Business Integration. |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Address | &nbsp;&nbsp;Address | &nbsp;&nbsp;The address as of the Business Integration will be determined closer to the date of the Business Integration. |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;As of the Business Integration, there will be two (2) representative directors, one (1) of which, Karl Deppen, will assume the office of the CEO and representative director. |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Management control over the business of the Company and MFTBC after the Business Integration (planned) |
| &nbsp;&nbsp;(e) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;The stated capital as of the Business Integration will be determined closer to the date of the Business Integration. |
| &nbsp;&nbsp;(f) | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;March 31 |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Not determined at present. |
| &nbsp;&nbsp;(h) | &nbsp;&nbsp;(h) | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;Not determined at present. |
| &nbsp;&nbsp;(i) | &nbsp;&nbsp;(i) | &nbsp;&nbsp;Governance Structure | &nbsp;&nbsp;The Integrated Company will be a company with an audit and supervisory committee and in addition to directors and a general meeting of shareholders, will have a board of directors, an audit and supervisory committee, and an accounting auditor. In addition, the Integrated Company will also establish a board of executive officers, a voluntary nomination committee, and a voluntary compensation committee, etc. |
| &nbsp;&nbsp;(j) | &nbsp;&nbsp;(j) | &nbsp;&nbsp;Board of directors at the time of the Business Integration | &nbsp;&nbsp;The board of directors of the Integrated Company at the time of the Business Integration shall consist of one (1) director nominated by Daimler Truck (who will also serve as an audit and supervisory committee member), one (1) executive director nominated by the Company, one (1) executive director nominated by MFTBC, and one (1) executive director to be determined by mutual agreement among the four companies, four (4) independent outside directors (three (3) of whom will also serve as audit and supervisory committee members), and one (1) director (who will also serve as an audit and supervisory committee member), totaling nine (9) members. |

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(k) Right to appoint directors, etc., after the Business Integration After the Business Integration, as long as Daimler Truck
 holds 10% or more of the voting rights of the Integrated Company, Daimler Truck shall have the right to nominate one (1) director (who
 shall also serve as an audit and supervisory committee member and a nomination committee member at the least) of the Integrated Company. After the Business Integration, as long as Toyota
 holds 10% or more of the voting rights of the Integrated Company, the Integrated Company or Daimler Truck may, at any time, request Toyota
 to recommend or introduce one (1) candidate who is an audit and supervisory committee member for director (a "Toyota Background
 Candidate"). The Integrated Company may, at its discretion, appoint a Toyota Background Candidate as a director of the Integrated
 Company. After the Business Integration, as long as Daimler
 Truck holds 10% or more of the voting rights of the Integrated Company, the Integrated Company shall ensure that the number of independent
 outside directors shall not fall below the total number of executive directors and directors appointed by Daimler Truck and the Toyota
 Background Candidate by two (2) or more, unless the four companies separately agree otherwise.

(l) Lock-up and right of first refusal In principle, Toyota and Daimler Truck may not transfer their shares of the Integrated Company (excluding the Shareholding Ratio Adjustment Transaction, etc. Toyota and Daimler Truck will each hold a 25% stake of the total issued shares of the Integrated Company after the Shareholding Ratio Adjustment Transaction.) for a 60-month period from the effective date of the Business Integration (the "Lock-up Period"), and have agreed that they may transfer their shares of the Integrated Company after the Lock-up Period has lapsed. On the other hand, Toyota and Daimler Truck have agreed in principle to grant each other a right of first refusal with respect to the transfer of the shares.

Other details of the Integrated Company and other statuses after the Business Integration will be determined through discussions between the four companies, the Company, MFTBC, Toyota and Daimler Truck.

3. Share Exchange

&nbsp;&nbsp;&nbsp;&nbsp;(1) Purpose of the Share Exchange

Please refer to "1. Purpose of the Business Integration" above.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Method of the Share Exchange

As described in "(1) Method of the Business Integration" in "2. Summary of the Business Integration" above, this is a share exchange in which the Integrated Company is the wholly-owning parent company resulting from the Share Exchange and the Company is the wholly-owned subsidiary resulting from the Share Exchange. The Share Exchange is scheduled to be implemented subject to the effectuation of the Third-Party Allotment, following the approval of the Share Exchange Agreement at the respective general meetings of shareholders of the Company and the Integrated Company, after the execution of the Share Exchange Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Schedule of the Share Exchange

Please refer to "(2) Schedule of the Business Integration" in "2. Summary of the Business Integration" above.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Details of allotment pertaining to the Share Exchange

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; Integrated Company<br> (Wholly-owning parent company resulting from the Share Exchange) | &nbsp;&nbsp; Company<br> (Wholly-owned subsidiary resulting from the Share Exchange) |
| Allotment ratio for the Share Exchange | 1 | 1 |
| Number of shares to be delivered in the Share Exchange | &nbsp;&nbsp; Common shares of the Integrated Company:<br> 845,069,890 shares (planned)<br> Class A shares of the Integrated Company:<br> 175,512,774 shares (planned) | &nbsp;&nbsp; Common shares of the Integrated Company:<br> 845,069,890 shares (planned)<br> Class A shares of the Integrated Company:<br> 175,512,774 shares (planned) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) 1. Allotment ratio for the Share Exchange

Based on the Share Exchange Agreement to be executed in the future, one (1) common share and one (1) class A share of the Integrated Company will be allotted and delivered per common share and class A share (to be issued by way of the Third-Party Allotment) of the Company, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Number of shares to be delivered in the Share Exchange

The Integrated Company, upon the Share Exchange, plans to allot and deliver 845,069,890 common shares and 175,512,774 class A shares of the Integrated Company. The number of such shares is the planned number of shares calculated by subtracting the number of treasury shares (426,758 common shares) from the total number of issued shares (574,580,850 common shares) of the Company as of March 31, 2025, and adding the number of shares to be issued by way of the Third-Party Allotment (270,915,798 common shares and 175,512,774 class A shares).

In addition, with respect to the treasury shares held by the Company (including treasury shares to be acquired by the Company in response to an exercise of appraisal rights under Article 785 of the Companies Act upon the Share Exchange) as of the time immediately before the time on which the Integrated Company acquires all of the Company's issued shares through the Share Exchange (the "Reference Time"), the Company plans to cancel all of such treasury shares at the Reference Time by a resolution of the Board of Directors to be held by the day immediately before the effective date of the Share Exchange. The total number of shares of the Integrated Company to be allotted and delivered upon the Share Exchange may be changed in the future due to reasons such as the acquisition or cancellation of the treasury shares by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Treatment of shares constituting less than one unit

The Company's shareholders who are allotted common shares of the Integrated Company constituting less than one unit (100 shares) (the "Shares Less than One Unit") upon the Share Exchange may not sell their Shares Less than One Unit on any stock exchanges. The Company's shareholders who hold the Shares Less than One Unit of the Integrated Company may, pursuant to the provisions of Paragraph 1 of Article 192 of the Companies Act, demand that the Integrated Company purchase the Shares Less than One Unit that they hold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Treatment of fractions less than one share

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Outline of class A share of the Integrated Company

The terms of the class A shares of the Integrated Company will be the same as those of the class A shares to be issued by the Company by way of the Third-Party Allotment.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Treatment of stock acquisition rights and bonds with stock acquisition rights in association with the Share Exchange

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Grounds for details of allotment pertaining to the Share Exchange

The share exchange ratio shall be set at 1:1 because the Share Exchange is intended to implement the Business Integration solely for the purpose of reversing the wholly-owned parent-subsidiary relationship, so that the Integrated Company, which will first be established as a wholly-owned subsidiary of the Company, will then become the wholly-owning parent company resulting from the Share Exchange and the Company will become a wholly-owned subsidiary resulting from the Share Exchange. Therefore, the Company did not obtain a calculation report on the share exchange ratio for the Share Exchange from a third-party valuation institution independent of the Integrated Company and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Outline of the Parties to the Share Exchange

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; Wholly-owning parent company<br> resulting from the Share Exchange<br> (the Integrated Company) | &nbsp;&nbsp; Wholly-owned subsidiary<br> resulting from the Share Exchange<br> (the Company) |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Name | &nbsp;&nbsp;The name as of the Business Integration will be determined closer to the date of the Business Integration. | &nbsp;&nbsp;Hino Motors, Ltd. |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Address | &nbsp;&nbsp;The address as of the Business Integration will be determined closer to the date of the Business Integration. | &nbsp;&nbsp;1-1 Hinodai 3-chome, Hino-shi, Tokyo |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;As of the Business Integration, there will be two (2) representative directors, one (1) of which, Karl Deppen, will assume the office of the CEO and representative director. | &nbsp;&nbsp;Satoshi Ogiso, President & CEO, Member of the Board of Directors |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Management control over the business of the Company and MFTBC after the Business Integration (planned) | &nbsp;&nbsp;Manufacture of trucks and buses, light commercial vehicles and passenger vehicles (consigned vehicles from Toyota), engines and spare parts, etc. |
| &nbsp;&nbsp;(e) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;The stated capital as of the Business Integration will be determined closer to the date of the Business Integration. | &nbsp;&nbsp; 72,717 million yen<br> (as of March 31, 2025) |
| &nbsp;&nbsp;(f) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;A preparatory company for the Business Integration has been established as of June 2, 2025. | &nbsp;&nbsp;May 1, 1942 |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;Number of Issued Shares | &nbsp;&nbsp;The number of issued shares as of the Business Integration is undetermined. | &nbsp;&nbsp; 574,580,850 shares<br> (as of March 31, 2025) |
| &nbsp;&nbsp;(h) | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;March 31 | &nbsp;&nbsp;March 31 |
| &nbsp;&nbsp;(i) | &nbsp;&nbsp;Number of Employees | &nbsp;&nbsp;The number of employees as of the Business Integration is undetermined. | &nbsp;&nbsp; (On a consolidated basis) 33,608<br> (as of March 31, 2025) |
| &nbsp;&nbsp;(j) | &nbsp;&nbsp;Major Trading Partner(s) | &nbsp;&nbsp;- | &nbsp;&nbsp;The Company has many customers inside and outside Japan. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(k) | &nbsp;&nbsp;Main Bank(s) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp; Sumitomo Mitsui Banking Corporation<br> Mizuho Bank, Ltd.<br> MUFG Bank, Ltd. | &nbsp;&nbsp; Sumitomo Mitsui Banking Corporation<br> Mizuho Bank, Ltd.<br> MUFG Bank, Ltd. | &nbsp;&nbsp; Sumitomo Mitsui Banking Corporation<br> Mizuho Bank, Ltd.<br> MUFG Bank, Ltd. | &nbsp;&nbsp; Sumitomo Mitsui Banking Corporation<br> Mizuho Bank, Ltd.<br> MUFG Bank, Ltd. |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;50.14% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | &nbsp;&nbsp;10.30% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND (Standing Proxy: Custody Business Department of The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch) | &nbsp;&nbsp;HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND (Standing Proxy: Custody Business Department of The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch) | &nbsp;&nbsp;HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND (Standing Proxy: Custody Business Department of The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch) | &nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;JP MORGAN CHASE BANK 385781 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;JP MORGAN CHASE BANK 385781 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;JP MORGAN CHASE BANK 385781 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Hino Motors Employees' Stock Ownership Association | &nbsp;&nbsp;Hino Motors Employees' Stock Ownership Association | &nbsp;&nbsp;Hino Motors Employees' Stock Ownership Association | &nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (the Company: as of March 31, 2025) | &nbsp;&nbsp;The Company | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;(m) | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies |
|  | &nbsp;&nbsp;Capital Relationship | &nbsp;&nbsp;The Company will hold all of the issued shares of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will hold all of the issued shares of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will hold all of the issued shares of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will hold all of the issued shares of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will hold all of the issued shares of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will hold all of the issued shares of the Integrated Company until the effective date of the Share Exchange. |
|  | &nbsp;&nbsp;Personal Relationship | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. |
|  | &nbsp;&nbsp;Business Relationship | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp;Status as Related Parties | &nbsp;&nbsp;The Company will remain the wholly-owning parent company of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will remain the wholly-owning parent company of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will remain the wholly-owning parent company of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will remain the wholly-owning parent company of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will remain the wholly-owning parent company of the Integrated Company until the effective date of the Share Exchange. | &nbsp;&nbsp;The Company will remain the wholly-owning parent company of the Integrated Company until the effective date of the Share Exchange. |
| &nbsp;&nbsp;(n) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Integrated Company | &nbsp;&nbsp;Integrated Company | &nbsp;&nbsp; Company (consolidated)<br> (J-GAAP) | &nbsp;&nbsp; Company (consolidated)<br> (J-GAAP) | &nbsp;&nbsp; Company (consolidated)<br> (J-GAAP) | &nbsp;&nbsp; Company (consolidated)<br> (J-GAAP) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Fiscal Year Ended March 31, 2023 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2024 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2025 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2025 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;433409 | &nbsp;&nbsp;463420 | &nbsp;&nbsp;251020 | &nbsp;&nbsp;251020 |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1361735 | &nbsp;&nbsp;1464375 | &nbsp;&nbsp;1478180 | &nbsp;&nbsp;1478180 |
| &nbsp;&nbsp; Net Assets per Share<br> (in yen) | &nbsp;&nbsp; Net Assets per Share<br> (in yen) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;640.94 | &nbsp;&nbsp;682.98 | &nbsp;&nbsp;310.90 | &nbsp;&nbsp;310.90 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;- | &nbsp;&nbsp;1507336 | &nbsp;&nbsp;1516255 | &nbsp;&nbsp;1697229 |
| &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;- | &nbsp;&nbsp;17406 | &nbsp;&nbsp;-8103 | &nbsp;&nbsp;57490 |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;- | &nbsp;&nbsp;15787 | &nbsp;&nbsp;-9233 | &nbsp;&nbsp;39310 |
| &nbsp;&nbsp;Profit Attributable to Owners of Parent | &nbsp;&nbsp;- | &nbsp;&nbsp;-117664 | &nbsp;&nbsp;17087 | &nbsp;&nbsp;-217753 |
| &nbsp;&nbsp; Profit per Share<br> (in yen) | &nbsp;&nbsp;- | &nbsp;&nbsp;-204.98 | &nbsp;&nbsp;29.77 | &nbsp;&nbsp;-379.34 |
| &nbsp;&nbsp; Dividends per share<br> (in yen) | &nbsp;&nbsp;- | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The shareholding ratios are calculated based on the total number of issued shares excluding treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Outline of accounting treatment

The accounting treatment, amount of goodwill and other details associated with the Share Exchange have not yet been determined.

4. Share Delivery

&nbsp;&nbsp;&nbsp;&nbsp;(1) Purpose of the Share Delivery

Please refer to "1. Purpose of the Business Integration" above.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Method of the Share Delivery

As described in "(1) Method of the Business Integration" in "2. Summary of the Business Integration" above, this is a share delivery in which the Integrated Company is the parent company resulting from the Share Delivery and MFTBC is the subsidiary resulting from the Share Delivery. The Share Delivery will be implemented subject to the approval of the Share Delivery Plan at the general meeting of shareholders of the Integrated Company, as well as the effectuation of the Share Exchange, the Shareholding Adjustment, and the transfer of Hamura Plant to Toyota scheduled on April 1, 2026 (the "Transfer").

&nbsp;&nbsp;&nbsp;&nbsp;(3) Schedule of the Share Delivery

Please refer to "(2) Schedule of the Business Integration" in "2. Summary of the Business Integration" above.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Details of allotment pertaining to the Share Delivery

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; Integrated Company<br> (Parent company resulting from the Share Delivery) | &nbsp;&nbsp; MFTBC<br> (Subsidiary resulting from the Share Delivery) |
| Allotment ratio for the Share Delivery | 1 | 310 (planned) |
| Number of shares to be delivered in the Share Delivery | &nbsp;&nbsp; Common shares of the Integrated Company:<br> 1,736,000,310 shares (planned) | &nbsp;&nbsp; Common shares of the Integrated Company:<br> 1,736,000,310 shares (planned) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) 1. Allotment ratio for the Share Delivery

The Equity Value Ratio of the Company and MFTBC (the equity value ratio of MFTBC's shares assuming the equity value of the Company is 1) underlying the Share Delivery Ratio has been agreed as shown in the following table. Based on the Equity Value Ratio, 310 common shares of the Integrated Company will be allotted and delivered per common share of MFTBC. Such allotment ratio was agreed on the assumption that the total number of issued shares of the Integrated Company after the Share Exchange would be 1,020,582,664 shares (which is calculated by subtracting the number of treasury shares (426,758 common shares) from the total number of issued shares (574,580,850 common shares) of the Company as of March 31, 2025, and adding the number of shares to be issued by way of the Third-Party Allotment (270,915,798 common shares and 175,512,774 class A shares). This number may be changed in the future due to reasons such as the acquisition or cancellation of the treasury shares by the Company.) and the total number of issued shares of MFTBC (excluding the number of treasury shares) would be 5,600,001 shares.

<u>The Company</u> <u>MFTBC</u> <br> <u> Equity Value Ratio of the Company and MFTBC</u> <u>1.00</u> <u>1.70</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Number of shares to be delivered in the Share Delivery

The number of common shares of the Integrated Company to be allotted and delivered in the event that the Integrated Company acquires all MFTBC's common shares held by all shareholders of MFTBC will be 1,736,000,310 shares, and the percentage to the total number of issued shares of the Integrated Company after the Share Exchange will be 170.10% on the assumption that such total number of issued shares is 1,020,582,664 shares (which is calculated by subtracting the number of treasury shares (426,758 common shares) from the total number of issued shares (574,580,850 common shares) of the Company as of March 31, 2025, and adding the number of shares to be issued by way of the Third-Party Allotment (270,915,798 common shares and 175,512,774 class A shares). This number may be changed in the future due to reasons such as the acquisition or cancellation of the treasury shares by the Company.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Treatment of Shares Less than One Unit

The shareholders of MFTBC who are allotted the Shares Less than One Unit of the Integrated Company upon the Share Delivery may not sell their Shares Less than One Unit on any stock exchanges. The shareholders of MFTBC who hold the Shares Less than One Unit of the Integrated Company may, pursuant to the provisions of Paragraph 1 of Article 192 of the Companies Act, demand that the Integrated Company purchase the Shares Less than One Unit that they hold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Treatment of fractions less than one share

Upon the Share Delivery, for the shareholders of MFTBC who will be allotted fractions less than one share of the Integrated Company, the Integrated Company will sell a number of shares of the Integrated Company equivalent to the total number of such fractions and deliver the proceeds of such sale to such shareholders in proportion to such fractions, pursuant to Article 234 of the Companies Act and other relevant laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Treatment of stock acquisition rights and bonds with stock acquisition rights in association with the Share Delivery

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Grounds for details of allotment pertaining to the Share Delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grounds and reasons for the details of the allotment

As described in "5. Measures to Ensure Fairness" below, the Company appointed Nomura Securities Co. Ltd. ("Nomura Securities") as its financial advisor and third-party valuation institution to ensure fairness and appropriateness in the calculation of the share delivery ratio of the Share Delivery. As a result of careful discussion and examination using the share delivery ratio by Nomura Securities, the Company has determined that the Share Delivery Ratio is within the range of the calculation results of the share delivery ratio calculated by Nomura Securities in the calculation results of the share delivery ratio and will not damage the interests of the Company's shareholders, and it is appropriate to conduct the Share Delivery based on the Share Delivery Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Matters pertaining to calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Name of the valuation institution and relationship with the parties

Nomura Securities is a third-party valuation institution independent of the Company, MFTBC, Toyota and Daimler Truck. It does not fall under their interested parties and has no material interest in the Share Delivery to be noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Overview of Calculation

With respect to the shares of the Integrated Company, Nomura Securities performed its calculation using (a) an average market price analysis, as the Company is listed on the Prime Market of the Tokyo Stock Exchange and its shares have a market price, and (b) a discounted cash flow analysis (the "DCF Analysis") in order to take into account the Integrated Company's future business activities in performing its calculation.

With respect to MFTBC, although MFTBC is a private company, Nomura Securities performed its calculation using (a) a comparable companies analysis, as there are similar listed companies that are comparable to MFTBC and Nomura Securities could estimate the equity value of MFTBC by comparing it with said comparable companies, as well as (b) the DCF Analysis in order to take into account the MFTBC's future business activities in performing its calculation.

The valuation ranges for one (1) share of MFTBC's shares in the case where the equity value per share of the Integrated Company under the respective analysis methods is one (1) are as follows:

Integrated Company <u>MFTBC</u> <u> Calculation results of the Share Delivery Ratio</u> <br> <u>Average market price analysis</u> <u>Comparable companies analysis</u> <u>76～124</u> <br> <u>DCF Analysis</u> <u>DCF Analysis</u> <u>262～370</u>

Under the average market price analysis for the valuation of the Integrated Company, Nomura Securities set June 9, 2025 as the calculation reference date, and used the closing price of the Company shares listed on the Prime Market of the Tokyo Stock Exchange on the calculation reference date, as well as the simple average closing prices of the past five-business-days, one-month, three-months, and six months leading up to the calculation reference date.

Under the comparable companies analysis for the valuation of MFTBC, Nomura Securities performed its calculation using the multiple of operating income before depreciation ("EBITDA") against corporate value ("EBITDA multiple"), the multiple of operating income against corporate value, the multiple of net income against market capitalization, and the multiple of shareholders' equity against market capitalization, after selecting Isuzu Motors Limited as comparable listed companies deemed to be comparable to MFTBC.

Under the DCF Analysis, with respect to the Integrated Company, based on the financial forecasts and investment plans for the fiscal years from the fiscal year ended March 31, 2025 through the fiscal year ending March 31, 2034 prepared by the Company, as well as publicly available information and other factors, Nomura Securities evaluated the equity value of the Integrated Company by discounting the free cash flows that are expected to be generated by the Company in and after the fourth quarter of the fiscal year ended March 31, 2025 to their present value by applying a certain discount rate. For the Integrated Company, Nomura Securities adopted a discount rate of 6.25% to 7.25%, applied the perpetual growth rate method and multiple method to calculate the terminal value, and adopted a perpetual growth rate of 1.50% to 2.00% and an EBITDA multiple of 4.0x to 6.0x.

On the other hand, with respect to MFTBC, based on the financial forecasts and investment plans for the fiscal years from the fiscal year ending December 31, 2025 through the fiscal year ending December 31, 2030 prepared by MFTBC, as well as publicly available information and other factors, Nomura Securities evaluated the equity value of the MFTBC by discounting the free cash flows that are expected to be generated by MFTBC in and after the fiscal year ending December 31, 2025 to their present value by applying a certain discount rate. For MFTBC, Nomura Securities adopted a discount rate of 6.50% to 7.50%, applied the perpetual growth rate method and multiple method to calculate the terminal value, and adopted a perpetual growth rate of 1.50% to 2.00% and an EBITDA multiple of 4.0x to 6.0x.

For the analysis of the share delivery ratio, Nomura Securities used information provided by each company, publicly available information and other materials. Nomura Securities assumed the accuracy and completeness of all such materials and information and did not independently verified the accuracy or completeness of such information. In addition, Nomura Securities did not undertake an independent evaluation, appraisal or assessment of the assets or liabilities (including derivatives, off-balance-sheet assets and liabilities, and other contingent liabilities), including an analysis and evaluation of individual assets and liabilities, of each company or any of their respective associated companies, nor did it made any request to a third party for an appraisal or assessment. Nomura Securities' analysis of the share delivery ratio reflects information and economic conditions until June 9, 2025. With respect to the financial forecasts and other forward-looking information of the Company, Nomura Securities assumed that the information was reasonably prepared based on the best and most sincere estimates and judgment currently available to the Company's management, and with respect to the financial forecasts and other forward-looking information of MFTBC, Nomura Securities assumed (a) that information was reasonably reviewed and verified based on the best and most sincere estimates and judgment currently available to MFTBC's management and (b) that the financial condition of the Integrated Company and MFTBC will change in accordance with said forecasts. The calculation provided by Nomura Securities is solely for the purpose of serving as a reference for the Board of Directors of the Company to examine the Share Delivery Ratio.

In the financial forecasts for the Company and MFTBC prepared by each company, which were used by Nomura Securities as the basis for evaluation in conducting the DCF Analysis, there are fiscal years in which a significant increase or decrease in profit is anticipated. Specifically, with respect to the Company, for the fiscal year ending March 31, 2026, a return to profit is expected due to the recording of significant extraordinary gains from the Transfer etc., and a significant decrease in operating income of 30.4%is expected due to sluggish overseas markets and the impact of a stronger yen. For the fiscal year ending March 31, 2027, a decrease in profit of 66.4% is expected due to the absence of the one-time gain from the Transfer etc. recorded in the fiscal year ending March 31, 2026. Please note that the Company's financial forecasts do not account for the implementation of the Share Delivery. With respect to MFTBC, for the fiscal year ending December 31, 2026, an increase in operating income of 34.3% compared to the previous fiscal year is expected due to demand recovery in major markets and cost reductions through efficiency improvements. Please note that MFTBC's financial forecasts do not account for the implementation of the Share Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Outline of the Parties to the Share Delivery

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; Parent company<br> resulting from the Share Delivery<br> (the Integrated Company) | &nbsp;&nbsp; Subsidiary<br> resulting from the Share Delivery<br> (MFTBC) | &nbsp;&nbsp; Subsidiary<br> resulting from the Share Delivery<br> (MFTBC) |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;Name | &nbsp;&nbsp;The name as of the Business Integration will be determined closer to the date of the Business Integration. | &nbsp;&nbsp;Mitsubishi Fuso Truck and Bus Corporation | &nbsp;&nbsp;Mitsubishi Fuso Truck and Bus Corporation |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Address | &nbsp;&nbsp;The address as of the Business Integration will be determined closer to the date of the Business Integration. | &nbsp;&nbsp;10 Ohkura-cho, Nakahara-ku, Kawasaki-shi, Kanagawa | &nbsp;&nbsp;10 Ohkura-cho, Nakahara-ku, Kawasaki-shi, Kanagawa |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;As of the Business Integration, there will be two (2) representative directors, one (1) of which, Karl Deppen, will assume the office of the CEO and representative director. | &nbsp;&nbsp;Karl Deppen, President & CEO | &nbsp;&nbsp;Karl Deppen, President & CEO |
| &nbsp;&nbsp;(d) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Management control over the business of the Company and MFTBC after the Business Integration (planned) | &nbsp;&nbsp;Development, design, manufacture, sale and purchase, import and export, and other trade business of trucks, buses, industry engines, etc. | &nbsp;&nbsp;Development, design, manufacture, sale and purchase, import and export, and other trade business of trucks, buses, industry engines, etc. |
| &nbsp;&nbsp;(e) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;The stated capital as of the Business Integration will be determined closer to the date of the Business Integration. | &nbsp;&nbsp; 35,000 million yen<br> (as of December 31, 2024) | &nbsp;&nbsp; 35,000 million yen<br> (as of December 31, 2024) |
| &nbsp;&nbsp;(f) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;A preparatory company for the Business Integration has been established as of June 2, 2025. | &nbsp;&nbsp;January 6, 2003 | &nbsp;&nbsp;January 6, 2003 |
| &nbsp;&nbsp;(g) | &nbsp;&nbsp;Number of Issued Shares | &nbsp;&nbsp;The number of issued shares as of the Business Integration is undetermined. | &nbsp;&nbsp; 5,600,001 shares<br> (as of December 31, 2024) | &nbsp;&nbsp; 5,600,001 shares<br> (as of December 31, 2024) |
| &nbsp;&nbsp;(h) | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;March 31 | &nbsp;&nbsp;December 31 | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;(i) | &nbsp;&nbsp;Number of Employees | &nbsp;&nbsp;The number of employees as of the Business Integration is undetermined. | &nbsp;&nbsp; approximately 13,000 on consolidated basis;<br> (as of December 31, 2024) | &nbsp;&nbsp; approximately 13,000 on consolidated basis;<br> (as of December 31, 2024) |
| &nbsp;&nbsp;(j) | &nbsp;&nbsp;Major Trading Partner(s) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;(k) | &nbsp;&nbsp;Main Bank(s) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Daimler Truck AG | &nbsp;&nbsp;89.29% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;MUFG Bank, Ltd. | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Mitsubishi Corporation | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Mitsubishi UFJ Trust and Banking Corporation | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Meiji Yasuda Life Insurance Company | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;AGC Inc. | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Nippon Yusen Kaisha | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Mitsubishi Electric Corporation | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (MFTBC: as of December 31, 2024) | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;Mitsubishi Materials Corporation | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;(m) | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;Relationship between the Companies |
|  | &nbsp;&nbsp;Capital Relationship | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp;Personal Relationship | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. | &nbsp;&nbsp;The personal relationship as of the Business Integration is undetermined. |
|  | &nbsp;&nbsp;Business Relationship | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp;Status as Related Parties | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(n) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Integrated Company | &nbsp;&nbsp;MFTBC (non-consolidated)(JGAAP) (Note2) | &nbsp;&nbsp;MFTBC (non-consolidated)(JGAAP) (Note2) | &nbsp;&nbsp;MFTBC (non-consolidated)(JGAAP) (Note2) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;- | &nbsp;&nbsp;Fiscal Year Ended December 31, 2022 | &nbsp;&nbsp;Fiscal Year Ended December 31, 2023 | &nbsp;&nbsp;Fiscal Year Ended December 31, 2024 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;- | &nbsp;&nbsp;243886 | &nbsp;&nbsp;258978 | &nbsp;&nbsp;257241 |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;- | &nbsp;&nbsp;504895 | &nbsp;&nbsp;579094 | &nbsp;&nbsp;558922 |
| &nbsp;&nbsp; Net Assets per Share<br> (in yen) | &nbsp;&nbsp; Net Assets per Share<br> (in yen) | &nbsp;&nbsp;- | &nbsp;&nbsp;43551.13 | &nbsp;&nbsp;46246.23 | &nbsp;&nbsp;45936.05 |
| &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;- | &nbsp;&nbsp;699316 | &nbsp;&nbsp;832928 | &nbsp;&nbsp;794652 |
| &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;- | &nbsp;&nbsp;17192 | &nbsp;&nbsp;36526 | &nbsp;&nbsp;35386 |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;- | &nbsp;&nbsp;21028 | &nbsp;&nbsp;39994 | &nbsp;&nbsp;36632 |
| &nbsp;&nbsp;Profit Attributable to Owners of Parent | &nbsp;&nbsp;Profit Attributable to Owners of Parent | &nbsp;&nbsp;- | &nbsp;&nbsp;16012 | &nbsp;&nbsp;29931 | &nbsp;&nbsp;28538 |
| &nbsp;&nbsp; Profit per Share<br> (in yen) | &nbsp;&nbsp; Profit per Share<br> (in yen) | &nbsp;&nbsp;- | &nbsp;&nbsp;2859.43 | &nbsp;&nbsp;5344.88 | &nbsp;&nbsp;5096.12 |
| &nbsp;&nbsp; Dividends per share<br> (in yen) | &nbsp;&nbsp; Dividends per share<br> (in yen) | - | &nbsp;&nbsp;Note 3 | &nbsp;&nbsp;Note 3 | &nbsp;&nbsp;Note 3 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) 1. The shareholding ratios are calculated based on the total number of issued shares excluding treasury
shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MFTBC's results of operations and financial conditions set forth herein are those of MFTBC on an
individual basis. Since the scope of the Business Integration is not limited to MFTBC on an individual basis, such results of operations
and financial conditions do not fully present the results of operations and financial conditions of the business of MFTBC that will be
subject to the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As MFTBC is a private company, its "Dividends per Share" are not disclosed at its request.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Outline of accounting treatment

The accounting treatment, amount of goodwill and other details associated with the Share Delivery have not yet been determined.

5. Measures to Ensure Fairness

While the Business Integration is an integration between the Company and MFTBC, Toyota, which is the Company's parent company, is also involved in promoting and implementing the Business Integration. Therefore, the Company has determined that it is necessary to ensure fairness as it is appropriate to treat the Business Integration in the same manner as transactions, etc., with the controlling shareholder. In light of this, the Company is implementing the following measures to ensure fairness in the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Advice from an independent financial advisor and obtaining a calculation report prepared by third party valuation institution

The Company has retained Nomura Securities as a financial advisor in the Business Integration, and received advice from a financial perspective. In addition, the Company has obtained a calculation report prepared by Nomura Securities as a third party valuation institution on the Share Delivery Ratio. Nomura Securities does not have any significant interests in the Company, MFTBC, Toyota or Daimler Truck.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Advice from an independent legal advisor

The Company has retained Nagashima Ohno & Tsunematsu as a legal advisor in the Business Integration, and received legal advice on various procedures related to the Business Integration, decision-making methods and decision-making processes, etc. Nagashima Ohno & Tsunematsu does not have any significant interests in the Company, MFTBC, Toyota or Daimler Truck.

6. Measures to Avoid Conflicts of Interest

As described in "5. Measures to Ensure Fairness" above, it is appropriate to treat the Business Integration in the same manner as transactions, etc. with the controlling shareholder and, given that there is a structure in which conflicts of interest may arise between the Company and Toyota, the Company is implementing the following measures to avoid conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Obtaining a report from the Special Committee that has no interests in the Company

In order to take care in making decisions regarding the promotion and implementation of the Business Integration prior to deliberation and resolution whether or not to approve the Business Integration and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of the Company's Board of Directors regarding the Business Integration and to ensure the fairness of the decision-making process, as well as to obtain an opinion on whether there is any disadvantage to its minority shareholders from the decision of its Board of Directors to promote and implement the Business Integration, the Company consulted with the Special Committee of the Company (the "Special Committee") which was established in FY2022 in order to determine the appropriateness of material transactions with Toyota Group.

Firstly, the Special Committee submitted a report dated May 29, 2023 to the Company's Board of Directors concerning the execution of the MOU and promotion of the Business Integration to the effect that (a) the purposes of the Business Integration would be legitimate and reasonable to a certain extent; (b) there are no special circumstances where the terms and conditions of the Business Integration would be inappropriate; (c) the procedures for the Business Integration would be fair; and, (d) it would not be disadvantageous to the Company's minority shareholders to adopt a resolution of the Board of Directors to execute the MOU and promote the Business Integration taking (a) through (c) above into consideration. For a summary of the report and the process leading up to the report, please refer to the Press Release dated May 30, 2023.

After the execution of the MOU, the Company consulted the Special Committee again regarding the execution of the Business Integration Agreement and the implementation of the Business Integration. The Special Committee consists of four (4) members: Mr. Motokazu Yoshida, Mr. Koichi Muto, Mr. Masahiro Nakajima and Ms. Shoko Kimijima, who are outside directors and independent officers having no interests in the Company, MFTBC, Toyota or Daimler Truck. The Company asked the Special Committee for examination and determination on (a) the legitimacy and reasonableness of the purpose of the Business Integration, (b) the appropriateness of the terms and conditions of the Business Integration, (c) the fairness of the procedures for the Business Integration, and (d) whether the implementation of the Business Integration would be disadvantageous to minority shareholders of the Company, taking (a) through (c) above into consideration, and providing its opinion to the Company's Board of Directors (collectively, the "Consulted Matters"). In addition to Mr. Motokazu Yoshida, Mr. Koichi Muto and Mr. Masahiro Nakajima, who have been members since the initial establishment of the Special Committee in FY2022, the Company has appointed Ms. Shoko Kimijima, who assumed office as an outside director from June 2023, as a member of the Special Committee (the chairman of the Special Committee is Mr. Motokazu Yoshida), and, since then, the Company has not changed any of the members of the Special Committee when conducting consultations concerning the Business Integration. The compensation for services of each member does not include any contingency fee that is subject to public announcement, decision or implementation, etc. of the Business Integration.

The Company has also resolved that the decision-making by its Board of Directors regarding the Business Integration shall be made with maximum respect for the opinions of the Special Committee, and that if the Special Committee determines that the Business Integration is disadvantageous to the Company's minority shareholders, the Company's Board of Directors shall not decide to implement the Business Integration. Further, the Company's Board of Directors has resolved (a) to grant authority to the Special Committee to appoint its own advisors, in which case the reasonable costs of such advisors shall be borne by the Company, and (b) to ensure that the Special Committee is in a position to substantially influence the negotiation process regarding the terms and conditions of the transactions by, for example, reporting to the Special Committee in a timely manner on the status of negotiations, hearing the opinions of the Special Committee at important junctures and negotiating upon taking into consideration any requests from the Special Committee.

The Special Committee for the Business Integration, in relation to the execution of the Business Integration Agreement, carefully considered the Consulted Matters by holding 19 meetings in total during the period from August 8, 2024 to June 10, 2025, collecting information and holding discussions from time to time as required. In addition, after considering independence, expertise and experience, the Special Committee appointed Plutus Consulting Co., Ltd. ("Plutus") as its own financial advisor, independent of the Company, MFTBC, Toyota and Daimler Truck, and Anderson Mori & Tomotsune as its own legal advisor, independent of the Company, MFTBC, Toyota and Daimler Truck, as they did upon the examination regarding the execution of the MOU.

Based on the foregoing, the Special Committee has received timely explanation from, and conducted question-and-answer sessions, etc. with, the Company, the Company's financial advisor, Nomura Securities, and the Company's legal advisor, Nagashima Ohno & Tsunematsu, concerning the negotiation process and decision-making process of various terms and conditions of the Business Integration, including the significance of the Business Integration, the expected synergies, the scheme of the Business Integration, and the Share Delivery Ratio of the Business Integration; and through such process, the Special Committee has verified the reasonableness thereof. Furthermore, based on advice from its financial advisor, Plutus, and its legal advisor, Anderson Mori & Tomotsune, the Special Committee has been involved in the negotiation process by providing its opinions at important junctures and giving instructions and requests to the Company.

Under such circumstances, the Special Committee, on the premise of each of the above explanations, advice from its advisors and other materials for consideration, carefully deliberated and examined the Consulted Matters, and submitted to the Company's Board of Directors a report dated June 10, 2025 to the effect that (a) the purposes of the Business Integration would be legitimate and reasonable to a certain extent; (b) there are no special circumstances where the terms and conditions of the Business Integration would be inappropriate; (c) the procedures for the Business Integration would be fair; and, (d) it would not be disadvantageous to the Company's minority shareholders to execute the Business Integration Agreement and implement the Business Integration taking (a) through (c) above into consideration (the "Report").

For a summary of the Report, please refer to "(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous for the minority shareholders" in "8. Transactions, etc. with Controlling Shareholder" below. With respect to the report dated May 29, 2023 that the Company received from the Special Committee, please refer to "(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous for the minority shareholders" in "9. Transactions, etc. with Controlling Shareholder" of the Press Release dated May 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Approval of all directors who have no interest in the Company

All directors of the Company excluding Mr. Jun Nagata attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the Business Integration Agreement. Of the Company's directors, Mr. Jun Nagata, who had been an operating officer of Toyota until December 2024 and, as of today, dispatched from Toyota (part-time contract employee) to the Company as a director, has, or is likely to have, a conflict of interest in relation to the Business Integration. Therefore, he did not participate in discussions and negotiations regarding the Business Integration, and did not participate in deliberations regarding the execution of the Business Integration Agreement at the Company's Board of Directors meeting.

7. Future Outlook

The Company is currently investigating the impact of the Business Integration on the financial results from fiscal year ending March 2026, and the Company will make prompt disclosures if it is necessary to make any new disclosures regarding the Business Integration.

8. Transactions, etc. with Controlling Shareholder

&nbsp;&nbsp;&nbsp;&nbsp;(1) Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders

As described in "5. Measures to Ensure Fairness" above, the Company has determined that it is appropriate to treat the Business Integration in the same manner as transactions, etc. with the controlling shareholder. The compliance of the Business Integration with respect to the "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed by the Company on July 3, 2024 is as follows.

The Business Integration has been consulted in advance with the Special Committee that is composed of only independent outside directors, and a report confirming that the Business Integration would not be disadvantageous to the Company's minority shareholders has been obtained. Under such circumstances, all of the directors of the Company, excluding Mr. Jun Nagata, attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the Business Integration Agreement. Of the Company's directors, Mr. Jun Nagata, who had been an operating officer of Toyota until December 2024 and, as of today, dispatched from Toyota (part-time contract employee) to the Company as a director, has, or is likely to have, a conflict of interest in relation to the Business Integration. Therefore, he did not participate in discussions and negotiations regarding the Business Integration and did not participate in deliberations regarding the execution of the Business Integration Agreement at the Company's Board of Directors meeting detailed above. As a result of these measures, we believe that the Business Integration complies with the "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" of the Company.

The "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed on July 3, 2024 is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling
Shareholder

The parent company of the Company is Toyota Motor Corporation which owns 50.2% of the voting rights of the Company as of March 31, 2024. The Company determines sales of products to the parent company, etc. based on price negotiations in each fiscal year, taking into account the market price of raw materials and number of units manufactured on a consignment basis, etc.

With respect to the purchase of parts, etc., the Company determines a reasonable price based on discussions with Toyota Motor Corporation, sufficiently taking into account market prices, etc. in the same manner as determining the terms and conditions of general transactions.

The Company determines interest rates at the time of borrowing money in the same manner as determining those in general transactions, taking into account market interest rates. With respect to these material transactions between the Company and the parent company group, the Company determines the appropriateness of transactions at Board of Directors meetings after holding discussions with and obtaining a report from the Special Committee that is composed of only independent outside directors. Accordingly, the Company believes that transactions with the parent company do not and will not harm the Company and the rights of its minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Measures to ensure fairness and avoid conflicts of interest

As described in "(1) Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders" above, since it is appropriate to treat the Business Integration in the same manner as transactions, etc. with the controlling shareholder, the Company has determined that it is necessary to take measures to ensure fairness and avoid conflicts of interest and has made determinations regarding the Business Integration after ensuring fairness and avoiding conflicts of interest by carefully holding discussions on and examining the terms and conditions of the Business Integration Agreement at its Board of Directors meeting and taking the measures described in "5. Measures to Ensure Fairness" and "6. Measures to Avoid Conflicts of Interest" above.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous to the minority shareholders

As described in "(1) Obtaining a report from the Special Committee that has no interest in the Company" of "6. Measures to Avoid Conflicts of Interest" above, in order to take care in making decisions regarding the promotion and the implementation of the Business Integration and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of its Board of Directors regarding the Business Integration and to ensure the fairness of the decision-making process, as well as to obtain its opinion on whether there are any disadvantages to the Company's minority shareholders from the decision of its Board of Directors to promote and implement the Business Integration, the Company consulted with the Special Committee on the Consulted Matters.

As a result, on June 10, 2025, the Company received the Report from the Special Committee concerning execution of the Business Integration Agreement and the implementation of the Business Integration as outlined below. For a summary of the report dated May 29, 2023 that the Company received from the Special Committee regarding the execution of the MOU and the promotion of the Business Integration, please refer to the Press Release dated May 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conclusion of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The legitimacy and reasonableness of the purpose
of the Business Integration<br>
The Business Integration can contribute to enhancing the Company's corporate value, and its purpose would be legitimate and reasonable
to a certain extent. As of the date the Report was prepared, there are no special circumstances where such legitimacy or reasonableness
is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The appropriateness of the terms and conditions
of the Business Integration<br>
Given that, respectively, the negotiation status in respect of the Business Integration, the Share Delivery Ratio, and the conditions
set forth in the Business Integration Agreement, cannot be said to be unreasonable, there have not been found to be any special circumstances
that support a determination that the terms and conditions of the Business Integration are improper, including the fact that none of the
terms and conditions of the Business Integration is of particular detriment to minority shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The fairness of the procedures for the Business
Integration<br>
There are no circumstances which create doubt as to the fairness of the system of deliberations and negotiations on the terms and conditions
of the Business Integration or of the negotiations and decision-making process regarding the Share Delivery Ratio of the Business Integration,
etc., and, given that measures to ensure fairness have been taken in the course of implementing the Business Integration, the procedures
for the Business Integration are considered fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether the implementation of the Business Integration
would be disadvantageous to minority shareholders of the Company, taking (a) through (c) above into consideration<br>
Taking into consideration (a) through (c) above, since it cannot be said to be unreasonable to execute the Business Integration Agreement,
and to implement the Business Integration if the conditions precedent to the Business Integration set forth in the Business Integration
Agreement are satisfied, it would not be disadvantageous to the Company's minority shareholders to adopt a resolution at the Board
of Directors to execute the Business Integration Agreement, and to implement the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Reasons for Conclusions of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Legitimacy and reasonableness of the purpose of
the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purpose of the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purpose of the Business Integration is to maintain
both brands of the Company and MFTBC and build a genuine Japanese truck company contributing to customers, shareholders and the Japanese
automotive industry by leveraging the knowledge and capabilities of both companies and by promoting transformation into zero-emission
and autonomous driving by both shareholders: Toyota and Daimler Truck.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company's understanding of the current
situation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's understanding of the business
environment is as follows: it is essential to invest resources in new areas such as CASE technologies for commercial vehicles , and as
Europe and China are the main players for main units and a union of commercial vehicles established with the aim of securing resources
and improving the international competitiveness, the Company is not able to participate in such union at this moment. Therefore, the need
for the Company to secure funds and concentrate the management resources is high.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's understanding of the management
issues is as follows: in light of the circumstances such as the Company cannot deny the possibility that the financial impact on the Company
in connection with the Engine Issues may have a material adverse effect on the Company's management, financial condition and cash
flow position and that the difficulty for the Company to shift resources to CASE technologies due to the Engine Issues, it is difficult
for the Company to resolve the above management issues alone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's above understanding of both
the business environment and the management issues is considered to be reasonable. Therefore, taking measures that contribute to resolution
of the above management issues and policies to realize the resolution of such matters, in general, can be considered that such measures
will contribute to enhancing the Company's corporate value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Estimated synergies resulting from the Business
Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The content of the following synergies resulting
from the Business Integration estimated by the Company is reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) While complementing the strengths of both the Company
and MFTBC, the Company will divide and improve efficiency, and achieve both strengthening of existing businesses and investment of resources
in developing CASE technologies. In addition, the Company will strengthen the competitiveness by taking advantage of the scale of both
companies combined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With support from both Daimler Truck and Toyota,
which are leading in CASE technologies, the Company will contribute to resolving social issues related to carbon neutrality in commercial
vehicles and the flow of people and logistics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of the above synergies are considered to contribute
to resolving the management issues described in B. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In resolving the Company's management issues
and implementing measures, considering the fact that resolving of management issues through the Business Integration is an urgent necessity,
it is unrealistic to aim for business integration, etc. with other companies in a way that can realize an improvement of the Company's
corporate value while also addressing the interests of minority shareholders after busting the Business Integration. Accordingly, the
decision that the Company aims to implement the Business Integration is considered reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Concerns regarding the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Business Integration, Toyota is expected
to cease to be the parent company of the Company. As a result, concerns regarding the inability to secure funding through loans from Toyota
or by leveraging Toyota's creditworthiness and other standings may arise; however, it would be possible to reduce the impacts on
the Company's business to a certain extent by negotiating or taking alternative measures with financial institutions in the future,
and in addition, considering the expectation that the collaborative relationship between Toyota and the Company will continue after the
Business Integration, and that, principally, various contracts currently in place with Toyota are expected to continue, it is expected
that Toyota will continue to provide a certain extent of support to the Integrated Company (According to the Company, Toyota has also
commented to the Company that its support for the Company and the Integrated Company will remain unchanged after the Business Integration.),
the concerns above is not of a level that will negate the anticipated synergies resulting from the Business Integration. Therefore, the
fact that the Company will cease to be a subsidiary of Toyota does not immediately deny the legitimacy or reasonableness of the purpose
of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While Toyota will no longer be the parent company
of the Company as a result of the Business Integration, given that Toyota is engaged in the light-duty truck business in Japan, from the
viewpoint of respecting the independent business operations of the Integrated Company and in light of competition law, Toyota's
voting rights ratio in the Integrated Company is expected to be 19.9% and Daimler Truck's voting rights ratio in the Integrated
Company is expected to be 26.7% to prevent the Integrated Company from becoming an affiliated company of Toyota. This may raise concerns
that this could potentially reduce Toyota's incentive to continue its support to the Integrated Company. However, generally, Daimler
Truck will not be able to pass a resolution alone, thereby, Toyota's incentive to continue its support to the Integrated Company
would not diminish immediately, and Toyota's support to the Integrated Company can be anticipated to continue to a certain extent
after the Business Integration as well. Considering the above, these points do not immediately deny the legitimacy or reasonableness of
the purposes of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under the Business Integration Agreement, as described
in " (l) Lock-up and right of first refusal" in "(7) Status of the
Integrated Company after the Business Integration" in "2. Summary of the Business Integration" above, Toyota and Daimler
Truck have agreed upon the lock-up and the right of first refusal on the transfer after the Lock-up Period. After the Lock-up Period has
lapsed, Toyota will be able to transfer its shares of the Integrated Company to Daimler Truck or a third party; however, as described
above, while it is expected that Toyota will continue to provide to the Integrated Company support, to a certain extent, after the Business
Integration, it is deemed unavoidable that Toyota may not hold shares continuously even after the Lock-up Period, given that the Company
is a listed company and in a position that may be required to dispose of cross-shareholdings or implement other measures in relation to
its own shareholders. Therefore, such agreement does not immediately deny the legitimacy or reasonableness of the purpose of the Business
Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regarding the timing of the execution of the Business
Integration Agreement and its public announcement, considering that investigations by relevant authorities in various countries and class
action lawsuits related to the Engine Issues have not yet been fully resolved, it may not be essential for the Company to execute the
Business Integration Agreement and announce this as of June 10 , 2025; however, the Company
has already recorded a certain amount of provision for the estimated impact, and the scope of the impact that cannot be estimated as of
today is limited adequately. Furthermore, it is important to proceed with the review of the Business Integration as soon as possible,
and it is not realistic to delay the execution of the Business Integration Agreement until the investigations by relevant authorities
in various countries and class action lawsuits related to the Engine Issues are fully concluded and the impact amount becomes definite.
Considering the above, it is appropriate to conclude that the decision to announce the Business Integration on June 10 , 2025 cannot be said to be unreasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above, the Business Integration is
deemed to contribute to enhancing the Company's corporate value, and the purposes of the Business Integration are deemed legitimate
and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Appropriateness of the terms and conditions of the
Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of negotiation process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has negotiated on many occasions with
Toyota, Daimler Truck and MFTBC in conjunction with the advice of the Company's legal advisor and the Company's financial
advisor, and the points raised by the Company have been reflected in the Business Integration Agreement to a certain extent. In addition,
the series of negotiation process was explained to the Special Committee, discussions which included the legal advisor and the financial
advisor of the Special Committee were held, and negotiations to reflect the terms and conditions that the Special Committee considered
necessary or desirable in the Business Integration Agreement were also held. As a result, this shows that the Company has been negotiating
in order to achieve the Business Integration on transactional terms and conditions that are as favorable as possible to the Company and
its minority shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above, it is presumed that the negotiations
between the Company and Toyota regarding the Business Integration Agreement were conducted based on objective and consistent discussions
equivalent to those between independent parties, and that there are no special circumstances to doubt the transparency and fairness of
the agreement process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Appropriateness of selecting the scheme and procedures
for the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of the Business Integration, the scheme
described in "(1) Method of the Business Integration" under "2. Summary of the Business Integration" above has
been adopted. This scheme is intended to accomplish a structure whereby Toyota and Daimler Truck will each hold a certain percentage of
shares in the Integrated Company formed after the business integration of the Company and MFTBC, and this is considered as a necessary
procedure to enhance the operational independence of the Integrated Company and address any concerns under competition law that may arise
from the Business Integration. Additionally, shareholders in opposition to the Share Exchange may exercise their right to request the
purchase of their shares, thereby securing economic benefits for the minority shareholders (general shareholders) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Therefore, the scheme and procedures related to
the Business Integration are deemed as necessary procedures for carrying out the Business Integration which may contribute to enhancing
the Company's corporate value, further, they take into consideration the interests of minority shareholders and are considered reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Share Delivery Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The details of the MOU<br>
As a prerequisite, the framework for calculating the Share Delivery Ratio assumed upon the execution of the MOU was that, the equity values
of the Company and MFTBC will be ultimately determined based on the enterprise values of the Company and MFTBC to be discussed and agreed
upon between the parties by taking into account the result of due diligence, the calculations to be made by third-party valuation institutions
appointed by the Company or MFTBC or other factors (as for the Company, its enterprise value agreed on without taking into account the
potential impact of contingent liabilities related to the Engine Issues), with adjustments made in relation to the potential impact of
contingent liabilities related to the Engine Issues, net interest-bearing debts and working capital, etc., at a certain point in time
prior to the implementation date of the Business Integration (to be more specific, such point in time is expected be the last day of the
most recent fiscal quarter that is prior to the date of the Company's shareholders' meeting approving the Business Integration,
the "MOU Reference Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The details of the Business Integration Agreement<br>
However, in light of the progress made regarding the Engine Issues, it has been decided that the Share Delivery Ratio as of the date of
the MOU Reference Date would not be adjusted, and instead, the Share Delivery Ratio would be determined by referring to the financial
statements as of the Share Delivery Ratio Reference Date at the time of the execution of the Business Integration Agreement.<br>
While investigations by relevant authorities in various countries and class action lawsuits related to the Engine Issues have not yet
been fully resolved, considering that the undetermined portions of damages and other losses attributable to the Engine Issues are becoming
limited, some reasonableness can be found with respect to determining the Share Delivery Ratio at the time of the execution of the Business
Integration Agreement and establishing a framework under which the Company will assume certain contingent liability under the Business
Integration Agreement regarding provisions not recorded as of the Share Delivery Ratio Reference Date in case potential liabilities arise
from the Engine Issues. Setting December 31, 2024 as the reference date is a result of lengthy and sincere negotiations and is deemed
reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reasonableness of the business plan<br>
There is no indication that Toyota, MFTBC, Daimler Trucks, or their affiliates were involved in the preparation by the Company of the
business plan of the Company on a standalone basis for the Business Integration (the "Business Plan") or exerted any influence
over it. Furthermore, a question-and-answer session was conducted between the Company and the Special Committee at the Special Committee's
request and there are no special circumstances to warrant doubt as to the reasonableness of the Business Plan.<br>
Furthermore, the Business Plan as used for the valuation of the Company's enterprise value, has taken into account matters related
to the Engine Issues, the Third-Party Allotment, and the Transfer; however, taking into account that the current estimated impact has
been considered with respect to the Engine Issues, and that the Third-Party Allotment and the Transfer are prerequisites for the Business
Integration and are not detrimental to minority shareholders, it is reasonable to have formulated the Business Plan based on the assumption
that these measures will be implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above, the Business Plan is reasonable
to a certain extent, and no unreasonable projections are identified in the Business Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining valuation reports from third-party valuation
institutions<br>
On June 9, 2025, the Company obtained respective valuation reports, regarding the Share Delivery Ratio, with a calculation reference date
as of the same day, from an independent third-party valuation institution and the financial advisor of the Special Committee (the "Calculation
Report (Nomura Securities)" and the "Valuation Report (Plutus)").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Calculation Report (Nomura Securities)

The results, in the Calculation Report (Nomura Securities), of the calculation of the Share Delivery Ratio, the calculation methods, and the calculation process for the shares of the Integrated Company and MFTBC, are the same as those described in "(b) Matters pertaining to calculation" in "(6) Grounds for details of allotment pertaining to the Share Delivery" of "4. Share Delivery" above. Regarding the calculation methods and calculation processes, no particular unreasonable points have been identified, and the calculation results by the third-party valuation institution (Nomura Securities) are reasonable to a certain extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Calculation Report (Plutus)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculation results

The calculation results of the Share Delivery Ratio in the Calculation Report (Plutus) are as below. The financial advisor to the Special Committee adopted the DCF method as the only calculation method with respect to the Company and MFTBC, and evaluated the equity value of the Company and MFTBC. (As described above, the Integrated Company is established as a wholly-owned subsidiary of the Company and will subsequently conduct a share exchange with the Company and become the wholly owning parent company of the Company. Therefore, the equity value of the Integrated Company has been determined by calculating the equity value of the Company). Furthermore, Share Delivery Ratio is divided by the minimum (maximum) equity value per share of MFTBC's share, as determined by the DCF method, by the maximum (minimum) equity value per share of the Company's share, respectively.

Adopted method <u>Evaluation range of the Share Delivery Ratio</u> <br> <u>DCF analysis</u> <u>169-591</u>

When combining the income approach and the market approach, the only valuation analysis applicable to both companies under the market approach is effectively limited to the comparable companies analysis. However, since the growth anticipated in the Business Plan does not reasonably align with the growth embedded in the industry multiples, the comparable company analysis method was deemed unsuitable as a valuation method for determining the share delivery ratio. Therefore, adopting the income approach exclusively, and utilizing the DCF analysis, which is the most theoretical and general method, cannot be said to be unreasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Calculation process, etc. in relation to the Company's shares

The calculation process and so forth in relation to the Company's shares value by the Special Committee's financial advisor was as follows:

In using the DCF Analysis, the equity value was calculated based on the Business Plan provided by the Company and the opinions obtained from the Company. In addition, the weighted average cost of capital was used for the discount rate. The terminal value was calculated using the perpetual growth rate method and the multiple method.

Considering the above, the calculation process and so forth in relation to the shares of the Integrated Company by the Special Committee's financial advisor appears to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Calculation process, etc. in relation to MFTBC's shares

The calculation process, and so forth in relation to MFTBC's equity value by the Special Committee's financial advisor was as follows: In using the DCF Analysis, the equity value was calculated based on the business plan provided by MFTBC and the opinions obtained from MFTBC and the Company.

The financial forecasts provided by MFTBC for the six-year period from the fiscal year ending December 31, 2025 through the fiscal year ending December 31, 2030 were used in the calculation process. In addition, the weighted average cost of capital was used for the discount rate. Furthermore, the terminal value was calculated using the perpetual growth rate method and the multiple method.

Considering the above, the calculation process and so forth in relation to MFTBC's shares by the Special Committee's financial advisor appears to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Brief Summary

Based on the above, the calculation process in relation to the equity value of the Integrated Company and MFTBC and Share Delivery Ratio calculated from therefrom by the Special Committee's financial advisor, which is the third-party valuation institution selected by the Special Committee, appears reasonable, and the calculation likewise appear reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Relationship between the calculation results and the Share Delivery Ratio concerning
the Business Integration

It is deemed that the Share Delivery Ratio (1:310) in relation to the Business Integration is within the range of the calculation results obtained by the Company's third-party valuation institution and the Special Committee's financial advisor using the DCF Analysis.

According to the Company, although the Share Delivery Ratio in relation to the Business Integration falls outside the range of the calculation results calculated by the Company's third-party valuation institution using the average market price analysis and the comparable companies analysis, the DCF Analysis is the method generally considered to be the most theoretically accurate method for calculating the growth potential expected in the business plan of each individual company, and the Company has been informed by its third-party valuation institution that, in considering the appropriateness of the Share Delivery Ratio, it is important to determine whether the Share Delivery Ratio falls within the range of the calculation results using the DCF Analysis. Therefore, it is also considered that the fact that the Share Delivery Ratio falls outside the range of the calculation results calculated by the Company's third-party valuation institution using the average market price analysis and the comparable companies analysis does not immediately negate the appropriateness of the Share Delivery Ratio.

Based on the above, the Share Delivery Ratio in relation to the Business Integration is considered to be at a level that is not disadvantageous to the Company, even from the perspective of a comparison between the equity value of the Company and MFTBC calculated by the Company's third-party valuation institution and the Special Committee's financial advisor, and the Share Delivery Ratio calculated therefrom. In other words, it is also considered that the Share Delivery Ratio in relation to the Business Integration is not disadvantageous to the minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether or not there are special circumstances wherein
Share Delivery Ratio would be inappropriate<br>
Considering that the Share Delivery Ratio in relation to the Business Integration has been determined through fair procedures, there are
no special circumstances wherein the Share Delivery Ratio in relation to the Business Integration would be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brief Summary<br>
Based on the above, the Share Delivery Ratio in relation to the Business Integration currently scheduled to be resolved by the Company
has been considered, determined, and agreed upon through fair procedures based on reasonable calculation results, and is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Other terms and conditions of the Business Integration
Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regarding the Engine Issues, as described in "The
details of the Business Integration Agreement" in (c) above, it is deemed reasonable to establish the special indemnification provisions
in the Business Integration Agreement and to set as the reference date December 31, 2024. In addition, it is expected that the early implementation
of the Business Integration will enhance corporate value, and, supposing that both the investigations conducted by the relevant authorities
in each country and the class actions related to the Engine Issues are fully concluded, and, in addition, that the Business Integration
Agreement is executed at a point in time when the amount of the impact of these issues has been determined, the Company's equity
value may decrease due to such amount of the impact, and as a result there is a strong possibility that the Share Delivery Ratio will
be even more unfavorable to the Company. Considering the above, it cannot be said that the fact that special indemnification provisions
have been established for the Engine Issues places the minority shareholders under particularly disadvantageous conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furthermore, as a result of the long-term negotiations,
the Company has obtained a limitation on the scope of indemnification such that, unless the actual amount of damages exceeds 30 billion
yen, the amount of damages shall be calculated based on the shareholding ratio immediately after the Shareholding Ratio Adjustment Transaction,
rather than the shareholding ratio prior to the Shareholding Ratio Adjustment Transaction, and no tax gross-up shall apply (provided,
if the amount exceeds 30 billion yen, tax gross-up shall apply to the excess amount).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considering the above, it is deemed reasonable to
establish the special indemnification provisions relating to the Engine Issues. Based on the above, special indemnification for the Engine
Issues cannot be said to invalidate the terms and conditions of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other indemnification provisions are also stipulated
in the Business Integration Agreement, and there is a certain degree of rationality in establishing these provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The key conditions precedent provided in the Business
Integration Agreement cover a wide range of matters, including obtaining clearance from competition regulatory authorities of the relevant
countries, matters related to engine certification and the withdrawal of the Company's business from certain sanctioned countries,
etc.; however, considering that these are believed to be essential conditions for implementing the Business Integration and that, at
present, there are no particular concerns regarding their satisfaction, it is deemed reasonable to a certain extent to designate them
as conditions precedent from the perspective of achieving the objectives of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the Business Integration Agreement contains
certain covenants, the Company is not aware of any specific concerns regarding the impact on its business, etc. by them, and does not
believe that such covenants can be said to invalidate the terms and conditions of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking into consideration that, while Toyota will
cease to be the parent company of the Company as a result of the Business Integration, Toyota operates a light-duty truck business in
Japan, it is necessary to ensure that the Integrated Company will not fall under the category of affiliated company of Toyota, in order
to respect the independent business operations of the Integrated Company and from the perspective of competition law; therefore, the provision
of "(k) Right to appoint directors, etc., after the Business Integration" in "(7) Status of the Integrated Company after
the Business Integration" in "2. Summary of the Business Integration" above, regarding governance, in the Business Integration
Agreement, stipulates that Toyota shall not have the right to appoint directors of the Integrated Company. Given that it has been confirmed
that Toyota is expected to continue to provide a certain level of support to the Integrated Company and the Company, it is not necessarily
unreasonable to stipulate that Daimler Truck has the right to nominate directors while Toyota does not have such right (Toyota will only
recommend or introduce candidates.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As above, given that the negotiation status of the
Business Integration, the Share Delivery Ratio, and the conditions set forth in the Business Integration Agreement, respectively, are
not unreasonable, there are no special circumstances wherein the terms and conditions of the Business Integration would be inappropriate.
Furthermore, there are no terms and conditions in the Business Integration that would be particularly disadvantageous only to the minority
shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fairness of Procedures for the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of the Special Committee and obtaining the report from the Special
Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Special Committee is a committee consisting
of independent outside directors of the Company. Furthermore, the Special Committee carries out the roles that the special committee should
play in examining the Consulted Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, based on consideration of the following
points, the Special Committee is found to function effectively to ensure fairness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Special Committee was established at the Company with the purpose of establishing
a system to supervise entire transactions in order to ensure the transparency of significant transactions and actions in which interests
may conflict with Toyota, and in relation to the Business Integration, it has been consulted when the Company, Toyota and Daimler Truck
have been continuing with substantive negotiations regarding the MOU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The members of the Special Committee are composed of outside directors, and it
has been confirmed that they are independent of the Company, MFTBC, Toyota and Daimler Truck, as well as independent of the success or
failure of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Special Committee is authorized to substantively engage in the negotiation
process of the terms and conditions of the transactions of the Business Integration by confirming in advance the policies to be followed
in negotiations concerning the terms and conditions of transactions of the Business Integration, receiving reports on the negotiation
status in a timely manner, expressing opinions at important junctures, and giving instructions and requests, and thereby ensuring the
conditions by which the Special Committee could substantively influence the negotiation process of the terms and conditions of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Special Committee has retained its own legal advisor and its own financial
advisor that are independent of the Company, MFTBC, Toyota and Daimler Truck, as well as independent of the success or failure of the
Business Integration. After confirming that there were no issues regarding their expertise or independence from the Company's legal
advisor and financial advisor, the Special Committee also heard their opinions as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Special Committee also received explanations on the status of the negotiations
regarding the Business Integration Agreement, which are not publicly available to the minority shareholders (general shareholders), and
asked to be provided with information from others as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Remuneration of the Special Committee members is limited to the existing remuneration
as outside directors of the Company, and no contingency fee is adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-making process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the Company's directors, as described in
"(2) Approval of all directors who have no interest in the Company" in "6. Measures to Avoid Conflicts of Interest"
above, Mr. Jun Nagata has, or is likely to have, a conflict of interest in relation to the Business Integration and did not participate
in discussions and negotiations in the Company regarding the Business Integration and will not participate in deliberations and resolutions
regarding the Business Integration at meetings of the Board of Directors to be held going forward. Therefore, it can be said that the
Company has made efforts to eliminate arbitrariness in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Involvement of advisors and third-party valuation institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From the perspective of ensuring fairness in the
decision-making process, the Company has received advice from a legal advisor that is independent of the Company, MFTBC, Toyota and Daimler
Truck, as well as independent of the success or failure of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In examining the Consulted Matters, the Special
Committee has received legal advice from a legal advisor of the Special Committee that is independent of the Company and Toyota, as well
as independent of the success or failure of the Business Integration, concerning the Special Committee's consideration of and deliberations
on the Consulted Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has retained its own financial advisor
that is independent of the Company, MFTBC, Toyota and Daimler Truck, as well as independent of the success or failure of the Business
Integration and received advice from a financial perspective for considering the framework for calculating the Share Delivery Ratio and
the corporate values, etc. of the Company and MFTBC. In addition, the Company has obtained the Calculation Report (Nomura Securities)
from a third party valuation institution on the Share Delivery Ratio of the Business Integration in order to ensure the appropriateness
of the Share Delivery Ratio in relation to the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In examining the Consulted Matters, the Special
Committee has retained its own financial advisor that is independent of the Company, MFTBC, Toyota and Daimler Truck, as well as independent
of the success or failure of the Business Integration. In addition, the Special Committee has obtained the Calculation Report (Plutus)
from a third party valuation institution in relation to the Share Delivery Ratio of the Business Integration in order to ensure the appropriateness
of the Share Delivery Ratio in relation to the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Enriching the provision of information to minority shareholders (general shareholders)
and improving the transparency of procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Business Integration, sufficient disclosure
of information will be made regarding the process leading to the execution of the Business Integration Agreement for the Business Integration,
negotiations therefor and details of such agreement, etc., including the details of the authority granted to the Special Committee, deliberations
at the Special Committee, involvement in the negotiations regarding the terms and conditions of the Business Integration Agreement for
the Business Integration with Toyota and Daimler Truck, the contents of the report from the Special Committee and the remuneration of
the members of the Special Committee. Therefore, material information that will contribute to making a judgement on the appropriateness
of the terms and conditions of the transactions, etc. is deemed to have been provided to the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no circumstances which create doubt as
to the fairness of the system of deliberations and negotiations on the terms and conditions of the Business Integration or of the negotiations
and decision-making process regarding the framework of the Share Delivery Ratio of the Business Integration, etc., and, given that measures
to ensure fairness have been taken in the course of implementing the Business Integration, the procedures for the Business Integration
are considered fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not it is disadvantageous to the Company's
minority shareholders to implement the Business Integration, taking (a) through (c) above into consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In (a) to (c) above, it has been confirmed that
the purpose of the Business Integration is legitimate and reasonable, the terms and conditions of the Business Integration are appropriate
and the procedures for the Business Integration are fair, and none of them are considered problematic. Based on the above, it cannot be
said to be unreasonable to execute the Business Integration Agreement and implement the Business Integration once the conditions precedent
provided in the Business Integration Agreement are satisfied; therefore, it is considered that it is not disadvantageous to the minority
shareholders of the Company to implement the Business Integration.

9. Matters Concerning Changes in the Parent Company and the Largest and Major Shareholder

&nbsp;&nbsp;&nbsp;&nbsp;(1) Scheduled date of the change

Effective date of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reason for the change

As a result of the Business Integration, Toyota will no longer constitute the parent company nor the largest and major shareholder of the Company, and since the Integrated Company will become the wholly-owning parent company of the Company, it will constitute the new parent company as well as the largest and major shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Summary of the Parent Company and the Largest and Major Shareholder

(The Company that will no longer be the Parent Company nor the Largest and Major Shareholder)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;Name | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;Toyota Motor Corporation |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;Address | &nbsp;&nbsp;1 Toyota-cho, Toyota-shi, Aichi | &nbsp;&nbsp;1 Toyota-cho, Toyota-shi, Aichi |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;Koji Sato, President, Representative Director | &nbsp;&nbsp;Koji Sato, President, Representative Director |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Automotive operations, financial services operations and all other operations | &nbsp;&nbsp;Automotive operations, financial services operations and all other operations |
| &nbsp;&nbsp;(5) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;635,402 million yen (as of March 31, 2025) | &nbsp;&nbsp;635,402 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(6) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;August 28, 1937 | &nbsp;&nbsp;August 28, 1937 |
| &nbsp;&nbsp;(7) | &nbsp;&nbsp;Equity attributable to owners of the Parent Company | &nbsp;&nbsp;35,924,826 million yen (as of March 31, 2025) | &nbsp;&nbsp;35,924,826 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(8) | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;93,601,350 million yen (as of March 31, 2025) | &nbsp;&nbsp;93,601,350 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | &nbsp;&nbsp;13.84% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;Toyota Industries Corporation | &nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;6.22% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;Nippon Life Insurance Company | &nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;JP MORGAN CHASE BANK (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;Denso Corporation | &nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;The Bank of New York Mellon as Depository Bank for Depositary Receipt Holders (Standing Proxy: Sumitomo Mitsui Banking Corporation) | &nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;Toyota Fudosan Co., Ltd. | &nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios (Note 1)<br> (as of March 31, 2025) | &nbsp;&nbsp;Mitsui Sumitomo Insurance Company, Limited | &nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;(10) | &nbsp;&nbsp;Relationship between the Companies | &nbsp;&nbsp;(as of May 31, 2025) | &nbsp;&nbsp;(as of May 31, 2025) |
|  | &nbsp;&nbsp;Capital Relationship | &nbsp;&nbsp;Toyota holds 50.14 % (287,897 thousand shares) of the outstanding shares issued by the Company. | &nbsp;&nbsp;Toyota holds 50.14 % (287,897 thousand shares) of the outstanding shares issued by the Company. |
|  | &nbsp;&nbsp;Personnel Relationship | &nbsp;&nbsp;One director is dispatched by Toyota to the Company. 15 employees have been seconded by Toyota to the Company, and 22 employees have been seconded by the Company to Toyota. | &nbsp;&nbsp;One director is dispatched by Toyota to the Company. 15 employees have been seconded by Toyota to the Company, and 22 employees have been seconded by the Company to Toyota. |
|  | &nbsp;&nbsp;Business Relationship | &nbsp;&nbsp;The Company is contracted by Toyota to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. | &nbsp;&nbsp;The Company is contracted by Toyota to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The shareholding ratios are calculated based on the total number of issued shares excluding treasury shares.

(The Company that will become the new Parent Company and the Largest and Major Shareholder)

Please refer to "(7) Status of the Integrated Company after the Business Integration" in "2. Summary of the Business Integration" above.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Number of voting rights and the percentage of voting rights represented by the shares held by the Parent Company and the Largest and Major Shareholder, before and after the change in the number of voting rights of all shareholders, etc. of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Toyota

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Status | &nbsp;&nbsp; Number of Voting Rights<br> (Number of Shares Held)<br> (Ownership Ratio of the Voting Rights) | &nbsp;&nbsp; Number of Voting Rights<br> (Number of Shares Held)<br> (Ownership Ratio of the Voting Rights) | &nbsp;&nbsp; Number of Voting Rights<br> (Number of Shares Held)<br> (Ownership Ratio of the Voting Rights) | Ranked Order of Principal Shareholders |
|  | Status | Number Directly Owned | Number Subject to Consolidation | Total | Ranked Order of Principal Shareholders |
| Before the Change (as of March 31, 2025) | Parent Company and the Largest and Major Shareholder | &nbsp;&nbsp; 2,878,971<br> (287,897,126 shares)<br> (50.18 %) | - | &nbsp;&nbsp; 2,878,971<br> (287,897,126 shares)<br> (50.18%) | 1st |
| After the Change | - | - | - | - | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The number of voting rights and the number of shares held before the change are as of March 31, 2025.
Since the Company plans to implement the Third-Party Allotment to Toyota prior to the day immediately before the effective date of the
Share Exchange, the number of voting rights and the number of shares held before the change are subject to change. Also, the ownership
ratio of voting rights before the change is rounded off to two decimal places. Toyota's indirect holdings through the Integrated
Company are not included in the numbers subject to consolidation, as it is not planned that the Integrated Company will become a subsidiary
of Toyota as a result of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Integrated Company

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Status | &nbsp;&nbsp; Number of Voting Rights<br> (Number of Shares Held)<br> (Ownership Ratio of the Voting Rights) | &nbsp;&nbsp; Number of Voting Rights<br> (Number of Shares Held)<br> (Ownership Ratio of the Voting Rights) | &nbsp;&nbsp; Number of Voting Rights<br> (Number of Shares Held)<br> (Ownership Ratio of the Voting Rights) | Ranked Order of Principal Shareholders |
|  | Status | Number Directly Owned | Number Subject to Consolidation | Total | Ranked Order of Principal Shareholders |
| Before the Change | - | - | - | - | - |
| After the Change | Parent Company and the Largest and Major Shareholder | &nbsp;&nbsp; 8,450,698<br> (1,020,582,664 shares)<br> (100.00%)<br> (planned) | - | &nbsp;&nbsp; 8,450,698<br> (1,020,582,664 shares)<br> (100.00%)<br> (planned) | 1st |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The number of voting rights and number of shares held are the planned number of voting rights and shares
calculated by subtracting the number of treasury shares (426,758 common shares) from the total number of issued shares (574,580,850 common
shares) of the Company as of March 31, 2025, and adding the number of shares to be issued by way of the Third-Party Allotment (270,915,798
common shares, 175,512,774 class A shares) (with respect to the number of voting rights, it is assumed that 100 shares constitute one
unit). With respect to the treasury shares held by the Company (including treasury shares to be acquired by the Company in response to
an exercise of appraisal rights under Article 785 of the Companies Act upon the Share Exchange) as of the Reference Time, the Company
plans to cancel all of such treasury shares at the Reference Time by a resolution of the Board of Directors to be held by the day immediately
before the effective date of the Share Exchange. As a result, the number of voting rights and number of shares held after the change are
subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Changes in Unlisted Parent Companies, etc. Requiring Disclosure

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(Reference) Forecasts of Consolidated Financial Results for the Current Fiscal Year (published on April 24, 2025) and Consolidated Financial Results for the Previous Fiscal Year

(in million yen, unless otherwise specifically indicated)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net Sales | &nbsp;&nbsp;Operating Income | Ordinary Income | Profit Attributable to Owners of Parent | &nbsp;&nbsp; Profit per Share<br> (in yen) |
| &nbsp;&nbsp; Forecast for the Current Fiscal Year<br> (Fiscal year Ending March 31, 2026) | 1500000 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;34.84 |
| &nbsp;&nbsp; Results for the Previous Fiscal Year<br> (Fiscal Year Ended March 31, 2025) | 1697229 | &nbsp;&nbsp;&nbsp;57490 | &nbsp;&nbsp;&nbsp;39310 | &nbsp;&nbsp;&nbsp;-217753 | &nbsp;&nbsp;&nbsp;-379.34 |

---

End

## Exhibit 99.2

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

June 10, 2025

To Whom It May Concern

Company name: Hino Motors, Ltd. Representative: Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors, (Code Number: 7205 TSE, Prime, NSE, Premier) Contact Person: Makoto Iijima, General Manager, Corporate Communications Dept, Public Affairs Div.<br> Phone: (042) 586-5494

Notice Concerning Issuance of Common Shares and Class A Shares by Way of Third-Party Allotment

Hino Motors, Ltd. (the "Company") hereby announces that it has resolved, at its Board of Directors meeting held today, to issue, by way of third-party allotment to the Allottee (as defined below), common shares of the Company (the "Common Shares") (the "Third-Party Allotment (Common Shares)") and class A shares of the Company (the "Class Shares") (the "Third-Party Allotment (Class Shares)," and together with the Third-Party Allotment (Common Shares), the "Third-Party Allotment"), as part of the business integration between the Company and Mitsubishi Fuso Truck and Bus Corporation ("MFTBC") (the "Business Integration"), in order to use the funds for repayment of the Company's borrowings from Toyota Motor Corporation ("Toyota" or the "Allottee"), which is a parent company of the Company, thereby improving the Company's financial condition, such as by way of strengthened capital and enhanced equity ratio, and in turn achieve a smooth implementation of the Business Integration.

For details of the Business Integration, please refer to today's "Notice Concerning Execution of Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation"

1. Outline of offering

(1) Common share

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| | |
|:---|:---|
| &nbsp;&nbsp;(1) Payment period | &nbsp;&nbsp;From March 27, 2026 to September 26, 2026<br> The closing of the Business Integration is scheduled for April 1, 2026. However, since the timing of the closing of the Business Integration cannot be determined as of today, such payment period for the Third-Party Allotment is the period that is set considering the expected timing of the closing of the Business Integration. |
| &nbsp;&nbsp;(2) Number of new shares to be issued | &nbsp;&nbsp;270,915,798 shares |
| &nbsp;&nbsp;(3) Issue price | &nbsp;&nbsp;448 yen per share<br> The issue price is the simple average (rounded up to the nearest unit) of the closing price (the "Closing Price") of the Company's common shares in regular trading on the Tokyo Stock Exchange for the three-month period ending on the business day immediately preceding the date of resolution by the Board of Directors (held today) |

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| | |
|:---|:---|
|  | &nbsp;&nbsp; regarding the determination of the issue price for the Third-Party Allotment (the "Issue Price Determination Date") (i.e., from March 10, 2025 to June 9, 2025). |
| &nbsp;&nbsp;(4) Amount of funds raised | &nbsp;&nbsp;121,370,277,504 yen |
| &nbsp;&nbsp;(5) Method of offering or allotment<br> (Allottee) | &nbsp;&nbsp;All of the common shares will be allocated to the Allottee by way of third-party allotment. |
| &nbsp;&nbsp;(6) Other | &nbsp;&nbsp;Under the share subscription agreement executed between the Company and the Allottee (the "Share Subscription Agreement"), the implementation of the Third-Party Allotment will be subject to the following conditions: It is reasonably expected that the Business Integration will be implemented with certainty, that the securities registration statement under the Financial Instruments and Exchange Act will become effective, that the Third-Party Allotment will be approved at the Company's shareholders meeting and that the amendments of the articles of incorporation for the issuance of class A shares will be completed. Therefore, if such conditions are not satisfied, the Third-Party Allotment may not be implemented in part or in whole. |

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(2) Class A shares

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| | |
|:---|:---|
| &nbsp;&nbsp;(1) Payment period | &nbsp;&nbsp; From March 27, 2026 to September 26, 2026<br> The closing of the Business Integration is scheduled for April 1, 2026. However, since the timing of the closing of the Business Integration cannot be determined as of today, such payment period for the Third-Party Allotment is the period that is set considering the expected timing of the closing of the Business Integration. |
| &nbsp;&nbsp;(2) Number of new shares to be issued | &nbsp;&nbsp;175,512,774 shares |
| &nbsp;&nbsp;(3) Issue price | &nbsp;&nbsp;448 yen per share |
| &nbsp;&nbsp;(4) Amount of funds raised | &nbsp;&nbsp;78,629,722,752 yen |
| &nbsp;&nbsp; (5) Method of offering or allotment<br> (Allottee) | &nbsp;&nbsp;All of the class A shares will be allocated to the Allottee by way of third-party allotment. |
| &nbsp;&nbsp;(6) Other | &nbsp;&nbsp; For details, please refer to Attachment "Terms and Conditions of Issuance of Class A Shares."<br> Dividends of surplus and distribution of residual assets of class A shares are *pari passu* with those of common shares, and their amounts are calculated by applying the prescribed acquisition ratio (scheduled to be 1:1 unless an adjustment event occurs).<br> Class A shares have no voting rights and are subject to restrictions on transfer.<br> Class A shares are subject to a put option in exchange for common shares. The terms and conditions of the issuance of class A shares provide that such put options may be exercised at any time after the date of issuance of class A shares, but pursuant to the provisions of the Share Subscription Agreement, the Allottee shall not exercise its put options with consideration of common shares during the period from the date of issuance of class A shares to the effective date of the Business Integration.<br> Under the Share Subscription Agreement, the implementation of the Third-Party Allotment will be subject to the following conditions: It is reasonably expected that the Business Integration will be implemented with certainty, that the securities registration statement under the Financial Instruments and Exchange Act will become effective, that the Third-Party Allotment will be approved at the Company's shareholders meeting and that the amendments of the articles of incorporation for the issuance of class A shares will be completed. Therefore, if such conditions are not satisfied, the Third-Party Allotment may not be implemented in part or in whole. |

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2. Purpose of offering

By joining forces, the Company and MFTBC aim to enhance the competitiveness of Japanese truck manufacturers, helping to strengthen the foundation of the Japanese and Asian automotive industries. In this way, the holding company to be incorporated by the integration of the Company and MFTBC (the "Integrated Company") aims to make a meaningful and lasting contribution to society and to stakeholders, which is the ultimate reason for the companies to seek the execution of the Business Integration. Since announcing the execution of the MOU in May 2023, the companies have discussed and investigated the potential synergies the Integrated Company could offer to customers, shareholders, employees and society. Having confirmed that the industrial logic behind the integration is sound, the companies now aim to complete the Business Integration with the scheduled closing date set on April 1, 2026.

As the parent-subsidiary relationship between the Company and Toyota will cease to exist as a result of the Business Integration, the Company's borrowings of approximately 250 billion yen from Toyota (the amount is the balance as of May 31, 2025; the "Borrowings"), which were made through Toyota's group finance based on the parent-subsidiary relationship, will need to be settled due to the termination of the financing scheme. By conducting the Third-Party Allotment upon the Business Integration and using the proceeds as funds for the repayment of the Borrowings, the Company will be able to reduce its debt to Toyota, thereby improving the Company's financial condition, such as by way of strengthened capital and enhanced equity ratio, which will in turn increase the additional external borrowing capacity for an amount equivalent to the Borrowings.

Further, it has been agreed that the Toyota and Daimler Truck AG ("Daimler Truck") shall have an equal level of shareholding ratio in the Integrated Company after the Business Integration, and as such, in order to achieve this, adjustment will be required in regard to the shareholding ratios. Accordingly, as part of such adjustment, it is contemplated that the Company shares will be allotted to Toyota by way of the Third-Party Allotment immediately before the effective date of the Business Integration, and that such allotted shares shall be included in the shares subject to the share exchange to be conducted as part of the Business Integration (the share exchange in which the Integrated Company is the wholly-owning parent company, and the Company is the wholly-owned subsidiary), thereby increasing Toyota's shareholding ratio in the Integrated Company immediately after the Business Integration. Toyota and Daimler Truck will adjust their respective shareholdings (partial transfer of MFTBC shares from Daimler Truck to Toyota) so that their respective shareholding ratios in the Integrated Company after the Business Integration will be equal. Also, it is expected that, within a certain period of time after the effective date of the Business Integration, the shareholding ratio of each company in the Integrated Company will be reduced to 25% of the total number of issued shares (with respect to the voting right ratio: Toyota, 19.9%; Daimler Truck, 26.7%) at the same time, immediately after, or some time following the effective date of the Business Integration, through a method mutually agreed upon between Toyota and Daimler Truck (for example, through a secondary public offering of the shares of the Integrated Company) within a certain period following the effective date of the Business Integration as mutually agreed upon by Toyota and Daimler Truck. In addition, while Toyota will no longer be the parent company of the Company as a result of the Business Integration, given that Toyota is engaged in the light-duty truck business in Japan, from the viewpoint of respecting the independent business operations of the Integrated Company and in light of competition law, it has been determined that it would be appropriate to set the ratio of Toyota's voting rights in the Integrated Company to be less than 20%. Therefore, it is expected that class A shares, which are non-voting class shares, will be issued in the Third-Party Allotment in addition to common shares, and by using such class A shares, Toyota's voting rights in the Integrated Company will be adjusted to less than 20%.

Based on the above, the Company has decided to conduct the Third-Party Allotment based on the judgment that it will contribute to the smooth implementation of the Business Integration and, in turn, enhance our corporate value and shareholder value.

3. Amount of funds to be procured, use of funds, and scheduled time of expenditure

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount of funds to be procured

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Common shares | &nbsp;&nbsp;Class A shares |
| &nbsp;&nbsp;(i) Total amount to be paid | &nbsp;&nbsp;121,370,277,504 yen | &nbsp;&nbsp;78,629,722,752 yen |
| &nbsp;&nbsp;(ii) Estimated cost of issuance | &nbsp;&nbsp;434,795,971 yen | &nbsp;&nbsp;285,204,029 yen |
| &nbsp;&nbsp;(iii) Estimated net proceeds | &nbsp;&nbsp;120,935,481,533 yen | &nbsp;&nbsp;78,344,518,723 yen |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) 1. The estimated cost
of issuance is the amount equivalent to the registration tax and attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The estimated cost of issuance does not include consumption tax, etc.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Specific use of funds to be procured and scheduled time of expenditure

As stated in "2. Purpose of offering" above, the Third-Party Allotment is to be conducted for the purpose of achieving a smooth implementation of the Business Integration by, as part of the Business Integration, using the funds from the Third-Party Allotment for repayment of the Borrowings of the Company from the Allottee, thereby reducing the amount of debt owed by the Company to the Allottee and in turn improving the Company's financial condition, such as by way of strengthened capital and enhanced equity ratio. In addition, the Third-Party Allotment is to be conducted for the purpose of equity adjustment in the Business Integration, and adjustment of the voting rights ratio of Toyota in the Integrated Company after the Business Integration by utilizing non-voting class shares. Therefore, it is not the purpose of the capital increase to raise funds for the Company other than the repayment of the Borrowings. The estimated net proceeds mentioned above will be used as funds for the partial repayment of the Borrowings on the payment date for the Third-Party Allotment. It is stipulated in the Share Subscription Agreement that the remaining balance of the Borrowings, after the allocation of the net proceeds from the Third-Party Allotment, shall be repaid by the effective date of the Business Integration.

4. Approach to reasonableness of use of funds

As stated in "2. Purpose of offering" above, raising funds is not the purpose of the Third-Party Allotment other than the repayment of the Borrowings; rather the proceeds will be used for the purposes stated in "(2) Specific use of funds to be procured and scheduled time of expenditure" of "3. Amount of funds to be procured, use of funds, and scheduled time of expenditure" above, which will contribute to the smooth implementation of the Business Integration and, in turn, enhance both the corporate value of the Company and the shareholder value of the Company. Therefore, the Company believes that the issuance of the Common Shares and the Class Shares by way of the Third-Party Allotment is reasonable.

5. Reasonableness of terms and conditions of issuance, etc.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Basis and specifics of the calculation of the amount to be paid in

&nbsp;&nbsp;&nbsp;&nbsp;(i) Third-Party Allotment (Common Shares)

The amount to be paid in for the Third-Party Allotment (Common Shares) is equal to the simple average of the Closing Price for the three-month period ending on the business day immediately preceding the Issue Price Determination Date (from March 10, 2025 to June 9, 2025) (rounded up to the nearest unit). This is because in light of the current unstable stock price situation, it was determined that adopting a certain average stock price, which is a leveled value, is a more objective and reasonable basis for calculation than using one specific point in time, as it eliminates special factors such as the temporary stock price fluctuations caused by the U.S. tariff policies, etc.

In addition, the Company determined that a one-month average period could be strongly affected by short-term market fluctuations for reasons such as instability in the stock market during that period and speculative reports regarding the Business Integration made in May 2025. On the other hand, in relation to the six-month average, on April 24, 2025 the Company announced its financial results for the fiscal year ended March 31, 2025, which encompasses the historical share prices for an extended period of time up to such announcement of financial results, and thus the Company has determined that adopting the three-month average would more appropriately reflect the current corporate value of the Company. The amount to be paid is a discount of 0.36% from the Closing Price on the business day immediately preceding the Issue Price Determination Date, a discount of 3.66% to 465 yen (rounded up to the nearest unit), which is the average Closing Price for the one-month period up to the business day immediately preceding the Issue Price Determination Date (from May 12, 2025 to June 9, 2025), and a discount of 6.08% to 477 yen (rounded up to the nearest unit), which is the average Closing Price for the six-month period up to the business day immediately preceding the Issue Price Determination Date (from December 10, 2024 to June 9, 2025).

In addition, while the "Guidelines Concerning Handling of Allotment of New Shares to a Third Party" of the Japan Securities Dealers Association stipulate that, when a listed company issues shares through a third-party allotment, the amount to be paid in should, in principle, be not less than the amount obtained by multiplying by 0.9 the share price on the trading day immediately preceding the date of the board resolution regarding the issuance of shares, they also provide that, taking into account the price or trading volume up to the trading day immediately preceding the resolution, the price may be set at not less than the amount obtained by multiplying by 0.9 the average price for the period appropriately required to determine the amount to be paid in (maximum of six months), ending on the trading date immediately preceding the date of such resolution. The amount to be paid in for the Third-Party Allotment (Common Shares) complies with the Guidelines and the Company believes that such amount is not be an amount particularly favorable to the Allottee under Article 199, Paragraph 3 of the Companies Act.

In addition, all four of the Company's auditors (including two outside auditors) have also expressed the opinion that, for the same reasons as above, the amount to be paid in determined by the above method does not fall under the category of an amount particularly favorable to the Allottee under Article 199, Paragraph 3 of the Companies Act and is therefore lawful.

However, since the Third-Party Allotment (Common Shares) will be implemented as part of the Business Integration and the payment period is scheduled to be from March 27, 2026, to September 26, 2026, the market price of the Company's common shares may fluctuate significantly by the time of payment. Therefore, depending on the share price fluctuations during that period, there may be a large discrepancy between the amount to be paid in for the Third-Party Allotment (Common Shares), which is the same amount as the simple average of the Closing Price for the three-month period ending on the business day immediately preceding the Issue Price Determination Date, and the market share price at the time of payment. Therefore, although, as stated above, the Company has determined that the amount to be paid in for the Third-Party Allotment (Common Shares) is not particularly favorable to the Allottee, the Company believes it is appropriate to carefully confirm the intent of its shareholders and, out of prudence, the Company plans to implement the Third-Party Allotment (Common Shares) subject to approval by a special resolution at a general meeting of shareholders. Given that the Third-Party Allotment (Common Shares) will be implemented as part of the Business Integration, the Company plans to obtain the above approval for the Third-Party Allotment (Common Shares) at the shareholders' meeting pertaining to the approval of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Third-Party Allotment (Class Shares)

The Company has determined the amount to be 448 yen per share, as result of a full-scale negotiations with the Allottee, in consideration of certain assumptions affecting the value of class A shares, and in comprehensive consideration of the purpose of conducting the Third-Party Allotment, the use of funds, and other factors as described above.

With respect to the amount to be paid in, the Third-Party Allotment will reduce the Company's debt to the Allottee due to the cessation of the parent-subsidiary relationship as resulting from the Business Integration, and will facilitate the Business Integration by improving its financial condition, such as by way of strengthened capital and enhanced equity ratio. Taking these factors into consideration, as well as the progress of discussion with the Allottee regarding the economic terms and conditions regarding the terms of class A shares, the Company has determined that the amount to be paid in for the class A shares is reasonable and does not fall under the category of an amount particularly favorable to the Allottee as set forth in Article 199, Paragraph 3 of the Companies Act. Class A shares are not accompanied by preferred dividends, and the acquisition ratio for the put option in exchange for common shares is scheduled to be 1:1 unless an adjustment event occurs, and hence there is no substantial difference in the terms and economic value of class A shares and common shares of the Company except that class A shares do not have voting rights. Therefore, the Company believes that it is reasonable to set the amount to be paid in for the class A shares at the same amount as the amount to be paid in for the Third-Party Allotment (Common Shares).

In addition, all four of the Company's auditors (including two outside auditors) have opined that, for the same reasons as above, the amount to be paid in determined by the above method does not fall under the category of an amount particularly favorable to the Allottee under Article 199, Paragraph 3 of the Companies Act, and is therefore lawful.

However, since the calculation of the fair value of class shares, which do not have an objective market price, is extremely sophisticated and complicated, and there may be various opinions on the valuation, and the market share price of the Company's common shares, which is used as a reference in calculating the value of the class A shares, may fluctuate significantly by the time of the payment, the Company cannot completely rule out the possibility that the amount to be paid in (448 yen per share) might be considered particularly favorable to the Allottee. Therefore, out of prudence, the Company plans to implement the Third-Party Allotment (Class Shares) subject to approval by a special resolution at a general meeting of shareholders. Given that the Third-Party Allotment (Class Shares) will be implemented as part of the Business Integration, the Company plans to seek approval for the Third-Party Allotment (Class Shares) at the shareholders' meeting pertaining to the approval of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Basis for determining that the number of shares to be issued and the scale of share dilution are reasonable

The number of shares to be issued by the Third-Party Allotment is 446,428,572 (270,915,798 common shares and 175,512,774 class A shares) and the number of corresponding voting rights is 2,709,157. The dilution ratio of the common shares (the denominator of which is 574,580,850 shares, being the total number of shares issued by the Company as of March 31, 2025 (total voting rights of 5,737,805)) is equal to 47.15% (the ratio in terms of voting rights is 47.22% (rounded to the nearest second decimal place) of the total number of voting rights). Class A shares are subject to a put option in exchange for common shares. If this put option is exercised, 175,512,774 common shares will be delivered and the number of corresponding voting rights will be 1,755,127. Assuming that the put option is exercised at this time, the total in respect of common shares to be delivered and the number of common shares to be issued through the Third-Party Allotment (Common Shares) will be 446,428,572 shares and the number of corresponding voting rights will be 4,464,285, which is 77.70% of the total number of issued shares of the Company (574,580,850 shares) (77.80% (rounded to the nearest second decimal place) of the total number of voting rights of 5,737,805) as of March 31, 2025. Therefore, the Third-Party Allotment is expected to cause a large dilution of the Company's shares.

However, although such dilution is expected to occur, the Company believes that the Third-Party Allotment will contribute to the smooth implementation of the Business Integration and, in turn, enhance both the corporate value of the Company and the shareholder value of the Company, and that the number of shares to be issued and the scale of dilution of the shares are reasonable in light of the purpose of conducting the Third-Party Allotment and the use of the proceeds as described above.

6. Reasons, etc., for selection of the Allottee

&nbsp;&nbsp;&nbsp;&nbsp;(1) Overview of the Allottee

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;Name | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;Toyota Motor Corporation |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;Address | &nbsp;&nbsp;1, Toyota-Cho, Toyota City, Aichi Prefecture | &nbsp;&nbsp;1, Toyota-Cho, Toyota City, Aichi Prefecture |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Title and Name of Representative | &nbsp;&nbsp;Koji Sato, Representative Director and President | &nbsp;&nbsp;Koji Sato, Representative Director and President |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Automotive operations, financial services operations and all other operations | &nbsp;&nbsp;Automotive operations, financial services operations and all other operations |
| &nbsp;&nbsp;(5) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;635,402 million yen (as of March 31, 2025) | &nbsp;&nbsp;635,402 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(6) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;August 28, 1937 | &nbsp;&nbsp;August 28, 1937 |
| &nbsp;&nbsp;(7) | &nbsp;&nbsp;Number of Issued Shares | &nbsp;&nbsp;15,794,987,460 shares (as of March 31, 2025) | &nbsp;&nbsp;15,794,987,460 shares (as of March 31, 2025) |
| &nbsp;&nbsp;(8) | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;March 31 | &nbsp;&nbsp;March 31 |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Number of Employees | &nbsp;&nbsp;383,853 (consolidated basis) (as of March 31, 2025) | &nbsp;&nbsp;383,853 (consolidated basis) (as of March 31, 2025) |
| &nbsp;&nbsp;(10) | &nbsp;&nbsp;Major Trading Partner(s) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;(11) | &nbsp;&nbsp;Main Bank(s) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | 13.84% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;Toyota Industries Corporation | &nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;6.22% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;Nippon Life Insurance Company | &nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;JP MORGAN CHASE BANK (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;Denso Corporation | &nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;The Bank of New York Mellon as Depositary Bank for Depositary Receipt Holders (Standing Proxy: Sumitomo Mitsui Banking Corporation) | &nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;Toyota Fudosan Co., Ltd. | &nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of March 31, 2025) | &nbsp;&nbsp;Mitsui Sumitomo Insurance Company, Limited | &nbsp;&nbsp;1.56% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(13) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) |
|  | &nbsp;&nbsp;Capital Relationship | &nbsp;&nbsp;The Allottee holds 50.14% (287,897 thousand shares) of the outstanding shares issued by the Company. | &nbsp;&nbsp;The Allottee holds 50.14% (287,897 thousand shares) of the outstanding shares issued by the Company. | &nbsp;&nbsp;The Allottee holds 50.14% (287,897 thousand shares) of the outstanding shares issued by the Company. | &nbsp;&nbsp;The Allottee holds 50.14% (287,897 thousand shares) of the outstanding shares issued by the Company. |
|  | &nbsp;&nbsp;Personnel Relationship | &nbsp;&nbsp; Toyota has dispatched 1 director to the Company. 15 employees have been seconded by the Allottee to the Company, and 22 employees have been seconded by the Company to the Allottee. | &nbsp;&nbsp; Toyota has dispatched 1 director to the Company. 15 employees have been seconded by the Allottee to the Company, and 22 employees have been seconded by the Company to the Allottee. | &nbsp;&nbsp; Toyota has dispatched 1 director to the Company. 15 employees have been seconded by the Allottee to the Company, and 22 employees have been seconded by the Company to the Allottee. | &nbsp;&nbsp; Toyota has dispatched 1 director to the Company. 15 employees have been seconded by the Allottee to the Company, and 22 employees have been seconded by the Company to the Allottee. |
|  | &nbsp;&nbsp;Business Relationship | &nbsp;&nbsp;The Company is contracted by the Allottee to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. | &nbsp;&nbsp;The Company is contracted by the Allottee to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. | &nbsp;&nbsp;The Company is contracted by the Allottee to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. | &nbsp;&nbsp;The Company is contracted by the Allottee to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. |
|  | &nbsp;&nbsp;Status as Related Parties | &nbsp;&nbsp;The Allottee is the Company's parent company, which makes it a related party of the Company. | &nbsp;&nbsp;The Allottee is the Company's parent company, which makes it a related party of the Company. | &nbsp;&nbsp;The Allottee is the Company's parent company, which makes it a related party of the Company. | &nbsp;&nbsp;The Allottee is the Company's parent company, which makes it a related party of the Company. |
| &nbsp;&nbsp;(14) | &nbsp;&nbsp;Results of Operations and Financial Condition on a Consolidated Basis for the Last 3 Years (IFRS basis; in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition on a Consolidated Basis for the Last 3 Years (IFRS basis; in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition on a Consolidated Basis for the Last 3 Years (IFRS basis; in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition on a Consolidated Basis for the Last 3 Years (IFRS basis; in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition on a Consolidated Basis for the Last 3 Years (IFRS basis; in million yen, unless otherwise specifically indicated) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Year Ended March 31, 2023 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2024 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2025 |
| &nbsp;&nbsp;Toyota Motor Corporation Shareholders' Equity | &nbsp;&nbsp;Toyota Motor Corporation Shareholders' Equity | &nbsp;&nbsp;Toyota Motor Corporation Shareholders' Equity | &nbsp;&nbsp;28338706 | &nbsp;&nbsp;34220991 | &nbsp;&nbsp;35924826 |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;74303180 | &nbsp;&nbsp;90114296 | &nbsp;&nbsp;93601350 |
| &nbsp;&nbsp; Toyota Motor Corporation Shareholders' Equity per Share<br> (in yen) | &nbsp;&nbsp; Toyota Motor Corporation Shareholders' Equity per Share<br> (in yen) | &nbsp;&nbsp; Toyota Motor Corporation Shareholders' Equity per Share<br> (in yen) | &nbsp;&nbsp;2089.08 | &nbsp;&nbsp;2539.75 | &nbsp;&nbsp;2753.09 |
| &nbsp;&nbsp;Sales Revenues | &nbsp;&nbsp;Sales Revenues | &nbsp;&nbsp;Sales Revenues | &nbsp;&nbsp;37154298 | &nbsp;&nbsp;45095325 | &nbsp;&nbsp;48036704 |
| &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;2725025 | &nbsp;&nbsp;5352934 | &nbsp;&nbsp;4795586 |
| &nbsp;&nbsp;Income Before Income Taxes | &nbsp;&nbsp;Income Before Income Taxes | &nbsp;&nbsp;Income Before Income Taxes | &nbsp;&nbsp;3668733 | &nbsp;&nbsp;6965085 | &nbsp;&nbsp;6414590 |
| &nbsp;&nbsp;Net Income Attributable to Toyota Motor Corporation | &nbsp;&nbsp;Net Income Attributable to Toyota Motor Corporation | &nbsp;&nbsp;Net Income Attributable to Toyota Motor Corporation | &nbsp;&nbsp;2451318 | &nbsp;&nbsp;4944933 | &nbsp;&nbsp;4765086 |
| &nbsp;&nbsp; Earnings per Share Attributable to Toyota Motor Corporation - Basic<br> (in yen) | &nbsp;&nbsp; Earnings per Share Attributable to Toyota Motor Corporation - Basic<br> (in yen) | &nbsp;&nbsp; Earnings per Share Attributable to Toyota Motor Corporation - Basic<br> (in yen) | &nbsp;&nbsp;179.47 | &nbsp;&nbsp;365.94 | &nbsp;&nbsp;359.56 |
| &nbsp;&nbsp; Cash Dividends per Common Share<br> (in yen) | &nbsp;&nbsp; Cash Dividends per Common Share<br> (in yen) | &nbsp;&nbsp; Cash Dividends per Common Share<br> (in yen) | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;75.00 | &nbsp;&nbsp;90.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) 1. The shareholding ratios are calculated based on the total number of issued shares excluding treasury
shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Allottee is listed on the Tokyo Stock Exchange Prime Market
and the Nagoya Stock Exchange Premier Market, and, in the "Report on Corporate Governance" submitted by the Allottee to the
Tokyo Stock Exchange on June 25, 2024, the Allottee declares, as part of the statements made
in connection with the internal control systems, etc., that it excludes anti-social forces. The Company has confirmed on the website of
the Tokyo Stock Exchange the Allottee's basic stance toward the exclusion of anti-social forces and the status of the implementation
of relevant systems, and has determined that neither the Allottee nor any of its officers is an individual, a company or any other organization
that engages in any acts of violence or force or any fraud or other criminal acts seeking to gain economic benefits ("Specified
Organizations, etc."), nor do they have any relationship with Specified Organizations, etc.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reason for selecting the Allottee

As stated in "2. Purpose of offering" above, the Third-Party Allotment is to be conducted as part of the Business Integration for the purpose of reducing the Company's debt to the Allottee following the cessation of the parent-subsidiary relationship as a result of the Business Integration, and to facilitate the Business Integration by improving the Company's financial condition, such as by way of strengthened capital and enhanced equity ratio. In addition, the Third-Party Allotment is to be conducted for the purpose of adjustment of the voting rights ratio of the Allottee in the Integrated Company after the Business Integration by utilizing non-voting class shares. The Company has therefore selected Toyota as the Allottee.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Holding policy of the Allottee

With respect to the Common Shares and Class Shares to be issued by way of the Third-Party Allotment, the Integrated Company will acquire the Company's shares, including the Common Shares and Class Shares, through a share exchange to be implemented as part of the Business Integration, in which share exchange the Integrated Company is the wholly-owning parent company and the Company is the wholly-owned subsidiary. As stated in today's press release "Notice Concerning Execution of Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation", in order to increase the tradable share ratio of the Integrated Company, within a certain period of time after the Business Integration, the Allottee and Daimler Truck plan to reduce their respective shareholding ratios in the Integrated Company to 25% of the total number of issued shares (with respect to the voting right ratio: Toyota, 19.9%; Daimler Truck Diamond, 26.7%) at the same time, immediately after, or some time following the effective date of the Business Integration, through a method mutually agreed upon between Toyota and Daimler Truck (for example, through by means of a secondary public offering of the shares of the Integrated Company) within a certain period following the effective date of the Business Integration as mutually agreed upon by Toyota and Daimler Truck. However, the Company intends to obtain a commitment letter from the Allottee agreeing that, if the Allottee transfers all or part of the Common Shares and the Class Shares within two years of the payment pertaining to the Third-Party Allotment, the Allottee shall report the details of such transfer in writing to the Company, and the Company shall, in turn, report the details of such report to the Tokyo Stock Exchange, and the details of such report shall be made available to the public for inspection.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Details of confirmation of the existence of assets required for payment by the Allottee

Based on the Consolidated Financial Statements as stated in the FY2025 Consolidated Financial Results dated May 8, 2025 of the Allottee, the Company has determined that the Allottee has sufficient cash, deposits and other liquid assets to make payment for the Third-Party Allotment, and that there will be no issues with regard to such payment.

7. Major Shareholders and Shareholding Ratio after the Third-Party Allotment

(1) Common shares

---

| | |
|:---|:---|
| &nbsp;&nbsp;Before offering (as of March 31, 2025) | &nbsp;&nbsp;Before offering (as of March 31, 2025) |
| &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;50.14% |
| &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | &nbsp;&nbsp;10.30% |
| &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND (Standing Proxy: Custody Business Department of The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch) | &nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd. | &nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;JP MORGAN CHASE BANK 385781 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.62% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Hino Motors Employees' Stock Ownership Association | &nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;0.52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) 1. Based on the
shareholders' register as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The shareholding ratio is the ratio to the total number of
shares issued and outstanding (excluding treasury stock) . The figures are rounded to the second decimal place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As stated in "(3) Holding policy of the Allottee" in
"6. Reasons, etc. for selection of the Allottee " above , the Common Shares to be issued by
way of the Third-Party Allotment (Common Shares) will be acquired by the Integrated Company through a share exchange, and
there is no long-term commitment by the Allottee to hold these Common Shares. Therefore, there is no statement of the major shareholders
and their shareholding ratios after the offering.

(2) Class A shares

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before offering (as of today) | &nbsp;&nbsp;After offering | &nbsp;&nbsp;After offering |
| Not Applicable. | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;100.00% |

---

8. Future outlook

At this time, no impact on the financial results for the fiscal year ending March 31, 2026 and beyond is anticipated.

9. Matters related to procedures under the Code of Corporate Conduct

Since the issuance of the Common Shares and the Class Shares in the Third-Party Allotment is expected to result in a dilution ratio of 25% or more, it is a requirement to obtain an opinion from an independent third party or confirming the intent of the shareholders as provided for in Rule 432 of the Securities Listing Regulations established by the Tokyo Stock Exchange and Rule 440 of the Securities Listing Regulations established by the Nagoya Stock Exchange. Therefore, the Company plans to confirm the intent of its shareholders at the meeting of shareholders scheduled to be held for the Business Integration.

10. Transactions, etc. with Controlling Shareholder

&nbsp;&nbsp;&nbsp;&nbsp;(1) Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders

Toyota, the Allottee in the Third-Party Allotment, is the parent company of the Company, and therefore the Third-Party Allotment constitutes a transaction with the controlling shareholder. The compliance of the Third-Party Allotment with respect to the "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed by the Company on July 3, 2024 is as follows.

In respect of the Third-Party Allotment, after holding discussions with the special committee that is composed only of independent outside directors, and obtaining a report confirming that the Third-Party Allotment would not be disadvantageous to the Company's minority shareholders, all of the directors of the Company, excluding Mr. Jun Nagata, attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the Third-Party Allotment. Of the Company's directors, Mr. Jun Nagata, who had been an operating officer of Toyota until December 2024 and, as of today, dispatched from Toyota (part-time contract employee) to the Company as a director, has, or is likely to have, a conflict of interest in relation to the Third-Party Allotment. Therefore, he did not participate in discussions and negotiations regarding the Third-Party Allotment and did not participate in deliberations regarding the Third-Party Allotment at the Company's Board of Directors meeting detailed above. As a result of these measures, the Company believes that the Third-Party Allotment follows the Company's "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder."

The "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed on July 3, 2024 is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling
Shareholder

The parent company of the Company is Toyota Motor Corporation which owns 50.2% of the voting rights of the Company as of March 31, 2024. The Company determines sales of products to the parent company, etc. based on price negotiations in each fiscal year, taking into account the market price of raw materials and number of units manufactured on a consignment basis, etc.

With respect to the purchase of parts, etc., the Company determines a reasonable price based on discussions with Toyota Motor Corporation, sufficiently taking into account market prices, etc. in the same manner as determining the terms and conditions of general transactions.

The Company determines interest rates at the time of borrowing money in the same manner as determining those in general transactions, taking into account market interest rates. With respect to these material transactions between the Company and the parent company group, the Company determines the appropriateness of transactions at Board of Directors meetings after holding discussions with and obtaining a report from a special committee that is composed of only independent outside directors. Accordingly, the Company believes that transactions with the parent company do not and will not harm the Company and the rights of its minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Measures to ensure fairness and avoid conflicts of interest

As described in "(1) Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders" above, the Third-Party Allotment constitutes a transaction with the controlling shareholder, and the Company has determined that measures to ensure fairness and to avoid conflicts of interest are necessary. The Board of Directors of the Company has carefully discussed and deliberated on the terms and conditions of the Third-Party Allotment.

In light of this, the Company is implementing the following measures to ensure fairness in the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Advice from an independent financial advisor

The Company has retained Nomura Securities Co., Ltd. as a financial advisor in the Third-Party Allotment, and received their advice from a financial perspective. Nomura Securities Co., Ltd. does not have any significant interests in the Company or Toyota.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Advice from an independent legal advisor

The Company has retained Nagashima Ohno & Tsunematsu as a legal advisor in the Third-Party Allotment, and received legal advice on various procedures related to the Third-Party Allotment, decision-making methods and decision-making processes, etc. Nagashima Ohno & Tsunematsu does not have any significant interests in the Company or Toyota.

Furthermore, the Company is implementing the following measures to avoid conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Obtaining a report from the Special Committee that has no interests in the Company

In order to take care in making decisions regarding the promotion and implementation of the Third-Party Allotment prior to deliberation and resolution whether or not to approve the Third-Party Allotment and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of the Company's Board of Directors regarding the Third-Party Allotment and to ensure the fairness of the decision-making process, as well as to obtain an opinion on whether there is any disadvantage to its minority shareholders from the decision of its Board of Directors to promote and implement the Third-Party Allotment, the Company consulted with the special committee of the Company (the "Special Committee") which was established in FY2022 in order to determine the appropriateness of material transactions with Toyota Group.

The Special Committee consists of four (4) members: Mr. Motokazu Yoshida, Mr. Koichi Muto, Mr. Masahiro Nakajima and Ms. Shoko Kimijima, who are outside directors and independent officers having no interests in the Company or Toyota. The Company asked the Special Committee for examination and determination on (a) the legitimacy and reasonableness of the purpose of the Third-Party Allotment, (b) the appropriateness of the terms and conditions of the Third-Party Allotment, (c) the fairness of the procedures for the Third-Party Allotment, and (d) whether the implementation of the Third-Party Allotment would be disadvantageous to minority shareholders of the Company, taking (a) through (c) above into consideration, and providing its opinion to the Company's Board of Directors (collectively, the "Consulted Matters"). The Company has not changed any of the members of the Special Committee when conducting consultations concerning the Third-Party Allotment. The compensation for services of each member does not include any contingency fee that is subject to public announcement, decision or implementation, etc. of the Third-Party Allotment.

The Company has also resolved that the decision-making by its Board of Directors regarding the Third-Party Allotment shall be made with maximum respect for the opinions of the Special Committee, and that if the Special Committee determines that the Third-Party Allotment is disadvantageous to the Company's minority shareholders, the Company's Board of Directors shall not decide to implement the Third-Party Allotment. Further, the Company's Board of Directors has resolved (a) to grant authority to the Special Committee to appoint its own advisors, in which case the reasonable costs of such advisors shall be borne by the Company, and (b) to ensure that the Special Committee is in a position to substantially influence the negotiation process regarding the terms and conditions of the transactions by, for example, reporting to the Special Committee in a timely manner on the status of negotiations, hearing the opinions of the Special Committee at important junctures and negotiating upon taking into consideration any requests from the Special Committee.

The Special Committee for the Third-Party Allotment carefully considered the Consulted Matters by holding 15 meetings in total during the period from August 8, 2024 to June 10, 2025, collecting information and holding discussions from time to time as required. In addition, after considering independence, expertise and experience, the Special Committee appointed Plutus Consulting Co., Ltd. as its own financial advisor, independent of the Company or Toyota, and Anderson Mori & Tomotsune as its own legal advisor, independent of the Company or Toyota.

Based on the foregoing, the Special Committee has received timely explanation from, and conducted question-and-answer sessions, etc. with, the Company, the Company's financial advisor, Nomura Securities Co., Ltd., and the Company's legal advisor, Nagashima Ohno & Tsunematsu, concerning the negotiation process and decision-making process of various terms and conditions of the Third-Party Allotment, including the significance of the Third-Party Allotment, and the scheme of the Third-Party Allotment; and through such process, the Special Committee has verified the reasonableness thereof. Furthermore, based on advice from its financial advisor, Plutus Consulting Co., Ltd., and its legal advisor, Anderson Mori & Tomotsune, the Special Committee has been involved in the negotiation process by providing its opinions at important junctures and giving instructions and requests to the Company.

Under such circumstances, the Special Committee, on the premise of each of the above explanations, advice from its advisors and other materials for consideration, carefully deliberated and examined the Consulted Matters, and submitted to the Company's Board of Directors a report dated June 10, 2025 to the effect that (a) the purposes of the Third-Party Allotment would be legitimate and reasonable to a certain extent; (b) there are no special circumstances where the terms and conditions of the Third-Party Allotment would be inappropriate; (c) the procedures for the Third-Party Allotment would be fair; and, (d) it would not be disadvantageous to the Company's minority shareholders to execute the Share Subscription Agreement and implement the Third-Party Allotment if the conditions precedent to the Third-Party Allotment set forth in the Share Subscription Agreement are satisfied, taking (a) through (c) above into consideration. For a summary of the report, please refer to "(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous to the minority shareholders".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Approval of all directors who have no interest in the Company

All directors of the Company excluding Mr. Jun Nagata attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the Third-Party Allotment. Of the Company's directors, Mr. Jun Nagata, who had been an operating officer of Toyota until December 2024 and, as of today, dispatched from Toyota (part-time contract employee) to the Company as a director, has, or is likely to have, a conflict of interest in relation to the Third-Party Allotment. Therefore, he did not participate in discussions and negotiations regarding the Third-Party Allotment, and did not participate in deliberations regarding the Third-Party Allotment at the Company's Board of Directors meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous to the minority shareholders

As described in "(I) Obtaining a report from the Special Committee that has no interests in the Company" of "(2) Measures to ensure fairness and avoid conflicts of interest" above, in order to take care in making decisions regarding the implementation of the Third-Party Allotment and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of its Board of Directors and to ensure the fairness thereof, as well as to obtain its opinion on whether there are any disadvantages to the Company's minority shareholders from the decision of its Board of Directors to implement the Third-Party Allotment, the Company consulted with the Special Committee on the Consulted Matters.

As a result, on June 10, 2025, the Company received a report from the Special Committee concerning the implementation of the Third-Party Allotment as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conclusion of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The legitimacy and reasonableness of the purpose of the Third-Party Allotment<br>
The Third-Party Allotment can contribute to enhancing the Company's corporate value, and its purpose would be legitimate and reasonable
to a certain extent. As of the date the Report was prepared, there are no special circumstances where such legitimacy or reasonableness
is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The appropriateness of the terms and conditions of the Third-Party Allotment<br>
Given that, respectively, the negotiation status in respect of the Third-Party Allotment, and the conditions set forth in the Share Subscription
Agreement, cannot be said to be unreasonable, there have not been found to be any special circumstances that support a determination that
the terms and conditions of the Third-Party Allotment are improper, including the fact that none of the terms and conditions of the Third-Party
Allotment is of particular detriment to minority shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The fairness of the procedures for the Third-Party Allotment<br>
There are no circumstances which create doubt as to the fairness of the system of deliberations and negotiations on the terms and conditions
of the Third-Party Allotment or of the negotiations and decision-making process regarding the terms and conditions of the Third-Party
Allotment, etc., and, given that measures to ensure fairness have been taken in the course of implementing the Third-Party Allotment,
the procedures for the Third-Party Allotment are considered fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether the implementation of the Third-Party Allotment would be disadvantageous to minority shareholders
of the Company, taking (a) through (c) above into consideration<br>
Taking into consideration (a) through (c) above, since it cannot be said to be unreasonable to execute the Share Subscription Agreement,
and implement the Third-Party Allotment if the conditions precedent to the Third-Party Allotment set forth in the Share Subscription Agreement
are satisfied, it would not be disadvantageous to the Company's minority shareholders to implement the Third-Party Allotment .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Reasons for Conclusions of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Legitimacy and reasonableness of the purpose of the Third-Party Allotment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purpose of the Third-Party Allotment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has received a loan of approximately
250 billion yen from Toyota through in-house banking. Of this loan, only the 200 billion yen principal shall be subject to the following
terms, and is hereinafter referred to as the "Loan," excluding the principal and interest of other loans, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's understanding of the business
environment is as follows: it is essential to invest resources in new areas such as CASE technologies for commercial vehicles, and as
Europe and China are the main players for main units and a union of commercial vehicles established with the aim of securing resources
and improving the international competitiveness, the Company is not able to participate in such union at this moment. In order to respond
to these changes in the business environment surrounding the Company, the Company intends, through the Business Integration, to increase
management efficiency and productivity by concentrating its management resources, including funds, on the manufacture of commercial cars
and trucks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Third-Party Allotment is intended to eliminate
part of the debt related to the Loan and thereby to improve the Company's financial condition and implement
the Business Integration smoothly, and as described in "C. Relevance to the Business Integration" below, the implementation
of the Third-Party Allotment at a reasonable price may be an advantageous factor for the Company when determining the integration ratio
in the Business Integration. As described in "C. Relevance to the Business Integration" below, implementing the Third-Party
Allotment at a reasonable price is considered to be an important transaction as a prerequisite for the Business Integration and to contribute
to the interests of minority shareholders, since it could be an advantageous factor for the Company in determining the integration ratio
in the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company's understanding of the current situation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's understanding of the business
environment is stated above. The Company's understanding of the management issues is as follows: in light of the circumstances such
as that the Company cannot deny the possibility that the financial impact on the Company in connection with the engine issues may have
a material adverse effect on the Company's management, financial condition and cash flow position and the difficulty for the Company
to shift resources to CASE technologies due to the engine issues, it is difficult for the Company to resolve the above management issues
alone. In addition, in light of the Company's current financial situation, it is difficult for the Company to obtain additional
financing from financial institutions on favorable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Therefore, unless the Company secures additional
funding in some form to improve its financial situation, the Company may have difficulty securing funds to respond to the changes in the
business environment described above and to pay liabilities related to the engine issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Relevance to the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In discussing the Business Integration with MFTBC,
including valuation, it is a prerequisite that the Third-Party Allotment be implemented and that the Company's financial condition
be improved before the valuation is conducted. If the Third-Party Allotment is not implemented, there is concern that this may hinder
the realization of the Business Integration with MFTBC itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, with respect to the valuation regarding
the Business Integration, if the Company's financial condition is improved by the Third-Party Allotment, the amount of net interest-bearing
debts of the Company will decrease and, accordingly, the value of the Company's shares will increase, which is a matter that could
work in the Company's favor in the evaluation and negotiation of the integration ratio regarding the Business Integration. Therefore,
the Third-Party Allotment may also benefit the Company's minority shareholders other than Toyota.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the
Third-Party Allotment, non-voting class shares will be issued in addition to common shares because, while Toyota will no longer
be the parent company of the Company as a result of the Business Integration, it is considered to be appropriate to maintain the percentage
of voting rights held by Toyota in the Integrated Company at less than 20% from the perspective of respecting the independent business
operations of the Integrated Company as well as from the perspective of competition law, given that Toyota operates a light-duty truck
business in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above facts, it is considered that
the implementation of the Third-Party Allotment has an important meaning as a prerequisite for the implementation of the Business Integration,
and will contribute to the resolution of management issues recognized by the Company, as well as contribute to the enhancement of the
Company's corporate value. Therefore, the purpose of the Third-Party Allotment is justified and reasonable, and, in addition, may
benefit minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Appropriateness of the terms and conditions of the Third-Party Allotment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of negotiation process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has negotiated on many occasions
with Toyota in conjunction with the advice of the Company's legal advisor and the Company's financial advisor, and the points
raised by the Company have been reflected in the Share Subscription Agreement to a certain extent. In addition, the series of negotiation
process was explained to the Special Committee, discussions which included the legal advisor of the Special Committee were held, and negotiations
to reflect the terms and conditions that the Special Committee considered necessary or desirable in the Share Subscription Agreement were
also held. As a result, this shows that the Company has been negotiating in order to achieve the Business Integration on transactional
terms and conditions that are as favorable as possible to the Company and its minority shareholders (general shareholders). Therefore,
it is considered that the terms of the Third-Party Allotment do not include any terms and conditions that would be particularly disadvantageous
to only the minority shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above, it is presumed that the negotiations
between the Company and Toyota regarding the Share Subscription Agreement were conducted based on objective and consistent discussions
equivalent to those between independent parties, and that there are no special circumstances to doubt the transparency and fairness of
the agreement process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Terms and conditions of issuance of the Company's shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Issue price and number of shares to be issued

In the Third-Party Allotment, the total amount of the issue price of the Company's shares shall be the same as the amount of the Loan, and the issue price per share shall be the average market share price (closing price) of the Company's shares during the three-months immediately preceding the Issue Price Determination Date (such three-month period is hereinafter referred to as the "Calculation Period," and such average price as the "Base Price"). The number of shares to be issued shall be the number obtained by dividing the amount of the Loan by the issue price per share.

Since the number of shares to be issued in the Third-Party Allotment will be calculated based on the market value of the Company's shares, dilution of the per-share value held by the Company's minority shareholders other than Toyota will be avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Establishment of the Calculation Period and the appropriateness of the Base Price

The implementation date of the Third-Party Allotment is scheduled to be March 27, 2026, and since there is a gap of approximately nine months from the Issue Price Determination Date, there is a possibility that there will be a gap between the Base Price and the market price of the Company's shares as of the implementation date of the Third-Party Allotment.

In this regard, in light of the following circumstances, it is recognized that there is a certain rationality in using the Base Price as the basis for determining the number of shares to be issued in connection with the Third-Party Allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Third-Party Allotment is an important transaction as a prerequisite for implementing the Business
Integration, and when the number of shares to be issued in the Third-Party Allotment is determined based on the Base Price, the matters
that will be the basis for negotiations with respect to the share exchange ratio in the Business Integration, including the financial
condition of the Company, will be fixed, and therefore, it is necessary to finalize the terms and conditions of the Third-Party Allotment
as soon as possible in order to proceed with the discussions on the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The number of shares to be issued in the Third-Party Allotment will be calculated based on the average
market price (the Base Price) of the Company's shares in the three months immediately preceding the Issue Price Determination Date
(the Calculation Period), and, thus, will not reflect fluctuations in the market price of the Company's shares as a result of the
announcement of the execution of the Business Integration Agreement regarding the Business Integration. However, such calculation method
is recognized as a reasonable method based on the significant fluctuations in the stock market in 2025 due to the U.S. tariff policies,
etc. , and the market price of the Company's shares on and after the Issue Price Determination Date, including the implementation
date of the Third-Party Allotment, will not necessarily increase, and, in addition, the fact of execution of the MOU regarding the Business
Integration has already been publicly announced. Accordingly, it is not highly likely that the range of fluctuation in the market price
of the Company's shares after the announcement of execution of the Business Integration Agreement will be extremely large.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company announced its financial results on April 24, 2025, prior to the Issue Price Determination
Date, and all facts that could materially affect the market price of the Company's shares existing at that time were disclosed in
such announcement of financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the market price of the Company's shares as of the implementation date of the Third-Party Allotment
becomes higher than the Base Price, the implementation of the Third-Party Allotment may constitute a favorable issuance under Article
199, Paragraph 3 of the Companies Act, however, the offering terms for the Third-Party Allotment will be decided by a special resolution
at an extraordinary general meeting of shareholders of the Company, in anticipation that the Third-Party Allotment may constitute a favorable
issuance under the Companies Act. This will provide an opportunity for minority shareholders to participate in the decision-making process
regarding the Third-Party Allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As described above, there are no special circumstances
that would suggest that the transactional terms and conditions pertaining to the Third-Party Allotment lack appropriateness, and they
can be deemed reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fairness of Procedures for the Third-Party Allotment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of the Special Committee and obtaining the report from the Special Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Special Committee is a committee consisting
of independent outside directors of the Company. Furthermore, the Special Committee carries out the roles that the special committee should
play in examining the Consulted Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, based on consideration of the following
points, the Special Committee is found to function effectively to ensure fairness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Special Committee was established at the Company with the purpose of establishing a system to supervise
entire transactions in order to ensure the transparency of significant transactions and actions in which interests may conflict with Toyota,
and in relation to the Third-Party Allotment, it has been consulted when the Company and Toyota have been continuing with substantive
negotiations regarding the Third-Party Allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The members of the Special Committee are composed of outside directors, and it has been confirmed that
they are independent of the Company and Toyota, as well as independent of the success or failure of the Third-Party Allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Special Committee is authorized to substantively engage in the negotiation process of the terms and
conditions of the transactions of the Third-Party Allotment by confirming in advance the policies to be followed in negotiations concerning
the terms and conditions of transactions of the Third-Party Allotment, receiving reports on the negotiation status in a timely manner,
expressing opinions at important junctures, and giving instructions and requests, and thereby ensuring the conditions by which the Special
Committee could substantively influence the negotiation process of the terms and conditions of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Special Committee has retained its own legal advisor and its own financial advisor that are independent
of the Company and Toyota, as well as independent of the success or failure of the Third-Party Allotment. After confirming that there
were no issues regarding their expertise or independence from the Company's legal advisor and financial advisor, the Special Committee
also heard their opinions as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Special Committee also received explanations on the status of the negotiations regarding the Third-Party
Allotment, which are not publicly available to the minority shareholders (general shareholders), and asked to be provided with information
from others as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Remuneration of the Special Committee members is limited to the existing remuneration as outside directors
of the Company, and no contingency fee is adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-making process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the Company's directors, as described
in "(2) Measures to ensure fairness and avoid conflicts of interest" in "10. Transactions, etc. with Controlling Shareholder"
above, Mr. Jun Nagata has, or is likely to have, a conflict of interest in relation to the Third-Party Allotment and did not participate
in discussions and negotiations in the Company regarding the Third-Party Allotment and will not participate in deliberations and resolutions
regarding the Third-Party Allotment at meetings of the Board of Directors to be held going forward. Therefore, it can be said that the
Company has made efforts to eliminate arbitrariness in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Involvement of advisors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From the perspective of ensuring fairness in
the decision-making process, the Company has received advice from a legal advisor that is independent of the Company and Toyota, as well
as independent of the success or failure of the Third-Party Allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In examining the Consulted Matters, the Special
Committee has received legal advice from a legal advisor of the Special Committee that is independent of the Company and Toyota, as well
as independent of the success or failure of the Third-Party Allotment, concerning the Special Committee's consideration of and deliberations
on the Consulted Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has retained its own financial advisor
that is independent of the Company and Toyota, as well as independent of the success or failure of the Third-Party Allotment, and received
advice from a financial perspective for considering the framework for calculating the issue price and the number of shares to be issued
and the corporate values of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Enriching the provision of information to minority shareholders (general shareholders) and improving the
transparency of procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Third-Party Allotment, sufficient disclosure
of information will be made regarding the process leading to the execution of the Share Subscription Agreement, negotiations therefor
and details of the Share Subscription Agreement, etc., including the details of the authority granted to the Special Committee, deliberations
at the Special Committee, involvement in the negotiations regarding the terms and conditions of the Share Subscription Agreement with
Toyota, the contents of the report from the Special Committee and the remuneration of the members of the Special Committee. Therefore,
material information that will contribute to making a judgement on the appropriateness of the terms and conditions of the transactions,
etc. is deemed to have been provided to the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no circumstances which create doubt
as to the fairness of the system of deliberations and negotiations on the terms and conditions of the Third-Party Allotment or of the
negotiations and decision-making process regarding the framework of the terms and conditions of the Third-Party Allotment, etc., and,
given that measures to ensure fairness have been taken in the course of implementing the Third-Party Allotment, the procedures for the
Third-Party Allotment are considered fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not it is disadvantageous to the Company's minority shareholders to implement the Third-Party
Allotment, taking (a) through (c) above into consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In (a) to (c) above, it has been confirmed that
the purpose of the Third-Party Allotment is legitimate and reasonable, the terms and conditions of the Third-Party Allotment are appropriate
and the procedures for the Third-Party Allotment are fair, and none of them are considered problematic. Based on the above, it cannot
be said to be unreasonable to continue the deliberations and negotiations towards the execution of the Share Subscription Agreement;.
therefore it is considered that it is not disadvantageous to the minority shareholders of the Company to make the board resolution to
execute the Share Subscription Agreement and implement the Third-Party Allotment.

11. Financial results and equity financing for the past three years

&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial results for the past three years (consolidated)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Fiscal Year Ended March 31, 2023 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2024 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2025 |
| &nbsp;&nbsp;Consolidated Net Sales | &nbsp;&nbsp;1,507,336 million yen | &nbsp;&nbsp;1,516,255 million yen | &nbsp;&nbsp;1,697,229 million yen |
| &nbsp;&nbsp;Consolidated Operating Income/(Loss) | &nbsp;&nbsp;17,406 million yen | &nbsp;&nbsp;(8103) million yen | &nbsp;&nbsp;57,490 million yen |
| &nbsp;&nbsp;Consolidated Ordinary Income/(Loss) | &nbsp;&nbsp;15,787 million yen | &nbsp;&nbsp;(9233) million yen | &nbsp;&nbsp;39,310 million yen |
| &nbsp;&nbsp;Consolidated Profit/(Loss) Attributable to Owners of Parent | &nbsp;&nbsp;(117664) million yen | &nbsp;&nbsp;17,087 million yen | &nbsp;&nbsp;(217753) million yen |
| &nbsp;&nbsp;Consolidated Profit/(Loss) per Share | &nbsp;&nbsp;(204.98) yen | &nbsp;&nbsp;29.77 yen | &nbsp;&nbsp;(379.34) yen |
| &nbsp;&nbsp;Dividends per Share | &nbsp;&nbsp;- yen | &nbsp;&nbsp;- yen | &nbsp;&nbsp;- yen |
| &nbsp;&nbsp;Consolidated Net Assets per Share | &nbsp;&nbsp;640.94 yen | &nbsp;&nbsp;682.98 yen | &nbsp;&nbsp;310.90 yen |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Current number of outstanding shares and dilutive shares (as of March 31, 2025)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Number of shares | &nbsp;&nbsp;Percentage of shares outstanding |
| &nbsp;&nbsp;Number of shares outstanding | &nbsp;&nbsp;574580850 | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Number of dilutive shares at the current conversion price (exercise price) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Number of dilutive shares at the lower limit of the conversion price (exercise price) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Number of dilutive shares at the upper limit of the conversion price (exercise price) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(3) Recent share prices

&nbsp;&nbsp;&nbsp;&nbsp;(i) Last three years

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended March 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended March 31, 2024 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2025 |
| Opening Price | 707 yen | 561 yen | 515 yen |
| High Price | 757 yen | 645.2 yen | 633.7 yen |
| Low Price | 478 yen | 425 yen | 356.7 yen |
| Closing Price | 553 yen | 510 yen | 419.3 yen |

---

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Last six months

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | January 2025 | February | March | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June |
| Opening Price | 561 yen | 507 yen | 485 yen | 419 yen | 458.9 yen | 466.9 yen |
| High Price | 633.7 yen | 515.3 yen | 493 yen | 489.2 yen | 494.9 yen | 481.4 yen |
| Low Price | 499.1 yen | 462.5 yen | 419 yen | 343 yen | 440.2 yen | 442.2 yen |
| Closing Price | 510 yen | 473 yen | 419.3 yen | 453.9 yen | 468.3 yen | 449.6 yen |

---

(Note) For June 2025, as of June 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Share price on the business day immediately prior to the date of resolution for issuance

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;June 9, 2025 |
| Opening Price | 459.4 yen |
| High Price | 459.9 yen |
| Low Price | 442.2 yen |
| Closing Price | 449.6 yen |

---

&nbsp;&nbsp;&nbsp;&nbsp;(4) Equity financing in the past three years

Not applicable.

12. Terms and conditions of issuance

&nbsp;&nbsp;&nbsp;&nbsp;(1) Common shares

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(i) Number of offered shares | &nbsp;&nbsp;270,915,798 common shares | &nbsp;&nbsp;270,915,798 common shares |
| &nbsp;&nbsp;(ii) Amount to be paid for offered shares | &nbsp;&nbsp;448 yen per share | &nbsp;&nbsp;448 yen per share |
| &nbsp;&nbsp;(iii) Total amount to be paid in | &nbsp;&nbsp;121,370,277,504 yen | &nbsp;&nbsp;121,370,277,504 yen |
| &nbsp;&nbsp;(4) Amount of increase in capital and capital reserve | &nbsp;&nbsp; Capital : <br> Capital reserve :  | 60,685,138,752 yen (224 yen per share)<br> 60,685,138,752 yen (224 yen per share) |
| &nbsp;&nbsp;(5) Payment period | &nbsp;&nbsp;From March 27, 2026 to September 26, 2026 | &nbsp;&nbsp;From March 27, 2026 to September 26, 2026 |
| &nbsp;&nbsp;(6) Method of issuance | &nbsp;&nbsp;All common shares will be allocated to Toyota Motor Corporation by way of third-party allotment. | &nbsp;&nbsp;All common shares will be allocated to Toyota Motor Corporation by way of third-party allotment. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Class A shares

Please refer to Attachment "Terms and Conditions of Issuance of Class A Shares".

END

Attachment

<u>TERMS AND CONDITIONS OF ISSUANCE OF CLASS A SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Class of shares to be offered: Class A Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Number of shares to be offered: 175,512,774 shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount to be paid in per share of the shares to be offered: 448 yen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Total amount to be paid in: 78,629,722,752 yen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Payment period: From March 27, 2026, to September 26, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Amount of increase in capital: 39,314,861,376 yen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Amount of increase in capital reserve: 39,314,861,376 yen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Method of offering: Third-party allotment to Toyota Motor Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Dividends from Surplus: If the Company distributes dividends from surplus, it shall pay in cash, for each
share of Class A Shares, to the shareholders holding the shares of Class A Shares (the "Class A Shareholders") or the registered
Class A Shares pledgees (the "Registered Class A Shares Pledgees") who are listed or digitally recorded in the final shareholders
register as of the record date for such dividends, the amount of money calculated by multiplying the dividend per share of Common Shares
by the Acquisition Ratio in effect at that time (as defined in (11) (ii); hereinafter the same) (with any fractional amount less than
one yen being rounded down to the nearest whole yen), on a *pari passu* basis with the shareholders holding the shares of Common
Shares (the "Common Shareholders") or the registered Common Shares pledgees (the "Registered Common Shares Pledgees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Distribution from Residual Assets: If the Company distributes residual assets, it shall distribute in
cash, for each share of Class A Shares, to the Class A Shareholders or Registered Class A Shares Pledgees, the amount calculated by multiplying
the residual asset per share of Common Shares by the Acquisition Ratio in effect at that time (with any fractional amount less than one
yen being rounded down to the nearest whole yen), on a *pari passu* basis with the Common Shareholders and the Registered Common
Shares Pledgees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Put Option for Shares of Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Class A Shareholders may at any time request the Company to deliver shares of Common Shares in exchange
for the acquisition of Class A Shares by the Company. The number of shares of Common Shares to be delivered per share of Class A Shares
in exchange for the acquisition of Class A Shares shall be equal to the number of shares corresponding to the Acquisition Ratio on the
date of the request for acquisition. In addition, when calculating the number of Common Shares to be delivered in exchange for the acquisition
of Class A Shares, any fraction less than one (1) share shall be rounded down, and no cash payment shall be made as provided in Article
167, Paragraph 3 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Acquisition Ratio shall be one (1) to one (1). However, if any of the following events occurs, the
Acquisition Ratio shall be adjusted in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Share split or consolidation

In the event that the Company splits or consolidates its shares of Common Shares, the Acquisition Ratio shall be adjusted in accordance with the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Acquisition Ratio after Adjustment | = | Acquisition Ratio before Adjustment | × | Number of shares of Common Shares issued immediately after the effective date of a share split or consolidation |
| Acquisition Ratio after Adjustment | = | Acquisition Ratio before Adjustment | × | Number of shares of Common Shares issued immediately before the effective date of a share split or consolidation |

---

The effective date of the Acquisition Ratio after Adjustment shall be (i) the day following the record date in the case of a share split, or (ii) the effective date of the share consolidation in the case of a share consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Issuance of Shares of Common Shares.

If the Company issues shares of Common Shares or disposes of treasury shares of Common Shares (including share allotment without consideration, but excluding (i) issuance or disposal upon the acquisition of shares or stock acquisition rights (including those attached to bonds with stock acquisition rights; the same applies hereinafter in this paragraph (ii)) in exchange for the delivery of shares of Common Shares, (ii) issuance or disposal upon the exercise of stock acquisition rights under which shares of Common Shares may be issued or disposed, or (iii) the delivery of shares of Common Shares through merger, share exchange, company split, or share delivery; hereinafter referred to as the "Issuance of Common Shares"), at a payment amount less than the market value per share of Common Shares of the Company, the Acquisition Ratio shall be adjusted according to the following formula:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Acquisition Ratio after Adjustment | = | Acquisition Ratio before Adjustment | × | Market value per share of Common Shares | Market value per share of Common Shares | Market value per share of Common Shares | × | Number of shares of Common Shares issued (excluding treasury shares) after the Issuance of Common Shares | Number of shares of Common Shares issued (excluding treasury shares) after the Issuance of Common Shares | Number of shares of Common Shares issued (excluding treasury shares) after the Issuance of Common Shares | Number of shares of Common Shares issued (excluding treasury shares) after the Issuance of Common Shares | Number of shares of Common Shares issued (excluding treasury shares) after the Issuance of Common Shares |
| Acquisition Ratio after Adjustment | = | Acquisition Ratio before Adjustment | × | Market value per share of Common Shares | × | Number of shares of Common Shares issued (excluding treasury shares) before the Issuance of Common Shares | Number of shares of Common Shares issued (excluding treasury shares) before the Issuance of Common Shares | Number of shares of Common Shares issued (excluding treasury shares) before the Issuance of Common Shares | ＋ | Paid-in amount per share of the Common Shares newly delivered upon the Issuance of Common Shares | × | Number of shares of Common Shares newly delivered upon the Issuance of Common Shares |

---

In this (b), the term "Market value per share of Common Shares" shall mean: (i) in the event that the Common Shares is listed as of the relevant record date of the Issuance of Common Shares (or in the absence of such record date, the payment date for issuance or disposal of shares of the Common Shares (if a payment period is specified, the last day of such payment period), or, in the case of allotment without consideration, the effective date thereof; the "Adjustment Record Date"), the price equivalent to the average of the daily volume-weighted average price of the Company's shares of Common Shares in the regular trading on the Tokyo Stock Exchange, Inc. over a period of 30 trading days beginning on the 45th trading day prior to the Adjustment Record Date (fractions less than one (1) yen shall be calculated to the second decimal place and rounded off at the second decimal place); and (ii) in the event that the Common Shares is not listed as of the Adjustment Record Date, the book value per share of the Company's Common Shares (on a consolidated basis) calculated as of the Adjustment Record Date according to the following formula:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Book value per share of the Company's Common Shares (on a consolidated basis) | = | Book value based on the latest consolidated balance sheet | - | (| The amount of money paid-out after the end of the accounting period of the consolidated balance sheet due to the distribution from surplus or the acquisition of treasury shares | The amount of money paid-out after the end of the accounting period of the consolidated balance sheet due to the distribution from surplus or the acquisition of treasury shares | The amount of money paid-out after the end of the accounting period of the consolidated balance sheet due to the distribution from surplus or the acquisition of treasury shares | + | Deposit for subscription of new shares and deposit for subscription of treasury shares | + | Stock Acquisition Rights | + | Minority interest |) |
| Book value per share of the Company's Common Shares (on a consolidated basis) | = | Number of shares of Common Shares issued (excluding treasury shares) | Number of shares of Common Shares issued (excluding treasury shares) | Number of shares of Common Shares issued (excluding treasury shares) | Number of shares of Common Shares issued (excluding treasury shares) | ＋ | Number of shares of Class A Shares issued (excluding treasury shares) | Number of shares of Class A Shares issued (excluding treasury shares) | Number of shares of Class A Shares issued (excluding treasury shares) | × | × | × | Acquisition Ratio | Acquisition Ratio |

---

The effective date for the Acquisition Ratio after Adjustment shall be the day following the Adjustment Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the cases referred to (a) and (b) above, if it becomes necessary to adjust the Acquisition
Ratio due to an issuance or disposal of shares in a merger, a company split, a share exchange or share delivery, an issuance of stock
acquisition rights or an allotment without consideration, or other reasons similar to those referred to in (a) and (b) above, the subsequent
Acquisition Ratio shall be reasonably adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The "Acquisition Ratio before Adjustment" used in (a) and (b) above shall be the Acquisition
Ratio effective immediately prior to the application of the Acquisition Ratio after Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Voting Rights: The Class A Shareholders shall not be entitled to vote at any general meeting of shareholders
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Resolution of the General Meetings of Class Shareholders' Meeting: In the event that the Company
takes any of the actions listed in each item of Article 322, Paragraph 1 of the Companies Act, a resolution of the general meeting of
class shareholders consisting of the Class A Shareholders shall not be required, except as required by laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Consolidation and Splitting of Shares, Allocation of Shares to be Offered, etc.: The Company shall not
consolidate or split any shares of Class A Shares, unless otherwise provided by laws and regulations. The Company shall not grant the
Class A Shareholders the right to receive an allotment of shares to be offered or the right to receive an allotment of share acquisition
rights, nor shall it make any allotment of shares or share acquisition rights to the Class A Shareholders without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Restrictions on Transfer: The acquisition of shares of Class A Shares by transfer shall be subject to
the approval of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) In addition to the foregoing, these terms and conditions are subject to the effectiveness of any required
procedures under various laws and regulations.

## Exhibit 99.3

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

June 10, 2025

To Whom It May Concern

Company name: Hino Motors, Ltd. Representative: Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors, (Code Number: 7205 TSE, Prime, NSE, Premier) Contact Person: Makoto Iijima, General Manager, Corporate Communications Dept, Public Affairs Div.<br> Phone: (042) 586-5494

**Notice Concerning Execution of Agreement Regarding Transfer of Hamura Plant to Toyota Motor Corporation**

Hino Motors, Ltd. (the "Company") hereby announces that, at its Board of Directors meeting held today, the Company has resolved to transfer the Company's Hamura Plant to Toyota Motor Corporation ("Toyota"). More specifically, the Company has resolved to establish a receiving company (the "New Company") as its wholly owned subsidiary, and, upon the succession of the Company's Hamura Plant to the New Company (the "Succession"), execute a share transfer agreement (the "Share Transfer Agreement") to transfer all of the shares held by the Company in the New Company to Toyota on April 1, 2026 (scheduled) (the "Share Transfer") (such series of actions are hereinafter collectively referred to as the "Transfer"), and the Share Transfer Agreement has been executed today by and between the Company and Toyota as follows:

I. Purpose of the Transfer

Today, the Company has entered into an agreement regarding the Transfer to strengthen its competitiveness in the commercial vehicle industry. The objective of the Transfer, following the business integration of the Company and Mitsubishi Fuso Truck and Bus Corporation ("MFTBC") (the "Business Integration"), is to contribute to shaping the future of the commercial vehicle industry and the realization of a sustainable mobility society by facilitating optimal role-sharing between Toyota and the Company.

Since it commenced production in 1963, the Hamura Plant has manufactured Toyota vehicles such as both brands' light-duty trucks, Hilux and Land Cruiser 250, striving to meet the needs of customers around the world. Going forward, by leveraging the manufacturing expertise it has accumulated over its more than 60-years history, the Hamura Plant will continue to contribute to the Toyota Group's mission of "making ever-better cars" as one of the Toyota Group's core plants for frame-structured vehicles, meeting the expectations of customers and the local community.

For details of the Business Integration, please refer to today's "Notice Concerning Execution of a Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation."

II. Schedule of the Transfer

The schedule of the Transfer shall be as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Resolution of the Board of Directors | &nbsp;&nbsp;June 10, 2025 |
| &nbsp;&nbsp;Execution of the Share Transfer Agreement | &nbsp;&nbsp;June 10, 2025 |
| &nbsp;&nbsp;Establishment of the New Company | &nbsp;&nbsp;After the execution of the Share Transfer Agreement |
| &nbsp;&nbsp;Date of implementation of the Succession of the Hamura Plant to the New Company and the Share Transfer to Toyota | &nbsp;&nbsp;April 1, 2026 (scheduled) |

---

(Note 1) There is a possibility that such schedule may change in the future, or the Transfer may not be implemented, depending on the progress toward the effectuation of the Business Integration of the Company and MFBTC (the implementation of the Transfer is conditional upon the certainty that the Business Integration will be conducted), or the progress of the obtaining of necessary clearances and regulatory approvals under competition and other laws and regulations, etc., or other reasons.

(Note 2) The method of succession of the Hamura Plant from the Company to the New Company is scheduled to take form of either an absorption-type company split or a business transfer. The Succession will be carried out without going through the approval procedures of a General Meeting of Shareholders of the Company, pursuant to the provisions of a simplified absorption-type company split as stipulated in Article 796, Paragraph 2 of the Companies Act or a simplified business transfer as stipulated in Article 467, Paragraph 1, Item 2 of the Companies Act.

(Note 3) The name, location and other matters of the New Company will be determined in due course.

III. Succession of the Hamura Plant to the New Company

As the Succession will be either a simplified absorption-type company split or a simplified business transfer to a wholly owned subsidiary of the Company, certain disclosure items and details have been omitted in the following:

1. Purpose of the Succession

Please refer to "I. Purpose of the Transfer" above.

2. Summary of the Succession

(1) Method of the Succession

Expected to be in the form of either an absorption-type company split or a business transfer.

(2) Details of consideration for the Succession

As the New Company will be a wholly owned subsidiary of the Company, no consideration will be delivered by the New Company to the Company upon the Succession if the method of the Succession is a company split. The terms of the consideration will be determined upon consultation if the method of Succession is a business transfer.

(3) Treatment of stock acquisition rights and bonds with stock acquisition rights in association with the Succession

Not applicable, as the Company has not issued any stock acquisition rights or bonds with stock acquisition rights.

(4) Increase or decrease in stated capital as a result of the Succession

Not applicable.

(5) Rights and obligations to be assumed by the successor company

The New Company will succeed to all or part of the assets, liabilities, contracts and other rights and obligations relating to the business of the Hamura Plant.

(6) Prospects for fulfilment of obligations

As the cash flow generated by the business of the Hamura Plant is at a reasonable level, there are no specific concerns regarding the prospects for the fulfilment of obligations by the New Company.

3. Outline of Companies involved in the Succession

(1) Outline of the Company

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;Name | &nbsp;&nbsp;Hino Motors, Ltd. | &nbsp;&nbsp;Hino Motors, Ltd. |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;Address | &nbsp;&nbsp;1-1 Hinodai 3-chome, Hino-shi, Tokyo | &nbsp;&nbsp;1-1 Hinodai 3-chome, Hino-shi, Tokyo |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;Satoshi Ogiso, President & CEO, Member of the Board of Directors | &nbsp;&nbsp;Satoshi Ogiso, President & CEO, Member of the Board of Directors |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp; Manufacture of trucks and buses, light commercial vehicles and passenger vehicles (consigned vehicles from Toyota), engines and spare parts, etc. | &nbsp;&nbsp; Manufacture of trucks and buses, light commercial vehicles and passenger vehicles (consigned vehicles from Toyota), engines and spare parts, etc. |
| &nbsp;&nbsp;(5) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;72,717 million yen (as of March 31, 2025) | &nbsp;&nbsp;72,717 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(6) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;May 1, 1942 | &nbsp;&nbsp;May 1, 1942 |
| &nbsp;&nbsp;(7) | &nbsp;&nbsp;Number of Issued Shares | &nbsp;&nbsp;574,580,850 shares (as of March 31, 2025) | &nbsp;&nbsp;574,580,850 shares (as of March 31, 2025) |
| &nbsp;&nbsp;(8) | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;March 31 | &nbsp;&nbsp;March 31 |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;50.14% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | &nbsp;&nbsp;10.30% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND (Standing Proxy: Custody Business Department of The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch) | &nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;JP MORGAN CHASE BANK 385781 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;Hino Motors Employees' Stock Ownership Association | &nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp; Major Shareholders and Shareholding Ratios<br> (Note)<br> (as of March 31, 2025) | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;(10) | &nbsp;&nbsp;Consolidated Results of Operations and Consolidated Financial Condition in the immediately preceding fiscal year (Fiscal Year ended March 2025) | &nbsp;&nbsp;Consolidated Results of Operations and Consolidated Financial Condition in the immediately preceding fiscal year (Fiscal Year ended March 2025) | &nbsp;&nbsp;Consolidated Results of Operations and Consolidated Financial Condition in the immediately preceding fiscal year (Fiscal Year ended March 2025) |
|  | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;251,020 million yen | &nbsp;&nbsp;251,020 million yen |
|  | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;1,478,180 million yen | &nbsp;&nbsp;1,478,180 million yen |
|  | &nbsp;&nbsp;Net Assets per Share | &nbsp;&nbsp;310.90 yen | &nbsp;&nbsp;310.90 yen |
|  | &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;1,697,229 million yen | &nbsp;&nbsp;1,697,229 million yen |
|  | &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;57,490 million yen | &nbsp;&nbsp;57,490 million yen |
|  | &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;39,310 million yen | &nbsp;&nbsp;39,310 million yen |
|  | &nbsp;&nbsp;Profit Attributable to Owners of Parent | &nbsp;&nbsp;-217,753 million yen | &nbsp;&nbsp;-217,753 million yen |
|  | &nbsp;&nbsp;Profit per Share | &nbsp;&nbsp;-379.34 yen | &nbsp;&nbsp;-379.34 yen |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The shareholding ratios are calculated based on the total number of issued shares excluding treasury shares.

(2) Outline of the New Company

Details of the New Company have not yet been determined. The representative of the New Company after the Transfer is expected to be Mr. Koreatsu Aoki (Note).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) Effective on June 10, 2025, seconded from Toyota to Hino and appointed as an Officer, Monozukuri Function.

4. Outline of the business unit subject to succession

(1) Details of the business carried out by the business unit subject to succession

Manufacturing of SUVs, light-duty trucks, and other automobiles, as well as manufacturing of automotive parts.

(2) Others

Other details of the business units to be split will be announced as soon as they are determined.

5. Status of the Company and the New Company after the Succession

(1) Status of the Company

There will be no change in the Company's name, address, name and title of representative, business description, stated capital, or fiscal year end after the Succession.

(2) Status of the New Company

Details of the New Company have not yet been determined. The representative of the New Company after the Transfer is expected to be Mr. Koreatsu Aoki.

IV. The Share Transfer

1. Purpose of the Share Transfer

Please refer to "I. Purpose of the Transfer" above.

2. Outline of the Company's Subsidiary Subject to the Share Transfer

Please refer to "(2) Outline of the New Company" in "3. Outline of Companies involved in the Succession" in "III. Succession of the Hamura Plant to the New Company" above.

3. Outline of the Counterparty of the Share Transfer

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;Name | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;Toyota Motor Corporation |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;Address | &nbsp;&nbsp;1 Toyota-cho, Toyota-shi, Aichi | &nbsp;&nbsp;1 Toyota-cho, Toyota-shi, Aichi |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Name and Title of Representative | &nbsp;&nbsp;Koji Sato, President, Representative Director | &nbsp;&nbsp;Koji Sato, President, Representative Director |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Description of Business | &nbsp;&nbsp;Automotive operations, financial services operations and all other operations | &nbsp;&nbsp;Automotive operations, financial services operations and all other operations |
| &nbsp;&nbsp;(5) | &nbsp;&nbsp;Stated Capital | &nbsp;&nbsp;635,402 million yen (as of March 31, 2025) | &nbsp;&nbsp;635,402 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(6) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;August 28, 1937 | &nbsp;&nbsp;August 28, 1937 |
| &nbsp;&nbsp;(7) | &nbsp;&nbsp;Equity attributable to owners of the Parent Company | &nbsp;&nbsp;35,924,826 million yen (as of March 31, 2025) | &nbsp;&nbsp;35,924,826 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(8) | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;93,601,350 million yen (as of March 31, 2025) | &nbsp;&nbsp;93,601,350 million yen (as of March 31, 2025) |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. | 13.84% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;Toyota Industries Corporation | &nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;Custody Bank of Japan, Ltd. | &nbsp;&nbsp;6.22% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;Nippon Life Insurance Company | &nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;JP MORGAN CHASE BANK (Standing Proxy: Settlement & Clearing Services Department of Mizuho Bank, Ltd.) | &nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;Denso Corporation | &nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;The Bank of New York Mellon as Depository Bank for Depositary Receipt Holders (Standing Proxy: Sumitomo Mitsui Banking Corporation) | &nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;Toyota Fudosan Co., Ltd. | &nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note) (as of March 31, 2025) | &nbsp;&nbsp;Mitsui Sumitomo Insurance Company, Limited | &nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;(10) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) | &nbsp;&nbsp;Relationship between the Companies (as of May 31, 2025) |
|  | &nbsp;&nbsp;Capital Relationship | &nbsp;&nbsp;Toyota holds 50.14% (287,897 thousand shares) of the outstanding shares issued by the Company. | &nbsp;&nbsp;Toyota holds 50.14% (287,897 thousand shares) of the outstanding shares issued by the Company. |
|  | &nbsp;&nbsp;Personnel Relationship | &nbsp;&nbsp;One director is dispatched by Toyota to the Company. 15 employees have been seconded by Toyota to the Company, and 22 employees have been seconded by the Company to Toyota. | &nbsp;&nbsp;One director is dispatched by Toyota to the Company. 15 employees have been seconded by Toyota to the Company, and 22 employees have been seconded by the Company to Toyota. |
|  | &nbsp;&nbsp;Business Relationship | &nbsp;&nbsp;The Company is contracted by Toyota to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. | &nbsp;&nbsp;The Company is contracted by Toyota to manufacture passenger vehicles and certain light-duty trucks. The Company also supplies light-duty trucks as an OEM. |
|  | &nbsp;&nbsp;Status as Related Parties | &nbsp;&nbsp;Toyota is the Company's parent company, which makes it a related party of the Company. | &nbsp;&nbsp;Toyota is the Company's parent company, which makes it a related party of the Company. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The shareholding ratios are calculated based on the total number of issued shares excluding treasury shares.

4. Number of Transferred Shares, Transfer Price and Number of Shares Owned Before and After the Transfer

(1) Number of Shares Owned Before the Transfer Undetermined (percentage of voting rights owned: 100%)

(2) Number of Transferred Shares Undetermined

(3) Transfer Price 150 billion yen

(4) Number of Shares Owned After the Transfer 0 shares (percentage of voting rights owned: 0%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) Details on the number of shares owned before the Transfer and the number of transferred shares will be
provided as soon as they are determined.

5. Basis of the Terms of Consideration for the Transfer

(1) Basis and reason for the terms of consideration

As set out in "7. Measures to Ensure Fairness" below, in order to ensure fairness and appropriateness during the course of the calculation of the transfer price for the Share Transfer, the Company has retained Deloitte Tohmatsu Financial Advisory LLC ("Deloitte Tohmatsu Financial Advisory") as its third-party valuation institution, and, after careful consultation and consideration, taking into account the value of the business unit subject to succession under the Share Transfer calculated by Deloitte Tohmatsu Financial Advisory, determined that the transfer price stated in "(3) Transfer Price " in "4. Number of Transferred Shares, Transfer Price and Number of Shares Owned Before and After the Transfer" above (the "Share Transfer Price") is within the range of calculation by Deloitte Tohmatsu Financial Advisory and, in light of the Purpose of the Transfer above, is not detrimental to the interests of the Company's shareholders, and that it is appropriate to conduct the Share Transfer at the Share Transfer Price.

(2) Matters pertaining to calculation

&nbsp;&nbsp;&nbsp;&nbsp;(i) Name of the valuation institution and relationship with the Company and Toyota

Deloitte Tohmatsu Financial Advisory is a third-party valuation institution independent of the Company and Toyota. It does not fall under their interested parties and has no material interest in the Share Transfer to be noted.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Overview of calculation

For the purpose of evaluation of the business unit subject to succession (the "Hamura Plant Business"), Deloitte Tohmatsu Financial Advisory has adopted a discounted cash flow analysis (the "DCF Analysis") in order to take into account the future business activities in the Target Business in performing its calculation.

The range of value of the business related to the Hamura Plant calculated under the DCF Analysis is as follows:

Valuation Method <u>Calculation Result</u> <br> <u>DCF Analysis</u> <u>116,903 million yen － 157,877 million yen</u>

In the above calculation, based on the financial forecasts based on the business plan of the Hamura Plant Business for the fiscal years from the fiscal year ending March 31, 2027 through the fiscal year ending March 31, 2034 prepared by the Company, as well as publicly available information and other factors, Deloitte Tohmatsu Financial Advisory evaluated the value of the Hamura Plant Business by discounting the future cash flows that are expected to be generated by the Hamura Plant Business on and after April 1, 2026, with the base date for calculation being June 9, 2025, to their present value by applying a certain discount rate. Deloitte Tohmatsu Financial Advisory adopted a discount rate of 8.2% to 8.9%, applied the perpetual growth rate method to calculate the terminal value, and adopted a perpetual growth rate of 0.0% to 1.4%. The business plan for the Hamura Plant Business, which Deloitte Tohmatsu Financial Advisory used as a premise for its calculation under the DCF Analysis, includes fiscal years in which a significant increase or decrease in profit is anticipated compared to the previous fiscal year. Specifically, for the fiscal years ending March 2027 and March 2028, a significant increase in operating income is expected compared to the previous fiscal year (an increase of 93% for the fiscal year ending March 2028 compared to the previous fiscal year), primarily due to an increase in overseas sales volume and cost reduction. Also, the business plan provided by the Company is based on the assumption that the Transfer will be implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) In calculating the business value of the Hamura Plant Business, Deloitte Tohmatsu Financial Advisory has, in principle, used the information provided by the Company and publicly available information and other factors, on an as is basis, and has assumed that all such materials and information are accurate and complete and that there are no facts undisclosed to Deloitte Tohmatsu Financial Advisory that could have a material impact on the calculation of the business value of the Hamura Plant Business, and Deloitte Tohmatsu Financial Advisory has not independently verified the accuracy or completeness of such facts. In addition, it is assumed that the information regarding the business plan for the Hamura Plant Business has been reasonably prepared based on the currently available best estimates and judgment of the management of the Company. While the financial figures for the Hamura Plant Business used as the basis for the calculation under the DCF Analysis are those of the forecasts for the fiscal year ending March 31, 2026, the future financial position of the Hamura Plant Business is treated as a given, without any guarantee as to the feasibility or probability thereof, and they do not provide any guarantee as to the assumptions of market data at a future point in time. Furthermore, Deloitte Tohmatsu Financial Advisory has not independently evaluated, appraised or assessed the assets and liabilities of the Hamura Plant Business (including derivative financial instruments, off-balance-sheet assets and liabilities, and other contingent liabilities), and has not requested a third-party appraisal or assessment thereof. The calculations by Deloitte Tohmatsu Financial Advisory reflect the above information by and until June 9, 2025. The sole purpose of the calculation by Deloitte Tohmatsu Financial Advisory is to serve as a reference for the Board of Directors of the Company to consider the business value of the Hamura Plant Business.

(3) Special indemnification for the Engine Issues

The Company has, since the announcement titled "Misconduct concerning Engine Certification" dated March 4, 2022, disclosed the issues regarding the certification on gas emission and fuel efficiency of the Company's engines (the "Engine Issues") (please refer to the series of announcements published under the heading "List of Announcements regarding the Company's Certification Issues" (Japanese website: <u>https://www.hino.co.jp/corp/news/2023/ninshohusei_tokusetsu.html</u> on the Company's website and the Company's 112th annual securities report dated June 26, 2024 and other materials).

Pursuant to the Share Transfer Agreement, if the New Company assumes any obligations, liabilities, or expenses incurred by the Company arising from or related to the Engine Issues for any reason, and Toyota and the New Company suffers any loss as a result thereof, the Company will owe a monetary indemnity obligation to Toyota for such loss.

6. Foreseen prospects for delisting and the reason therefor

The Company is not expected to be delisted as a result of the Share Transfer. Please refer to today's "Notice Concerning Execution of a Business Integration Agreement Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation" for matters regarding the listing of the Company shares following the Business Integration of the Company and MFTBC.

7. Measures to Ensure Fairness

Toyota, the counterparty of the Share Transfer, is the parent company of the Company, and the Transfer, including the Share Transfer, falls under a transaction with a controlling shareholder. In light of this, the Company is implementing the following measures to ensure fairness in the Transfer.

(1) Obtainment of calculation report from a third-party valuation institution

The Company has obtained a calculation report prepared by Deloitte Tohmatsu Financial Advisory as a third-party valuation institution on the consideration of the Share Transfer. Deloitte Tohmatsu Financial Advisory does not have any significant interests in the Company or Toyota.

(2) Advice from an independent legal advisor

The Company has retained Nagashima Ohno & Tsunematsu as a legal advisor in the Transfer, and received legal advice on various procedures related to the Transfer, decision-making methods and decision-making processes, etc. Nagashima Ohno & Tsunematsu does not have any significant interests in the Company or Toyota.

8. Measures to Avoid Conflicts of Interest

As described in "7. Measures to Ensure Fairness" above, given that the Transfer, including the Share Transfer, falls under a transaction with the controlling shareholder of the Company, the Company is implementing the following measures to avoid conflicts of interest.

(1) Obtaining a report from the Special Committee that has no interests in the Company

In order to take care in making decisions regarding the implementation of the Transfer prior to deliberation and resolution whether or not to approve the Transfer and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of the Company's Board of Directors regarding the Transfer and to ensure the fairness of the decision-making process, as well as to obtain an opinion on whether there is any disadvantage to its minority shareholders from the decision of its Board of Directors to implement the Transfer, the Company consulted with the Special Committee of the Company (the "Special Committee") which was established in FY2022 in order to determine the appropriateness of material transactions with Toyota Group.

The Special Committee consists of four (4) members: Mr. Motokazu Yoshida, Mr. Koichi Muto, Mr. Masahiro Nakajima and Ms. Shoko Kimijima, who are outside directors and independent officers having no interests in the Company or Toyota. The Company asked the Special Committee for examination and determination on (a) the legitimacy and reasonableness of the purpose of the Transfer, (b) the appropriateness of the terms and conditions of the Transfer, (c) the fairness of the procedures for the Transfer, and (d) whether the implementation of the Transfer would be disadvantageous to minority shareholders of the Company, taking (a) through (c) above into consideration, and providing its opinion to the Company's Board of Directors (collectively, the "Consulted Matters"). When the Company begun consulting with the Special Committee on the Transfer, the Company appointed Mr. Motokazu Yoshida, Mr. Koichi Muto, Mr. Masahiro Nakajima and Ms. Shoko Kimijima as members of the Special Committee (the chairman of the Special Committee is Mr. Motokazu Yoshida), and, since then, the Company has not changed any of the members of the Special Committee when conducting consultations concerning the Transfer. The compensation for services of each member does not include any contingency fee that is subject to public announcement, decision or implementation, etc. of the Transfer.

The Company has also resolved that the decision-making by its Board of Directors regarding the Transfer shall be made with maximum respect for the opinions of the Special Committee, and that if the Special Committee determines that the Transfer is disadvantageous to the Company's minority shareholders, the Company's Board of Directors shall not decide to promote or implement the Transfer. Further, the Company's Board of Directors has resolved (a) to grant authority to the Special Committee to appoint its own advisors, in which case the reasonable costs of such advisors shall be borne by the Company, and (b) to ensure that the Special Committee is in a position to substantially influence the negotiation process regarding the terms and conditions of the transactions by, for example, reporting to the Special Committee in a timely manner on the status of negotiations, hearing the opinions of the Special Committee at important junctures and negotiating upon taking into consideration any requests from the Special Committee.

The Special Committee carefully considered the Consulted Matters by holding twenty (20) meetings in total during the period from May 31, 2024 to June 10, 2025, collecting information and holding discussions from time to time as required. In addition, after considering the independence, expertise and experience, the Special Committee appointed Plutus Consulting Co., Ltd. as its own financial advisor, independent of the Company and Toyota, and Anderson Mori & Tomotsune as its own legal advisor, independent of the Company and Toyota.

Based on the foregoing, the Special Committee has received timely explanation from, and conducted question-and-answer sessions, etc. with, the Company and the Company's legal advisor, Nagashima Ohno & Tsunematsu, concerning the negotiation process and decision-making process of various terms and conditions of the Transfer, including the significance of the Transfer; and through such process, the Special Committee has verified the reasonableness thereof. Furthermore, based on advice from its financial advisor, Plutus Consulting Co., Ltd., and its legal advisor, Anderson Mori & Tomotsune, the Special Committee has been involved in the negotiation process by providing its opinions at important junctures and giving instructions and requests to the Company.

Under such circumstances, the Special Committee, on the premise of each of the above explanations, advice from its advisors and other materials for consideration, carefully deliberated and examined the Consulted Matters, and submitted to the Company's Board of Directors a report dated June 10, 2025, to the effect that (a) the purpose of the Transfer is deemed to have a certain level of justification and rationality, (b) no particular circumstances were found that should make the terms of the Transfer unreasonable, (c) the Transfer procedure is found to be fair, and (d) given (a) through (c) above, executing the Share Transfer Agreement and carrying out the Transfer would not be detrimental to the Company's minority shareholders. For a summary of the report, please refer to "3. Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc., are not disadvantageous to the minority shareholders" in "VI. Transactions, etc. with Controlling Shareholder" below.

(2) Approval of all directors who have no interest in the Company

All directors of the Company excluding Mr. Jun Nagata attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the Share Transfer Agreement. Of the Company's directors, Mr. Jun Nagata, who had been an operating officer of Toyota until December 2024, and, as of today, dispatched from Toyota (part-time contract employee) to the Company as a director, has, or is likely to have, a conflict of interest in relation to the Transfer. Therefore, he did not participate in discussions and negotiations regarding the Transfer, and did not participate in deliberations regarding the execution of the Share Transfer Agreement at the Company's Board of Directors meeting.

V. Future Outlook

The Company is currently investigating the impact of the Transfer on the financial results from fiscal year ending March 2026, and the Company will make prompt disclosures if it is necessary to make any new disclosures regarding the Transfer.

VI. Transactions, etc. with Controlling Shareholder

1. Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders

Toyota, the counterparty of the Transfer, including the Share Transfer, is the parent company of the Company, and the Transfer falls under a transaction with the controlling shareholder. The compliance of the Transfer with respect to the "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed by the Company on July 3, 2024 is as follows.

After holding discussions with the Special Committee that is composed of only independent outside directors, and a report confirming that the Transfer would not be disadvantageous to the Company's minority shareholders has been obtained. Under such circumstances, all of the directors of the Company, excluding Mr. Jun Nagata, attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the Share Transfer Agreement. Of the Company's directors, Mr. Jun Nagata, who had been an operating officer of Toyota until December 2024, and, as of today, dispatched from Toyota (part-time contract employee) to the Company as a director, has, or is likely to have, a conflict of interest in relation to the Transfer. Therefore, he did not participate in discussions and negotiations regarding the Transfer and did not participate in deliberations regarding the execution of the Share Transfer Agreement at the Company's Board of Directors meeting detailed above. As a result of these measures, the Company believes that the Transfer complies with the "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" of the Company.

The "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed on July 3, 2024 is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling
Shareholder

The parent company of the Company is Toyota Motor Corporation which owns 50.2% of the voting rights of the Company as of March 31, 2024. The Company determines sales of products to the parent company, etc. based on price negotiations in each fiscal year, taking into account the market price of raw materials and number of units manufactured on a consignment basis, etc.

With respect to the purchase of parts, etc., the Company determines a reasonable price based on discussions with Toyota Motor Corporation, sufficiently taking into account market prices, etc. in the same manner as determining the terms and conditions of general transactions. The Company determines interest rates at the time of borrowing money in the same manner as determining those in general transactions, taking into account market interest rates. With respect to these material transactions between the Company and the parent company group, the Company determines the appropriateness of transactions at Board of Directors meetings after holding discussions with and obtaining a report from a special committee that is composed of only independent outside directors. Accordingly, the Company believes that transactions with the parent company do not and will not harm the Company and the rights of its minority shareholders.

2. Measures to ensure fairness and avoid conflicts of interest

As described in "1. Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders" above, given that the Transfer falls under a transaction with the controlling shareholder, the Company has determined that it is necessary to take measures to ensure fairness and avoid conflicts of interest and has made determinations regarding the Transfer after ensuring fairness and avoiding conflicts of interest by carefully holding discussions on and examining the terms and conditions of the Share Transfer Agreement at its Board of Directors meeting and taking the measures described in "7. Measures to Ensure Fairness" and "8. Measures to Avoid Conflicts of Interest" in "IV. The Share Transfer" above.

3. Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous to the minority shareholders

As described in "(1) Obtaining a report from the Special Committee that has no interest in the Company" in "8. Measures to Avoid Conflicts of Interest" in "IV. The Share Transfer" above, in order to take care in making decisions regarding the implementation of the Transfer and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of its Board of Directors regarding the Transfer and to ensure the fairness of the decision-making process, as well as to obtain its opinion on whether there are any disadvantages to the Company's minority shareholders from the decision of its Board of Directors to implement the Transfer, the Company consulted with the Special Committee on the Consulted Matters.

As a result, on June 10, 2025, the Company received a report from the Special Committee concerning implementation of the Transfer as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conclusion of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transfer can contribute to enhancing the Company's
corporate value, and its purpose would be legitimate and reasonable to a certain extent. As of the
date the report was prepared , there are no special circumstances
where such legitimacy or reasonableness is denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Given that, respectively, the negotiation status in respect of the Transfer,
and the conditions set forth in the Share Transfer Agreement, cannot be said to be unreasonable, there have not been found to be any special
circumstances that support a determination that the terms and conditions of the Transfer are improper, including the fact that none of
the terms and conditions of the Transfer is of particular detriment to minority shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no circumstances which create doubt as
to the fairness of the system of deliberations and negotiations on the terms and conditions of
the Transfer or of the negotiations and decision-making process regarding the terms and conditions of the Transfer, etc., and, given that
measures to ensure fairness have been taken in the course of executing the Transfer, the procedures for the Transfer are considered fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Taking into consideration (a) through (c) above, since it cannot be said
to be unreasonable to execute the Share Transfer Agreement, and to implement the Transfer if the conditions precedent to the Transfer
set forth in the Share Transfer Agreement are satisfied, it would not be disadvantageous to the Company's minority shareholders
to implement the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Reasons for Conclusions of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Legitimacy and reasonableness of the purpose of the Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purpose of the Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Hamura Plant has a long history of mainly manufacturing Toyota products,
and most of the products manufactured at the plant are Toyota vehicles such as the Prado SUV, but some of the Company's light-duty
trucks are also manufactured at the plant. In order to respond to changes in the business environment, the Company intends to increase
operational efficiency and productivity by concentrating its management resources, including funds, on the manufacturing of commercial
vehicles and trucks through the Business Integration. The Hamura Plant has built up its manufacturing capabilities over many years through
the production of Toyota vehicles, and is expected to further strengthen its competitiveness by becoming a wholly owned subsidiary of
Toyota. Accordingly, compared with the case where the plant is purchased by another company, if Toyota purchases the plant, there is a
reasonable possibility that Toyota's valuation of the Hamura Plant will be equal to or higher than that of other companies. Ultimately,
the Company will be able to raise a substantial amount of funds to prepare for the financial burden that the Company will incur in connection
with the Engine Issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Therefore, the purposes of the Transfer are to sell the Hamura Plant Business
to Toyota to (i) respond to changes in the business environment, strengthen the competitiveness of the Hamura Plant Business as a wholly
owned subsidiary of Toyota and meet the expectations of stakeholders and (ii) raise the funds needed by the Company. Further, it is considered
that executing the Transfer at an appropriate price could be a factor that is advantageous to the Company in determining the integration
ratio for the Business Integration and could also contribute to the interests of minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company's understanding of the current situation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The legitimacy and reasonableness of selling the Hamura Plant Business of
the Hamura Plant, which is considered to be of high importance to the Company, require careful consideration. However, the sale of the
Hamura Plant Business does not mean that the production capacity of the Company will be completely lost, and, if the necessity of the
transfer and the appropriateness of the consideration are recognized, conducting the transfer could be deemed reasonable. The Company's
understanding of the business environment is as follows: it is essential to invest resources in new areas such as CASE technologies for
commercial vehicles, and as Europe and China are the main players for main units and a union of commercial vehicles established with the
aim of securing resources and improving the international competitiveness, the Company is not able to participate in such union at this
moment. Therefore, the need for the Company to secure funds and concentrate the management resources is high.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's understanding of the management issues is as follows:
the Company cannot deny the possibility that the financial impact on the Company in connection with the Engine Issues may have a material
adverse effect on the Company's management, financial condition and cash flow position. Under the current circumstances, it is difficult
for the Company to obtain additional financing from financial institutions on favorable terms. Therefore, unless the Company obtains funding
in some form, it may also affect the payment of any debt related to certification misconduct that will become apparent going forward,
investment for the medium- to long-term growth of business, and/or the continuity of business itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's above understanding of both the business environment
and the management issues, which is based on the significance of the Hamura Plant, is considered to be reasonable. Therefore, taking measures
that contribute to resolution of the above management issues and the above policies as part of a strategy to realize the resolution of
such matters, in general, can be considered that such measures will contribute to enhancing the Company's corporate value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Relevance to the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When conducting discussions, including on valuations, in the course of the
negotiations regarding the Business Integration with MFTBC, it is assumed that the valuation will be conducted under circumstances where
the Company has independently secured the necessary funds through the implementation of the Transfer. Thus, if the Transfer is not implemented,
there are concerns that the realization of the Business Integration with MFTBC itself may be hindered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further, if the Business Integration is conducted, the fact that the Company
has secured a portion of the funds necessary to address anticipated management issues would be a matter that could work in favor of the
Company in the evaluation and negotiations in respect of the integration ratio, and may, in turn, benefit the Company's minority
shareholders, in addition to Toyota.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Appropriateness of selection of transferee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Transfer is to be conducted as a prerequisite for the Business Integration,
which will be negotiated between certain specified parties, and is highly confidential. In reality, it is difficult to search for potential
purchasers other than Toyota and conduct negotiations, including on valuations. Given that the Hamura Plant mainly manufactures Toyota
products, there is a reasonable possibility that Toyota's valuation of the Hamura Plant will be equal to or higher than that of
other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the other hand, the financial results of the Hamura Plant are dependent
on Toyota's business trends, and therefore, if a company other than Toyota acquires the Hamura Plant, there is a risk that the valuation
will be conservative. Toyota is the parent company of the Company; however, the transfer price is expected to fall within an appropriate
range by taking measures to eliminate potential conflicts of interest, including the establishment of a special committee, and conducting
negotiations based on an appropriate valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accordingly, it is deemed reasonable to select Toyota as the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above, the Transfer is deemed to contribute to enhancing the
Company's corporate value, and the purposes of the Transfer are deemed legitimate and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Appropriateness of the terms and conditions of the Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of negotiation process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the Share Transfer Agreement, the Company has negotiated
on multiple occasions with Toyota in conjunction with the advice of the Company's legal advisor, and the points raised by the Company
have been reflected in the Share Transfer Agreement to a certain extent. In addition, the series of negotiation process was explained
to the Special Committee, discussions which included the legal advisor of the Special Committee and the financial advisor of the Special
Committee were held, and negotiations to reflect the terms and conditions that the Special Committee considered necessary or desirable
in the Share Transfer Agreement were also held. As a result, certain changes have been made to the terms and conditions initially proposed
by Toyota, and this shows that with the Special Committee's substantial involvement in the negotiation process, the Company has
been negotiating in order to achieve the Transfer on transactional terms and conditions that are as favorable as possible to the Company
and its minority shareholders (general shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on the above, it is presumed that the negotiations between the Company
and Toyota regarding the Share Transfer Agreement were conducted based on objective and consistent discussions equivalent to those between
independent parties, and that there are no special circumstances to doubt the transparency and fairness of the agreement process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Scope of transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Transfer, the entire Hamura Plant, including the experimental area
for businesses at the Hamura Plant other than the Hamura Plant Business, is expected to be sold in a single transaction. In such a case,
there is no need to implement new rainwater countermeasures that would arise in the case of a partial transfer, or to construct new sewage
treatment facilities or industrial waste treatment facilities, and no issue is expected to arise from the viewpoint of compliance with
laws and regulations regarding the building-to-land ratio and green space ratio. Therefore, it is appropriate to set the scope of the
transfer as the entirety of the Hamura Plant in a single transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Relationship between business value calculation and transfer price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In considering the fairness and appropriateness of the transfer price for
the Transfer, the results of the calculation of the business value by the Company's valuation institution and the Special Committee's
financial advisor will be the central reference materials. Such calculation is based on the business plan formulated by the Company (the
"Transfer Business Plan"). The Transfer Business Plan has been prepared on a stand-alone basis as a financial forecast of
the Company (the Hamura Plant Business) for the period from the fiscal year ending March 31, 2025 to the fiscal year ending March 31,
2029, without assuming the implementation of the Transfer, and there is no indication that Toyota or its related parties were involved
in or had influenced the development of such plan. In addition, at the request of the Special Committee, the Company provided an opportunity
for explanation and held a question-and-answer session at the meeting of the Special Committee. In such session, no circumstances that
required modification of the Transfer Business Plan or any other circumstances that should raise doubts about the reasonableness of the
Transfer Business Plan were found. In light of the above, there is no evidence that Toyota had intervened in the process of formulating
the Transfer Business Plan by exerting pressure, nor is there any unreasonable expectation in its contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the meeting of the Special Committee, the Special Committee received
detailed explanations from the Company's third-party valuation institution and the Special Committee's financial advisor regarding
the results of the calculation of the business value of the Hamura Plant Business, its calculation method, and the process of consideration
regarding the calculation results. First, the valuation methods used by the Company's third-party valuation institution and the
Special Committee's financial advisor are both based on the premise of a going concern. Specifically, the DCF analysis was used
by the Company's third-party valuation institution and the Special Committee's financial advisor. Since nothing unreasonable
was found in the selection of business valuation methodologies, their respective calculation methods, or the basis for their calculations,
the Special Committee evaluated that it could rely on the respective business valuation reports prepared by the Company's third-party
valuation institution and the Special Committee's financial advisor in considering the business value of the Hamura Plant Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• According to the business valuation reports prepared by the Company's
third-party valuation institution and the financial advisor to the Special Committee, the business value of the Hamura Plant Business
calculated by each valuation method is as follows: The Company's third-party valuation institution determined the business value
of the Hamura Plant Business to be 116,903 million yen to 157,877 million yen using the DCF Analysis. On the other hand, the financial
advisor to the Special Committee determined the business value of the Hamura Plant Business to be 133,479 million yen to 213,486 million
yen using the DCF Analysis. The amount of the consideration of 150 billion yen for the Transfer is within the range of the above calculation
results, and the amount of consideration for the Transfer is considered to be at a level that is not disadvantageous to the Company, even
from the perspective of a comparison with the business value of the Hamura Plant Business calculated by the Company's third-party
valuation institution and the Special Committee's financial advisor. In other words, it is also considered that the amount of the
consideration is not disadvantageous to the minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Terms and conditions of the Share Transfer Agreement other than those regarding
the transfer price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matters related to Toyota's employment and special compensation regarding
the Engine Issues are stipulated as important matters under the Share Transfer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to matters related to Toyota's employment, a certain
degree of consideration is given to ensuring that employees of the organization to be transferred can understand the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the New Company assumes any obligations, liabilities, or expenses incurred
by the Company arising from or related to the Engine Issues for any reason, and Toyota suffers any loss as a result thereof, the Company
will owe a monetary indemnity obligation to Toyota for such loss. At the Hamura Plant, no businesses related to engine development and
manufacturing, or certification, are conducted, and the plant has no connection to the U.S. market, except that the plant manufactures
a small number of spare parts for the U.S. market. Therefore, the likelihood of the New Company or Toyota bearing any expenses is low,
and, even if such expenses were to arise, the economic impact is expected to be minimal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In light of the above, it cannot be said that it is unreasonable to conduct
the Transfer under the terms and conditions of the Share Transfer Agreement other than those regarding the transfer price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As above, given that the negotiation status of the Transfer, the transfer
price, and the terms and conditions set forth in the Share Transfer Agreement, respectively, are not unreasonable, there are no special
circumstances where the terms and conditions of the Transfer would be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fairness of Procedures for the Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of the Special Committee and
obtaining the report from the Special Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Special Committee is a committee consisting of independent outside directors
of the Company. Furthermore, the Special Committee carries out the roles that the special committee should play in examining the Consulted
Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, based on consideration of the following points, the Special
Committee is found to function effectively to ensure fairness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Special Committee was established at the
Company with the purpose of establishing a system to supervise entire transactions in order to ensure the transparency of significa nt
transactions and actions in which interests may conflict with Toyota, and in relation to the Transfer, it has been consulted when the
Company and Toyota have been continuing with substantive negotiations regarding the Share Transfer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The members of the Special Committee are composed
of outside directors, and it has been confirmed that they are independent of the Company and Toyota, as well as independent of the success
or failure of the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Special Committee is authorized to substantively
engage in the negotiation process of the terms and conditions of the transactions of the Transfer by confirming in advance the policies
to be followed in negotiations concerning the terms and conditions of transactions of the Transfer, receiving reports on the negotiation
status in a timely manner, expressing opinions at important junctures, and giving instructions and requests, and thereby ensuring the
conditions by which the Special Committee could substantively influence the negotiation process of the terms and conditions of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Special Committee has retained its own
legal advisor that is independent of the Company and Toyota, as well as independent of the success or failure of the Transfer, and has
retained its own financial advisor that is independent of the Company and Toyota, as well as independent of the success or failure of
the Transfer. After confirming that there were no issues regarding their expertise or independence from the Company's legal advisor,
the Special Committee also heard their opinions as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Special Committee also received explanations
on the status of the negotiations regarding the Share Transfer Agreement, which are not publicly available to the minority shareholders
(general shareholders), and asked to be provided with information from others as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Remuneration of the Special Committee members
is limited to the existing remuneration as outside directors of the Company, and no contingency fee is adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision - making process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the Company's directors, as described in
"(2) Approval of all directors who have no interest in the Company" in "8. Measures to Avoid Conflicts of Interest"
in "IV. The Share Transfer" above, Mr. Jun Nagata has, or is
likely to have, a conflict of interest in relation to the Transfer and did
not participate in discussions and negotiations in the Company regarding the Transfer and will not participate in deliberations and resolutions regarding the Transfer at meetings of the
Board of Directors to be held going forward. Therefore, it can be said that the Company has made
efforts to eliminate arbitrariness in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Involvement of advisors and third-party valuation
institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From the perspective of ensuring fairness in the decision-making process,
the Company has received advice from a legal advisor that is independent of the Company and Toyota, as well as independent of the success or failure of the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In examining the Consulted Matters, the Special Committee has received legal
advice from a legal advisor that is independent of the
Company and Toyota, as well as independent of the success or failure of the Transfer, concerning the Special Committee's consideration of and deliberations on the Consulted Matters .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In order to ensure the appropriateness of the transfer price for the Transfer,
the Company has obtained a business valuation report from a third party valuation institution that is independent of the Company and Toyota,
as well as independent of the success or failure of the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In order to ensure the fairness of the transfer price for the Transfer,
the Special Committee has obtained a business valuation report from the financial advisor that is independent of the Company and Toyota,
as well as independent of the success or failure of the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Enriching the provision of information to
minority shareholders (general shareholders) and improving the transparency of procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Transfer, sufficient disclosure of information will be made regarding
the process leading to the execution of the Share Transfer Agreement, negotiations therefor and details of the Share Transfer Agreement,
etc., including the details of the authority granted to the Special Committee, deliberations at the Special Committee, involvement in
the negotiations regarding the terms and conditions of the Share Transfer Agreement with Toyota, the contents of the report from the Special
Committee and the remuneration of the members of the Special Committee. Therefore, material information that will contribute to making
a judgement on the appropriateness of the terms and conditions of the transactions, etc. is deemed to have been provided to the shareholders
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no circumstances which create doubt as to the fairness of the
system of deliberations and negotiations on the terms and conditions of the Transfer or of the negotiations and decision-making process
regarding the Share Transfer Agreement, etc., and, given that measures to ensure fairness have been taken in the course of implementing
the Transfer, the procedures for the Transfer are considered fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not it is disadvantageous to the Company's minority shareholders
for the Board of Directors of the Company to implement the Transfer, taking (a) through (c) above into consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In (a) to (c) above, it has been confirmed that the purpose of the Transfer
is legitimate and reasonable, the terms and conditions of the Transfer are appropriate and the procedures for the Transfer are fair, and
none of them are considered problematic. Based on the above, it is not unreasonable to execute the Share Transfer Agreement and implement
the Transfer once the conditions precedent provided in the Share Transfer Agreement are satisfied; therefore, it is considered that it
is not disadvantageous to the minority shareholders of the Company to implement the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;(Reference) Consolidated Performance Forecast for the Current Fiscal Year (published on April 24, 2025) and Consolidated Results for the Previous Fiscal Year

(in million yen, unless otherwise specifically indicated)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net Sales | &nbsp;&nbsp;Operating Income | Ordinary Income | Profit Attributable to Owners of Parent | &nbsp;&nbsp; Profit per Share<br> (in yen) |
| &nbsp;&nbsp; Forecast for the Current Fiscal Year<br> (Fiscal year Ending March 31, 2026) | 1500000 | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;34.84 |
| &nbsp;&nbsp; Results for the Previous Fiscal Year<br> (Fiscal Year Ended March 31, 2025) | 1697229 | &nbsp;&nbsp;&nbsp;57490 | &nbsp;&nbsp;&nbsp;39310 | &nbsp;&nbsp;&nbsp;-217753 | &nbsp;&nbsp;&nbsp;-379.34 |

---

End

## Exhibit 99.4

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

PRESS INFORMATION<br>

May 30<sup>th</sup>, 2023

Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation conclude an MoU on accelerating development of Advanced Technologies and merging Mitsubishi Fuso and Hino Motors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Daimler Truck and Toyota Motor Corporation conclude MoU on accelerating development of advanced technologies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **MFTBC and Hino to be merged on equal footing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Aiming for transaction by end of 2024** 

Tokyo/Japan and Leinfelden/Germany – Daimler Truck Holding AG ("Daimler Truck") Mitsubishi Fuso Truck and Bus Corporation ("MFTBC"), Hino Motors Ltd. ("Hino") and Toyota Motor Corporation ("Toyota") today concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino.

**Collaboration details:**

Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale.

&nbsp;&nbsp;&nbsp;&nbsp;· MFTBC and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development,
procurement, and production. They will build a globally competitive Japanese commercial vehicle manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;· Daimler Truck and Toyota will equally invest in the (listed) holding company of the merged MFTBC and
Hino. They will collaborate on the development of hydrogen and other CASE technologies to support the competitiveness of the new company.

Common to the corporate philosophies of all four companies is the desire to contribute to a prosperous society through mobility. To continue to be an essential force of transformation in the world, the four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world's social systems.

By joining forces, MFTBC and Hino would create synergies and enhance the competitiveness of Japanese truck manufacturers, helping to strengthen the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders and society.

Both Daimler Truck and Toyota count global full lineups tailored to local needs among their corporate strengths and—toward achieving carbon neutrality—value multi-pathways that provide diverse options based on local conditions and how their customers use vehicles.

<u>Martin Daum, CEO of Daimler Truck</u>: "We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving. And soon they will even do so with zero emissions. So there is a great future ahead – and today's announcement is a crucial step in making that future work economically and in leading sustainable transportation. The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family."

<u>Koji Sato, CEO of Toyota Motor Corporation</u>: "This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of mobility society. Our four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE technologies and of changing the future of commercial vehicles and building the future together by solving social issues."

<u>Karl Deppen, CEO of MFTBC:</u> "This close collaboration will enable us to accelerate the decarbonization of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. Under the two well-established brands of FUSO and Hino, we will continue to take a leading role in serving customer needs in Japan, Asia and beyond."

<u>Satoshi Ogiso, CEO of Hino:</u> "We will unite our aspirations to 'support mobility and contribute to society' and, hand in hand, accelerate advanced technology development in order to overcome the increasingly fierce global competition. Through these efforts, we will strive to tackle societal challenges such as achieving carbon neutrality."

Details on the scope and nature of the collaboration including the name, location, shareholding ratio and corporate structure of the new holding company will be decided over the course of the next 18 months. The parties envisage signing of definitive agreements in the first quarter of 2024 and aim to close the transaction by the end of 2024. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.

## Exhibit 99.5

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

May 30, 2023

To Whom It May Concern

---

| |
|:---|
| Company name: Hino Motors, Ltd. |
| Representative: Satoshi Ogiso, President & CEO, |
| Member of the Board of Directors, |
| (Code Number: 7205 TSE, Prime, NSE, Premier) |
| Contact Person: Yoshiki Ohno General Manager, |
| Corporate Communications Dept, Public Affairs Div. |
| Phone: (042)586-5494 |

---

Notice Concerning Execution of a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation

Hino Motors, Ltd. (the "Company") hereby announces that, at its Board of Directors meeting held today, the Company has resolved to execute a memorandum of understanding (the "MOU") regarding the business integration (the "Business Integration") of the Company and Mitsubishi Fuso Truck and Bus Corporation ("MFTBC"), and the MOU has been executed today, by and among four companies: the Company, MFTBC, Toyota Motor Corporation (the parent company of the Company; "Toyota"), and Daimler Truck AG (the parent company of MFTBC; "Daimler Truck").

As the MOU is a legally non-binding agreement on the Business Integration, going forward, the Company, MFTBC, Toyota and Daimler Truck will continue with discussions and deliberations for the execution of legally binding definitive agreement prescribing the terms and conditions of transactions required for the realization of the Business Integration (the "Definitive Agreement"). The details of the Definitive Agreement will be disclosed if and when it is executed.

1. Purpose of the Business Integration

Common to the corporate philosophies of all four companies, the Company, MFTBC, Toyota and Daimler Truck, is the desire to "contribute to a prosperous society through mobility". To continue to be an essential force of transformation in the world, the four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world's social systems.

Commercial vehicles, which support our daily lives by moving people and goods, are an important form of mobility that can be considered a form of social infrastructure. To create a prosperous mobility society through the use of commercial vehicles, we must solve pending challenges, such as how to achieve carbon neutrality and more efficient logistics. Doing so will require significant investment. As the number of commercial vehicles is smaller than that of passenger cars, it is extremely difficult for each of Japan's commercial vehicle manufacturers to respond to the Japanese market on their own. To protect automotive industry and jobs in Japan and Asia, including the Company, we must increase our competitiveness by improving our operational efficiencies in development and production.

The Company and MFTBC will work together to improve operational efficiencies, including in development and production, and hone the competitiveness of Japanese commercial vehicle manufacturers, thereby contributing to the protection of the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders, and the Japanese automotive industry.

Both Daimler Truck and Toyota count global full lineups tailored to local needs among their corporate strengths and—toward achieving carbon neutrality—value multi-pathways that provide diverse options based on local conditions and how their customers use vehicles. Believing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) can only be useful to society if they are widely used, the two companies, Daimler Truck and Toyota, will join forces to enhance their technological development capabilities, reduce costs, and promote the use of CASE technologies.

Specific details of the envisaged collaboration are described below.

Daimler Truck, MFTBC, the Company and Toyota will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies and strengthening the commercial vehicle business on a global scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Company and MFTBC will merge on an equal footing and collaborate in
the areas of commercial vehicle development, procurement, and production. They will build a globally competitive Japanese commercial vehicle
manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Daimler Truck and Toyota will equally hold the shares of the (listed) holding
company of the merged MFTBC and the Company. They will collaborate on the development of hydrogen and other CASE technologies to support
the competitiveness of the new company.

2. Summary of the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;(1) Method of the Business Integration

In the Business Integration, the Company and MFTBC (or any companies engaged in their respective businesses) will become wholly-owned subsidiaries of an integrated company (the "Integrated Company").

Toyota's and Daimler Truck's shareholding ratios of the Integrated Company will be the ratios that will be separately agreed upon between Toyota and Daimler Truck, and each shareholding ratio will be equal. As such, Toyota is expected to cease to be the parent company of the Company after the implementation of the Business Integration. The shares of the Integrated Company are expected to be listed on the Prime Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange. For details, please see "3. Matters Relating to Listing of Shares After Business Integration" below.

The specific form and method of the Business Integration including the scope of the combined businesses and shareholding ratio of the Integrated Company are subject to further discussions among the Company, MFTBC, Toyota and Daimler Truck, and will be determined based on the principles described in "(3) Integration ratio of the Business Integration" below taking into account the consultations with the competition regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Schedule of the Business Integration

The schedule of the Business Integration will be determined upon the continued discussions among the Company, MFTBC, Toyota and Daimler Truck, with the aim of executing the Definitive Agreement in March 2024, and implementing the Business Integration by the end of December 2024. Such schedule may change in the future depending on the progress of the negotiation concerning the Definitive Agreement, obtaining of necessary clearances and regulatory approvals under competition and other laws and regulations, investigations by authorities or litigation, etc., surrounding the issues regarding the certification on gas emission and fuel efficiency of the Company's engines (the "Engine Issues"), or other reasons.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Integration ratio of the Business Integration

The integration ratio of the Business Integration has not yet been determined, and will be determined through discussions among the four companies: the Company, MFTBC, Toyota and Daimler Truck.

The Company has disclosed the Engine Issues after the announcement titled "Misconduct concerning Engine Certification" dated March 4, 2022 (please see the series of announcement published under the heading of "Misconduct concerning Engine Certification and 'three reforms'" (Japanese website: <u>https://www.hino.co.jp/corp/news/2022/20220401-003234.html#title1</u>) on the Company's website and the Company's 110th annual securities report dated June 23, 2022, etc.). Based on the fundamental concept that the shareholders of MFTBC should not bear the risks concerning the Engine Issues, the equity value of the Company, which forms the basis for calculation of the integration ratio of the Business Integration, is expected to be calculated in a general manner set out below.

More specifically, the equity values of the Company and MFTBC will be ultimately determined based on the enterprise values of the Company and MFTBC to be discussed and agreed upon between the parties by taking into account the result of due diligence to be conducted in the future, the calculations to be made by third-party valuation institutions appointed by the Company or MFTBC or other factors (as for the Company, its enterprise value will be agreed on without taking into account the potential impact of contingent liabilities related to the Engine Issues), with adjustments made by net interest-bearing debts and working capital, etc., at a certain point in time prior to the implementation date of the Business Integration (to be more specific, such point in time is expected be the last day of the most recent fiscal quarter that is prior to the date of the Company's shareholders' meeting approving the Business Integration, the "Reference Date"). Although it depends on the future development of various procedures, it may be possible to record provisions for a substantial portion of contingent liabilities related to the Engine Issues, based on a reasonable estimates made as of the Reference Date, and the amount recorded as provisions by the Record Date (the "Provisions") shall be deducted from the enterprise value of the Company in the calculation of equity value of the Company upon adjustment for the net interest-bearing debts, etc. on the Reference Date.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Special indemnification for the Engine Issues

The Definitive Agreement is expected to include provisions to the effect that, if, after the Reference Date, any contingent liabilities related to the Engine Issues that are not covered by the Provisions materialize, and thereby cause damages to the Integrated Company, the Company or the shareholders of MFTBC, the Integrated Company and the Company will owe certain monetary indemnity obligation for such damages to the shareholders of MFTBC subject to each such shareholder agreeing to certain terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Risks related to success of the Business Integration and the relevant terms

As disclosed previously (please see the series of announcement published under the heading of "Misconduct concerning Engine Certification and 'three reforms'" (Japanese website: <u>https://www.hino.co.jp/corp/news/2022/20220401-003234.html#title1</u>) on the Company's website and the Company's 110th annual securities report dated June 23, 2022, etc.), the U.S. Department of Justice and other U.S. agencies are conducting an investigation with respect to potential violations of relevant laws and regulations regarding the certification of the Company's Model Year 2010 to Model Year 2019 engines for the U.S. market. In this regard, a lawsuit naming the Company and its subsidiaries as defendants in a putative class action lawsuit has been filed at the U.S. District Court for the Southern District of Florida claiming damages related to the Company's vehicles sold in the U.S. from 2004 to 2021. Both the investigation and the legal proceedings are ongoing.

(The Company has not sold any vehicles equipped with the Company-manufactured engines in the U.S. market from engine Model Year 2020 onwards.) In addition, a lawsuit naming the Company and its subsidiaries as defendants in a representative action lawsuit has also been filed in Australia as a class action lawsuit and it is possible that other similar lawsuits may be filed in the future. Further, the Company is continuing to conduct a comprehensive review related to engine certification procedures under European and other jurisdiction's standards in addition to the U.S. standards. While it is difficult at this stage to provide a reasonable estimate of the financial impact on the Company in connection with these matters, administrative and criminal penalties, such as fines imposed as a result of the investigations by the aforementioned regulatory authorities, claims for damages and market action may have a material adverse effect on the Company's management, financial condition and cash flow position.

Depending on the extent of the financial impact and the timing at which it becomes known, there are risks that (i) the Definitive Agreement for the Business Integration may not be executed, (ii) even if the Definitive Agreement is executed, there may be a significant dilution in the shareholding ratio of the Company's shareholders as a result of the determination or adjustment regarding the integration ratio, (iii) the conditions precedent for the performance of the Definitive Agreement may not be met, and as a result, the implementation of the Business Integration may not be achieved, and (iv) pursuant to the Definitive Agreement for the Business Integration, the Company may be responsible for special indemnification to the shareholders of MFTBC subject to each such shareholder of MFTBC agreeing to certain terms and conditions. These risks may have a material effect on whether the Business Integration is successfully implemented and the relevant terms.

Additionally, the implementation of the Business Integration may not be achieved due to the inability to obtain the necessary clearances and regulatory approvals under competition and other laws and regulations.

3. Matters Relating to Listing of Shares After the Business Integration

As of today, the Company's shares are listed on the Prime Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange. Even after the Business Integration is implemented, it is expected that the shares of the Integrated Company will be listed on the Prime Market of the Tokyo Stock Exchange and the Premier Market of Nagoya Stock Exchange. However, since the Business Integration will be conducted with MFTBC, which is a private company, depending on the method of the Business Integration and other factors, there is a possibility that the Company's shares may fall under "An Issue in a Grace Period pertaining to Delisting regarding Ceasing to be a Substantial Survivor due to Merger, etc." based on the delisting criteria (Prime Market) of the Tokyo Stock Exchange and the delisting criteria (Premier Market) of the Nagoya Stock Exchange. In addition, there is a possibility that we will apply for the Technical Listing of the shares of the Integrated Company. We will take measures to ensure that the shares of the Integrated Company are listed based on discussions with Toyota, Daimler Truck and MFTBC.

4. Measures to Ensure Fairness

While the Business Integration is an integration between the Company and MFTBC, Toyota, which is the Company's parent company, is also involved in promoting the Business Integration. Therefore, the Company has determined that it is necessary to ensure fairness as it is appropriate to treat the Business Integration in the same manner as transactions, etc., with the controlling shareholder. In light of this, the Company is implementing the following measures to ensure fairness in the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Advice from an independent financial advisor

The Company has retained Nomura Securities Co., Ltd. as a financial advisor in the Business Integration, and received advice from a financial perspective. The Company will obtain a calculation report to be prepared by Nomura Securities Co., Ltd. as a third party valuation institution on the integration ratio of the Business Integration. Nomura Securities Co., Ltd. does not have any significant interests in the Company, MFTBC, Toyota or Daimler Truck.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Advice from an independent legal advisor

The Company has retained Nagashima Ohno & Tsunematsu as a legal advisor in the Business Integration, and received legal advice on various procedures related to the Business Integration, decision-making methods and decision-making processes, etc. Nagashima Ohno & Tsunematsu does not have any significant interests in the Company, MFTBC, Toyota or Daimler Truck.

5. Measures to Avoid Conflicts of Interest

As described in "4. Measures to Ensure Fairness" above, it is appropriate to treat the Business Integration in the same manner as transactions, etc. with the controlling shareholder and, given that there is a structure in which conflicts of interest may arise between the Company and Toyota, the Company is implementing the following measures to avoid conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Obtaining a report from the Special Committee that has no interests in the Company

In order to take care in making decisions regarding the promotion of the Business Integration prior to deliberation and resolution whether or not to approve the Business Integration and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of the Company's Board of Directors regarding the Business Integration and to ensure the fairness of the decision-making process, as well as to obtain an opinion on whether there is any disadvantage to its minority shareholders from the decision of its Board of Directors to promote the Business Integration, the Company consulted with the Special Committee of the Company (the "Special Committee") which was established in FY2022 in order to determine the appropriateness of material transactions with Toyota Group. The Special Committee consists of three (3) members: Mr. Motokazu Yoshida, Mr. Koichi Muto and Mr. Masahiro Nakajima, who are outside directors and independent officers having no interests in the Company, MFTBC, Toyota or Daimler Truck. The Company asked the Special Committee for examination and determination on (a) the legitimacy and reasonableness of the purpose of the Business Integration, (b) the appropriateness of the terms and conditions of the Business Integration, (c) the fairness of the procedures for the Business Integration, and (d) whether the promotion of the Business Integration by the Company's Board of Directors is disadvantageous to minority shareholders of the Company, taking (a) through (c) above into consideration, and providing its opinion to the Company's Board of Directors (collectively, the "Consulted Matters"). The Company has elected Mr. Motokazu Yoshida, Mr. Koichi Muto and Mr. Masahiro Nakajima as members of the Special Committee from the time of the initial establishment of the Special Committee in FY2022 (the chairman of the Special Committee is Mr. Motokazu Yoshida), and the Company has not changed any of the members of the Special Committee when conducting consultations concerning the Business Integration. The compensation for services of each member does not include any contingency fee that is subject to public announcement, decision or implementation, etc. of the Business Integration.

The Company has also resolved that the decision-making by its Board of Directors regarding the Business Integration shall be made with maximum respect for the opinions of the Special Committee, and that if the Special Committee determines that the Business Integration is disadvantageous to the Company's minority shareholders, the Company's Board of Directors shall not decide to promote or implement the Business Integration. Further, the Company's Board of Directors has resolved (a) to grant authority to the Special Committee to appoint its own advisors, in which case the reasonable costs of such advisors shall be borne by the Company, and (b) to ensure that the Special Committee is in a position to substantially influence the negotiation process regarding the terms and conditions of the transactions by, for example, reporting to the Special Committee in a timely manner on the status of negotiations, hearing the opinions of the Special Committee at important junctures and negotiating upon taking into consideration any requests from the Special Committee.

The Special Committee carefully considered the Consulted Matters by holding eight (8) meetings in total during the period from May 9, 2023 to May 29, 2023, collecting information and holding discussions from time to time as required. In addition, after considering the independence, expertise and experience of multiple candidates, the Special Committee appointed Plutus Consulting Co., Ltd. as its own financial advisor, independent of the Company, MFTBC, Toyota and Daimler Truck, and Anderson Mori & Tomotsune as its own legal advisor, independent of the Company, MFTBC, Toyota and Daimler Truck.

Based on the foregoing, the Special Committee has received timely explanation from, and conducted question-and-answer sessions, etc. with, the Company, the Company's financial advisor, Nomura Securities Co., Ltd., and the Company's legal advisor, Nagashima Ohno & Tsunematsu, concerning the negotiation process and decision-making process of various terms and conditions of the Business Integration, including the significance of the Business Integration, the expected synergies, the scheme of the Business Integration, and the method of determining the integration ratio of the Business Integration; and through such process, the Special Committee has verified the reasonableness thereof. Furthermore, based on advice from its financial advisor, Plutus Consulting Co., Ltd., and its legal advisor, Anderson Mori & Tomotsune, the Special Committee has been involved in the negotiation process by providing its opinions at important junctures and giving instructions and requests to the Company.

Under such circumstances, the Special Committee, on the premise of each of the above explanations, advice from its advisors and other materials for consideration, carefully deliberated and examined the Consulted Matters, and submitted to the Company's Board of Directors a report dated May 29, 2023 to the effect that (a) the purposes of the Business Integration would be legitimate and reasonable to a certain extent; (b) there are no special circumstances where the terms and conditions of the Business Integration would be inappropriate; (c) the procedures for the Business Integration would be fair; and, it would not be disadvantageous to the Company's minority shareholders to adopt a resolution of the Board of Directors to execute the MOU and promote the Business Integration taking (a) through (c) above into consideration. For a summary of the report, please see "(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous for the minority shareholders" in "9. Transactions, etc. with Controlling Shareholder" below.

The Company plans to further consult with the Special Committee concerning the Business Integration towards the execution of the Definitive Agreement, including discussions and agreements concerning the integration ratio of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Approval of all directors who have no interest in the Company

All directors of the Company excluding Mr. Kenta Kon attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the MOU. Of the Company's directors, Mr. Kenta Kon, who is also a director of Toyota, has, or is likely to have, a conflict of interest in relation to the Business Integration. Therefore, he did not participate in discussions and negotiations regarding the Business Integration, and did not participate in deliberations regarding the execution of the MOU at the Company's Board of Directors meeting.

6. Outline of Companies

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;The Company | &nbsp;&nbsp;The Company | &nbsp;&nbsp;MFTBC | &nbsp;&nbsp;MFTBC |
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;Name | &nbsp;&nbsp;Hino Motors, Ltd. | &nbsp;&nbsp;Hino Motors, Ltd. | &nbsp;&nbsp;Mitsubishi Fuso Truck and Bus Corporation | &nbsp;&nbsp;Mitsubishi Fuso Truck and Bus Corporation |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;Address | &nbsp;&nbsp;1-1 Hinodai 3-chome, Hino-shi, Tokyo | &nbsp;&nbsp;1-1 Hinodai 3-chome, Hino-shi, Tokyo | &nbsp;&nbsp;10 Ohkura-cho, Nakahara-ku, Kawasaki-shi, Kanagawa | &nbsp;&nbsp;10 Ohkura-cho, Nakahara-ku, Kawasaki-shi, Kanagawa |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Title and Name of Representative | &nbsp;&nbsp;Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors, | &nbsp;&nbsp;Satoshi Ogiso, President & CEO,<br> Member of the Board of Directors, | &nbsp;&nbsp;Karl Deppen, President & CEO | &nbsp;&nbsp;Karl Deppen, President & CEO |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Business Description | &nbsp;&nbsp; Manufacture of trucks and buses, light commercial vehicles and passenger vehicles (consigned vehicles from Toyota),<br> engines and spare parts, etc. | &nbsp;&nbsp; Manufacture of trucks and buses, light commercial vehicles and passenger vehicles (consigned vehicles from Toyota),<br> engines and spare parts, etc. | &nbsp;&nbsp;Development, design, manufacture, sale and purchase, import and export, and other trade business of trucks, buses, industry engines, etc. | &nbsp;&nbsp;Development, design, manufacture, sale and purchase, import and export, and other trade business of trucks, buses, industry engines, etc. |
| &nbsp;&nbsp;(5) | &nbsp;&nbsp;Stated Capital Amount | &nbsp;&nbsp;72,717 million yen (as of March 31, 2023) | &nbsp;&nbsp;72,717 million yen (as of March 31, 2023) | &nbsp;&nbsp;35,000 million yen (as of December 31, 2022) | &nbsp;&nbsp;35,000 million yen (as of December 31, 2022) |
| &nbsp;&nbsp;(6) | &nbsp;&nbsp;Date of Incorporation | &nbsp;&nbsp;May 1, 1942 | &nbsp;&nbsp;May 1, 1942 | &nbsp;&nbsp;January 6, 2003 | &nbsp;&nbsp;January 6, 2003 |
| &nbsp;&nbsp;(7) | &nbsp;&nbsp;Number of Issued Shares | &nbsp;&nbsp;574,580,850 shares (as of March 31, 2023) | &nbsp;&nbsp;574,580,850 shares (as of March 31, 2023) | &nbsp;&nbsp;5,600,001 shares (as of March 31, 2023) | &nbsp;&nbsp;5,600,001 shares (as of March 31, 2023) |
| &nbsp;&nbsp;(8) | &nbsp;&nbsp;Fiscal Year End | &nbsp;&nbsp;March 31 | &nbsp;&nbsp;March 31 | &nbsp;&nbsp;December 31 | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;(9) | &nbsp;&nbsp;Number of Employees | &nbsp;&nbsp;(On a consolidated basis) 34,231 (as of March 31, 2023) | &nbsp;&nbsp;(On a consolidated basis) 34,231 (as of March 31, 2023) | &nbsp;&nbsp;(On a consolidated basis) 10,694 (as of December 31, 2022) | &nbsp;&nbsp;(On a consolidated basis) 10,694 (as of December 31, 2022) |
| &nbsp;&nbsp;(10) | &nbsp;&nbsp;Major Trading Partner(s) | &nbsp;&nbsp;The Company has many customers inside and outside Japan. | &nbsp;&nbsp;The Company has many customers inside and outside Japan. | &nbsp;&nbsp;― | &nbsp;&nbsp;― |
| &nbsp;&nbsp;(11) | &nbsp;&nbsp;Main bank(s) | &nbsp;&nbsp; Sumitomo Mitsui Banking Corporation<br> MUFG Bank, Ltd.<br> Mizuho Bank, Ltd. | &nbsp;&nbsp; Sumitomo Mitsui Banking Corporation<br> MUFG Bank, Ltd.<br> Mizuho Bank, Ltd. | &nbsp;&nbsp;― | &nbsp;&nbsp;― |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;Toyota Motor Corporation | &nbsp;&nbsp;50.14% | &nbsp;&nbsp;Daimler Truck AG | &nbsp;&nbsp;89.29% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. (Trust Account) | &nbsp;&nbsp;10.61% | &nbsp;&nbsp;MUFG Bank, Ltd. | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;Custody Bank of Japan, Ltd. (Trust Account) | &nbsp;&nbsp;2.97% | &nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;SSBTC CLIENT OMNIBUS ACCOUNT (Standing proxy: Custody Business Department of The Hong Kong and Shanghai Banking Corporation Limited, Tokyo Branch) | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;Mitsubishi Corporation | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;Tokio Marine & Nichido Fire Insurance Co., Ltd. | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (Standing proxy: MUFG Bank, Ltd.) | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;Meiji Yasuda Life Insurance Company | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;JPLLC-CL JPY (Standing proxy: Citibank, N.A., Tokyo Branch) | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;Mitsubishi UFJ Trust and Banking Corporation | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;MSCO CUSTOMER SECURITIES (Standing proxy: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.) | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;AGC Inc. | &nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO (Standing proxy: MUFG Bank, Ltd.) | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;Nippon Yusen Kabushiki Kaisha | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;DENSO CORPORATION | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;Mitsubishi Electric Corporation | &nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;(12) | &nbsp;&nbsp;Major Shareholders and Shareholding Ratios (Note 1) (as of September 30, 2022) | &nbsp;&nbsp;DENSO CORPORATION | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;Mitsubishi Materials Corporation | &nbsp;&nbsp;0.36% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;(13) | &nbsp;&nbsp;Relationship of the Companies | &nbsp;&nbsp;Relationship of the Companies | &nbsp;&nbsp;Relationship of the Companies | &nbsp;&nbsp;Relationship of the Companies | &nbsp;&nbsp;Relationship of the Companies | &nbsp;&nbsp;Relationship of the Companies | &nbsp;&nbsp;Relationship of the Companies |
|  | &nbsp;&nbsp;Capital Relationship | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp;Personnel Relationship | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
|  | &nbsp;&nbsp;Business Relationship | &nbsp;&nbsp;Group companies of the Company supply parts, etc. to MFTBC | &nbsp;&nbsp;Group companies of the Company supply parts, etc. to MFTBC | &nbsp;&nbsp;Group companies of the Company supply parts, etc. to MFTBC | &nbsp;&nbsp;Group companies of the Company supply parts, etc. to MFTBC | &nbsp;&nbsp;Group companies of the Company supply parts, etc. to MFTBC | &nbsp;&nbsp;Group companies of the Company supply parts, etc. to MFTBC |
|  | &nbsp;&nbsp;Status as Related Parties | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(14) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) | &nbsp;&nbsp;Results of Operations and Financial Condition for the Last 3 Years (in million yen, unless otherwise specifically indicated) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;The Company (consolidated) (J-GAAP) | &nbsp;&nbsp;The Company (consolidated) (J-GAAP) | &nbsp;&nbsp;The Company (consolidated) (J-GAAP) | &nbsp;&nbsp;MFTBC (non-consolidated) (J-GAAP) (Note 2) | &nbsp;&nbsp;MFTBC (non-consolidated) (J-GAAP) (Note 2) | &nbsp;&nbsp;MFTBC (non-consolidated) (J-GAAP) (Note 2) |
| &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Years | &nbsp;&nbsp;Fiscal Year Ended March 31, 2021 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2022 | &nbsp;&nbsp;Fiscal Year Ended March 31, 2023 | &nbsp;&nbsp;Fiscal Year Ended December 31, 2020 | &nbsp;&nbsp;Fiscal Year Ended December 31, 2021 | &nbsp;&nbsp;Fiscal Year Ended December 31, 2022 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;604872 | &nbsp;&nbsp;516007 | &nbsp;&nbsp;433409 | &nbsp;&nbsp;230390 | &nbsp;&nbsp;252162 | &nbsp;&nbsp;243886 |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;1231495 | &nbsp;&nbsp;1258350 | &nbsp;&nbsp;1361735 | &nbsp;&nbsp;435392 | &nbsp;&nbsp;479314 | &nbsp;&nbsp;504895 |
| &nbsp;&nbsp;Net Assets per Share (in yen) | &nbsp;&nbsp;Net Assets per Share (in yen) | &nbsp;&nbsp;965.54 | &nbsp;&nbsp;798.17 | &nbsp;&nbsp;640.94 | &nbsp;&nbsp;41141.09 | &nbsp;&nbsp;45029.06 | &nbsp;&nbsp;43551.13 |
| &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;1498442 | &nbsp;&nbsp;1459706 | &nbsp;&nbsp;1507336 | &nbsp;&nbsp;595654 | &nbsp;&nbsp;657357 | &nbsp;&nbsp;699316 |
| &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;Operating Income | &nbsp;&nbsp;12250 | &nbsp;&nbsp;33810 | &nbsp;&nbsp;17406 | &nbsp;&nbsp;1313 | &nbsp;&nbsp;30669 | &nbsp;&nbsp;17192 |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;12261 | &nbsp;&nbsp;37986 | &nbsp;&nbsp;15787 | &nbsp;&nbsp;1868 | &nbsp;&nbsp;34388 | &nbsp;&nbsp;21028 |
| &nbsp;&nbsp;Profit Attributable to Owners of Parent | &nbsp;&nbsp;Profit Attributable to Owners of Parent | &nbsp;&nbsp;-7489 | &nbsp;&nbsp;-84732 | &nbsp;&nbsp;-117664 | &nbsp;&nbsp;1254 | &nbsp;&nbsp;24036 | &nbsp;&nbsp;16012 |
| &nbsp;&nbsp;Profit per Share (in yen) | &nbsp;&nbsp;Profit per Share (in yen) | &nbsp;&nbsp;-13.05 | &nbsp;&nbsp;-147.61 | &nbsp;&nbsp;-204.98 | &nbsp;&nbsp;223.96 | &nbsp;&nbsp;4292.19 | &nbsp;&nbsp;2859.43 |
| &nbsp;&nbsp;Dividends per Share (in yen) | &nbsp;&nbsp;Dividends per Share (in yen) | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;Note 3 | &nbsp;&nbsp;Note 3 | &nbsp;&nbsp;Note 3 |

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| | |
|:---|:---|
| &nbsp;&nbsp;(Note 1) | &nbsp;&nbsp;The shareholding ratio is calculated based on the total number of issued shares excluding treasury shares. |
| &nbsp;&nbsp;(Note 2) | &nbsp;&nbsp;MFTBC's results of operations and financial conditions set forth herein are those of MFTBC on an individual basis. Since the scope of the Business Integration is not limited to MFTBC on an individual basis, such results of operations and financial conditions do not fully present the results of operations and financial conditions of the business of MFTBC that will be subject to the Business Integration. |
| &nbsp;&nbsp;(Note 3) | &nbsp;&nbsp;As MFTBC is a private company, its "Dividends per Share" are not disclosed at its request. |

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7. Status After the Business Integration

The outline of the Integrated Company and other relevant conditions after the Business Integration will be determined through the discussion among the four companies: the Company, MFTBC, Toyota and Daimler Truck.

8. Future Outlook

The Company is currently investigating the impact of the Business Integration on the financial results from fiscal year ending March 2024, and the Company will make prompt disclosures if it is necessary to make any new disclosures regarding the Business Integration.

9. Transactions, etc. with Controlling Shareholder

&nbsp;&nbsp;&nbsp;&nbsp;(1) Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders

As described in "4. Measures to Ensure Fairness" above, the Company has determined that it is appropriate to treat the Business Integration in the same manner as transactions, etc. with the controlling shareholder. The compliance of the Business Integration with respect to the "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed by the Company on March 17, 2023 is as follows.

All of the directors of the Company, excluding Mr. Kenta Kon, attended the Company's Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the MOU. Of the Company's directors, Mr. Kenta Kon, who is also a director of Toyota, has, or is likely to have, a conflict of interest in relation to the Business Integration. Therefore, he did not participate in discussions and negotiations regarding the Business Integration and did not participate in deliberations regarding the execution of the MOU at the Company's Board of Directors meeting detailed above.

The "Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling Shareholder" indicated in the Corporate Governance Report disclosed on March 17, 2023 is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Policy on Measures to Protect Minority Shareholders in Conducting Transactions, etc. with Controlling
Shareholder

The parent company of the Company is Toyota Motor Corporation which owns 50.2% of the voting rights of the Company as of March 31, 2022. The Company determines sales of products to the parent company, etc. based on price negotiations in each fiscal year, taking into account the market price of raw materials and number of units manufactured on a consignment basis, etc.

In addition, with respect to transactions with the parent company, the Company determines a reasonable price based on discussions with the parent company, sufficiently taking into account market prices, etc. in the same manner as determining the terms and conditions of general transactions.

The Company determines interest rates at the time of borrowing money in the same manner as determining those in general transactions, taking into account market interest rates. With respect to material transactions between the Company and the parent company group, since FY 2022, the Company has established a special committee that is composed of only independent outside directors and determines the appropriateness of transactions at Board of Directors meetings after holding discussions with and obtaining a report from such special committee. Accordingly, the Company believes that transactions with the parent company do not and will not harm the Company and the rights of its minority shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Measures to ensure fairness and avoid conflicts of interest

As described in "(1) Applicability of transactions, etc. with the controlling shareholder and compliance with the policy on measures to protect minority shareholders" above, since it is appropriate to treat the Business Integration in the same manner as transactions, etc. with the controlling shareholder, the Company has determined that it is necessary to take measures to ensure fairness and avoid conflicts of interest and has made determinations regarding the Business Integration after ensuring fairness and avoiding conflicts of interest by carefully holding discussions on and examining the terms and conditions of the MOU at its Board of Directors meeting and taking the measures described in "4. Measures to Ensure Fairness" and "5. Measures to Avoid Conflicts of Interest" above.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Overview of the opinions obtained from parties with no interests in the controlling shareholder regarding the matter that the relevant transactions, etc. are not disadvantageous to the minority shareholders

As described in "(1) Obtaining a report from the Special Committee that has no interest in the Company" of "5. Measures to Avoid Conflicts of Interest" above, in order to take care in making decisions regarding the promotion of the Business Integration and in order to eliminate any possibility of arbitrariness and conflicts of interest in the decision-making process of its Board of Directors regarding the Business Integration and to ensure the fairness of the decision-making process, as well as to obtain its opinion on whether there are any disadvantages to the Company's minority shareholders from the decision of its Board of Directors to promote the Business Integration, the Company consulted with the Special Committee on the Consulted Matters.

As a result, on May 29, 2023, the Company received a report from the Special Committee as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conclusion of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Business Integration can contribute to enhancing the Company's corporate value, and its purpose
would be legitimate and reasonable to a certain extent. There are no special circumstances where such legitimacy or reasonableness is
denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no special circumstances where the terms and conditions of the Business Integration would be
inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The procedures for the Business Integration would be fair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It would not be disadvantageous to the Company's minority shareholders to adopt a resolution at
the Board of Directors to execute the MOU and promote the Business Integration, taking (a) through (c) above into consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Reasons for Conclusions of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Legitimacy and reasonableness of the purpose of the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purpose of the Business Integration

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| | |
|:---|:---|
| ・ | The purpose of the Business Integration is to maintain both brands of the Company and MFTBC and build a genuine Japanese truck company contributing to customers, shareholders and the Japanese automotive industry by leveraging the knowledge and capabilities of both companies and by promoting transformation into zero-emission and autonomous driving by both shareholders: Toyota and Daimler Truck. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company's understanding of the current situation

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| | |
|:---|:---|
| ・ | The Company's understanding of the business environment is as follows: as the truck industry is in a period of great revolutionary change, it is essential to invest resources in new areas such as CASE technologies in addition to existing technologies; furthermore, it is estimated that the spread of CASE technologies in commercial vehicles will progress faster than CASE technologies in passenger vehicles; in addition, modularization and systematization of main parts are accelerating in the truck industry, and Europe and China are currently the main players for main units; and, moreover, a union of commercial vehicles comprising those of companies in the commercial vehicles market is being established with the aim of securing resources for accelerating investment in technology development and improving the international competitiveness, however, the Company is not able to participate in such union at this moment. |

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| | |
|:---|:---|
| ・ | The Company's understanding of the management issues is as follows: while it is difficult at this stage to provide a reasonable estimate of the financial impact on the Company in connection with the Engine Issues, the Company cannot deny the possibility that administrative and criminal penalties, such as fines, claims for damages and market action may have a material adverse effect on the Company's management, financial condition and cash flow position; in addition, it is difficult for the Company to shift resources to CASE technologies due to the Engine Issues; in light of the above circumstances and rapid changes in the industry such as the emergence and spread of new technologies, it is difficult for the Company to resolve the above management issues alone. |

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|:---|:---|
| ・ | Taking measures that contribute to resolution of the above management issues and the above policies as part of a strategy to realize the resolution of such matters will require examination of the advantages and disadvantages as well as the risks of such measures individually, however, in general, it can be considered that such measures will contribute to enhancing the Company's corporate value. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Estimated synergies resulting from the Business Integration

・ Synergies resulting from the Business Integration estimated by the Company are as follows, and the content of these synergies is reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) While complementing the strengths of both the Company and MFTBC, the Company will divide and improve efficiency,
and achieve both strengthening of existing businesses and investment of resources in developing CASE technologies in a period of great
change. In addition, the Company will strengthen the competitiveness by taking advantage of the scale of both companies combined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With support from both Daimler Truck and Toyota, which are leading in CASE technologies such as electrification
and autonomous driving, the Company will contribute to resolving social issues related to carbon neutrality in commercial vehicles and
the flow of people and logistics.

・ All of the above synergies are considered to contribute to resolving the management issues described in B. above.

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| | |
|:---|:---|
| ・ | In resolving the Company's management issues and implementing measures required for the Company, considering the fact that resolving of management issues through the Business Integration is an urgent necessity, it is unrealistic to aim for business integration, etc. with other companies in a way that can realize an improvement of the Company's corporate value while also addressing the interests of minority shareholders after busting the Business Integration. Accordingly, the decision that the Company aims to promote the Business Integration is considered reasonable. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Concerns regarding the Business Integration

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| | |
|:---|:---|
| ・ | With regard to the Business Integration, it is necessary to obtain clearance under competition laws from the regulatory authorities of the relevant countries. It is unclear what their decisions will be at this moment, but the possibility cannot be denied that the Company may be required to take severe issue solving measures depending on their decisions. However, if issue solving measures were to be required by the time of execution of the Definitive Agreement and, as a consequence, the Company determined that the purpose of the Business Integration could not be sufficiently achieved due to implementation of such issue solving measures, the Company may determine not to execute the Definitive Agreement nor implement the Business Integration. Therefore, these points do not immediately deny the legitimacy or reasonableness of the purpose of the Business Integration. |

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| | |
|:---|:---|
| ・ | The business operations of the Company may be impacted by the fact that Toyota will cease to be the parent company of the Company pursuant to the implementation of the Business Integration. However, it would be possible to reduce the impacts on the Company's business to a certain extent by negotiating or taking alternative measures in the future, and therefore, these points do not immediately deny the legitimacy or reasonableness of the purposes of the Business Integration. |

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| | |
|:---|:---|
| ・ | The reasonableness of executing the MOU on May 30, 2023 while the Definitive Agreement is planned to be executed in March 2024 may be viewed as an issue, but facing the business environment and management issues mentioned above, in order for the Company to promptly determine whether or not to execute the Definitive Agreement, it is necessary to accelerate due diligence and actions for clearance under the competition laws in the relevant countries, and such acceleration may be achieved by public announcement of the Business Integration at an early stage. In addition, given the significance of the Business Integration and in view of accountability to shareholders of the Company, it is desirable to disclose the Business Integration and provide sufficient explanations to the shareholders of the Company prior to holding the Company's ordinary general shareholders' meeting. Accordingly, despite the aforementioned Engine Issues, the decision of the Company to execute the MOU on May 30, 2023 and make announcement regarding its decision to promote the Business Integration is not unreasonable. |

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| | |
|:---|:---|
| ・ | If the Business Integration is announced at an early stage, seeking business integrations with other potential partners on substantially more favorable terms going forward may be restricted, however, as described above, since the search for business integrations with other potential partners is not a realistic option, this disadvantage does not deny the reasonableness of the decision to announce the Business Integration at an early stage. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Brief Summary

・ Based on the above, the Business Integration is deemed to contribute to enhancing the Company's corporate value, and the purposes of the Business Integration are deemed legitimate and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Appropriateness of the terms and conditions of the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of negotiation process

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| | |
|:---|:---|
| ・ | The Company has negotiated on multiple occasions with Toyota and Daimler Truck in conjunction with the advice of the Company's legal advisor, Nagashima Ohno & Tsunematsu, and the Company's financial advisor, Nomura Securities Co., Ltd., and the points raised by the Company have been reflected in the MOU to a certain extent. In addition, the series of negotiation process was explained to the Special Committee, discussions were held including the legal advisor of the Special Committee, Anderson Mori & Tomotsune, and negotiations were also held to reflect the terms and conditions that the Special Committee considered necessary or desirable in the MOU. As a result, changes to the MOU have been made to a certain extent compared to the terms initially presented by Toyota and Daimler Truck, and this shows that the Company has been negotiating in order to achieve the Business Integration on transactional terms and conditions that are favorable as much as possible to the Company and its general shareholders. |

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| | |
|:---|:---|
| ・ | Based on the above, it is presumed that the negotiations between the Company and Toyota regarding the MOU were conducted based on objective and consistent discussions equivalent to those between independent parties, and that there are no special circumstances to doubt the transparency and fairness of the agreement process. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Integration ratio

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| | |
|:---|:---|
| ・ | The equity values of the Company and MFTBC, which form one of the bases for calculation of the integration ratio, will be finalized on the Reference Date based on the enterprise values of the Company and MFTBC that will be discussed and agreed upon between the parties in light of various factors, such as the results of the due diligence to be conducted in the future and the results of the value calculation by third party valuation institutions retained by the Company and MFTBC, respectively (as for the Company, its enterprise value will be agreed without taking into account the potential impact of contingent liabilities related to the Engine Issues), with adjustments made by the potential impact of contingent liabilities related to the Engine Issues, net interest-bearing debts, working capital and other factors. There were no circumstances in which the rationality of such calculation framework should be questioned. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Terms and conditions of the MOU

・ Adjustment of the integration ratio and the special indemnification relating to the Engine Issues are provided as key issues in the MOU.

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|:---|:---|
| ・ | If a special indemnification claim relating to the Engine Issues were made by the shareholders of MFTBC to the Company and the Integrated Company, the corporate value of the Integrated Company might temporarily decrease due to an additional outflow of money from the Company and the Integrated Company, and as a consequence, the shareholders of the Company prior to the Business Integration may be adversely affected. |

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In this regard, in light of the fact that the Business Integration is deemed to contribute to resolving the Company's management issues, the Company's explanation that the implementation of the Business Integration is expected to maintain and increase its medium- to long-term corporate value is still found to have some reasonableness. If the Business Integration were not promoted, other methods that the Company should take would be to endeavor to resolve the management issues alone or seek business integrations with other potential partners. However, the Company assesses that the latter is not realistic and the former is extremely difficult, and there is no choice but to admit the rationality of such assessment to a certain extent. In addition, if the foregoing presumption changes by the time of the execution of the Definitive Agreement, and if it were determined unreasonable that only the shareholders of the Company prior to the Business Integration may be adversely affected, the Company is not precluded from making a decision to seek to change the terms and conditions of the Definitive Agreement or not to execute the Definitive Agreement.

・ Therefore, it is not unreasonable to enter into basic agreement on the conditions set forth in the MOU at this time and to continue with deliberations and negotiations toward the execution of the Definitive Agreement and the implementation of the Business Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Brief Summary

---

| | |
|:---|:---|
| ・ | Given that the negotiation status of the Business Integration, the framework of the integration ratio, and the conditions set forth in the MOU, respectively, are not unreasonable, no particular circumstances are found that support a determination that the terms and conditions of the Business Integration lack appropriateness. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fairness of Procedures for the Business Integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Establishment of the Special Committee and obtaining the report from the Special Committee

・ The Special Committee is a committee consisting of independent outside directors of the Company. Furthermore, the Special Committee carries out the roles that the special committee should play in examining the Consulted Matters.

・ In addition, based on consideration of the following points, the Special Committee is found to function effectively to ensure fairness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Special Committee was established at the Company with the purpose of establishing a system to supervise
entire transactions in order to ensure the transparency of significant transactions and actions in which interests may conflict with Toyota,
and in relation to the Business Integration, it has been consulted when the Company, Toyota and Daimler Truck have been continuing with
substantive negotiations regarding the MOU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The members of the Special Committee are composed of outside directors, and it has been confirmed that
they are independent of the Company, MFTBC, Toyota and Daimler Truck, as well as independent of the success or failure of the Business
Integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Special Committee is authorized to substantively engage in the negotiation process of the terms and
conditions of the transactions of the Business Integration by confirming in advance the policies to be followed in negotiations concerning
the terms and conditions of transactions of the Business Integration, receiving reports on the negotiation status in a timely manner,
expressing opinions at important junctures, and giving instructions and requests, and thereby ensuring the conditions by which the Special
Committee could substantively influence the negotiation process of the terms and conditions of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Special Committee has appointed its own legal advisor, Anderson Mori & Tomotsune, and a financial
advisor, Plutus Consulting Co., Ltd., independent of the Company, MFTBC, Toyota and Daimler Truck as well as independent of the success
or failure of the Business Integration. After confirming that there were no issues regarding their expertise or independence from the
Company's legal advisor, Nagashima Ohno & Tsunematsu, and financial advisor, Nomura Securities, Co., Ltd., the Special Committee
also heard their opinions as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Special Committee also received explanations on the status of the negotiations regarding the MOU,
which are not publicly available to general shareholders, and asked to be provided with information from others as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Remuneration of the Special Committee members is limited to the existing remuneration as outside directors
of the Company, and no contingency fee is adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-making process

---

| | |
|:---|:---|
| ・ | Of the Company's directors, Mr. Kenta Kon, who is also a director of Toyota, has, or is likely to have, a conflict of interest in relation to the Business Integration and did not participate in discussions and negotiations in the Company regarding the Business Integration in order to enhance fairness, transparency and objectivity in the decision-making process and will not participate in deliberations and resolutions regarding the Business Integration at meetings of the Board of Directors to be held going forward. Therefore, it can be said that the Company has made efforts to eliminate arbitrariness in the decision-making process. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Advice from an independent legal advisor

---

| | |
|:---|:---|
| ・ | From the perspective of ensuring fairness in the decision-making process, the Company has received advice from Nagashima Ohno & Tsunematsu as a legal advisor that is independent of the Company, MFTBC, Toyota and Daimler Truck as well as independent of the success or failure of the Business Integration. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Advice from an independent financial advisor

---

| | |
|:---|:---|
| ・ | The Company has retained Nomura Securities Co., Ltd. as a financial advisor that is independent of the Company, MFTBC, Toyota and Daimler Truck and the success or failure of the Business Integration and received advice from a financial perspective regarding considering the framework for calculating the integration ratio and the corporate values of the Company and MFTBC. The Company will obtain a calculation report to be prepared by Nomura Securities Co., Ltd. as a third party valuation institution on the integration ratio of the Business Integration in order to ensure the fairness of the integration ratio regarding the Business Integration. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Enriching the provision of information to general shareholders and
improving the transparency of procedures

---

| | |
|:---|:---|
| ・ | In this press release, sufficient disclosure of information is made regarding the process leading to the execution of the MOU, negotiations therefor and details of the MOU, etc., including the details of the authority granted to the Special Committee, deliberations at the Special Committee, involvement in the negotiations regarding the terms and conditions of the MOU between Toyota and Daimler Truck, the contents of the report from the Special Committee and the remuneration of the members of the Special Committee. Therefore, material information that will contribute to making a judgement on the appropriateness of the terms and conditions of the transactions, etc. is deemed to have been provided to the shareholders of the Company. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Brief Summary

---

| | |
|:---|:---|
| ・ | There are no circumstances which create doubt as to the fairness of the system of deliberations and negotiations on the terms and conditions of the Business Integration or of the negotiations and decision-making process regarding the framework of the integration ratio of the Business Integration, etc., and, given that measures to ensure fairness have been taken in the course of promoting the Business Integration, the procedures for the Business Integration are considered fair. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether it is disadvantageous or not to the
Company's minority shareholders to adopt a resolution at the Board of Directors
to execute the MOU and promote the Business Integration, taking (a) through (c) above into consideration

---

| | |
|:---|:---|
| ・ | In (a) to (c) above, it has been confirmed that the purpose of the Business Integration is legitimate and reasonable, the terms and conditions of the Business Integration are appropriate and the procedures for the Business Integration are fair, and none of them are considered problematic. Based on the above, it is not unreasonable to execute the MOU and continue to carry out deliberations and negotiations to execute the Definitive Agreement and implement the Business Integration. Therefore, it is considered that a resolution of the Board of Directors to execute the MOU and promote the Business Integration is not disadvantageous to the minority shareholders of the Company. |

---

End

## Exhibit 99.6

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

**PRESS INFORMATION**

February 29, 2024

(1/2)

**Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation report progress <br> on the collaboration based on the Memorandum of Understanding**

Tokyo/Japan and Leinfelden-Echterdingen/Germany – Daimler Truck AG ("Daimler Truck"), Mitsubishi Fuso Truck and Bus Corporation ("MFTBC"), Hino Motors Ltd. ("Hino") and Toyota Motor Corporation ("Toyota") today gave an update on the progress on the collaboration based on the MoU.

In May 2023, Daimler Truck, Toyota, MFTBC, and Hino concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino. The planned collaboration is aimed toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale.

According to the MoU, MFTBC and Hino plan to merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. The plan is to build a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merged MFTBC and Hino.

While the Definitive Agreement for merging MFTBC and Hino was targeted to be signed by the end of March 2024 and integration complete by the end of 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino's engine certification issues, are still ongoing. As such, the original schedule has been extended.

The timing of the envisaged execution of the Definitive Agreement and the implementation of the business integration will be announced as soon as a reliable timeline for the pending investigations is available. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.

![](image_002.jpg)

(2/2)

Based on the common desire to "contribute to a prosperous society through mobility", the four companies have been discussing how MFTBC and Hino can work together to improve business efficiency and enhance competitiveness, and how Daimler Truck and Toyota can work together to further enhance their technology development capabilities and promote CASE technology in order to contribute to customers and stakeholders in Japan and Asia, as well as the Japanese automotive industry. Through the discussion based on integrity, mutual respect, and diversity and by understanding each other's strengths and corporate culture, the parties confirm that the merger discussions are progressing on a positive note and that the strategic objectives and logic of the proposed transaction continues to be valid.

## Exhibit 99.7

&nbsp;&nbsp; The business integration described in this press release involve securities of a Japanese company. The business integration is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br>It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of its officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment. You should be aware that the issuer may purchase securities otherwise than under the business integration, such as in the open market or through privately negotiated purchases.<br>This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between this document and the Japanese-language original, the Japanese-language original shall prevail in all respects.<br>

![](image_001.jpg)

February 29, 2024

To Whom It May Concern

---

| |
|:---|
| Company name: Hino Motors, Ltd. |
| Representative: Satoshi Ogiso, President & CEO, |
| Member of the Board of Directors, |
| (Code Number: 7205 TSE, Prime, NSE, Premier) |
| Contact Person: Hiroshi Hashimoto, Operating Officer, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General & Government & Public Affairs |
| Phone: (042)586-5494 |

---

**Notice Concerning Progress of Collaboration based on a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation**

As announced in the press release titled "Notice Concerning Execution of a Memorandum of Understanding Regarding Business Integration of Hino Motors, Ltd. and Mitsubishi Fuso Truck and Bus Corporation" dated May 30, 2023 (the "Press Release dated May 30, 2023"), on the same date Hino Motors, Ltd. (the "Company") executed a memorandum of understanding (the "MOU") regarding the business integration (the "Business Integration") of the Company and Mitsubishi Fuso Truck and Bus Corporation ("MFTBC") by and among four companies: the Company, MFTBC, Toyota Motor Corporation (the parent company of the Company; "Toyota"), and Daimler Truck AG (the parent company of MFTBC; "Daimler Truck"). The Company hereby announces the progress of collaboration based on the MOU, as follows.

The planned collaboration based on the MOU is aimed toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale. According to the MOU, the Company and MFTBC plan to merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. The plan is to build a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merged Company and MFTBC.

While the Definitive Agreement for the Business Integration was targeted to be signed by the end of March 2024 and the integration was targeted to be completed by the end of 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to the Company's engine certification issues, are still ongoing. As such, the original schedule has been extended. The timing of the envisaged execution of the Definitive Agreement and the implementation of the Business Integration will be announced as soon as all the parties agree on a concrete timeline. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.

Based on the common desire to "contribute to a prosperous society through mobility", the four companies have been discussing how the Company and MFTBC can work together to improve business efficiency and enhance competitiveness, and how Daimler Truck and Toyota can work together to further enhance their technology development capabilities and promote CASE technology in order to contribute to customers and stakeholders in Japan and Asia, as well as the Japanese automotive industry. After the execution of the MOU, through the discussion based on integrity, mutual respect, and diversity and by understanding each other's strengths and corporate culture, the parties confirm that the discussions for the Business Integration are progressing on a positive note and that the strategic objectives and logic of the proposed transaction continues to be valid.

As disclosed previously (please see the series of announcement published under the heading of "Misconduct concerning Engine Certification and 'three reforms'" (Japanese website: https://www.hino.co.jp/corp/news/2022/20220401-003234.html#title1) on the Company's website and the Company's 111th annual securities report dated June 27, 2023, etc.), the U.S. Department of Justice and other U.S. agencies are conducting an investigation with respect to potential violations of relevant laws and regulations regarding the certification of the Company's Model Year 2010 to Model Year 2019 engines for the U.S. market. In this regard, a lawsuit naming the Company and its subsidiaries as defendants in a putative class action lawsuit has been filed at the U.S. District Court for the Southern District of Florida claiming damages related to the Company's vehicles sold in the U.S. from 2004 to 2021,and as disclosed on October 25, 2023, on the same date the Company and its subsidiaries executed a settlement agreement for USD 237.5 million with individuals who purchased or leased on-road vehicles sold or leased in the United States with a Hino engine from and including engine Model Year 2010 to engine Model Year 2019. This settlement agreement is subject to approval by the court. Both the investigation and the legal proceedings by the U.S. Department of Justice and other U.S. agencies are ongoing. (The Company has not sold any vehicles equipped with the Company-manufactured engines in the U.S. market from engine Model Year 2020 onwards.) In addition, lawsuits naming the Company and its subsidiaries as defendants in representative action lawsuits have also been filed in Australia and Canada as a class action lawsuit and it is possible that other similar lawsuits may be filed in the future. Further, the Company is continuing to conduct a comprehensive review related to engine certification procedures under European and other jurisdiction's standards in addition to the U.S. standards. While it is difficult at this stage to provide a reasonable estimate of the financial impact on the Company in connection with these matters, administrative and criminal penalties, such as fines imposed as a result of the investigations by the aforementioned regulatory authorities, claims for damages and market action may have a material adverse effect on the Company's management, financial condition and cash flow position.

Depending on the extent of the financial impact and the timing at which it becomes known, there are risks that (i) the Definitive Agreement for the Business Integration may not be executed, (ii) even if the Definitive Agreement is executed, there may be a significant dilution in the shareholding ratio of the Company's shareholders as a result of the determination or adjustment regarding the integration ratio, (iii) the conditions precedent for the performance of the Definitive Agreement may not be met, and as a result, the implementation of the Business Integration may not be achieved, and (iv) pursuant to the Definitive Agreement for the Business Integration, the Company may be responsible for special indemnification to the shareholders of MFTBC subject to each such shareholder of MFTBC agreeing to certain terms and conditions. These risks may have a material effect on whether the Business Integration is successfully implemented and the relevant terms.

Additionally, the implementation of the Business Integration may not be achieved due to the inability to obtain the necessary clearances and regulatory approvals under competition and other laws and regulations.

(Note) The updates from the Press Release dated May 30, 2023 are underlined.

End