Toyota Motors Corporation’s (Toyota Motors) common stock has appreciated significantly since our supplement to the 2Q 09 update report, dated 29 December 2008. North American automotive sales for March 2009 increased 25% m-o-m, supporting investor confidence. Furthermore, expectation of gaining a higher share in the US automobile market, based on the anticipated bankruptcy of Chrysler and General Motors, coupled with the announcement of a US$1 tn global stimulus package by the G- 20 on 02 April 2009, further strengthened investor confidence, resulting in significant appreciation of the common stock. However, in light of current economic conditions, we continue to expect sales to remain low over the medium term. Hence, our outlook for the company remains unchanged and we maintain our SELL rating for the common stock. We will reassess our target price and rating in our 3Q 09 update report. Although we continue to expect a significant positive currency impact on the ADR over the medium term, we maintain our HOLD rating based on our fundamental outlook. We will reassess our target price and rating in our 3Q 09 update report.

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