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TM » Topics » Credit risk related contingent features -

This excerpt taken from the TM 20-F filed Jun 24, 2009.

Credit risk related contingent features -

Toyota enters into International Swaps and Derivatives Association Master Agreements with counterparties. These Master Agreements contain a provision requiring either Toyota or the counterparty to settle the contract or to post assets to the other party in the event of a ratings downgrade below a specified threshold.

The aggregate fair value amount of derivative financial instruments that contain credit risk related contingent features that are in a net liability position as of March 31, 2009 is ¥136,147 million ($1,386 million). The aggregate fair value amount of assets that are already posted as of March 31, 2009 is ¥28,978 million ($295 million). If the ratings of Toyota decline below specified thresholds, the maximum amount of assets to be posted or for which Toyota could be required to settle the contracts is ¥136,147 million ($1,386 million) as of March 31, 2009.

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