Toyo Tire : (Correction/Numerical Data Correction) Partial Corrections to the Consolidated Business Performance for Fiscal Year Ending December 31, 2020 etc.

(Translation of report file with Tokyo Stock Exchange on March 30, 2021)

(Correction/Numerical Data Correction)

Partial Corrections to the Consolidated Business Performance for Fiscal Year Ending

December 31, 2020 (FY2020) and Summary Report of Consolidated Business

Performance for the Fiscal Year 2020

Toyo Tire Corporation hereby gives notice of partial corrections to the Consolidated Business Performance for Fiscal Year Ending December 31, 2020 (FY2020) and Summary Report of Consolidated Business Performance for the Fiscal Year 2020, which were announced on February 15, 2021.

1. Reasons for correction

After the announcement of the Consolidated Business Performance for Fiscal Year Ending December 31, 2020 (FY2020) and Summary Report of Consolidated Business Performance for the Fiscal Year 2020, it has come to our attention that some numbers in the Consolidated Statements of Cash Flows were erroneous. These numbers have been corrected.

2. Details of correction

Please see the following pages.

＜Consolidated Business Performance for Fiscal Year Ending December 31, 2020 (FY2020) Page 17＞ (For Reference) Cash Flows

【Before the revision】

Net Cash Provided by (Used in) Operating Activities FY2020 51.8 billions of yen

Free Cash Flows

FY2020 23.9 billions of yen

【After the revision】

Net Cash Provided by (Used in) Operating Activities	FY2020	53.8 billions of yen
Free Cash Flows	FY2020	25.9 billions of yen

〈Summary Report of Consolidated Business Performance for the Fiscal Year 2020〉 Consolidated Statements of Cash Flows

【Before the revision】

Previous fiscal year	Current fiscal year
FY2019 (From January 1, 2019 to December 31, 2019)	FY2020 (From January 1, 2020 to December 31, 2020)
Cash flows fromoperating activities Income before income taxes and minority interests Depreciation and amortization Settlement received Increase (decrease) in net defined benefit liability Interest and dividends income Interest expenses Foreign exchange losses (gains) Stock issuance cost Equity in (earnings) losses of affiliates Loss (gain) on sales of investment securities Loss on retirement of noncurrent assets Impairment loss Loss on product compensation Loss on provision for product compensation Loss on liquidation of subsidiaries and associates Decrease (increase) in notes and accounts receivable-trade Decrease (increase) in inventories Increase (decrease) in notes and accounts payable-trade Other, net	34,055 25,162 (284) 167 (2,117) 2,261 (97) 460 (161) (3,494) 932 1,169 3,897 113 ― 5,583 (2,151) (25,365) 2,560	15,700 21,005 ― 334 (1,588) 1,747 1,132 ― (59) (1,265) 499 6,033 2,942 4,235 1,159 651 18,251 (2,716) (1,358)
Sub-total	42,692	66,706
Interest and dividends income received Interest expenses paid Settlement package received Payments of product compensation Income taxes paid Income taxes refund	2,246 (2,327) 284 (25,078) (7,695) 1,107	1,711 (1,903) ― (12,754) (4,309) 2,818
Net cash provided by (used in) operating activities	11,229	52,268
Cash flows frominvesting activities Additions to property, plant and equipment Proceeds from sales of property, plant and equipment Additions to intangible assets Additions to investments in securities Proceeds from sales and redemption of investment securities Payments for investments in capital of unconsolidated subsidiaries Other, net	(43,145) 534 (1,849) (270) 6,582 (51) (70)	(22,302) 241 (1,616) (17) 2,796 (6,488) (470)
Net cash provided by (used in) investing activities	(38,271)	(27,856)
Cash flows fromfinancing activities Net increase (decrease) in short-term bank loans Increase (decrease) in commercial papers Proceeds from long-term debt Payments of long-term debt Cash dividends paid Dividends paid to non-controlling interests Payments from changes in investments in capital of subsidiaries that do not result in change in scope of consolidation Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation Proceeds from issuance of shares Other, net	(9,576) (14,000) 21,564 (17,446) (6,248) (312) (518) (2,008) 50,441 (1,162)	(3,815) 6,000 24,264 (31,265) (6,920) (56) ― ― ― (250)
Net cash provided by (used in) financing activities	20,732	(12,045)
Effect of exchange rate change on cash and cash equivalents	(78)	(142)
Net Increase (decrease) in cash and cash equivalents	(6,387)	12,223
Cash and cash equivalents at beginning of the year	30,467	24,079
Cash and cash equivalents at end of the period	24,079	36,303

【After the revision】

Previous fiscal year	Current fiscal year
FY2019 (From January 1, 2019 to December 31, 2019)	FY2020 (From January 1, 2020 to December 31, 2020)
Cash flows fromoperating activities Income before income taxes and minority interests Depreciation and amortization Settlement received Increase (decrease) in net defined benefit liability Interest and dividends income Interest expenses Foreign exchange losses (gains) Stock issuance cost Equity in (earnings) losses of affiliates Loss (gain) on sales of investment securities Loss on retirement of noncurrent assets Impairment loss Loss on product compensation Loss on provision for product compensation Loss on liquidation of subsidiaries and associates Decrease (increase) in notes and accounts receivable-trade Decrease (increase) in inventories Increase (decrease) in notes and accounts payable-trade Other, net	34,055 25,162 (284) 167 (2,117) 2,261 (97) 460 (161) (3,494) 932 1,169 3,897 113 ― 5,583 (2,151) (25,365) 2,560	15,700 21,005 ― 334 (1,588) 1,747 1,132 ― (59) (1,265) 499 6,033 2,942 4,235 1,159 651 18,251 (2,716) 168
Sub-total	42,692	68,233
Interest and dividends income received Interest expenses paid Settlement package received Payments of product compensation Income taxes paid Income taxes refund	2,246 (2,327) 284 (25,078) (7,695) 1,107	1,711 (1,903) ― (12,754) (4,309) 2,818
Net cash provided by (used in) operating activities	11,229	53,796
Cash flows frominvesting activities Additions to property, plant and equipment Proceeds from sales of property, plant and equipment Additions to intangible assets Additions to investments in securities Proceeds from sales and redemption of investment securities Payments for investments in capital of unconsolidated subsidiaries Other, net	(43,145) 534 (1,849) (270) 6,582 (51) (70)	(22,302) 241 (1,616) (17) 2,796 (6,488) (470)
Net cash provided by (used in) investing activities	(38,271)	(27,856)
Cash flows fromfinancing activities Net increase (decrease) in short-term bank loans Increase (decrease) in commercial papers Proceeds from long-term debt Payments of long-term debt Cash dividends paid Dividends paid to non-controlling interests Payments from changes in investments in capital of subsidiaries that do not result in change in scope of consolidation Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation Proceeds from issuance of shares Other, net	(9,576) (14,000) 21,564 (17,446) (6,248) (312) (518) (2,008) 50,441 (1,162)	(3,815) 6,000 24,264 (31,265) (6,920) (56) ― ― ― (843)
Net cash provided by (used in) financing activities	20,732	(12,638)
Effect of exchange rate change on cash and cash equivalents	(78)	(1,077)
Net Increase (decrease) in cash and cash equivalents	(6,387)	12,223
Cash and cash equivalents at beginning of the year	30,467	24,079
Cash and cash equivalents at end of the period	24,079	36,303