FY2004 Interim Financial ResultsFY2004 Interim Financial ResultsSix months ended September 30, 2003Six months ended September 30, 2003

-- prepared in accordance with US GAAP prepared in accordance with US GAAP --

November 5, 2003November 5, 2003

2

Cautionary Statement with Respect to Forward-Looking StatementsThis release contains forward-looking statements that reflect Toyota’s plans and

expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include: (i) changes in economic conditions affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro and the British pound; (iii) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota’s automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota’s other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota’s ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in the “Operating and Financial Review and Prospects” and “Information on the Company” sections and elsewhere in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

3

Caution concerning insider trading:Under Japanese securities laws and regulations (the "Regulations"), although there are certain exceptions, any person who receives certain material information relating to the business, etc., of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, if twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources prescribed by the Regulations, such as certain newspaper companies and broadcasting companies, it is deemed that such material information was made public. Thus, investors aware of any material information contained in this document, if any, are recommended not to trade in Toyota's shares until the opening of Japanese stock markets on November 5, 2003 or to seek its own legal and other advice from its own professional advisers separately.

4

III. Prospects for FY2004

II. Unconsolidated Financial Summary

I.I. Consolidated Consolidated Financial SummaryFinancial Summary

5

! Relevant figures from previous fiscal years are recalculatedin accordance with US GAAP, for comparison.

Notes toNotes toConsolidated Financial ResultsConsolidated Financial Results

US GAAPUS GAAP

Scope of Consolidation and Scope of Consolidation and Affiliates Accounted for under Equity MethodsAffiliates Accounted for under Equity Methods

FY03 1Hchanges changes

ConsolidatedSubsidiaries 496 +4 500 +61 561Affiliates Accounted forunder Equity Method 57 +1 58 -4 54

FY03 FY04 1H

6

Difference between US GAAP & Difference between US GAAP & Japan GAAP on FY2003 1HJapan GAAP on FY2003 1H

--265.6265.6--273.2273.2Difference b/w US and Japan GAAPDifference b/w US and Japan GAAP

714.4714.47,613.47,613.4US GAAPUS GAAP

-3.3-67.9Others-162.5n/a

Gains on Return of the Substituted Portion of the Employee Pension Fund to the Government

-51.6n/aClassification of equity in earnings of affiliated companies

-48.2-205.3Scope of Consolidation

980.0980.07,886.67,886.6Japan GAAPJapan GAAP

Income before Taxes & Income before Taxes & Minority Interest and Minority Interest and Equity in Earnings of Equity in Earnings of Affiliated CompaniesAffiliated CompaniesNet SalesNet SalesFY2003 1H (FY2003 1H (’’02/402/4--9)9)

(billions of yen)

7

Consolidated Financial SummaryConsolidated Financial Summary

FY2004 1H FY2003 1H('03/4-9) ('02/4-9)

(billions of yen) (billions of yen) (billions of yen) % (*)

Net Sales * 8,224.2 7,613.4 610.8 8.0%

Operating Income * 767.7 685.0 82.7 12.1%Income before Taxes,Minority Interest andEquity in Earnings ofAffiliated Companies * 812.0 714.4 97.6 13.7%

Net Income * 524.4 425.8 98.6 23.2%(*): percent changes year-on-year

Forex Rate 118 yen/1$ 123 yen/1$134 yen/1Euro 117 yen/1Euro

* : record figures

Changes

-5 yen/1$+17 yen/1Euro

8

1,973

459 489186 230182

323

2,022(+49)

0

1,000

2,000

3,000

'00/4-9 '01/4-9 '02/4-9 '03/4-9Japan N. America Europe Other

Consolidated Vehicle ProductionConsolidated Vehicle Production

Figures in brackets show total number of Toyota/Lexus-, Daihatsu-, and Hino-brand vehicles produced

(thousands of units)[3,076][3,076]2,8002,800

[3,335] [3,335] 3,064 3,064 (+264)

827

Overseas1,042(+215)

2,5512,5512,5412,541

9

1,024

1,004 1,005

392 441

531643

1,081(+57)

0

1,000

2,000

3,000

'00/4-9 '01/4-9 '02/4-9 '03/4-9Japan N. America Europe Other

Consolidated Vehicle SalesConsolidated Vehicle Sales

Figures in brackets show total retail unit sales of Toyota/Lexus-, Daihatsu-, and Hino-brand vehicles

(thousands of units) [3,119][3,119]2,9512,951

[3,438] [3,438] 3,170 3,170 (+219)

1,927

Overseas2,089(+162)

2,6922,6922,6542,654

10

8.2%

9.3%

0.0

500.0

1,000.0

'99/4-'00/3 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-95%

10%

Operating Income Apr.-Sep. Operating Income Oct.-Mar.Operating Income Ratio

685.0

Changes inChanges inOperating IncomeOperating Income

(billions of yen)1,271.6

767.7 (+82.7)

11

Quarterly ChangesQuarterly Changesin Operating Incomein Operating Income

100.0

200.0

300.0

400.0

'02/4-6 Q1 '02/7-9 Q2 '02/10-12Q3

'03/1-3 Q4 '03/4-6 Q1 '03/7-9 Q2

(billions of yen)

12

600.0

650.0

700.0

750.0

800.0

'02/4-9 '03/4-9

Contributions to Operating IncomeContributions to Operating Income(billions of yen)

767.7 (+82.7)

685.0

OperationalEfforts +10.0

Increased R&D and Labor Costs, etc.　　　　　　　　-37.3

Cost ReductionEfforts +110.0

13

Geographical Segments: JapanGeographical Segments: Japan

%%

10.410.4+49.9+49.9　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

479.8479.8billions of yen

529.7529.7Operating Operating IncomeIncome

ChangesChangesFY2003 1H(‘02/4-9)

FY2004 1H(‘03/4-9)

RAUMUniversal Design Features PRIUS

Gasoline-Electric Hybrid Vehicle

14

Geographical Segments:Geographical Segments:North AmericaNorth America

%%

--10.010.0--18.218.2　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

181.8181.8billions of yen

163.6163.6Operating Operating IncomeIncome

ChangesChangesFY2003 1H(‘02/4-9)

FY2004 1H(‘03/4-9)

Start of first-ever Lexus manufacturingoutside Japan at TMMC (September)

Camry SolaraCamry Solara

RX330RX330

Production shift fromTMMC to TMMK (July)

xBxB

Launch of Launch of SCION SCION targeting youthtargeting youth (June)(June)

15

Geographical Segments: EuropeGeographical Segments: Europe

timestimes

xx 4.44.4+17.4+17.4　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

5.15.1billions of yen

22.522.5Operating Operating IncomeIncome

ChangesChangesFY2003 1HFY2003 1H(‘02/4-9)

FY2004 1HFY2004 1H(‘03/4-9)

Increased Sales of Locally Produced

Core Models

AvensisAvensis

YarisYaris CorollaCorolla

16

Geographical Segments: OtherGeographical Segments: Other

timestimes

xx 2.42.4+31.4+31.4　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

21.921.9billions of yen

53.353.3Operating Operating IncomeIncome

ChangesChangesFY2003 1HFY2003 1H(‘02/4-9)

FY2004 1H FY2004 1H (‘03/4-9)

Corolla AltisCorolla Altis

HiluxHiluxVIOSVIOS

17

Operating Income Ratio byOperating Income Ratio byGeographical Segments <1>Geographical Segments <1>

FY04 1H vs FY03 1HFY04 1H vs FY03 1H

3.00.75.79.29.0%FY03 1H

OtherEuropeNorthAmericaJapanConsolidated

+1.8+1.5-0.3+0.4+0.3%Changes

4.84.82.22.25.45.49.69.69.3%9.3%FY04 1HFY04 1H

18

Operating Income Ratio byOperating Income Ratio byGeographical Segments <2>Geographical Segments <2>

FY04 Q2 vs FY03 Q2FY04 Q2 vs FY03 Q2

2.10.05.38.07.8%FY03 Q2

OtherEuropeNorthAmericaJapanConsolidated

+3.8+3.3+1.4+2.0+2.5%Changes

5.95.93.33.36.76.710.010.010.3%10.3%FY04 Q2FY04 Q2

19

Business Segments:Business Segments:Financial ServicesFinancial Services

• Expansion of financial business, etc.7.9 billion yen

• Evaluation gain from interest swap agreements of US finance subsidiary, etc. (’03/9 8.4 billion yen <= ’02/9 –41.6 billion yen)

50.0 billion yen

Operating Income: 57.9 billion yen

timestimes

xx 16.216.2+57.9+57.9　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　

3.83.8billions of yen

61.761.7Operating Operating IncomeIncome

ChangesChangesFY2003 1HFY2003 1H(‘02/4-9)

FY2004 1HFY2004 1H(‘03/4-9)

20

CapEx, Depreciation, R&DCapEx, Depreciation, R&DFY2004 1HFY2004 1H

CapitalExpenditures

(billions of yen)

DepreciationExpenses

(billions of yen)

R&DExpenses

(billions of yen)

ConsolidatedTotal 421.4 376.7 304.6

Japan 243.7 229.1 　　　　

North America 92.0 92.9 　　　　

Europe 42.9 28.3 　　　　

Other 42.8 26.4 　　　　

21

III. Prospects for FY2004

II.II. Unconsolidated Unconsolidated Financial SummaryFinancial Summary

I. Consolidated Financial Summary

22

Unconsolidated Results SummaryUnconsolidated Results Summary(Japan GAAP)(Japan GAAP)

FY2004 1H FY2003 1H('03/4-9) ('02/4-9)

(billions of yen) (billions of yen) (billions of yen) % (*)

Net Sales * 4,302.1 4,204.7 97.4 2.3%OperatingIncome 459.1 471.3 -12.2 -2.6%OrdinaryIncome * 510.5 481.7 28.8 6.0%NetIncome 338.0 382.2 -44.2 -11.6%

(*): percent changes year-on-year

* : record figures

Changes

23

ShareholderShareholder’’s Return <1>s Return <1>Interim DividendInterim Dividend

! 20 yen per share+4 yen per share,Total Dividend Payout: 67.9 billion yen

! Dividend Payout Ratio 20.1%

Interim DividendInterim Dividend

24

ShareholderShareholder’’s Return <2>s Return <2>Share RepurchaseShare Repurchase

Amount: Up to 400 billion yen or 150 million shares(for repurchases to be made between June ’03-June ’04)

Amount Authorized for Repurchase

Amount: 74.3 billion yen, 24.28 million shares

Repurchased Amount of Toyota Shares

25

'99/9 '03/9

Changes in Share OwnershipChanges in Share Ownership

34%13%

Banks

26

III.III. Prospects for FY2004Prospects for FY2004

II. Unconsolidated Financial Summary

I. Consolidated Financial Summary

27

FY2004 Consolidated Prospects:FY2004 Consolidated Prospects:Vehicle Unit SalesVehicle Unit Sales

2,300

2,120

860

1,290

2,218

1,982

776

1,137

0

2,000

4,000

6,000

FY2003 FY2004 Prospects('03/8)

FY2004 Prospects('03/11)

Japan N. America Europe Other

6,1136,570 (+457)

(+153)

(+ 84)

(+138)

(+ 82)

6,410

Figures in parentheses show year-on-year changes

(thousands of units)

28

FY2004 Consolidated Prospects:FY2004 Consolidated Prospects:CapEx, Depreciation, R&DCapEx, Depreciation, R&D

Capital Depreciation R&DExpenditures Expenses Expenses

(billions of yen) (billions of yen) (billions of yen)(-49.0) (+85.9) (+21.6)

Consolidated 950.0 770.0 690.0(+48.4) (+61.7)

(Japan) 575.0 480.0(-91.7) (+6.4)

(North America) 210.0 180.0(-16.9) (+9.1)

(Europe) 90.0 65.0(+11.2) (+8.7)

(Other) 75.0 45.0Notes: Figures in parentheses show year-on-year changes

29

ToyotaToyota’’s Operation Prospectss Operation Prospectsexcluding Daihatsu and Hinoexcluding Daihatsu and Hino

FY2004 Prospects FY2003('03/4-'04/3) ('02/4-'03/3)

thousands of units thousands of units

Automotive Japan 3,500 3,513Production Overseas 2,740 2,215 Sales (Japan) 1,760 1,724 Exports 1,820 1,835 Sales (Overseas) 4,380 3,927

units units

Housing Sales 4,100 3,577

30

FY2004 Unconsolidated ProspectsFY2004 Unconsolidated Prospects(Japan GAAP)(Japan GAAP)

FY2004 Prospects FY2003 Changes('03/4-'04/3) ('02/4-'03/3)

(billions of yen) (billions of yen) (billions of yen)

Net Sales 8,700.0 8,739.3 -39.3OperatingIncome 720.0 861.3 -141.3OrdinaryIncome 800.0 892.6 -92.6

Net Income 510.0 634.0 -124.0Exchange Rate 112 yen/ 1$ 122 yen/ 1$ -10 yen/1$

129 yen/ 1Euro 121 yen/ 1Euro +8 yen/1Euro

FY2004 Interim Financial ResultsFY2004 Interim Financial ResultsSix months ended September 30, 2003Six months ended September 30, 2003

-- prepared in accordance with US GAAP prepared in accordance with US GAAP --

November 5, 2003November 5, 2003