Final Results 3

Toyota Motor Corporation
11 May 2004

Supplement



                                                                    May 11, 2004
                                                        Toyota Motor Corporation


            Comparison of Consolidated Financial Results for FY2003
                  under Japanese and U.S. Accounting Standards



FY2003 (April. 2002 -  March. 2003)                  (Billions of yen)

     Category       Japanese                                Differences                                  U.S.
                    standards                                                                          standards
                                    (1)            (2)             (3)            (4)         Other
                                  Scope of      Reporting       Gains on       Impairment
                               consolidation     category    transfer of the       on
                                               of equity in  substitutional    marketable
                                               earnings of   portion of the    securities
                                                affiliated      employee
                                                companies     pension fund
Net revenues        16,054.2   (390.0)           -                -              -          (162.7)    15,501.5
Income before       1,649.3    (77.2)         (82.0)         (211.6)         (56.8)            4.9      1,226.6
income taxes,
minority interest
(and equity in
earnings of
affiliated
companies*)

*Indicates the comparison between 'Income before income taxes and minority
interest in consolidated subsidiaries' under Japanese

GAAP and 'Income before income taxes, minority interest and equity in earnings
of affiliated companies' under U.S. GAAP.



(1)   Scope of Consolidation
The consolidation scope under the U.S. standards is determined based on the
ownership of voting shares (more than 50%).  Therefore, those companies that are
consolidated according to the control basis under the Japanese standards are
excluded from the scope of consolidation.



(2)   Reporting Category of Equity in Earnings of Affiliated Companies
'Equity in earnings of affiliated companies' reported as non-operating income
under the Japanese standards is not included in 'income before income taxes,
minority interest and equity in earnings of affiliated companies' under the U.S.
standards, therefore the figure for this item has been reclassified.



(3)   Gains on Transfer of the Substitutional Portion of the Employee Pension
Fund
Under the U.S. standards, gains or losses on transfer of the substitutional
portion of the employee pension fund are recognized at the time of the actual
transfer, therefore 'gains on transfer of the substitutional portion of the
employee pension fund,' recognized under the Japanese standards, is not
recognized.



(4)   Impairment on Marketable Securities
Losses from impairment on certain marketable securities whose acquisition costs
under the U.S. standards exceed those under the Japanese standards are
recognized.









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