Final Results - Part 1

Toyota Motor Corporation
13 May 2002


PART 1


                   Toyota Reports Record Year-end Results
    Highest Ever Net Sales, Operating Income, Ordinary Income and Net Income

(All financial information has been prepared in accordance with accounting 
principles generally accepted in Japan)


Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced record consolidated and 
unconsolidated operating results for the fiscal year ended March 31, 2002.

On a consolidated basis, net sales for the 12 months ended March 31, 2002, 
increased 12.5 percent year-over-year to 15.1 trillion yen, an all-time high.
Operating income hit a new peak at 1.12 trillion yen, an increase of 29.1 
percent over the previous year, while ordinary income rose by 14.5 percent to a 
highest-ever 1.11 trillion yen. Net income climbed 30.7 percent, to 615.8 
billion yen, also a record. Earnings per share for the year was 170.69 yen, an 
increase of 42.81 yen over the fiscal year ended March 31, 2001.

Unconsolidated financial results demonstrated an increase in both sales and 
ordinary income, with unconsolidated net sales for the fiscal year reaching 
8.28 trillion yen, an increase of 4.8 percent versus last year. Operating income 
increased 47.8 percent to 748.9 billion yen, while ordinary income was 768.9 
billion yen, up 23.7 percent. Net income totaled 470.2 billion yen, up 41.0 
percent.

TMC also announced a second-half cash dividend for the six months ended 
March 31, 2002, up 1 yen to 15 yen per share. Total dividend payout for the full 
year was 28 yen per share, 3 yen higher than year before.

Commenting on the results, TMC President Fujio Cho said, 'Our efforts to 
establish the production and sales system from a global perspective since the 
1980s are now achieving greater results, as we approach our worldwide total 
production and sales goal of 6 million units. In addition to this, an 
unprecedented profit of 1 trillion yen for Toyota, also reflects a collective 
effort by the Toyota Group toward cost-reduction activities and the effect of a
weaker yen.'

TMC's Japanese market share (excluding minivehicles) marked 42.2% in the 12 
months ended March 31, 2002, exceeding 40.0% for the fourth consecutive year. 
The ability to maintain such a large market share can be credited to offering a 
broad range of products that meet customers needs, in particular sedans like the 
new Camry, Premio and Allion, along with minivans such as the Ipsum, Noah and 
Voxy. Toyota also increased sales of hybrid vehicles by expanding its hybrid 
lineup.

An increase in sales has enabled Toyota to gain more than 10% of the market 
share in the United States for the first time. Sales in Europe showed an 
increase against the previous year, as we steadily achieve our objective of 
selling 800,000 units in 2005.

Cho added, 'The automotive industry will continue to be a key growth industry in 
the 21st century. As the automotive industry faces ever stricter conditions, TMC 
will strive to maximize the overall strength of the Toyota Group, to contribute 
to the revitalization of the Japanese economy and to become a truly global 
enterprise in the 21st century'.

TMC also announced its forecast for the fiscal year ending March 31, 2003. Based
on an exchange rate of 125 yen to the dollar and 110 yen to the euro, TMC 
forecasts unconsolidated sales of 8.3 trillion yen, ordinary income of 770 
billion yen and net income of 550 billion yen.

(Please see the attached information for details on the consolidated and 
unconsolidated results.)


Cautionary Statement with Respect to Forward-Looking Statements

This 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.

                                    # # # 

Contact: Public Affairs Division at [phone]/9158/9161/9170/9174/9179/9195



                   Highlights of Consolidated Financial 
                          Results for FY2002
                     (April 2001 through March 2002)

(All financial information has been prepared in accordance with accounting 
principles generally accepted in Japan)

                                                                       (Billions of yen unless otherwise specified)

                                         FY2001                 FY2002                             FY2003 Forecast 
                                   (Apr. 2000 through     (Apr. 2001 through     % of change     (Apr. 2002 through
                                        Mar. 2001)            Mar. 2002)          from FY2001         Mar. 2003)

Vehicle sales                                  552                   578               4.7%               598
(ten thousand units) 

Net sales                                   13,424.4              15,106.2            12.5%
 
Operating income                               870.1               1,123.4            29.1%
                                <6.5%>                <7.4%>
 
Ordinary income                                972.2               1,113.5            14.5%
                                <7.2%>                <7.4%>
 
Income before income taxes and                 864.1               1,113.5            28.9%
minority interest in consolidated             <6.4%>                <7.4%>
subsidiaries 

 
Net income                                     471.2                 615.8            30.7%
                                <3.5%>                <4.1%>


Factors contributing to increases                      Operating income increased by 253.3 
and decreases in operating                             billion yen
income
                                                       (Increase) 
                                                       Effects of exchange rate       410.0

                                                       changes                        260.0 
                                                       Cost reduction efforts

                                                       (Decrease)                     -90.0
                                                       Impact from sales             -326.7
                                                       Increases in R&D
                                                       expenses, labor costs,
                                                       and IT related expenses,
                                                       etc.

Capital investment                             860.8                 940.3            980.0
(excluding leased vehicles)  

Depreciation expenses                          672.5                 699.2            710.0

R&D expenses                                   479.9                 592.5            650.0
 
Performance evaluation                                 Increases in sales and
                                                       ordinary income 
                                                       ( Net sales, operating income,   )
                                                       ( ordinary income, income before )
                                                       ( income taxes and minority      )
                                                       ( interest in consolidated       )
                                                       ( subsidiaries and net income all)
                                                       ( reached historic highs.        )
 
Number of employees                           215,648              246,702


Note: The FY2002 accounting period for TMC's consolidated subsidiaries in Europe
and other regions, with certain exceptions, covers 15 months due to changes in
their fiscal year-end dates. The 12-month figures for FY2002 obtained by
multiplying the 15-month figures by 12/15 show that 'Vehicle sales', 'Capital
investment' and 'Depreciation expenses' are 554 ten thousand units ,908.8
billion yen and 680.7 billion yen, respectively.



Cautionary Statement with Respect to Forward-Looking Statements

This report 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.



                      Highlights of Unconsolidated Financial 
                                Results for FY2002 
                         (April 2001 through March 2002)

(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)

                                                                       (Billions of yen unless otherwise specified)

                                      FY2001                FY2002                          FY2003 Forecast
                                     (Apr. 2000    (Apr.2001 through Mar.2002)         (Apr.2002 through Mar.2003)
                                     through    FY2002                            FY2003 
                                     Mar.2001)  Interim                           Interim
                                                (Apr.2001            % of change  (Apr.2002              % of change
                                                through Sep.            from      through Sep.              from
                                                   2001)                FY2001       2002)                  FY2002

Domestic vehicle production             3,422     1,644       3,364        -1.7%    1,580         3,260        -3.1%
(Thousand units)

Overseas vehicle production             1,751       890       1,833         4.6%    1,080         2,150        17.3%
(Thousand units)

Domestic vehicle sales                  1,816       850       1,720        -5.3%      810          1,750        1.7%
(Thousand units)

Exports                                 1,704       824       1,708         0.2%      800          1,600       -6.3%
(Thousand units)

Houses                                  3,596     1,374       3,095       -13.9%    1,500          3,400        9.9%
(Units)

Net sales                               7,903.5   4,011.9     8,284.9       4.8%    4,100.0        8,300.0      0.2%
 Domestic                               3,767.2   1,767.3     3,544.3      -5.9%
 Export                                 4,136.3   2,244.5     4,740.6      14.6%

Operating income                          506.8     354.2       748.9      47.8%      400.0          750.0      0.1%
                           <6.4%>    <8.8%>      <9.0%>                <9.8%>          <9.0>

Ordinary income                           621.7     347.1       768.9      23.7%      400.0          770.0      0.1%
                            <7.9>    <8.7%>      <9.3%>                <9.8%>         <9.3%>

Income before income taxes                562.1     347.1       768.9      36.8%      560.0          930.0     21.0%
                           <7.1%>    <8.7%>      <9.3%>               <13.7%>        <11.2%>

Net income                                333.5     203.5       470.2      41.0%      330.0          550.0     17.0%
                           <4.2%>    <5.1%>      <5.7%>                <8.0%>         <6.6%>

Factors contributing to                          Operating income increased by    Operating income is expected to
increases and decreases in                       242.1 billion yen.               increase by 1.1 billion yen.
operating income           
                                                 (Increase)                       (Increase)
                                                 Effects of exchange rate  380.0  Cost reduction efforts       190.0
                                                 changes 
                                                 Cost reduction efforts    220.0

                                                 (Decrease)                       (Decrease)
                                                 Impact from sales        -140.0  Impact form sales            -60.0
                                                 Increases in R&D and IT  -217.9  Increases in R&D and IT     -128.9
                                                 related expenses, etc.           related expenses, etc.

Exchange rates                         Y110/US$  Y122/US$         Y125/US$        Y125/US$              Y125/US$
                                      Y100/Euro Y108/Euro         Y110/Euro       Y110/Euro             Y110/Euro

Capital investment                        243.8      81.8             257.9           130.0                 300.0

Depreciation expenses                     263.9     131.6             254.7           130.0                 260.0

R&D expenses                              428.3     226.7             527.3           270.0                 580.0

Interest-bearing debt                     514.1     514.7             514.7          

Performance evaluation                                      Increases in sales 
                                                            and ordinary income          

Number of employees                      66,005    65,029            66,820          



Cautionary Statement with Respect to Forward-Looking Statements

This report 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.



                    FY2002 Consolidated Financial Results
                   (April 1, 2001 through March 31, 2002)

(All financial information has been prepared in accordance with accounting
                   principles generally accepted in Japan) 
        English translation from the original Japanese-language document
 
                                                              May 13, 2002

Company name                       : Toyota Motor Corporation
Stock exchanges on which           : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
the shares are listed                Stock Exchanges in Japan
Code number                        : 7203
Location of the head office        : Aichi Prefecture
URL                                : http://www.toyota.co.jp
Contact person                     : Takanori Matsuo, General Manager, 
                                     Accounting Division
                                     Tel. [phone]
Date of the meeting of the         : Monday, May 13, 2002
Board of Directors for FY2002 
financial results

Whether or not to be prepared in   : No
accordance with accounting 
principles generally accepted in 
the United States
 

Results of FY2002 (April 1, 2001 through March 31, 2002)
(1) Consolidated financial results

                                             (Amounts less than one million yen are omitted.)

         Net sales                  Operating income               Ordinary income

                 Million yen      %            Million yen      %           Million yen      %
FY2002            15,106,297 (12.5)              1,123,470  (29.1)            1,113,524  (14.5)
FY2001            13,424,423  (4.2)                870,131  (12.1)              972,273  (22.0)


                                                                       Ratio of       Ratio of
                                  Net income   Net income              ordinary       ordinary
         Net income               per share    per share   Return on   income to      income to
                                  - basic       - diluted  equity      total assets   net sales

               Million yen       %       Yen          Yen          %             %            %
FY2002             615,824  (30.7)    170.69       170.69        8.5           6.0          7.4
FY2001             471,295  (15.9)    127.88            -        6.8           5.7          7.2


Note 1: Equity in earnings of affiliates: FY2002   15,046 million yen, 
        FY2001   36,553 million yen 
Note 2: Average number of shares issued and outstanding in each year 
        (consolidated): FY2002   3,607,780,460 shares, FY2001   3,685,399,160 
        shares
Note 3: Regarding net sales, operating income, ordinary income and net income,
        the figures in parentheses show percentage of changes from the previous 
        year.


(2) Consolidated financial position

               Total assets           Shareholders' equity  Ratio of              Shareholders' equity
                                                            shareholders' equity  per share

                         Million yen           Million yen                     %                   Yen
FY2002                    19,888,937             7,325,072                  36.8              2,059.94
FY2001                    17,519,427             7,114,567                  40.6              1,956.57


Note: Number of shares issued and outstanding at the end of each year
      (consolidated): FY2002  3,555,963,016 shares, FY2001  3,636,237,083 shares


(3) Consolidated cash flows

               From operating         From investing        From financing    Cash and cash
               activities             activities            activities        equivalents at the
                                                                              end of the year

                         Million yen           Million yen     Million yen                 Million yen
FY2002                       759,149             (954,031)         348,005                   1,688,126
FY2001                     1,108,831           (1,047,074)       (148,930)                   1,507,280




                       FY2002 Consolidated Financial Results
                       (April 1, 2001 through March 31, 2002)

   (All financial information has been prepared in accordance with accounting 
                     principles generally accepted in Japan)
       English translation from the original Japanese-language document


(4) Scope of consolidation and equity method

       Number of consolidated subsidiaries      564 companies
       Number of unconsolidated subsidiaries      -
       Number of affiliates                     239 companies (including 50 affiliates accounted for under the
                                                              equity method)

(5) Changes in scope of consolidation and equity method

       Consolidated subsidiaries
              (increase)         146 companies   Yamanashi Toyopet Co., Ltd., Toyota Corolla Nanshin Co.,
                                                 Ltd., Hino Motors, Ltd., Trinity Industrial Corp., Kuozui Motors
                                                 Ltd., etc.

              (decrease)          27 companies   Toyota Vista Nagasaki Co., Ltd., Taiho Kogyo Co., Ltd., etc.

Affiliates accounted for under the equity method
              (increase)           2 companies   Taiho Kogyo Co., Ltd., UMW Toyota Capital Sdn. Bhd.
              (decrease)           3 companies   Hino Motors, Ltd., Trinity Industrial Corp., Kuozui Motors Ltd.




                   FY2002 Unconsolidated Financial Results
                    (April 1, 2001 through March 31, 2002)

(All financial information has been prepared in accordance with accounting 
                     principles generally accepted in Japan)
     English translation from the original Japanese-language document

                                                                   May 13, 2002

Company name                                      : Toyota Motor Corporation
Stock exchanges on which the shares are listed    : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
                                                    Stock Exchanges in Japan
Code number                                       : 7203
Location of the head office                       : Aichi Prefecture
URL                                               : http://www.toyota.co.jp
Contact person                                    : Takanori Matsuo, General Manager, Accounting Division
                                                    Tel. [phone]
Date of the meeting of the Board of Directors for : Monday, May 13, 2002
FY2002 financial results
Provision for interim cash dividends              : Provision exists.
Date of the ordinary general meeting of           : Wednesday, June 26, 2002
shareholders
Number of shares in unit share system             : 100 shares


1. Results of FY2002 (April 1, 2001 through March 31, 2002)

(1) Unconsolidated financial results

                                             (Amounts less than one million yen are omitted.)

         Net sales                  Operating income               Ordinary income

                 Million yen      %            Million yen      %           Million yen      %
FY2002             8,284,968  (4.8)                748,924 (47.8)               768,920 (23.7)
FY2001             7,903,580  (6.7)                506,806  (3.0)               621,760 (14.8)


                                                                       Ratio of       Ratio of
                                  Net income   Net income              ordinary       ordinary
         Net income               per share    per share   Return on   income to      income to
                                  - basic       - diluted  equity      total assets   net sales

               Million yen       %       Yen          Yen          %             %            %
FY2002             470,239  (41.0)    128.56       128.56         8.3          9.2          9.3
FY2001             333,516   (1.3)     89.25            -         6.0          7.7          7.9


Note 1: Average number of shares issued and outstanding in each year: 
        FY2002  3,657,658,522 shares, FY2001  3,736,834,802 shares
Note 2: Regarding net sales, operating income, ordinary income and net income, 
        the figures in parentheses show percentage of changes from the previous 
        year.
Note 3: Net income per share for FY2002 is calculated based on the aggregate 
        average number of shares issued and outstanding minus the number of 
        treasury stock in FY2002.


(2) Cash dividends

              Annual cash dividends per share      Total amount of                    Ratio of total
                                                   annual cash      Dividends payout  amount of dividends
                          Interim      Year-end    dividends        ratio             to shareholders'
                                                                                      equity
                    Yen         Yen         Yen        Million yen                %                     %
FY2002            28.00       13.00       15.00            101,522             21.6                   1.8
FY2001            25.00       11.00       14.00             92,738             27.8                   1.6



(3) Unconsolidated financial position

               Total assets           Shareholders' equity  Ratio of              Shareholders' equity
                                                            shareholders' equity  per share

                         Million yen           Million yen                     %                   Yen
FY2002                     8,467,930             5,662,158                  66.9              1,570.26
FY2001                     8,293,450             5,666,247                  68.3              1,537.65


Note 1: Number of shares issued and outstanding at the end of each year: 
        FY2002  3,605,864,612 shares, FY2001   3,684,997,492 shares
Note 2: Number of treasury stock at the end of each year: FY2002   44,132,880
        shares 
Note 3: Shareholders' equity per share in FY2002 is calculated based on the 
        aggregate number of shares issued and outstanding minus the number of 
        treasury stock at the end of FY2002.




                  FY2002 Unconsolidated Financial Results
                  (April 1, 2001 through March 31, 2002)

(All financial information has been prepared in accordance with accounting 
                principles generally accepted in Japan)
        English translation from the original Japanese-language document


2. Unconsolidated estimate of results of FY2003 
   (April 1, 2002 through March 31, 2003)

                                Net sales           Ordinary income       Net income

                                         Million yen            Million yen         Million yen

FY2003 interim (for six-month
period ending September 30, 2002)          4,100,000                400,000             330,000

FY2003                                     8,300,000                770,000             550,000


Cautionary Statement with Respect to Forward-Looking Statements

This report 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.


English translation from the original Japanese-language document

Changes in Members of the Board of Directors

                                   Current titles are indicated in parentheses.

New Candidates for the Board of Directors

Masuji Arai         General Manager, Body Assembly Engineering Div., 
                    Motomachi Plant Production Engineering Dept. 
                    General Manager, Body Assembly Engineering Div., 
                    Motomachi Plant

Koichi Ina          General Manager, Administration Div., Motomachi Plant
                    Overseas Cooperation Dept. General Manager, Motomachi Plant

Yoshikazu Amano     General Manager, Corporate IT Div.

Shinichi Kawashima  General Manager, Toyopet Channel Div., Toyopet Channel 
                    Operations Center

Kunio Komada        General Manager, Sales & Marketing Div.,
                    Oceania, Middle East & Southwest Asia Operations Center


Retiring Members from the Board of Directors

Susumu Miyoshi      (Executive Vice President, Member of the Board)

Koji Hasegawa       (Senior Managing Director, Member of the Board)

Akiyoshi Watanabe   (Managing Director, Member of the Board)

Tsutomu Kano        (Director, Member of the Board)

Katsuyuki Kamio     (Director, Member of the Board)


New Candidate for the Board of Corporate Auditors

Hiromu Okabe        (President & C.E.O., Member of the Board, Denso Corporation)


Note: Mr. Hiromu Okabe, new candidate for the Board of Corporate Auditors,
satisfies the qualifications of outside corporate auditors as provided in
Paragraph 1, Article 18 of 'Special Law of the Commercial Code Concerning
the Audit, etc. of Joint Stock Corporations'.


Planned Changes in the Titles of the Members of the Board of Directors

Senior Managing Director, Member of the Board

  Katsuhiro Nakagawa (Managing Director, Member of the Board)


Managing Directors, Members of the Board

  Masatami Takimoto (Director, Member of the Board)

  Akio Toyoda (Director, Member of the Board)


                      This information is provided by RNS
            The company news service from the London Stock Exchange


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