Interim Results 4/5

Toyota Motor Corporation
04 November 2005




                               FINANCIAL SUMMARY

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

                               FY2006 Semi-Annual
                   (April 1, 2005 through September 30, 2005)



        English translation from the original Japanese-language document













                          TOYOTA MOTOR CORPORATION



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 and
market demand 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, the
Australian dollar 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 in the markets in which Toyota operates that affect Toyota's
automotive operations, particularly laws, regulations and policies relating to
trade, environmental protection, vehicle emissions, vehicle fuel economy and
vehicle safety, as well as changes in laws, regulations and government policies
that affect 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
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.

  This report contains summarized and condensed financial statements prepared in
accordance with accounting principles generally accepted in the United States of
America.



                        OVERVIEW OF ASSOCIATED COMPANIES
   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

Toyota Motor Corporation ('TMC') and its associated companies (529 consolidated
subsidiaries and 220 affiliates as of September 30, 2005) are engaged mainly in
the automotive industry and also in the financial services and other businesses.
The following three business segments are segmented on the basis as stated under
the 'Segment Information' according to the business category.

Automotive:

This business involves the design, manufacturing and sale of sedans, minivans,
2-BOX, sports utility vehicles, and trucks, as well as related parts and
accessories.  Automobiles are manufactured mainly by TMC, Hino Motors, Ltd., and
Daihatsu Motor Co., Ltd., but a portion of manufacturing is consigned to Toyota
Auto Body Co., Ltd. and others.  Automobiles are also manufactured by Toyota
Motor Manufacturing, Kentucky, Inc. and other overseas companies.  Automobile
parts are manufactured by TMC, Denso Corporation and others.  These products are
sold through Tokyo Toyo-Pet Motor Sales Co., Ltd. and other dealers and to
certain large customers, directly by TMC.  Overseas, sales are made through
Toyota Motor Sales, U.S.A., Inc. and other distributors and dealers.  In
addition, Volkswagen vehicles are sold through TMC and some dealers in Japan.

Financial Services:

This business involves the provision of financing to support the sales of
automobiles and other products manufactured by TMC and its affiliates and also
covers the leasing of automobiles and equipment.  Toyota Finance Corporation in
Japan, Toyota Motor Credit Corporation and other overseas subsidiaries and
affiliates provide sales financing for TMC's products and the products of its
subsidiaries and affiliates.

All other:

Other business includes the design, manufacturing and sale of housing,
telecommunications and other businesses.  Housing is manufactured mainly by TMC
and sold through Toyota Housing Corporation and domestic housing dealers.

Flow of services

Flow of products

                                *Hino Motors, Ltd.
                             *Daihatsu Motor Co., Ltd.

Manufacturing companies in Japan

*Toyota Motor Kyushu, Inc.  *Toyota Motor Hokkaido, Inc. *Toyota Auto Body Co.,
Ltd.  *Kanto Auto Works, Ltd. **Toyota Industries Corporation  **Aichi Steel 
Corporation
**Toyoda Machine Works, Ltd.   **Aisin Seiki Co., Ltd.  **Denso Corporation
**Toyoda Gosei Co., Ltd.  **Toyota Boshoku Corporation  **Aisin AW Co., Ltd.
etc.

Manufacturing companies overseas

*Toyota Motor Manufacturing, Kentucky, Inc.
*Toyota Motor Manufacturing, Indiana, Inc.
*Toyota Motor Manufacturing Canada Inc.
*Toyota Motor Manufacturing (UK) Ltd.
*Toyota Motor Thailand Co., Limited
*Toyota Motor Corporation Australia Ltd.
*PT Astra Daihatsu Motor
**New United Motor Manufacturing, Inc.  etc.

Dealers in Japan

Distributors overseas

*Tokyo Toyota Motor Co., Ltd.
*Tokyo Toyo-Pet Motor Sales Co., Ltd.
*Osaka Toyopet Co., Ltd.  *Toyota Tokyo Corolla Co., Ltd.
*Tokyo Hino Motors, Ltd.
*Hyogo Daihatsu Hanbai Co., Ltd.  etc.

*Toyota Motor Sales, U.S.A., Inc.
*Toyota Motor Marketing Europe NV/SA
*Toyota Deutschland G.m.b.H.
*Toyota (GB) PLC  *Hino Motors Sales (Thailand) Ltd.
*Daihatsu Deutschland GmbH.  etc.

Financial companies

*Toyota Finance Corporation
*Toyota Motor Credit Corporation etc.

                              Dealers overseas

                          Toyota Motor Corporation

* Consolidated subsidiaries, ** Companies accounted for under the equity method

                                  Customers















Other major companies include Toyota Motor North America, Inc., which deals with
public relations and research activities in North America, Toyota Motor
Manufacturing, North America, Inc., which controls manufacturing companies in
North America, Toyota Motor Europe NV/SA which deals with public relations
activities in Europe, Toyota Motor Engineering & Manufacturing Europe NV/SA
which controls manufacturing companies in Europe, and Toyota Financial Services
Corporation, which controls the management of financial companies.

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)



For FY2006 semi-annual, there is no change in our major associated companies.

Toyota Motor Europe NV/SA and Toyota Motor Engineering & Manufacturing Europe NV
/SA both of which were consolidated subsidiaries of TMC as of September 30, 2005
, merged into Toyota Motor Marketing Europe NV/SA, which is also a consolidated
subsidiary of TMC, as of October 1, 2005.  Toyota Motor Marketing Europe NV/SA
changed its trade name to Toyota Motor Europe NV/SA as of the effective day of
the merger.




                               MANAGEMENT POLICY

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

1. Toyota's Basic Management Policy

Toyota Motor Corporation ('TMC') holds up the 'Guiding Principles at Toyota
Motor Corporation' as its basic management policy and believes that efforts to
achieve the goals set forth in the principles will lead to an increase in
shareholder value.  The 'Guiding Principles at Toyota Motor Corporation' are as
follows:

(1) Honor the language and spirit of the law of every nation and undertake open
and fair corporate activities to be a good corporate citizen of the world.
(2) Respect the culture and customs of every nation and contribute to economic
and social development through corporate activities in the communities.
(3) Dedicate ourselves to providing clean and safe products and to enhancing the
quality of life everywhere through all our activities.
(4) Create and develop advanced technologies and provide outstanding products
and services that fulfill the needs of customers worldwide.
(5) Foster a corporate culture that enhances individual creativity and teamwork
value, while honoring mutual trust and respect between labor and management.
(6) Pursue growth in harmony with the global community through innovative
management.
(7) Work with business partners in research and creation to achieve stable,
long-term growth and mutual benefits, while keeping ourselves open to new
partnerships.

2. Basic Policy on the Distribution of Profits

TMC deems the benefit of its shareholders as one of its priority management
policies and strives to continuously increase per-share earnings, through
promoting its business aggressively while improving and strengthening its
corporate foundations.
With respect to the payment of dividends, TMC seeks to enhance the distribution
of profits by striving to raise the consolidated dividend payout ratio to
progressively higher levels, while giving due consideration to factors such as
the business results of each term and new investment plans.  Furthermore, we are
acquiring treasury stock to improve capital efficiency and to be able to respond
appropriately to changes in the business environment.
As we anticipate the continued growth in worldwide automotive markets, we will
utilize our internal funds to invest in improvement of product performance and
development of next-generation technologies to achieve future growth, to develop
production and sales networks domestically and overseas for further expansion of
our global business and to expand into new business areas, while securing solid
management foundation.

3. Policy for the Granting of Stock Options and Other Incentive Plans

Currently, TMC maintains an incentive plan for granting stock options to our
directors, managing officers and senior managers, etc.  Together with this plan,
TMC also maintains an incentive plan for the executives of its overseas
subsidiaries and affiliated companies.
TMC believes that these incentive plans will heighten their willingness and
motivation to improve business performance in the medium- and long-term, enhance
international competitiveness and profitability and contribute to increased
shareholder value.

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

4. Basic Policy on Corporate Governance and Status of Policy Implementation

TMC has positioned the stable long-term growth of shareholder value as a
top-priority management issue.  We believe that in carrying this out, it is
essential that we achieve long-term and stable growth by building positive
relationships with all stakeholders, including shareholders and customers as
well as business partners, local communities and employees, and by supplying
products that will satisfy our customers.  This position is reflected in the
'Guiding Principles at Toyota Motor Corporation', which is a statement of Toyota
's fundamental business policies.  To explain the Guiding Principles in greater
detail, in January 2005, Toyota adopted and presented its statement,
'Contribution towards Sustainable Development of the Society and The Earth' as
the guideline to the 'Guiding Principles at Toyota Motor Corporation'.  We are
working to enhance corporate governance through a variety of measures designed
to further increase our competitiveness as a global company.
Specifically, TMC has introduced a new management system in June 2003, which
features a streamlined board of directors with fewer members and the new
position of managing officers who are responsible for specific operations.
Under the new system, senior managing directors not only participate in the
company's overall management, but also serve as a link between management and
operations by acting as the top managers of specific operations.  TMC believes
that the adoption of this system reflecting ideas of front-line operations,
which has been one of the company's strengths, will lead to a quick
implementation of management decisions into operations, facilitate the
incorporation of ideas from front-line operations within the company's overall
business strategies, and promote decision making that is close to front-line
operations.
As a structure to ensure appropriate management, TMC holds a meeting of the
International Advisory Board annually, which is comprised of experts outside
Japan in order to receive advice concerning management issues from a global
standpoint.  Furthermore, councils and committees such as the 'Labor-Management
Council, Joint Labor-Management Round Table Conference', 'Corporate Philanthropy
Committee' and 'Stock Option Committee', monitor and deliberate on management
and corporate behavior from the viewpoint of various stakeholders.
In order to develop corporate ethics and to achieve thorough legal compliance,
TMC has established 'Corporate Ethics Committee' consisting of directors at the
executive vice president level and above as well as representatives of corporate
auditors, to review important issues relating to corporate ethics, legal
compliance and risk management, and also to develop action plans concerning
these issues.  TMC has created a number of facilities for employees to make
inquiries concerning compliance matters, including the Compliance Hotline, which
enables them to consult with an outside attorney, and takes measures to ensure
that TMC is aware of significant information concerning legal compliance as
quickly as possible.  TMC will continue to promote the 'Code of Conduct for
Toyota Employees' which is a guideline for employees' behavior and conduct.  TMC
will work to advance corporate ethics through training and education at all
levels and in all departments.
TMC has adopted a corporate auditor system, and four of the seven corporate
auditors are outside auditors, to enhance the transparency of corporate conduct.
  Each auditor conducts audits in accordance with the audit policies and plans
determined by the Board of Auditors, and plays an important role in corporate
governance.  With respect to internal audits, a specialized independent
organization is working to enhance appropriate systems and verifies the
effectiveness of internal controls over financial reporting.  In order to
enhance the reliability of the financial reporting of TMC, the three
organizations performing these functions, namely, independent accountants,
corporate auditors and internal auditors, have meetings periodically and as
necessary to share information through discussion on audit plans and results
that aids conducting an effective and efficient audits.  The certified public
accountants that conducted financial statement audits are Kazunori Tajima,
Masaki Horie, Akihiko Nakamura, and Hitoshi Kiuchi of ChuoAoyama
PricewaterhouseCoopers.  Messrs. Tajima and Horie have each been auditing TMC's
financial statements for ten years, Mr. Nakamura for two years, and Mr. Kiuchi
for one year.  These periods of time include the period before the revisions to
the Certified Public Accountant Law effective in June 2003.  The number of
assistants who worked in the financial statement audit for the current
semi-annual period was 21 certified public accountants, 12 junior accountants,
and one other.
To enhance accountability, Toyota established a Disclosure Committee in light of
the U.S. Sarbanes-Oxley Act, and is working to further ensure the complete and
fair disclosure of material information in the annual report on Form 20-F and
securities reports.
TMC remains committed to the stable enhancement in shareholder value over the
long-term by proposing and implementing its management strategies based on
long-term perspectives.

(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)

5. TMC's Medium- and Long-term Management Strategy

To continue its growth over the long-term, the Toyota Group will make combined
efforts to address the following agenda.
TMC introduced the Lexus brand in Japan in August 2005, which is currently
marketed in more than 60 countries around the world.  As an immediate agenda, we
are currently working to establish Lexus as a global premium brand for the
twenty-first century.  Toyota has also started on a number of priority projects
including the construction of new plants in the United States of America
(Texas), Russia, and Thailand.  In the rapidly growing Chinese market, where
various auto manufactures are quickly expanding their operations, Toyota is
developing integrated structures in conjunction with procurement, production,
and sales.
Medium- to long-term strategies include, first of all, anticipating customer
needs to continue providing appealing products that are highly advanced and
innovative, and feature superior styling.  Toyota also continues to focus on the
development of vehicle safety technologies and their incorporation into
products.  Second, under the Fourth Toyota Environmental Action Plan, adopted as
a medium- to long-term plan covering the period through 2010, Toyota is
reinforcing and expanding on a global scale, its responses to issues including
global warming, hazardous material management and recycling.  Third, in addition
to maintaining the world's highest levels of quality and reinforcing cost
competitiveness, Toyota is working to increase overall group capabilities,
develop optimal global business structures and pursue compatibility between
growth and efficiency.  Finally, based on the idea that the source of corporate
competitiveness is the development of talents of individuals, Toyota is
promoting the development of highly creative personnel who can pass on Toyota's
technologies and skills to the next generation.
By addressing these agenda, Toyota will seek to increase shareholder value and
work to become a company that can successfully compete on a global scale and
continue to grow in the 21st century.
In addition we reaffirm our commitment to corporate ethics, including strict
compliance with laws and regulations and seek to become a global corporation,
that contributes to the development of a prosperous society with sincerity and
humility, and which is trusted throughout the world.



                   BUSINESS RESULTS AND FINANCIAL POSITION

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

1. Summary of Consolidated Financial Results of FY2006 Semi-Annual

(1) Financial Results

During this semi-annual period, the Japanese economy made a moderate recovery as
a result of improvements in corporate profits, and increase in capital
expenditures and in consumer spending.  Overseas, personal consumption in United
States of America continues to grow steadily, despite concerns, including the
effects of hurricanes and the rising price of crude oil.  The economies in
Europe and Asian countries also showed steady growth overall.
Under these conditions, total vehicle sales in Japan and overseas increased by
266 thousand units, or 7.5%, to 3,833 thousand units in FY2006 semi-annual
results compared with FY2005 semi-annual results, marking a record high in
semi-annual results.  Vehicle sales in Japan decreased by 20 thousand units, or
1.8%, in FY2006 semi-annual results compared with FY2005 semi-annual results,
but continued to maintain a high level of 1,086 thousand units due to the strong
sales efforts of domestic dealers.  Meanwhile, overseas vehicle sales increased
substantially in all regions by 286 thousand units, or 11.6%, to 2,747 thousand
units in FY2006 semi-annual results compared with FY2005 semi-annual results.
As for the results of operations for the FY2006 semi-annual period, net revenues
increased by 927.5 billion yen, or 10.3%, to 9,953.1 billion yen in FY2006
semi-annual results compared with FY2005 semi-annual results, and operating
income decreased by 56.8 billion yen, or 6.6%, to 809.4 billion yen in FY2006
semi-annual results compared with FY2005 semi-annual results.  Among the factors
contributing to the increase in operating income of 150.0 billion yen, marketing
efforts accounted for 70.0 billion yen, cost reduction efforts for 60.0 billion
yen, and the effects of changes in exchange rates for 20.0 billion yen.  On the
other hand, the factors resulting in the decrease in operating income mainly
included a decrease in the gains recognized on transfer of the substitutional
portion of the employee pension fund to the government of 9.1 billion yen and
increases in expenses due to expansion of operations of 197.7 billion yen.
Income before income taxes, minority interest and equity in earnings of
affiliated companies was 855.9 billion yen and net income was 570.5 billion yen
in FY2006 semi-annual results.


   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(2) Cash Flows

Cash flows from operating activities resulted in an increase in cash by 1,339.4
billion yen in FY2006 semi-annual period, mainly due to net income of 570.5
billion yen.  Net cash provided by operating activities decreased by 61.7
billion yen compared with an increase in cash by 1,401.1 billion yen in FY2005
semi-annual results.  Cash flows from investing activities resulted in a
decrease in cash by 1,650.7 billion yen in FY2006 semi-annual results, mainly
due to the additions to finance receivables of 3,148.3 billion yen.  Net cash
used in investing activities in the FY2006 semi-annual results decreased by
142.7 billion yen compared with 1,793.4 billion yen of net cash used in
investing activities in the FY 2005 semi-annual results.  Cash flows from
financing activities resulted in an increase in cash by 489.9 billion yen in
FY2006 semi-annual results, mainly due to the proceeds from issuance of
long-term debt of 875.7 billion yen.  Net cash provided by financing activities
increased by 338.4 billion yen compared with FY2005 semi-annual results.  After
consideration of the effect of exchange rate changes, cash and cash equivalents
increased by 212.1 billion yen, or 14.3%, to 1,695.8 billion yen at the end of
FY2006 semi-annual period compared with the end of FY2005.
Regarding the consolidated cash flows by segment for FY2006 semi-annual period,
in non-financial services business, net cash provided by operating activities
was 1,029.4 billion yen, net cash used in investing activities was 704.6 billion
yen and net cash used in financing activities was 164.6 billion yen.  Meanwhile,
in the financial services business, net cash provided by operating activities
was 253.2 billion yen, net cash used in investing activities was 898.6 billion
yen and net cash provided by financing activities was 663.9 billion yen.
Cash flows from origination and collection activities of finance receivables
relating to inventory-sales have been reclassified from investing activities to
operating activities in our consolidated statements of cash flows from FY2005
annual period as well as our consolidated statements of cash flows of FY2006
semi-annual period, based on the concerns raised by the staff of the United
States Securities and Exchange Commission.  FY2005 semi-annual period amounts
have been also reclassified to conform to the FY2005 annual and FY2006
semi-annual presentations.  As a result of the reclassification made for FY2005
semi-annual, cash flows from operating activities in consolidated statements of
cash flows increased by 33.2 billion yen and cash flows from investing
activities decreased by the same amount compared with presentation before
reclassification.
In consolidated statements of cash flows as classified into non-financial
services business and financial services business, cash flows from origination
and collection activities of finance receivables relating to inventory-sales
continue to be reported in investing activities.

2. Consolidated Financial Results of FY2006 Semi-Annual by Segment

(1) Segment Operating Results

Automotive:
Net revenues for the automotive operations increased by 804.9 billion yen, or
9.7%, to 9,144.5 billion yen in FY2006 semi-annual results compared with FY2005
semi-annual results, and operating income decreased by 35.5 billion yen, or
4.7%, to 721.3 billion yen in FY2006 semi-annual results compared with FY2005
semi-annual results.  The decrease in operating income was mainly a result of an
increase in expenses due to expansion of operations, partially offset by
increases in vehicle units sold in each region, including North America and Asia
and cost reduction efforts.

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

Financial services:
Net revenues for the financial services operations increased by 77.6 billion
yen, or 20.2%, to 462.0 billion yen in FY2006 semi-annual results compared with
FY2005 semi-annual results, while operating income decreased by 19.2 billion
yen, or 18.6%, to 83.5 billion yen in FY2006 semi-annual results compared with
FY2005 semi-annual results.  The decrease in operating income was primarily
because of the gain in FY2005 semi-annual to record prior-year adjustments
relating to accounting for loan origination costs in accordance with the
Statement of Financial Accounting Standards ('FAS') No.91 by a sales finance
subsidiary in the United States of America, as well as the decrease in valuation
profits from marking interest rate swaps to market for FY2006 semi-annual in
accordance with FAS No. 133 as amended by several guidance including FAS No.138,
despite a steady increase in financing volumes.

All other:
Net revenues for all other businesses increased by 69.1 billion yen, or 14.8%,
to 535.9 billion yen in FY2006 semi-annual results compared with FY2005
semi-annual results, while operating income decreased by 2.9 billion yen, or
22.9%, to 9.8 billion yen in FY2006 semi-annual results compared with FY2005
semi-annual results.

(2) Geographic Information

Japan:
Net revenues in Japan increased by 252.3 billion yen, or 4.4%, to 6,032.9
billion yen in FY2006 semi-annual results compared with FY2005 semi-annual
results, while operating income decreased by 104.7 billion yen, or 21.3%, to
385.9 billion yen in FY2006 semi-annual-results compared with FY2005 semi-annual
results.  The decrease in operating income was mainly a result of an increase in
expenses due to expansion of operations, partially offset by cost reduction
efforts.

North America:
Net revenues in North America increased by 437.6 billion yen, or 13.7%, to
3,627.3 billion yen in FY2006 semi-annual results compared with FY2005
semi-annual results, and operating income increased by 23.8 billion yen, or
9.7%, to 268.5 billion yen in FY2006 semi-annual results compared with FY2005
semi-annual results.  The increase in operating income was due to a solid
performance resulting from increases in both local production volume and vehicle
units sold, as well as cost reduction efforts.

Europe:
Net revenues in Europe increased by 99.5 billion yen, or 8.3%, to 1,300.8
billion yen in FY2006 semi-annual results compared with FY2005 semi-annual
results, while operating income decreased by 26.2 billion yen, or 39.5%, to 40.1
billion yen in FY2006 semi-annual results compared with FY2005 semi-annual
results.  The decrease in operating income was mainly due to an increase in
expenses, partially offset by increases in both local production volume and
vehicle units sold.

Asia:
Net revenues in Asia increased by 247.2 billion yen, or 33.0%, to 997.0 billion
yen in the FY2006 semi-annual results, compared with FY2005 semi-annual results,
and operating income increased by 31.9 billion yen, or 73.4%, to 75.4 billion
yen in the FY2006 semi-annual results, compared with FY2005 semi-annual results.
  The increase in operating income was mainly due to the favorable sales of IMV
series vehicles which resulted in increases in both local production volume and
vehicle units sold.

Others:
Net revenues in other markets increased by 177.6 billion yen, or 30.5 %, to
760.1 billion yen in FY2006 semi-annual results compared with FY2005 semi-annual
results, and operating income increased by 8.8 billion yen, or 32.1%, to 36.2
billion yen in FY2006 semi-annual results compared with FY2005 semi-annual
results.  The increase in operating income was primarily due to increases in
local production volumes as well as vehicle units sold, mainly IMV series
vehicles.

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

3. Distribution of Profits for FY2006 Semi-Annual

As for the dividends, TMC increased in interim dividends declared in November
2004 by 10 yen per share to 35 yen per share.  Accordingly, the dividend payout
ratio for FY2006 semi-annual period would be 40.2%, and the consolidated
dividend payout ratio would be 20.0%.  On the other hand, during FY2006
semi-annual period, TMC repurchased 16 million of its own shares in using, the
aggregate of 61.7 billion yen from retained earnings.

4. Other

TMC receives common shares of the Mitsubishi UFJ Financial Group, Inc. because
of the merger between Mitsubishi Tokyo Financial Group, Inc., and UFJ Holdings,
Inc. on October 1, 2005 in exchange for shares of UFJ Holdings Inc., which TMC
had held.  As a result of this transaction, in accordance with accounting
principles generally accepted in the United States of America, TMC will record a
gain of approximately 140.0 billion yen in income before taxes, minority
interest, and equity in earnings of affiliated companies in the third quarter of
the FY2006 as a difference between acquisition costs of prior-merger shares and
the fair market value of post-merger shares.



                       CONSOLIDATED PRODUCTION AND SALES

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

1. Production

(Units)
                              FY2006           FY2005       Increase              FY2005
                         semi-annual      semi-annual      (Decrease)        (April 2004
                         (April 2005      (April 2004                            through
                             through          through                         March 2005)
                      September 2005)  September 2004)

Vehicles Japan             2,191,618        2,177,133         14,485           4,534,838
(new)      North             609,387          575,418         33,969           1,156,166
           America
           Europe            298,923          282,782         16,141             595,874
           Asia              416,461          280,862        135,599             647,559
           Others            185,586          152,858         32,728             297,539
           Overseas        1,510,357        1,291,920        218,437           2,697,138
           total
              Total        3,701,975        3,469,053        232,922           7,231,976
Houses (Japan)                 2,352            2,384            (32)              5,115
Note: The total production of vehicles (new) includes 369,054 units of Daihatsu
brand vehicles (including OEM production) in FY2006 semi-annual results, 353,004
units in FY2005 semi-annual results and 745,745 units in FY2005 results, and
49,650 units of Hino brand vehicles (including OEM production) in FY2006
semi-annual results, 47,631 units in FY2005 semi-annual results and 93,470 units
in FY2005 results.

2. Sales (by destination)

(Units)
                              FY2006           FY2005       Increase              FY2005
                         semi-annual      semi-annual      (Decrease)        (April 2004
                         (April 2005      (April 2004                            through
                             through          through                         March 2005)
                      September 2005)  September 2004)

Vehicles Japan             1,086,773        1,106,718        (19,945)          2,381,325
(new)      North           1,244,673        1,125,537        119,136           2,271,139
           America
           Europe            498,072          476,471         21,601             978,963
           Asia              448,090          385,812         62,278             833,507
           Others            555,511          472,543         82,968             943,444
           Overseas        2,746,346        2,460,363        285,983           5,027,053
           total
              Total        3,833,119        3,567,081        266,038           7,408,378
Houses (Japan)                 2,274            2,194             80               5,283
Note: The total sales of vehicles (new) includes 344,656 units of Daihatsu brand
vehicles in FY2006 semi-annual results, 330,161 units in FY2005 semi-annual
results and 703,497 units in FY2005 results, and 49,249 units of Hino brand
vehicles in FY2006 semi-annual results, 47,171 units in FY2005 semi-annual
results and 95,318 units in FY2005 results.



                     BREAKDOWN OF CONSOLIDATED NET REVENUES

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(Amounts are rounded to the nearest million yen)

                               FY2006 semi-annual FY2005 semi-annual           Increase
                                      (April 2005        (April 2004          (Decrease)
                                through September  through September
                                             2005)              2004)
    Vehicles                            7,772,225          7,133,743            638,482
    Parts & components for                131,174            117,493             13,681
    overseas production
    Parts                                 631,506            563,921             67,585
    Others                                603,257            517,004             86,253
Total Automotive                        9,138,162          8,332,161            806,001
Financial services                        452,994            374,408             78,586
Housing                                    58,248             55,200              3,048
Telecommunications                         25,735             21,286              4,449
Others                                    278,021            242,610             35,411
Total                                   9,953,160          9,025,665            927,495
Note: The amounts represent net revenues to external customers.




                       CONSOLIDATED STATEMENTS OF INCOME

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(Amounts are rounded to the nearest million yen)

                       FY2006         FY2005   Increase        FY2005
                  semi-annual    semi-annual  (Decrease)       (April
                  (April 2005    (April 2004                     2004
                      through        through                  through
                    September      September                    March
                         2005)          2004)                    2005)

Net revenues :      9,953,160      9,025,665    927,495    18,551,526
Sales of            9,500,166      8,651,257    848,909    17,790,862
products
Financing             452,994        374,408     78,586       760,664
operations
Costs and           9,143,669      8,159,416    984,253    16,879,339
expenses :
Cost of products    7,710,268      6,961,521    748,747    14,500,282
sold
Cost of               270,944        177,728     93,216       369,844
financing
operations
Selling, general    1,162,457      1,020,167    142,290     2,009,213
and
administrative
Operating             809,491        866,249    (56,758)    1,672,187
income
Other income           46,506         46,966       (460)       82,450
(expense):
Interest and           46,955         33,128     13,827        67,519
dividend
income
Interest              (11,048)        (7,944)    (3,104)      (18,956)
expense
Foreign exchange        5,584          6,196       (612)       21,419
gain, net
Other income,           5,015         15,586    (10,571)       12,468
net
Income before         855,997        913,215    (57,218)    1,754,637
income taxes,
minority
interest and
equity in
earnings of
affiliated
companies
Provision for         325,116        361,338    (36,222)      657,910
income taxes
Income before         530,881        551,877    (20,996)    1,096,727
minority
interest and
equity in
earnings of
affiliated
companies
Minority              (31,003)       (26,652)    (4,351)      (64,938)
interest in
consolidated
subsidiaries
Equity in              70,642         58,813     11,829       139,471
earnings of
affiliated
companies
Net income            570,520        584,038    (13,518)    1,171,260

 (Yen)
Net income per         175.13         176.32      (1.19)       355.35
share basic

Net income per         175.10         176.28      (1.18)       355.28
share diluted




                          CONSOLIDATED BALANCE SHEETS

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(Amounts are rounded to the nearest million yen)

                    FY2006        FY2005    Increase        FY2005
               semi-annual  (As of March   (Decrease)  semi-annual
                    (As of      31, 2005)                   (As of
              September 30,                              September
                      2005)                               30, 2004)
Assets
Current assets   9,786,178     9,440,105     346,073     9,137,709
:
Cash and cash    1,695,897     1,483,753     212,144     1,528,243
equivalents
Time                59,988        63,609      (3,621)       68,375
deposits
Marketable         517,784       543,124     (25,340)      679,172
securities
Trade accounts   1,414,966     1,616,341    (201,375)    1,401,820
and notes
receivable,
less allowance
for doubtful
accounts
Finance          3,157,323     3,010,135     147,188     2,835,006
receivables,
net
Other              459,202       438,676      20,526       455,747
receivables
Inventories      1,443,333     1,306,709     136,624     1,191,041
Deferred           498,101       475,764      22,337       464,369
income taxes
Prepaid            539,584       501,994      37,590       513,936
expenses and
other current
assets
Noncurrent       4,547,430     3,976,941     570,489     3,830,554
finance
receivables,
net
Investments      5,486,546     5,122,371     364,175     4,746,120
and other
assets :
Marketable       2,951,968     2,704,142     247,826     2,424,590
securities and
other
securities
investments
Affiliated       1,663,859     1,570,185      93,674     1,430,730
companies
Employees           73,518        49,538      23,980        43,698
receivables
Other              797,201       798,506      (1,305)      847,102
Property,        6,437,438     5,795,594     641,844     5,595,811
plant and
equipment :
Land             1,204,454     1,182,768      21,686     1,170,975
Buildings        3,051,281     2,935,274     116,007     2,863,953
Machinery and    8,052,513     7,897,509     155,004     7,866,194
equipment
Vehicles and     2,240,308     1,828,697     411,611     1,664,343
equipment on
operating
leases
Construction       339,242       214,781     124,461       260,804
in progress
Less            (8,450,360)   (8,263,435)   (186,925)   (8,230,458)
Accumulated
depreciation
Total assets    26,257,592    24,335,011   1,922,581    23,310,194

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(Amounts are rounded to the nearest million yen)

                   FY2006       FY2005    Increase              FY2005
              semi-annual (As of March   (Decrease)        semi-annual
                   (As of     31, 2005)                         (As of
                September                                    September
                 30, 2005)                                    30, 2004)
Liabilities
Current         9,074,606    8,227,206     847,400           7,841,687
liabilities :

Short-term      2,769,166    2,381,827     387,339           2,285,994
borrowings
Current         1,484,076    1,150,920     333,156           1,157,635
portion of
long-term
debt
Accounts        1,823,606    1,856,799     (33,193)          1,648,873
payable
Other             705,410      693,041      12,369             697,566
payables
Accrued         1,409,570    1,289,373     120,197           1,208,947
expenses
Income taxes      260,320      292,835     (32,515)            271,250
payable
Other current     622,458      562,411      60,047             571,422
liabilities
Long-term       6,963,433    6,557,926     405,507           6,454,099
liabilities :

Long-term       5,307,694    5,014,925     292,769           4,807,512
debt
Accrued           644,518      646,989      (2,471)            714,795
pension and
severance
costs
Deferred          910,586      811,670      98,916             822,567
income taxes
Other             100,635       84,342      16,293             109,225
long-term
liabilities
Total          16,038,039   14,785,132   1,252,907          14,295,786
liabilities

Minority          526,788      504,929      21,859             472,332
interest in
consolidated
subsidiaries

Shareholders'
equity :
Common stock      397,050      397,050                         397,050
Additional        495,580      495,707        (127)            494,431
paid-in
capital
Retained        9,771,972    9,332,176     439,796           8,827,003
earnings
Accumulated       187,280      (80,660)    267,940            (134,377)
other
comprehensive
income
(loss)
Treasury       (1,159,117)  (1,099,323)    (59,794)         (1,042,031)
stock, at
cost
Total           9,692,765    9,044,950     647,815           8,542,076
shareholders'
equity
Total          26,257,592   24,335,011   1,922,581          23,310,194
liabilities
and
shareholders'
equity



                           CONSOLIDATED STATEMENTS OF
                              SHAREHOLDERS' EQUITY

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(1) FY2006 semi-annual results (April 2005 through September 2005)

(Amounts are rounded to the nearest million yen)

                            Common Additional    Retained   Accumulated     Treasury        Total
                             stock    paid-in    earnings         other        stock,      share-
                                      capital             comprehensive      at cost      holders'
                                                           income (loss)                   equity

Balances at March 31, 2005 397,050    495,707   9,332,176       (80,660)  (1,099,323)   9,044,950

Issuance during the                      (127)                                               (127)
period
Comprehensive income:
Net income                                        570,520                                 570,520
Other comprehensive income
(loss)
Foreign currency                                                138,270                   138,270
translation adjustments
Unrealized gains on                                             129,991                   129,991
securities, net of
reclassification
adjustments
Minimum pension liability                                          (321)                     (321)
adjustments
Total comprehensive                                                                       838,460
income
Dividends paid                                   (130,724)                               (130,724)
Purchase and reissuance of                                                  (59,794)      (59,794)
common stock
Balances at September 30,  397,050    495,580   9,771,972       187,280   (1,159,117)   9,692,765
2005

(2) FY2005 semi-annual results (April 2004 through September 2004)

(Amounts are rounded to the nearest million yen)
                            Common Additional    Retained   Accumulated    Treasury         Total
                             stock    paid-in    earnings         other       stock, shareholders'
                                      capital             comprehensive     at cost        equity
                                                           income (loss)

Balances at March 31,      397,050    495,179   8,326,215      (204,592)   (835,285)    8,178,567
2004
Issuance during the                      (748)                                               (748)
period
Comprehensive income:
Net income                                        584,038                                 584,038
Other comprehensive income
(loss)
Foreign currency                                                119,499                   119,499
translation adjustments
Unrealized losses on                                            (55,051)                  (55,051)
securities, net of
reclassification
adjustments
Minimum pension liability                                         5,767                     5,767
adjustments
Total comprehensive                                                                       654,253
income
Dividends paid                                    (83,250)                                (83,250)
Purchase and reissuance of                                                 (206,746)     (206,746)
common stock
Balances at September 30,  397,050    494,431   8,827,003      (134,377)  (1,042,031)   8,542,076
2004



                     CONSOLIDATED STATEMENTS OF CASH FLOWS

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


(Amounts are rounded to the nearest million yen)

                               FY2006          FY2005         FY2005
                          semi-annual     semi-annual    (April 2004
                          (April 2005     (April 2004  through March
                              through         through           2005)
                       September 2005) September 2004)

Cash flows from
operating activities :

Net income                    570,520         584,038      1,171,260
Adjustments to
reconcile net income to
net cash provided by
operating activities
Depreciation                  547,036         485,311        997,713
Provision for doubtful         28,923          31,966         63,154
accounts and credit
losses
Pension and severance          13,514           3,085        (52,933)
costs, less payments
Loss on disposal of            26,993          18,914         49,159
fixed assets
Unrealized losses on            4,460           1,997          2,324
available-for-sale
securities, net
Deferred income taxes         (15,862)         49,858         84,711
Minority interest in           31,003          26,652         64,938
consolidated
subsidiaries
Equity in earnings of         (70,642)        (58,813)      (139,471)
affiliated companies
Changes in operating          203,513         258,126        130,085
assets and liabilities
and other
Net cash provided by        1,339,458       1,401,134      2,370,940
operating activities

Cash flows from
investing activities :

Additions to finance       (3,148,381)     (2,381,567)    (4,296,966)
receivables
Collection of and           2,638,589       1,827,105      3,377,510
proceeds from sales of
finance receivables
Additions to fixed           (716,530)       (538,886)    (1,068,287)
assets excluding
equipment leased to
others
Additions to equipment       (624,732)       (361,708)      (854,953)
leased to others
Proceeds from sales of         39,122          29,152         69,396
fixed assets excluding
equipment leased to
others
Proceeds from sales of        195,222         152,433        316,456
equipment leased to
others
Purchases of marketable      (401,268)       (747,373)    (1,165,791)
securities and security
investments
Proceeds from sales of        430,054         226,907        573,943
and maturity of
marketable securities
and security
investments
Payment for additional           (129)           (683)          (901)
investments in
affiliated companies,
net of cash acquired
Changes in investments        (62,730)          1,168        (11,603)
and other assets and
other
Net cash used in           (1,650,783)     (1,793,452)    (3,061,196)
investing activities

Cash flows from
financing activities :

Purchase of common            (59,734)       (206,917)      (264,106)
stock
Proceeds from issuance        875,706         921,299      1,863,710
of long-term debt
Payments of long-term        (508,550)       (538,467)    (1,155,223)
debt
Increase in short-term        313,266          58,904        140,302
borrowings
Dividends paid               (130,724)        (83,250)      (165,299)
Net cash provided by          489,964         151,569        419,384
financing activities
Effect of exchange rate        33,505          39,216         24,849
changes on cash and
cash equivalents
Net increase (decrease)       212,144        (201,533)      (246,023)
in cash and cash
equivalents
Cash and cash               1,483,753       1,729,776      1,729,776
equivalents at
beginning of period
Cash and cash               1,695,897       1,528,243      1,483,753
equivalents at end of
period
Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents
include cash on hand, bank deposits that can be withdrawn at any time and
short-term investments that can be converted into cash at any time and carry
minimal risk of change in value.



                              SEGMENT INFORMATION

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

1.  Segment Operating Results

(1) FY2006 semi-annual results (April 2005 through September 2005)

(Amounts are rounded to the nearest million yen)

                     Automotive     Financial    All Other   Intersegment   Consolidated
                                     Services                 Elimination
                                                                   and/or
                                                              Unallocated
                                                                   Amount
Net revenues :
(1)           Sales   9,138,162       452,994      362,004                     9,953,160
to external
customers
(2)                       6,323         9,023      173,960       (189,306)
Intersegment sales
and transfers
            Total     9,144,485       462,017      535,964       (189,306)     9,953,160
Operating             8,423,112       378,444      526,134       (184,021)     9,143,669
expenses
Operating income        721,373        83,573        9,830         (5,285)       809,491
Depreciation            396,984       137,153       12,899                       547,036
expenses
Capital                 747,597       552,965       17,960         22,740      1,341,262
expenditure

(2) FY2005 semi-annual results (April 2004 through September 2004)

(Amounts are rounded to the nearest million yen)

                     Automotive     Financial    All Other   Intersegment   Consolidated
                                     Services                 Elimination
                                                                   and/or
                                                              Unallocated
                                                                   Amount
Net revenues :

(1)           Sales   8,332,161       374,408      319,096                     9,025,665
to external
customers
(2)                       7,477         9,958      147,795       (165,230)
Intersegment sales
and transfers
            Total     8,339,638       384,366      466,891       (165,230)     9,025,665
Operating             7,582,799       281,699      454,143       (159,225)     8,159,416
expenses
Operating income        756,839       102,667       12,748         (6,005)       866,249
Depreciation            378,416        96,252       10,643                       485,311
expenses
Capital                 543,568       295,427       21,357         40,242        900,594
expenditure

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

2. Consolidated Financial Statements as Classified into Non-Financial Services
Business and Financial Services Business

(1) Consolidated Statements of Income as Classified into Non-Financial Services
Business and Financial Services Business

(Amounts are rounded to the nearest million yen)

                                             FY2006           FY2005         Increase
                                        semi-annual      semi-annual        (Decrease)
                                        (April 2005      (April 2004
                                            through          through
                                     September 2005)  September 2004)

(Non-financial services)
Net revenues                              9,504,502        8,655,852          848,650
Costs and expenses :                      8,770,729        7,883,784          886,945
Cost of revenues                          7,710,281        6,958,489          751,792
Selling, general and                      1,060,448          925,295          135,153
administrative
Operating income                            733,773          772,068          (38,295)
Other income, net                            43,119           40,854            2,265
Income before income taxes,                 776,892          812,922          (36,030)
minority interest and equity in
earnings of affiliated companies
Provision for income taxes                  290,583          319,354          (28,771)
Income before minority interest and         486,309          493,568           (7,259)
equity in earnings of affiliated
companies
Minority interest in consolidated           (30,043)         (26,413)          (3,630)
subsidiaries
Equity in earnings of affiliated             57,274           50,762            6,512
companies
Net income                                  513,540          517,917           (4,377)
(Financial services)
Net revenues                                462,017          384,366           77,651
Costs and expenses :                        378,444          281,699           96,745
Cost of revenues                            272,732          182,535           90,197
Selling, general and                        105,712           99,164            6,548
administrative
Operating income                             83,573          102,667          (19,094)
Other expense, net                           (4,451)          (2,395)          (2,056)
Income before income taxes,                  79,122          100,272          (21,150)
minority interest and equity in
earnings of affiliated companies
Provision for income taxes                   34,539           41,976           (7,437)
Income before minority interest and          44,583           58,296          (13,713)
equity in earnings of affiliated
companies
Minority interest in consolidated              (960)            (239)            (721)
subsidiaries
Equity in earnings of affiliated             13,368            8,051            5,317
companies
Net income                                   56,991           66,108           (9,117)
(Elimination)
Elimination of net income                       (11)              13              (24)
(Consolidated)
Net income                                  570,520          584,038          (13,518)

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(2) Consolidated Balance Sheets as Classified into Non-Financial Services
Business and Financial Services Business

(Amounts are rounded to the nearest million yen)

                                             FY2006           FY2005         Increase
                                        semi-annual  (As of March 31,       (Decrease)
                                   (As of September             2005)
                                           30, 2005)
Assets
(Non-financial services)
Current assets :                          6,594,009        6,401,152          192,857
Cash and cash equivalents                 1,512,054        1,324,126          187,928
Time deposits                                19,115            8,006           11,109
Marketable securities                       516,847          541,785          (24,938)
Trade accounts and notes receivable,      1,438,329        1,640,155         (201,826)
less allowance for doubtful
accounts
Inventories                               1,443,333        1,306,709          136,624
Prepaid expenses and other current        1,664,331        1,580,371           83,960
assets

Investments and other assets              5,097,316        4,804,843          292,473
Property, plant and equipment             4,877,330        4,579,052          298,278
                             Total       16,568,655       15,785,047          783,608
(Financial services)
Current assets :                          3,990,679        3,836,650          154,029
Cash and cash equivalents                   183,843          159,627           24,216
Time deposits                                40,873           55,603          (14,730)
Marketable securities                           937            1,339             (402)
Finance receivables, net                  3,157,323        3,010,135          147,188
Prepaid expenses and other current          607,703          609,946           (2,243)
assets

Noncurrent finance receivables,           4,547,430        3,976,941          570,489
net
Investments and other assets                543,028          457,115           85,913
Property, plant and equipment             1,560,108        1,216,542          343,566
                             Total       10,641,245        9,487,248        1,153,997
(Elimination)
Elimination of assets                      (952,308)        (937,284)         (15,024)
(Consolidated)
Total assets                             26,257,592       24,335,011        1,922,581

Note:      Assets in the non-financial services include unallocated corporate
assets.

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(Amounts are rounded to the nearest million yen)

                                             FY2006           FY2005         Increase
                                        semi-annual  (As of March 31,       (Decrease)
                                   (As of September             2005)
                                           30, 2005)
Liabilities
(Non-financial services)
Current liabilities :                     5,273,753        5,139,351          134,402
Short-term borrowings                       755,204          713,474           41,730
Current portion of long-term debt            56,890           60,092           (3,202)
Accounts payable                          1,814,732        1,847,036          (32,304)
Accrued expenses                          1,302,438        1,200,122          102,316
Income taxes payable                        237,302          263,291          (25,989)
Other current liabilities                 1,107,187        1,055,336           51,851

Long-term liabilities :                   2,053,110        1,957,404           95,706
Long-term debt                              738,723          747,911           (9,188)
Accrued pension and severance               642,297          645,308           (3,011)
costs
Other long-term liabilities                 672,090          564,185          107,905
                             Total        7,326,863        7,096,755          230,108
(Financial services)
Current liabilities :                     4,594,472        3,789,503          804,969
Short-term borrowings                     2,646,087        2,269,197          376,890
Current portion of long-term debt         1,486,186        1,092,328          393,858
Accounts payable                             19,292           15,542            3,750
Accrued expenses                            110,817           93,042           17,775
Income taxes payable                         23,018           29,544           (6,526)
Other current liabilities                   309,072          289,850           19,222

Long-term liabilities :                   5,069,562        4,836,755          232,807
Long-term debt                            4,728,210        4,503,247          224,963
Accrued pension and severance                 2,221            1,681              540
costs
Other long-term liabilities                 339,131          331,827            7,304
                             Total        9,664,034        8,626,258        1,037,776
(Elimination)
Elimination of liabilities                 (952,858)        (937,881)         (14,977)
(Consolidated)
Total liabilities                        16,038,039       14,785,132        1,252,907
(Consolidated)
Minority interest in consolidated           526,788          504,929           21,859
subsidiaries
Shareholders' equity
(Consolidated)
Common stock                                397,050          397,050
Additional paid-in capital                  495,580          495,707             (127)
Retained earnings                         9,771,972        9,332,176          439,796
Accumulated other comprehensive             187,280          (80,660)         267,940
income
 (loss)
Treasury stock, at cost                  (1,159,117)      (1,099,323)         (59,794)
Total shareholders' equity                9,692,765        9,044,950          647,815
(Consolidated)
Total liabilities and shareholders'      26,257,592       24,335,011        1,922,581
equity

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(3) Consolidated Statements of Cash Flows as Classified into Non-Financial
Services Business and Financial Services Business

                                                             FY2006            FY2005
                                                        semi-annual       semi-annual
                                                        (April 2005       (April 2004
                                                            through           through
                                                          September         September
                                                              2005)             2004)
(Non-financial services)
Cash flows from operating activities :
Net income                                                 513,540           517,917
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation                                               409,883           389,059
Pension and severance costs, less payments                  12,982             2,857
Loss on disposal of fixed assets                            26,774            18,540
Unrealized losses on available-for-sale                      4,460             1,997
securities, net
Deferred income taxes                                      (35,348)           19,492
Minority interest in consolidated subsidiaries              30,043            26,413
Equity in earnings of affiliated companies                 (57,274)          (50,762)
Changes in operating assets and liabilities and            124,373            22,187
other
Net cash provided by operating activities                1,029,433           947,700

Cash flows from investing activities :
Additions to fixed assets excluding equipment             (713,143)         (531,073)
leased to others
Additions to equipment leased to others                    (75,154)          (74,094)
Proceeds from sales of fixed assets excluding               35,193            26,037
equipment leased to others
Proceeds from sales of equipment leased to                  42,397            38,576
others
Purchases of marketable securities and security           (297,235)         (686,319)
investments
Proceeds from sales of and maturity of marketable          358,417           166,815
securities and security investments
Payment for additional investments in affiliated              (129)             (683)
companies, net of cash acquired
Changes in investments and other assets and                (55,041)           42,691
other
Net cash used in investing activities                     (704,695)       (1,018,050)

Cash flows from financing activities :
Purchase of common stock                                   (59,734)         (206,917)
Proceeds from issuance of long-term debt                    20,766            13,463
Payments of long-term debt                                 (34,976)          (28,653)
Increase in short-term borrowings                           40,055            45,804
Dividends paid                                            (130,724)          (83,250)
Other                                                                         (7,000)
Net cash used in financing activities                     (164,613)         (266,553)
Effect of exchange rate changes on cash and cash            27,803            32,063
equivalents
Net increase (decrease) in cash and cash                   187,928          (304,840)
equivalents
Cash and cash equivalents at beginning of period         1,324,126         1,618,876
Cash and cash equivalents at end of period               1,512,054         1,314,036

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

(Amounts are rounded to the nearest million yen)

                                                             FY2006            FY2005
                                                        semi-annual       semi-annual
                                                        (April 2005       (April 2004
                                                            through           through
                                                          September         September
                                                              2005)             2004)
(Financial services)
Cash flows from operating activities :
Net income                                                  56,991            66,108
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation                                               137,153            96,252
Deferred income taxes                                       19,493            30,358
Minority interest in consolidated subsidiaries                 960               239
Equity in earnings of affiliated companies                 (13,368)           (8,051)
Changes in operating assets and liabilities and             52,051           163,504
other
Net cash provided by operating activities                  253,280           348,410

Cash flows from investing activities :
Additions to finance receivables                        (5,393,541)       (4,358,871)
Collection of and proceeds from sales of finance         4,945,309         3,837,570
receivables
Additions to fixed assets excluding equipment               (3,387)           (7,813)
leased to others
Additions to equipment leased to others                   (549,578)         (287,614)
Proceeds from sales of fixed assets excluding                3,929             3,115
equipment leased to others
Proceeds from sales of equipment leased to                 152,825           113,857
others
Purchases of marketable securities and security           (104,033)          (61,054)
investments
Proceeds from sales of and maturity of marketable           71,637            60,092
securities and security investments
Changes in investments and other assets and                (21,860)          (20,247)
other
Net cash used in investing activities                     (898,699)         (720,965)

Cash flows from financing activities :
Proceeds from issuance of long-term debt                   884,941           928,861
Payments of long-term debt                                (523,151)         (543,592)
Increase in short-term borrowings                          302,143            76,440
Other                                                                          7,000
Net cash provided by financing activities                  663,933           468,709
Effect of exchange rate changes on cash and cash             5,702             7,153
equivalents
Net increase in cash and cash equivalents                   24,216           103,307
Cash and cash equivalents at beginning of period           159,627           110,900
Cash and cash equivalents at end of period                 183,843           214,207

(Consolidated)
Effect of exchange rate changes on cash and cash            33,505            39,216
equivalents
Net increase (decrease) in cash and cash                   212,144          (201,533)
equivalents
Cash and cash equivalents at beginning of                1,483,753         1,729,776
period
Cash and cash equivalents at end of period               1,695,897         1,528,243

Note:      In the Consolidated Statements of Cash Flows, cash and cash
equivalents include cash on hand, bank deposits that can be withdrawn at any
time and short-term investments that can be converted into cash at any time and
carry minimal risk of change in value.

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

3.  Geographic Information

(1) FY2006 semi-annual results (April 2005 through September 2005)

(Amounts are rounded to the nearest million yen)

                   Japan       North      Europe       Asia     Others  Intersegment   Consolidated
                             America                                     Elimination
Net revenues :

(1)            3,575,909   3,545,517   1,241,163    891,755    698,816                    9,953,160
Sales to
external
customers
(2)            2,457,008      81,835      59,691    105,234     61,242    (2,765,010)

Intersegment
sales and
transfers
       Total   6,032,917   3,627,352   1,300,854    996,989    760,058    (2,765,010)     9,953,160
Operating      5,646,964   3,358,811   1,260,781    921,567    723,863    (2,768,317)     9,143,669
expenses
Operating        385,953     268,541      40,073     75,422     36,195         3,307        809,491
income

(2) FY2005 semi-annual results (April 2004 through September 2004)

(Amounts are rounded to the nearest million yen)

                   Japan       North      Europe       Asia     Others  Intersegment   Consolidated
                             America                                     Elimination
Net revenues :

(1)            3,540,760   3,102,246   1,129,304    725,329    528,026                    9,025,665
Sales to
external
customers
(2)            2,239,791      87,520      71,993     24,475     54,476    (2,478,255)

Intersegment
sales and
transfers
       Total   5,780,551   3,189,766   1,201,297    749,804    582,502    (2,478,255)     9,025,665
Operating      5,289,985   2,944,990   1,135,027    706,307    555,105    (2,471,998)     8,159,416
expenses
Operating        490,566     244,776      66,270     43,497     27,397        (6,257)       866,249
income



   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

4. Overseas Sales

(1) FY2006 semi-annual results (April 2005 through September 2005)

(Amounts are rounded to the nearest million yen)

                North America          Europe           Asia          Others           Total
Overseas            3,624,137       1,257,310        926,376       1,335,742       7,143,565
sales
Consolidated                                                                       9,953,160
sales
Ratio of                    %               %              %               %               %
overseas sales
to consolidated          36.4            12.6            9.3            13.5            71.8
sales

(2) FY2005 semi-annual results (April 2004 through September 2004)

(Amounts are rounded to the nearest million yen)

                North America          Europe           Asia          Others           Total
Overseas            3,194,425       1,139,092        793,241       1,072,461       6,199,219
sales
Consolidated                                                                       9,025,665
sales
Ratio of                    %               %              %               %               %
overseas sales
to consolidated          35.4            12.6            8.8            11.9            68.7
sales








                      UNCONSOLIDATED STATEMENTS OF INCOME

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

                    (Million yen; amounts less than one million yen are omitted)

                                      FY2006        FY2005   Increase        FY2005
                                 semi-annual   semi-annual  (Decrease)  (April 2004
                                 (April 2005   (April 2004                  through
                                     through       through               March 2005)
                                   September     September
                                        2005)         2004)

Net sales                          4,664,015     4,459,736    204,279     9,218,386
Cost of sales                      3,795,039     3,570,278    224,761     7,506,044
Selling, general and                 571,319       497,062     74,257     1,010,951
administrative expenses
Operating income                     297,657       392,395    (94,738)      701,390
Non-operating income                 175,173       132,913     42,260       273,440
Interest income                        8,524         7,677        847        15,765
Dividend income                      108,999        67,633     41,366       152,083
Others                                57,648        57,602         46       105,591
Non-operating expenses                56,219        82,927    (26,708)      118,598
Interest expenses                      5,347         5,345          2        10,729
Others                                50,872        77,582    (26,710)      107,869
Ordinary income                      416,610       442,382    (25,772)      856,231
Extraordinary losses                                24,996    (24,996)       24,996
Impairment losses                                   24,996    (24,996)       24,996
Income before income taxes           416,610       417,385       (775)      831,235
Income taxes current                 146,000       159,100    (13,100)      281,700
Income taxes deferred                (13,065)       (5,454)    (7,611)       20,205
Net income                           283,675       263,740     19,935       529,329
Unappropriated retained earnings     512,778       497,867     14,911       497,867
brought forward
Loss on sales of treasury                184           114         70           184
stock
Interim cash dividends                                                       82,049
Unappropriated retained earnings     796,269       761,493     34,776       944,962
at end of period



                         UNCONSOLIDATED BALANCE SHEETS

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

                    (Million yen; amounts less than one million yen are omitted)

                                      FY2006         FY2005    Increase        FY2005
                                 semi-annual         (As of   (Decrease)  semi-annual
                                      (As of       March 31,                   (As of
                                September 30,          2005)             September 30,
                                        2005)                                    2004)
Assets
Current assets                     3,346,221      3,453,441   (107,220)     3,237,132
Cash and deposits                    131,405         60,275     71,130        119,776
Trade accounts receivable            939,377      1,088,735   (149,358)       892,524
Marketable securities                872,744        870,735      2,009        898,441
Finished goods                       138,833        116,864     21,969        141,986
Raw materials                         22,670         14,747      7,923         13,833
Work in process                       89,011         82,069      6,942         68,052
Supplies                               8,336          8,091        245          8,223
Short-term loans                     438,740        511,757    (73,017)       463,079
Deferred income taxes                263,159        248,110     15,049        245,783
Others                               447,041        459,153    (12,112)       388,331
Less: allowance for doubtful          (5,100)        (7,100)     2,000         (2,900)
accounts

Fixed assets                       5,838,232      5,617,550    220,682      5,433,623
Property, plant and                1,268,255      1,258,835      9,420      1,216,696
equipment
Buildings                            377,119        371,515      5,604        356,694
Structures                            40,225         41,537     (1,312)        39,907
Machinery and equipment              326,542        314,168     12,374        310,931
Vehicle and delivery                  10,731         16,109     (5,378)        10,124
equipment
Tools, furniture and                  82,062         83,012       (950)        73,963
fixtures
Land                                 384,177        388,658     (4,481)       389,753
Construction in progress              47,396         43,834      3,562         35,320

Investments and other assets       4,569,977      4,358,714    211,263      4,216,927
Investments in securities          2,054,009      1,817,556    236,453      1,621,856
Investments in subsidiaries        1,929,715      1,931,634     (1,919)     1,907,560
and affiliates
Long-term loans                      438,756        362,951     75,805        399,060
Deferred income taxes                 48,527        129,571    (81,044)       167,390
Others                               128,269        140,600    (12,331)       155,059
Less: allowance for doubtful         (29,300)       (23,600)    (5,700)       (34,000)
accounts
Total assets                       9,184,453      9,070,991    113,462      8,670,755


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

                    (Million yen; amounts less than one million yen are omitted)

                                      FY2006         FY2005   Increase         FY2005
                                 semi-annual         (As of  (Decrease)   semi-annual
                                      (As of       March 31,                   (As of
                                September 30,          2005)             September 30,
                                        2005)                                    2004)
Liabilities
Current liabilities                2,086,381      2,180,374    (93,993)     1,903,035
Trade notes payable                    1,080          1,375       (295)           973
Trade accounts payable               886,614        909,108    (22,494)       800,183
Current portion of bonds                                600       (600)           600
Other payables                       311,618        401,464    (89,846)       340,002
Income taxes payable                 142,122        144,730     (2,608)       161,035
Accrued expenses                     507,740        443,165     64,575        413,675
Deposits received                    203,025        250,648    (47,623)       157,856
Allowance for EXPO 2005                  472             67        405          3,816
Aichi
Others                                33,705         29,214      4,491         24,891

Long-term liabilities                828,905        832,806     (3,901)       850,871
Bonds                                500,000        500,000                   500,000
Allowance for retirement             289,113        289,694       (581)       290,706
benefits
Others                                39,792         43,111     (3,319)        60,165
Total liabilities                  2,915,286      3,013,181    (97,895)     2,753,906

Shareholders' equity
Common stock                         397,049        397,049                   397,049
Capital surplus                      416,970        416,970                   416,970
Capital reserve                      416,970        416,970                   416,970
Retained earnings                  6,246,631      6,094,528    152,103      5,911,059
Legal reserve                         99,454         99,454                    99,454
Reserve for losses on overseas           197            252        (55)           252
investments
Reserve for special                    3,196          2,457        739          2,457
depreciation
Reserve for reduction of               6,586          6,475        111          6,475
acquisition cost of fixed
assets
General reserve                    5,340,926      5,040,926    300,000      5,040,926
Unappropriated retained              796,269        944,962   (148,693)       761,493
earnings at end of period
Net unrealized gains on other        398,767        279,780    118,987        264,984
securities
Less: treasury stock              (1,190,253)    (1,130,519)   (59,734)    (1,073,216)
Total shareholders' equity         6,269,166      6,057,810    211,356      5,916,848
Total liabilities and              9,184,453      9,070,991    113,462      8,670,755
shareholders' equity



END




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