Detailed Interim Results 5/5

Toyota Motor Corporation
24 December 2002

(Per share data)


    FY2002 semi-annual consolidated         FY2003 semi-annual consolidated                FY2002 consolidated
         April 1, 2001 through                   April 1, 2002 through                    April 1, 2001 through
          September 30, 2001                       September 30, 2002                        March 31, 2002

Net assets per share                    Net assets per share                     Net assets per share
JPY1,958.98                             JPY2,179.68                              JPY2,059.94

                                        Basic net income per share for           Basic net income per share
                                        semi-annual period                       JPY170.69
Basic net income per share for          JPY158.54                                        
semi-annual period                                                               
JPY80.27                                Diluted net income per share for         Diluted net income per share
                                        semi-annual period                       JPY170.69
                                        JPY158.54                                

                                        
TMC does not report the amount of net
income per share after dilution for the
semi-annual period because net income
per share will not be diluted by the
exercise of stock options outstanding
at the end of the semi-annual period.


                                        (Note) Bases for the calculation of
                                        basic and diluted net income per share
                                        for the semi-annual period are as
                                        follows:

                                        (Net income per share)

                                        -  Net income for semi-annual period
                                           JPY553,797 million

                                        -  Amount not attributable to
                                           common shareholders
                                           JPY - million

                                        -  Net income of common shares
                                           for the semi-annual period
                                           JPY553,797 million

                                        -  Weighted average number of common
                                           shares outstanding during period
                                           3,492,915,041 shares


                                        (Diluted net income per share)

                                        -  Net income for semi-annual
                                           period JPY553,797 million

                                        -  Adjustments to net income

                                        Changes in parent's equity ownership
                                        and decrease in interest expenses by
                                        subsidiaries
                                        (JPY2 million)

                                        -  Increase in number of shares

                                        Stock options pursuant to Commercial
                                        Code, Article 280, clause 20 and Article
                                        280, clause 21
                                        6,071 shares

                                        -  Dilutive securities not included
                                           in the calculation of diluted
                                           net income per share because of
                                           non-dilutive effect

                                        Stock options issued pursuant to Old
                                        Commercial Code, Article 210, clause 2

                                        Stock options    2,011,000 shares
                                        Warrant bonds      116,400 shares






                                        (Additional information)

                                        Commencing this period, the company has
                                        adopted 'Accounting Standard for
                                        Earnings Per Share' (Financial
                                        Accounting Standards No. 2) and
                                        'Implementation Guidance on Accounting
                                        Standard for Earnings Per Share'
                                        (Financial Accounting Standards
                                        Implementation Guidance  No. 4).


                                        The following would have been the
                                        numbers using the old method (per share)

                                        Net assets per share for the semi-annual
                                        period
                                        JPY2,158.47

                                        Basic net income per share for the
                                        semi-annual period
                                        JPY156.15

                                        Diluted net income per share for the
                                        semi-annual period
                                        JPY156.15




(Subsequent Events)

    FY2002 semi-annual consolidated         FY2003 semi-annual consolidated               FY2002 consolidated
         April 1, 2001 through                   April 1, 2002 through                   April 1, 2001 through
          September 30, 2001                      September 30, 2002                         March 31, 2002


                                        Subsequent to the date of this          In conjunction with the enforcement
                                        semi-annual period end and before the   of the 'Defined Benefit Enterprise
                                        date of submission of this Semi-Annual  Pension Plan Law', TMC and some of its
                                        Securities Report, TMC repurchased      domestic subsidiaries and domestic
                                        29,385 thousand shares of its common    affiliates accounted for under the
                                        stock at a cost of JPY93,125 million    equity method received approval from the
                                        pursuant to a resolution made in its    Minister of Health, Labor and Welfare
                                        general shareholders' meeting held on   for exemption from payment of future
                                        June 26, 2002.                          benefits regarding the substituted
                                                                                portion of the employee pension fund.
                                                                                (TMC received approval on April 1, 2002)

                                                                                TMC and these subsidiaries and
                                                                                affiliates applied the transitional
                                                                                accounting treatment specified in
                                                                                paragraph 47-2 of the 'Practical
                                                                                Guidelines of Accounting for Retirement
                                                                                Benefits (Interim Report)', (Accounting
                                                                                Committee Report No. 13 issued by the
                                                                                Japanese Institute of Certified Public
                                                                                Accountants), and recognized an
                                                                                extinguishment of retirement benefit
                                                                                obligation with respect to such
                                                                                substituted portion as of the date of
                                                                                the approval.

                                                                                As a result, TMC anticipates to
                                                                                account for the impact of JPY189,628
                                                                                million (forecast) as 'Extraordinary
                                                                                gain' and 'Equity in earnings of
                                                                                affiliates' in the next consolidated
                                                                                fiscal year.





(2) Other

On July 12, 1999, the U.S. Department of Justice, acting on behalf of the U.S.
Environmental Protection Agency, filed a  lawsuit against Toyota Motor Sales
U.S.A., Inc., a consolidated subsidiary of TMC (on November 22,1999, TMC and
Toyota Technical Center U.S.A., inc., a consolidated subsidiary of TMC, were
added as defendants) for alleged defects in the fuel evaporative emission leak
monitors installed on approximately 2.2 million 1996-1998 model year vehicles
sold by TMC in the U.S. in violation of the Clean Air Act.

The U.S. Environmental Protection Agency and the U.S. Department of Justice are
seeking the payment of fines and an injunction of sales of new 1996-1998 model
year vehicles that are not in compliance with applicable federal regulations. In
addition, they are also seeking TMC to take appropriate measures to remedy the
alleged non-compliance with the Clean Air Act and civil penalties of up to
US$27,500 per vehicle previously sold in violation of that Act.

The lawsuit is currently in the document production phase as part of discovery
procedures, but the discovery deadline has been extended several times at the
request of the U.S. government . Although TMC cannot predict the timetable on
which this lawsuit will proceed, TMC does not expect this matter to have a
material effect on its financial condition or operating results.


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