Toyota Motor (TM)

2. Consolidated Financial Results for FY2007 Semi-Annual by Segment

(1) Segment Operating Results

Automotive:

Net revenues for the automotive operations increased by 1,339.7 billion yen, or 14.7%, to 10,484.2 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, and operating income increased by 270.8 billion yen, or 37.5%, to 992.1 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. The increase in operating income was mainly due to the effects of changes in exchange rates, increases in both production volume and vehicle units sold, and cost reduction efforts, partially offset by an increase in expenses.

Financial services:

Net revenues for the financial services operations increased by 137.4 billion yen, or 29.8%, to 599.4 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, while operating income decreased by 3.6 billion yen, or 4.4%, to 79.9 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. The decrease in operating income was mainly because of the valuation losses on interest rate swaps stated at fair value by a sales finance subsidiary in the United States of America in accordance with the Statement of Financial Accounting Standards (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 106.3 billion yen, or 19.8%, to 642.2 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, and operating income increased by 11.2 billion yen, or 113.7%, to 21.0 billion yen in FY2007 semi-annual compared with FY2006 semi-annual.

(2) Geographic Information

Japan:

Net revenues in Japan increased by 977.4 billion yen, or 16.2%, to 7,010.3 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, and operating income increased by 298.5 billion yen, or 77.3%, to 684.4 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. The increase in operating income was mainly due to the effects of changes in exchange rates, an increase in production volume and cost reduction efforts, partially offset by an increase in expenses.

North America:

Net revenues in North America increased by 717.3 billion yen, or 19.8%, to 4,344.6 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, while operating income decreased by 18.0 billion yen, or 6.7%, to 250.5 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. The decrease in operating income was mainly because of the valuation losses on interest rate swaps stated at fair value by a sales finance subsidiary in the United States of America in accordance with the Statement of Financial Accounting Standards (FAS) No. 133 (as amended by several guidance including FAS No. 138).

Europe:

Net revenues in Europe increased by 381.8 billion yen, or 29.4%, to 1,682.6 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, and operating income increased by 25.9 billion yen, or

Consolidated 6

(All financial information has been prepared in accordance with accounting principles

generally accepted in the United States of America)

64.8%, to 66.0 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. The increase in operating income was mainly due to solid performance as a result of increases in both production volume and vehicle units sold, as well as cost reduction efforts.

Asia:

Net revenues in Asia increased by 27.7 billion yen, or 2.8%, to 1,024.7 billion yen in the FY2007 semi-annual, compared with FY2006 semi-annual, while operating income decreased by 14.1 billion yen, or 18.7%, to 61.3 billion yen in FY2007 semi-annual, compared with FY2006 semi-annual. The decrease in operating income was mainly due to decreases in both production volumes and vehicle units sold.

Other:

Net revenues in other regions increased by 208.4 billion yen, or 27.4%, to 968.5 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, and operating income was 36.1 billion yen in FY2007 semi-annual, remaining at the same level as in FY2006 semi-annual.