Toyota Motor (TM)

1. Summary of Consolidated Financial Results for FY2007 Semi-Annual

(1) Financial Results

During this semi-annual period, the Japanese economy has been recovering with higher capital expenditure resulting from improved corporate revenues as well as a steadier level of personal consumption. Overseas, the US economy grew, despite growth in personal consumption being only moderate. The European economy also showed steady growth overall.

Under these conditions, consolidated vehicle sales in Japan and overseas increased by 312 thousand units, or 8.1%, to 4,145 thousand units in FY2007 semi-annual compared with FY2006 semi-annual, marking a record high in semi-annual results. While vehicle sales in Japan decreased by 13 thousand units, or 1.2%, it continued to maintain a high level of 1,073 thousa]nd units in FY2007 semi-annual, as a result of the sales efforts of dealers in Japan. Overseas vehicle sales increased significantly by 325 thousand units, or 11.9%, to 3,072 thousand units in FY2007 semi-annual compared with FY2006 semi-annual, mainly due to increased sales in North America, Europe and other regions.

As for the results of operations, net revenues increased by 1,518.7 billion yen, or 15.3%, to 11,471.8 billion yen in FY2007 semi-annual compared with FY2006 semi-annual, and operating income increased by 284.0 billion yen, or 35.1%, to 1,093.4 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. Among the factors contributing to the increase in operating income totaling 380.0 billion yen, were the effects of changes in exchange rates of 190.0 billion yen, marketing efforts of 150.0 billion yen and cost reduction efforts of 40.0 billion yen. On the other hand, factors resulting in the decrease in operating income primarily included an increase in expenses of 96.0 billion yen. Income before income taxes, minority interest and equity in earnings of affiliated companies increased by 310.2 billion yen, or 36.2%, to 1,166.1 billion yen in FY2007 semi-annual compared with FY2006 semi-annual. Net income increased by 206.7 billion yen, or 36.2%, to 777.2 billion yen in FY2007 semi-annual compared with FY2006 semi-annual.

(2) Cash Flows

Cash flows from operating activities resulted in an increase in cash by 1,570.9 billion yen in FY2007 semi-annual period, mainly due to net income of 777.2 billion yen. Net cash provided by operating activities increased by 231.5 billion yen compared with an increase in cash by 1,339.4 billion yen in FY2006 semi-annual. Cash flows from investing activities resulted in a decrease in cash by 1,721.1 billion yen in FY2007 semi-annual, mainly due to the additions to finance receivables of 3,314.8 billion yen. Net cash used in investing activities in the FY2007 semi-annual decreased by 70.4 billion yen compared with 1,650.7 billion yen of net cash used in investing activities in the FY2006 semi-annual. Cash flows from financing activities resulted in an increase in cash by 470.8 billion yen in FY2007 semi-annual, mainly due to the proceeds from issuance of long-term debt of 1,435.4 billion yen. Net cash provided by financing activities decreased by 19.1 billion yen compared with FY2006 semi-annual. After consideration of the effect of exchange rate changes, cash and cash equivalents increased by 337.0 billion yen, or 21.5%, to 1,906.3 billion yen at the end of FY2007 semi-annual period compared with the end of FY2006.

Regarding the consolidated cash flows by segment for FY2007 semi-annual period, in non-financial services business, net cash provided by operating activities was 1,212.4 billion yen, net cash used in investing activities was 690.1 billion yen and net cash used in financing activities was 329.9 billion yen. Meanwhile, in the financial services business, net cash provided by operating activities was 281.0 billion yen, net cash used in investing activities was 978.7 billion yen and net cash provided by financing activities was 835.4 billion yen.

Consolidated 5

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

generally accepted in the United States of America)