Results of Toyota Takeover Bid for Daihatsu
and Change in Subsidiary Lineup

Tokyo―TOYOTA MOTOR CORPORATION (TMC) announced today the results of the takeover bid and the subsequent change in the Toyota subsidiary lineup. The subscription period for Toyota's takeover bid for Daihatsu Motor Co., Ltd. (Daihatsu), ended and it is now certain that Daihatsu will become a Toyota subsidiary.

1. Results of Daihatsu Takeover Bid
   1. Name and address of buyer
      Toyota Motor Corp.; 1 Toyota-cho, Toyota City, Aichi Prefecture, Japan
   2. Name of target company
      Daihatsu Motor Co., Ltd. (securities code number: 7262)
   3. Type of stock certificates involved in purchase
      Par value common stock (par value of 50 yen per share)
   4. Purchase period
      22 days from Monday, August 31, 1998 to Monday, September 21, 1998
   5. Results of takeover bid
      The total number of shares offered to TMC for purchase by stakeholders reached 73,091,000 shares, far exceeding the planned total number of shares to be purchased (71,450,000), which is the sum of the estimated number of shares to be purchased (71,350,000) and the estimated number of excess shares (100,000). For this reason, TMC will return the difference of 1,641,000 shares to stakeholders.

6. Number of Daihatsu shares owned by TMC before and after the purchase

   Before

   147,119,000 shares (34.5%)

   After

   218,649,000 shares (51.2%)

7. Method and start of settlement
   1. Name and address of the responsible securities firm
      The Nomura Securities Co., Ltd.; 9-1, Nihonbashi 1-chome, Chuo-ku, Tokyo, Japan
   2. Starting date of settlement
      Monday, September 28, 1998
   3. Procedure of settlement
      Immediately after the end of the purchase period, a purchase notice will be sent by mail to the address of the subscribing stockholder. The purchase will be conducted on a cash basis. Without delay after the starting date of settlement, Nomura Securities will remit the funds to a location specified by the subscribing stockholder. The funds will be equal to the cost of purchase minus the securities transaction tax (0.1%) and―if the individual stockholder opts for separate withholding taxation at source―minus the withholding tax on income (1.05%).
8. Public inspection
   Copies of the takeover bid report are open to public inspection at the following locations

2. Change in Subsidiary Lineup
   The following is an outline of Daihatsu, a new Toyota subsidiary (data as of March 31, 1998).

   1. Company name

      Daihatsu Motor Co., Ltd.

   2. Address

      1-1, Daihatsu-cho, Ikeda, Osaka Prefecture, Japan

   3. Business description
      1. Production, sales, leasing, and repair of automobiles, industrial vehicles, and all other types of vehicles, as well as their parts
      2. Production, sales, and repair of a variety of engines, machine tools, household/industrial electric appliances, and all other types of machinery and equipment as well as their parts
      3. Design, execution, and subcontracting of building works as well as transaction, leasing, intermediation, and management of housing land and buildings
      4. Sales of building materials as well as production, sales, and repair of housing-related equipment
      5. Agency for non-life insurance
      6. All auxiliary operations related to each of the above items

   4. Number of employees

      11,259

   5. Capital

      28,401 million yen

   6. Total assets

      410,048 million yen

   7. Representative

      President Iichi Shingu

   8. Establishment

      March 1907

   9. Settlement of accounts

      March 31

   10. Offices and plants

       Osaka Head Office, Tokyo Branch, Honsha/Ikeda Plant, Kyoto Plant, Shiga/Ryuo Plant, Tada Plant

   11. Total number of shares issued

       427,114,038

   12. Business performance (fiscal term ending March 1998)

       Sales

       783,283 million yen

       Ordinary profit

       13,445 million yen

       Current income

       6,866 million yen