Projection Plan for 2001

All figures are approximates.
Domestic sales: based on registration and include vehicles produced overseas
Overseas sales: based on Toyota and Daihatsu survey

The figures stated above are based on our judgment and assumption using currently available information and other factors. There is no guarantee that actual results will take place as planned in view of the uncertainties involved in this judgment and assumption, as well as possible fluctuations resulting from changes in domestic and overseas conditions

Cautionary statement
This release contains forward-looking statements that reflect our plans and expectations. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our 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 affecting the automotive markets in Japan, North America, Europe and other markets in which we operate;
(ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the United States dollar and the euro;
(iii) our 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 affecting our automotive operations, particularly laws, regulations and policies relating to the environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting our other operations, including our telecommunications operations and the outcome of future litigation and other legal proceedings;
(v) political instability in the markets in which we operate;
(vi) our 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 we purchase materials, components and supplies for the production of our products or where our products are produced, distributed or sold. A discussion of these and other factors which may affect our actual results, performance, achievements or financial position is contained in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and elsewhere in our annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.