Toyota Diversity Initiative Makes Headway; Year-End Recap Outlines Progress

    TORRANCE, Calif., Jan. 6, 2003; Toyota today announced key
year-end accomplishments connected to its sustainable multi-billion-dollar
commitment to diversity and inclusion.  Highlights include:
    * Minority Purchasing: Toyota's total 2002 calendar-year spending with
minority business enterprises (MBE) exceeded its goal of $700 million.
Toyota Motor Manufacturing North America's (TMMNA) 2002 calendar-year
purchases from MBEs exceeded $600 million, surpassing its five-percent
minority procurement goal by reaching the six-percent level.  Bolstered by
TMMNA's ambitious new minority-procurement target of 7.5 percent by 2005 and
TMMNA's Tier 2 requirements, total minority business spending will reach the
$1 billion mark by 2005.  Toyota Motor Sales (TMS), U.S.A., Inc.'s 2002
calendar-year purchases from minority business enterprises (MBE), including
professional services, rose 19.6 percent over the year-ago level.
    * Minority Advertising: TMS met its 2002 calendar-year goal of spending
$50 million in support of African-American and Hispanic promotional programs.
As pledged, a new relationship was established with Burrell Communications, an
advertising agency specializing in advertising campaigns aimed at black
consumers.  Longtime business partner Conill Advertising continued to
administer TMS' Hispanic ad buys.
    * Retail Market Development: Naming seven ethnic minority dealers in
calendar-year 2002, TMS exceeded its annual commitment of installing four to
six new minority dealers.  Moreover, Toyota maintained its industry-leading
record for ethnic-minority dealer success as measured by sales and net profit
per outlet.  Toyota ranks number two in the industry for ethnic minority
ownership as a percent of its dealer body.
    * Dealer development: Toyota expanded its dealer development model with a
generous Financial Support/Assistance Program.
    * Community Support:  A preliminary review of Toyota's charitable
contributions for calendar year 2002 indicates approximately 15 percent of its
total philanthropic spending was directed to minority programs and/or
communities, exceeding its goal of 10 percent.
    * Diversity Advisory Board: As pledged, Toyota established a respected
board of outside advisors to provide its North American management with
guidance and oversight on diversity.  The diversity advisory board is on track
to present its first annual report to senior management in early 2003.
    * "Avenues for Advancement" for Retail Management Development:  This year
Toyota developed a comprehensive industry-first program dubbed Avenues for
Advancement, which focuses on preparedness for minority dealership employees
seeking leadership opportunities within the retail automotive sector.  A
partnership with its Toyota and Lexus dealers, the program is slated to launch
in the spring and focuses on identifying talented dealership employees and
assisting them to reach their full potential.  Recruitment, training, and
mentoring figure prominently in the newly developed program.
    * East Coast Automotive Training Center: TMS recently completed a critical
step in the establishment of its next Automotive Training Center by finalizing
an exhaustive evaluation of prospective host cities and naming Washington,
D.C. as the site of its newest center.  TMS' collaboration on this initiative
with a local community organization will be announced later this year.
    * Los Angeles Automotive Training Center: On the West Coast, Toyota
continued to underwrite the operating costs for the Los Angeles Automotive
Training Center, which has graduated 1,052 students since its inception in
1992.  Toyota's investment in this job skills center has now reached over
$8 million.
    * Youth Automotive Training Center (YATC): Founded by Jim Moran, honorary
chairman of Southeast Toyota Distributors, one of two privately held,
independent Toyota distributorships in the nation, YATC continued to train and
educate at-risk youth, graduating its 309th student this year.  The center
focuses on automotive repair, academic remediation, job readiness and life
management skills.
    * Gulf States Toyota's (GST) T-Ten Scholarships:  Toyota's other privately
held independent distributorship, GST, has finalized plans for 13 annual
"T-Ten" scholarships directed at high school graduates from low-income areas.
Slated to launch in 2003, the T-Ten program will include funding for
registration, tuition, books, tools, housing and meals.
    * Toyota's Internal Employee Development: TMS has provided exhaustive
diversity training to 47 "Diversity Champions," employees charged with
assisting in the advancement and maturation of Toyota's companywide diversity
initiatives.  The Diversity Champions work with their respective officers to
promote diversity and inclusion at the grassroots level throughout Toyota's
various departments and divisions.  A diversity pipeline development strategy
has also been established.  Focusing on external recruitment, community
outreach, college relations and internal development, the strategy has
resulted in increased ethnic and gender representation within Toyota's
workforce.  On the manufacturing front, Toyota Motor Manufacturing, Kentucky
and TMMNA's workforce have been undergoing formal diversity training.  At
present, over 7,000 employees have completed the intensive workshop, which
will be administered throughout each of Toyota's North American plants.
    * Money Management:  In 2002, Toyota reached $100 million in investment
funds placed with minority-owned and female-owned investment managers.
Managers added include Smith Graham & Company Investment Advisors, L.P.,
located in Houston, Texas; Williams Capital Management, L.L.C. and Utendahl
Capital Management, L.P., both based in New York City; and NCM Capital
Management Group, Inc. in Durham, North Carolina.  In addition, Toyota
utilizes Loop Capital Markets, L.L.C. as an approved broker.
    * Capital Markets:  Minority-owned investment banking firms participated
in the placement of two asset-backed debt offerings from Toyota Financial
Services in 2002, including Blaylock & Partners, L.P., Guzman & Company, Loop
Capital Markets LLC, Utendahl Capital Partners, L.P. and the Williams Capital
Group, L.P.