About the Cover

Car Air-Conditioning Compressor

A PASSIONFORCREATION
Annual Report 2004
Year ended March 31, 2004

The cover of our Annual Report 2004 shows the motif of a car air-conditioning compressor, symbolizing Toyota Industries’
passion for “creating things.”
The car air-conditioning compressor functions as the “heart” of the air conditioner, enhancing passenger comfort by
regulating the interior temperature of the vehicle. Toyota Industries became a leader in global markets by successively
introducing revolutionary new products, such as continuous variable displacement compressors, compressors that use
CO2 as a refrigerant for fuel-cell hybrid vehicles and electrically driven compressors for hybrid cars.
Our car air-conditioning compressors integrate leading-edge technologies with superb quality and reliability, earninghigh acclaim not only from Toyota Motor Corporation but also from other major automakers. We began manufacturing car
air-conditioning compressors in 1960; in April 2004, our cumulative production total reached 200 million units.
Our air-conditioning compressors symbolize Toyota Industries’ unique passion. The growth of Toyota Industries’ entire
range of businesses has been driven by “passion for creation,” “passion for marketing and “passion for manufacturing.”

Profile

ProfileToyota Industries Corporation was founded in 1926 by Sakichi Toyoda, a renowned
master of invention in Japan, to manufacture automatic looms. His ambitions andpassion have been inherited not only by Toyota Industries but also by the entire
Toyota Group, and are driving the Toyota Group’s current growth. Toyota Industries
proceeded over the years to diversify into such fields as automobiles, materials
handling equipment, electronics and logistics solutions. In line with its strategy ofglobalization, Toyota Industries has production facilities and sales networks not onlyin Japan but also in Europe, North America, China and other regions.
The business universe of Toyota Industries consists of four segments:
Automobile, which comprises the vehicle (automobile assembly), engine and car
air-conditioning compressor businesses; Materials Handling Equipment, which
specializes in forklift trucks and other materials handling equipment; Textile
Machinery, which covers the spinning and weaving machinery businesses; andOthers, which includes electronics, logistics solutions and other businesses. Eachof these segments already has or is building a secure footing in its particular fields.
As it carries out its activities in a diverse range of business domains, Toyota
Industries is preserving the passion inherited from Sakichi Toyoda. Developing
technological and market synergies among our various businesses to produce
added value, we aim to achieve a conglomerate premium so that the worth ofToyota Industries as a whole adds up to more than the sum of its parts.

Definition of Terms“Fiscal 2004” refers to the fiscal year ended March 31, 2004, and other fiscal years are referred to in a corresponding manner. All references to the “Company” herein are to Toyota Industries
Corporation, and references to “Toyota Industries” or “Toyota Industries Group” herein are to the Company and its 140 consolidated subsidiaries.

Cautionary Statement with Respect to Forward-Looking Statements
This annual report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of the words “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar
expressions is intended to identify such forward-looking statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota Industries Corporationand its Group companies regarding their plans, outlook, strategies and results for the future. All such projections and forward-looking statements are based on management’s assumptions and beliefs
derived from the information available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries Corporation and its Group companies undertake noobligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Therefore, it is advised that you should not rely solely uponthese projections and forward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties could cause the actual results of Toyota Industries
Corporation and its Group companies to differ materially from any projections or forward-looking statements appearing in this report. These risks and uncertainties include, but are not limited to, thefollowing: 1) economic trends, 2) principal customers, 3) product development capabilities, 4) new businesses, 5) product defects, 6) price competition, 7) reliance on suppliers of raw materials andcomponents, 8) alliances with other companies, 9) exchange rate fluctuations, 10) effects of disasters, power blackouts and other incidents, 11) latent risks associated with international activities, 12)
official restrictions, 13) share price fluctuations and 14) retirement benefit liabilities.

ANNUAL REPORT 2004 — TOYOTA INDUSTRIES CORPORATION1