Distribution of Dividends

Toyota Motor Corporation
08 May 2008

                                 (Translation)


May 8, 2008

To Whom It May Concern:


Company Name:

     TOYOTA MOTOR CORPORATION

Name and Title of Representative:

     Katsuaki Watanabe, President
    (Code Number: 7203
     Securities exchanges throughout Japan)

Name and Title of Contact Person:

     Takuo Sasaki
     General Manager, Accounting Division
     (Telephone Number: 0565-28-2121)



            Notice Concerning Distribution of Dividends from Surplus


At a meeting held on May 8, 2008, the Board of Directors of Toyota Motor
Corporation ('TMC') resolved to propose an agenda asking for authorization to
distribute dividends from surplus, with record date dated March 31, 2008, at the
104th Ordinary General Shareholders' Meeting to be held on June 24, 2008.  In
relation to the above, we hereby inform you of the following:



1.     Details of dividends

                     Amount to be proposed as           Most recent          Year-end dividend paid for FY
                     Year-end dividend for FY        dividend forecast                   2007
                               2008                  

Record Date               March 31, 2008               March 31, 2008               March 31, 2007

Dividend            75.00 yen                           Not reported                   70.00 yen
per share

Total amount            236,195,000,000 yen                  -                    223,855,000,000 yen
of dividends

Effective date             June 25, 2008                     -                       June 25, 2007

Source of                Retained earnings                   -                     Retained earnings
dividends



2.     Reason for the dividend amount

        TMC deems the benefit of its shareholders as one of its priority
management policies. With respect to the payment of dividends, TMC aims to
achieve a consolidated dividend payout ratio of 30% at an early stage, as well
as to strive for continuous growth of dividend per share, while giving due
consideration to factors such as business results for each term and new
investment plans.

        In accordance with the policy mentioned above, the Board of Directors of
TMC resolved to propose an agenda asking for authorization of 75 yen as year-end
dividend for FY 2008, an increase of 5 yen as compared with that in FY 2007.


 (Reference)

        Details of Dividends through the fiscal year
                                                          Dividend per share (yen)
Record date                             End of interim    End of fiscal period           Total
                                            period

Dividends for FY 2008                       65.00                 75.00                 140.00
(ended March 31, 2008)                                           (plan)                 (plan)

Dividends for FY 2007                       50.00                 70.00                 120.00
(ended March 31, 2007)


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