Policies on reducing shares

Toyota Motor Corporation
25 June 2007

                                 (Translation)



To Whom It May Concern:


                                                                  June 25, 2007


                                               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)


   Views and Policies on Reducing the Number of Shares per Unit of Investment


Toyota Motor Corporation ('TMC') is aware that reducing the number of shares per
investment unit is an effective method to increase the liquidity of TMC shares
and expand the base of TMC investors. Based on this understanding, TMC reduced
the number of shares per unit from 1,000 shares to 100 shares on August 1, 2000.

TMC will continuously consider setting an appropriate unit of investment, taking
into consideration, among other things, for TMC's share price, turnover, the
number of shareholders and the needs of investors.




                      This information is provided by RNS
            The company news service from the London Stock Exchange