Securities Report 11/12

Toyota Motor Corporation
24 June 2004


                                      FY2004          

                        For the year ended March 31, 2004
          
     25   Per share amounts

          Reconciliations of the differences between basic and diluted net 
          income per share for the year ended March 31, 2004 are as follows:


                                      Yen in        Thousands
                                      millions      of shares
                                     Net income     Weighted      Net income
                                                     average       per share
                                                     shares
     For the year ended March 31, 
     2004:
     Basic net income per 
     common share                     1,162,098     3,389,074      342.90  yen
     Effect of dilutive 
     securities
     Assumed exercise of dilutive 
     stock options                                        303
     Diluted net income per 
     common share                     1,162,098     3,389,377      342.86  yen


Certain stock options were not included in the computation of diluted net income
per share for the year ended March 31, 2004 because the options' exercise prices
were greater than the average market price per common share during the period.

The following table shows Toyota's net assets per share as of March 31, 2004.

Net assets per share amounts are calculated as dividing net assets' amount as of
March 31, 2004 by the number of shares issued and outstanding as of March 31.


                                    Yen in        Thousands
                                   millions       of shares
                                  Net assets    Shares issued      Net assets
                                                     and           per share
                                                 outstanding
                                                 as of March
                                                  31, 2004

     Net assets per share         8,178,567       3,329,921        2,456.08 yen

     
26   Subsequent events

     At the meeting held on June 1, 2004, the Board of Directors of the parent 
     company approved to repurchase treasury stock, based on the resolution of 
     the Ordinary Shareholders' Meeting held on June 26, 2003, in order for the 
     parent company to improve capital efficiency and to implement its capital 
     policy in a flexible manner responding to business environments.

     The further information of the repurchase is as follows:


          Method of repurchase                  Purchase through the market
          Aggregate number of shares             19,630 thousand of shares 
          repurchased                            (common shares)
          Aggregate purchase price               81,464 million yen
          Date of repurchase                     June 8, 2004


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