Offering Price, Etc.

Toyota Motor Corporation
20 November 2006



                                 (TRANSLATION)



                                                               November 20, 2006



To Whom It May Concern:




                                                                   Company Name:
                                                        Toyota Motor Corporation
                                               Name and Title of Representative:
                                                    Katsuaki Watanabe, President
                                                                  (Code No. 7203
                                      Securities and exchanges throughout Japan)
                                               Name and Title of Contact Person:
                                                                    Takuo Sasaki
                                            General Manager, Accounting Division
                                              Telephone Number: (0565) 28 - 2121



Notice Concerning Offering Price, Etc.



        We hereby notify you that with respect to the offer for sale shares of
common stock of Toyota Motor Corporation ('TMC') (the 'Shares') in the domestic
markets and the overseas markets, which was resolved at its Board of Directors'
Meeting on November 7, 2006, the offering price, etc. was determined today,
November 20, 2006, as follows:


1.   Offering price:                                                                      JPY 6,820 per share
2.   Aggregate offering price:                                                            JPY 296,067,794,000
3.   Number of Shares to be offered:                                        43,411,700 shares of common stock
                                               (1) Number of shares to be offered in Japan: 28,217,600 shares
                                          (2) Number of shares to be offered outside Japan: 15,194,100 shares
4.   Amount paid by underwriters:                                                      JPY 6,680.80 per share
5.   Aggregate amount                                                                     JPY 290,024,885,360
     paid by underwriters:
6.   Offering period (in Japan):                                              From Tuesday, November 21, 2006
                                                                                 to Friday, November 24, 2006
7.   Delivery date:                                                               Thursday, November 30, 2006

(Note)    The underwriters will purchase the Shares at the amount paid by
underwriters and offer such Shares for sale at the offering price.



(Reference)

      Calculation of offering price
Calculation reference date and                                    Monday, November 20, 2006 and JPY 6,960
calculation reference price:
Discount rate:                                                                                      2.01%




Note:

This notice is prepared for the purpose of public disclosure of the offering of shares of common stock of TMC, but is
not prepared for the purpose of investment solicitation or any other acts similar thereto, either within Japan or
abroad.  In the case of subscription to this offering, the investor should refer to the 'prospectus' (as well as any
amendments thereto), which has been prepared by TMC, and should make investment decision individually according to his
or her own judgment.  The prospectus (as well as any amendments thereto) is available at the underwriter securities
company.

This notice is not an offer of securities for sale in the United States and securities may not be offered or sold in
the United States absent registration or an exemption from registration.  Any public offering of securities to be made
in the United States, will be made by means of a prospectus that may be obtained from TMC or Banks' Shareholdings
Purchase Corporation that will contain detailed information about TMC and its management, as well as financial
statements, pursuant to the United States Securities Act of 1933. In addition, in the United States, a written
prospectus to this offering may be obtained from: (1) Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World
Financial Center, FL05, New York, New York 10080 and (2) Nomura Securities International, 2 World Financial Center,
Building B, New York, New York 10281-1198. TMC has registered a part of the proposed offering in the United States.




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