Repurchase of Shares Notice

Toyota Motor Corporation
08 May 2003

                                 (Translation)


To Whom It May Concern:


                                                                     May 8, 2003
                                                        Toyota Motor Corporation
                                               (Toyota Jidosha Kabushiki Kaisha)
                                    1, Toyota-cho, Toyota City, Aichi Prefecture



                        Notice Concerning Repurchase of Shares

          (Repurchase of Shares under Article 210 of the Commercial Code)


At its meeting held on May 8, 2003, the Board of Directors of Toyota Motor
Corporation ('TMC') resolved to propose an agenda asking for authorization to
repurchase its shares under the provision of Article 210 of the Commercial Code
at the FY2003 Ordinary General Shareholders' Meeting to be held on June 26,
2003.  We hereby inform you as follows.


1.  Reasons for repurchase
    In order to improve capital efficiency and to implement flexible capital 
    policies in accordance with the business environment.
2.  Type of shares to be repurchased                              Shares of common stock of TMC
3.  Aggregate purchase price of shares                            Up to JPY 400,000,000,000
4.  Aggregate number of shares to be repurchased                  Up to 150,000,000 shares



(Note) The above repurchase of shares shall be conditional upon the agendum
'Repurchase of Shares' being approved at the FY2003 Ordinary General Meeting of
Shareholders scheduled to be held on June 26, 2003.



(Reference)
Number of issued shares of TMC                             3,609,997,492 shares
(as of March 31, 2003)




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