Toyota Motor (TM)

Article 12. (Determination of Purchase Price)

If a purchase request is made for shares constituting less than one unit, the purchase price of such shares shall be the amount obtained by multiplying the number of shares requested to be purchased by the amount equivalent to the closing price of the shares of the Company on the Tokyo Stock Exchange on the date on which the purchase request is received at the Handling Office of the Transfer Agent (“Date of Request”); provided, however, that if there is no sale and purchase transaction on the Tokyo Stock Exchange on the Date of Request or if the Date of Request falls on a holiday of the Tokyo Stock Exchange, the amount equivalent to the price at which the shares of the Company are first traded on the trading day immediately following such date and thereafter shall be used.

Article 25.    (Determination of purchase price)

In case a purchase request is made in respect of less-than-one-unit shares, the sale and purchase price of such shares shall be an amount obtained by multiplying the number of shares requested to be purchased by an amount equal to the final sale and purchase price on the market provided by the Tokyo Stock Exchange on the day on which the purchase request has reached the transfer agent’s handling office or any of its liaison offices (hereinafter called the “date of request”); provided, however, that if there is no sale and purchase transaction on the market provided by the Tokyo Stock Exchange on the date of request or if the date of request falls on a holiday for the Tokyo Stock Exchange, an amount equal to the first sale and purchase price validly established on the following trading day and thereafter shall be used.