Notice Stock Option

Toyota Motor Corporation
01 August 2005


                                 (Translation)


To Whom It May Concern:


                                                                  August 1, 2005

                                                        Toyota Motor Corporation

                                               (Toyota Jidosha Kabushiki Kaisha)

                                    1, Toyota-cho, Toyota City, Aichi Prefecture


              Notice Concerning Determination of Terms of Issuance of
                    Stock Option (Stock Acquisition Rights)


We hereby announce that today, the following terms and conditions which were not
determined at the meeting of the Board of Directors of Toyota Motor Corporation
('TMC') held on June 23, 2005 (at which the issuance of stock acquisition rights
('Stock Acquisition Rights') for the purpose of granting stock options pursuant
to Article 280-20 and Article 280-21 of the Commercial Code was decided), were
determined as set forth below.




1.          Date of Issuance of Stock Acquisition Rights    August 1, 2005

2.          Amount to be Paid upon Exercise of Stock        JPY4,377 per share
            Acquisition Rights

3.  Aggregate Amount of Issue Price of the Shares to be     JPY9,209,208,000
    Issued upon the Exercise of the Stock Acquisition Rights

4.  Portion of Issue Price of the Share to be Issued upon   JPY2,188 per share
    the Exercise of the Stock Acquisition Rights not to be
    Transferred to Capital


(Reference)


(1) Date on which the Board of Directors resolved to propose the issue of Stock
Acquisition Rights to the Ordinary General Shareholders' Meeting

       May 10, 2005



(2)   Date on which the issue of Stock Acquisition Rights was adopted by the
Ordinary General Shareholders' Meeting

       June 23, 2005

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Contact: TMC, Public Affairs at (03) 3817-91116 (Tokyo Head Office)
                                (0565) 23-15204 (Head Office)
                                (052) 952-34613 (Nagoya)


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