Statement re Stock Option

Toyota Motor Corporation
01 August 2002

                                 (Translation)



To Whom It May Concern:



                                                                  August 1, 2002
                                                        Toyota Motor Corporation
                                               (Toyota Jidosha Kabushiki Kaisha)
                                    1, Toyota-cho, Toyota City, Aichi Prefecture

            Notice Concerning Determination of Terms of Issuance of
                    Stock Option (Share 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 26, 2002 (at which the issuance of share acquisition rights
('Share 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 Share Acquisition Rights                                   August 1, 2002

2.  Amount to be Paid upon Exercise of Share Acquisition Rights                    JPY 2,958 per share

3.  Aggregate Amount of Issue Price of the Shares to be Issued upon the Exercise   JPY 5,549,208,000
    of the Share Acquisition Rights

4.  Portion of Issue Price of the Share Certificates Issued upon the Exercise of   JPY 1,479 per share
    Share Acquisition Rights to be Transferred to Capital



(Reference)


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


May 13, 2002


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


June 26, 2002

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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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