Stock Option

Toyota Motor Corporation
02 August 2004

                                 (Translation)


To Whom It May Concern:


                                                                   August 2,2004
                                                        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, 2004 (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 2, 2004

2. Amount to be Paid upon Exercise of Stock Acquisition     JPY 4,541 per share
   Rights

3. Aggregate Amount of Issue Price of the Shares to be      JPY 9,177,361,000
   Issued upon the Exercise of the Stock Acquisition Rights

4. Portion of Issue Price of the Share to be Issued upon    JPY 2,270 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 11, 2004


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

       June 23, 2004

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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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