Stock Option

Toyota Motor Corporation
01 August 2003

                                 (Translation)


To Whom It May Concern:


                                                                   August 1,2003
                                                        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 26, 2003 (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, 2003

2. Amount to be Paid upon Exercise of Stock Acquisition      JPY 3,116 per share
   Rights

3. Aggregate Amount of Issue Price of the Shares to be       JPY 6,101,128,000
   Issued upon the Exercise of the Stock Acquisition Rights

4. Portion of Issue Price of the New Share not to be         JPY 1,558 per share
   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 8, 2003


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


       June 26, 2003



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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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