Notice Concerning the Determination of the Exercise Price of
Stock Options (Stock Acquisition Rights)

As announced on June 22, 2007, pursuant to the approval at the 103rd Ordinary General Shareholders' Meeting of Toyota Motor Corporation ("TMC"), it was resolved at the meeting of the Board of Directors of TMC held on June 22, 2007 (the "Board Meeting") that rights to subscribe for or purchase shares of TMC ("Stock Acquisition Rights") will be issued on August 1, 2007 for the purpose of granting stock options, pursuant to the provisions of Article 236, Article 238 and Article 239 of the Corporation Act. We hereby announce that, today, the initial amount of assets to be paid upon exercise of each Stock Acquisition Right, calculated based on the formula which was decided at the Board Meeting, has been determined at JPY727,800 (initially JPY7,278 per share).