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

As announced on June 23, 2006, pursuant to the approval at the 102nd Ordinary General Shareholders' Meeting of Toyota Motor Corporation ("TMC"), the issuance of rights to subscribe for or purchase shares of TMC ("Stock Acquisition Rights") on August 1, 2006 for the purpose of granting stock options, pursuant to the provisions of Article 236, Article 238 and Article 239 of the Corporation Act, was resolved at a meeting of the Board of Directors of TMC held on June 23, 2006. We hereby announce that, today, the initial amount of assets to be paid upon exercise of each Stock Acquisition Right, based on the formula of which was decided at the Board of Directors' meeting, was determined at JPY614,000 (initially JPY6,140 per share).