Notice Concerning Stock Acquisition Rights for the
Purpose of Granting Stock Options

At a meeting held on May 8, 2008, the Board of Directors of Toyota Motor Corporation ("TMC") resolved to propose an agenda asking for (i) the authorization to issue rights to subscribe for or purchase shares of TMC ("Stock Acquisition Rights") pursuant to Articles 236 and 238 of the Corporation Act of Japan, without consideration, for the purpose of granting stock options, (ii) the authorization to delegate to the Board of Directors the determination of the terms and conditions of the offering of such rights pursuant to Article 239 of the Corporation Act, and (iii) the approval of the calculation method to determine the value of the Stock Acquisition Rights allotted to the Directors of TMC as remuneration other than cash in accordance with the provisions of Article 361 of the Corporation Act. The proposal will be presented at its 104th Ordinary General Shareholders' Meeting of TMC ("104th Shareholders' Meeting") to be held on June 24, 2008 and we hereby inform you as follows. In addition, if the agendum "Election of 30 Directors" is approved at the 104th Shareholders' Meeting, there will be 30 Directors who will receive allotment of the Stock Acquisition Rights, and the maximum number of Stock Acquisition Rights to be allotted to the Directors of TMC shall be 10,100, considering the number of Stock Acquisition Rights granted for the purpose of existing stock options and other various factors.