Changes in Subsidiaries

Toyota Motor Corporation
03 August 2005

                                 (Translation)

                                                                  August 3, 2005

To Whom It May Concern:

Company Name:                               TOYOTA MOTOR CORPORATION

Name and Title of Representative:           Katsuaki Watanabe, President

(Code Number:                               7203
Securities exchanges throughout Japan)

Name and Title of Contact Person:           Masaki Nakatsugawa
                                            General Manager, Accounting Division

Telephone Number:                           0565-28-2121



Notice Concerning Changes in Subsidiaries (Merger)

We hereby give notice that at the meeting of the Board of Directors of Toyota
Motor Corporation ('TMC') held on August 3, 2005, TMC decided to consolidate its
subsidiaries, Toyota Motor Europe S.A./N.V. ('TME'), Toyota Motor Engineering &
Manufacturing Europe S.A./N.V. ('TMEM') and Toyota Motor Marketing Europe S.A./
N.V. ('TMME') as described below, effective as of the date of merger, on October
1, 2005.



1.    Purpose of Change

As part of TMC's efforts to promote its business in the highly competitive
European market, the subsidiaries will be merged with the aim to facilitate
cooperation among the various business functions such as the manufacturing and
sales divisions and to improve efficiency of administrative operations.



2.    Method of Change

       TME and TMEM will be merged into TMME, and TMME will be the surviving
company (TME and TMEM will cease to exist).  The trade name of the surviving
company, TMME, will become Toyota Motor Europe S.A./N.V. as of October 1, 2005.




3.    Facts of the Subsidiaries



(1) Facts of the Subsidiaries before the Change (merger)
       Trade Name         Toyota Motor Europe S.A./  Toyota Motor Engineering &   Toyota Motor Marketing
                                     N.V.            Manufacturing Europe S.A./      Europe S.A./N.V.
                                                                N.V.

Description of Business    Holding company for TMEM  Production control support    Sales management of
                           and TMME, and activities       and research and      vehicles and parts thereof
                             relating to external     development of vehicles           in Europe.
                          affairs, public relations     and parts thereof in
                           and research in Europe.            Europe.

Date of Incorporation           April 1, 2002             October 1, 1998            October 1, 1990

Location of Head Office     Avenue du Bourget 60,      Avenue du Bourget 60,      Avenue du Bourget 60,
                              Brussels, Belgium          Brussels, Belgium          Brussels, Belgium

Name of Representative    Shinichi Sasaki, President Shinichi Sasaki, President     Tadashi Arashima,
                                                                                        President

Net Revenues                 EUR 26,293 thousand       EUR 5,152,413 thousand    EUR 14,729,804 thousand

Total Assets                EUR 2,604,445 thousand     EUR 2,416,138 thousand     EUR 3,574,386 thousand

Common Stock                EUR 2,588,845 thousand     EUR 2,028,462 thousand      EUR 961,788 thousand

Composition of                     TMC 100%                   TME 100%                   TME 100%
Shareholders

Fiscal Year End                     March                      March                      March

Number of Employees               62 persons                939 persons               1,728 persons

* The figures for Net Revenues are for the fiscal year ended March 31, 2005, and
the figures for Total Assets, Common Stock, Composition of Shareholders and
Number of Employees are as of March 31, 2005.



(2) Facts after the Change (merger) (scheduled)

New Trade Name                                        Toyota Motor Europe S.A./N.V.

Description of Business           Activities relating to external affairs, public relations, research,
                                        production control support, research and development and
                                        sales management of vehicles and parts thereof in Europe

Location of Head Office                          Avenue du Bourget 60, Brussels, Belgium

Name of Representative                                 Shinichi Sasaki, President

Common Stock                                             EUR 2,443,596 thousand

Total Assets                                             EUR 5,995,216 thousand

Composition of Shareholders                                     TMC 100%

Fiscal Year End                                                   March

Number of Employees                                    Approximately 2,700 persons


4.    Change in the ownership of TMC


(Before the Change)

   Name of the company      Number of voting rights     Total number of voting          Percentage
                                      held                      rights

           TME                     25,888,458                 25,888,458                   100%
           TMEM                    81,825,818                 81,825,818                   100%
                               (Indirectly held)
           TMME                    41,402,878                 41,402,878                   100%
                               (Indirectly held)


(After the Change)(scheduled)

   Name of the company      Number of voting rights     Total number of voting          Percentage
                                      held                      rights

           TME                  105,191 thousand           105,191 thousand                           100%
 (TMME before the merger)


5.    Schedule for the Change


August 3, 2005        TMC                         Resolution to approve the merger at the meeting of the
                                                  Board of Directors of TMC.

August 10, 2005       TME, TMEM, TMME             Meeting of the Board of Directors to approve the merger
                                                  (scheduled)

October 1, 2005       TME, TMEM, TMME             Extraordinary General Shareholders' Meeting regarding
                                                  the merger and amendment to the Articles of
                                                  Incorporation (amendment of trade name) (scheduled)


6.    Anticipated Effects on TMC's Business Performance

       The anticipated effects on TMC's business performance and the
consolidated business performance are expected to be minor.


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