Dissolution of a Subsidiary

Toyota Motor Corporation
07 February 2006

                                 (Translation)



To Whom It May Concern:



                                                                February 7, 2006



                                                        TOYOTA MOTOR CORPORATION

                                    1, Toyota-cho, Toyota City, Aichi Prefecture



Notice Concerning the Dissolution of a Subsidiary



We hereby give notification that at the meeting of the Board of Directors of
Toyota Motor Corporation ('TMC') held on February 7, 2006, TMC decided to
dissolve its subsidiary, Toyota Credit Argentina S.A. ('TCA'), as described
below.



1.    Reason for the Dissolution



TCA was established in September 1998 as a subsidiary of TMC in order to promote
the sales finance business in Argentina. Due to Argentina's currency crisis that
occurred at the end of 2001, however, it became difficult to continue stable
operating activities.

In November 2004, Toyota Compania Financiera de Argentina S.A. ('TCFA'), a sales
finance subsidiary with a banking license, was newly established.  As the
operating activities of TCA have already been transferred to TCFA and there are
no anticipated effects of TCA's dissolution on the sales finance business in
Argentina, TMC has decided to dissolve TCA.



2.        Facts of the Subsidiary to be Dissolved

       Company Name:                   Toyota Credit Argentina S.A.

       Location:                       877 Moreno Street, 5th Floor
                                       C1091AAQ, Buenos Aires, ARGENTINA

       Date of Incorporation:          September 1998

       Representative:                 Eduardo Espinelli

       Contents of Business:           Automobile sales finance

       Capital:                        20 million Argentine pesos

       Shareholder Composition:        Toyota Financial Services Americas
                                       Corporation: 66.75%
                                       Toyota Motor Credit Corporation: 33.25%



3.    Schedule for the Dissolution



       Scheduled to be dissolved in or after December 2006



4.    Anticipated Effects on the Business Performance



       The anticipated effects of the dissolution of TCA on TMC's business
       performance are minor.


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