Dissolution of subsidiaries

Toyota Motor Corporation
30 October 2002

                                 (Translation)



To Whom It May Concern:



                                                                October 30, 2002
                                                        Toyota Motor Corporation
                                               (Toyota Jidosha Kabushiki Kaisha)
                                    1, Toyota-cho, Toyota City, Aichi Prefecture





    Notice Concerning Dissolution (Business Restructuring) of Subsidiaries



We hereby notify you that at the meeting of the Board of Directors of Toyota
Motor Corporation ('TMC') held on October 30, 2002, TMC decided to dissolve (for
business restructuring) its subsidiaries, Toyota Motor Insurance Agency of Ohio,
Inc., Toyota Motor Insurance Services of Kentucky, Inc., Toyota Motor Insurance
Services of Rhode Island, Inc., Toyota Motor Insurance Services of Wyoming,
Inc., as follows.



1.       Factors which led to dissolution (business restructuring)

Toyota Motor Insurance Services, Inc. ('TMIS', established in March 1986,
located at Torrance, California), a United States subsidiary of TMC, established
the following insurance agency companies in the states of Ohio, Kentucky, Rhode
Island and Wyoming pursuant to the relevant state insurance regulatory
administration, in order to conduct insurance agency business in the relevant
states.

*      Toyota Motor Insurance Agency of Ohio, Inc. ('TMIAO')
*      Toyota Motor Insurance Services of Kentucky, Inc. ('TMISK')
*      Toyota Motor Insurance Services of Rhode Island, Inc. ('TMISR')
*      Toyota Motor Insurance Services of Wyoming, Inc. ('TMISW')

However, due to deregulation of insurance administration in the four states, it
is no longer required to hold an insurance agency subsidiary in each of the
states in order to conduct insurance agency business, and may be conducted by
TMIS's holding of an insurance agency license.  Therefore, TMIS no longer needs
to hold the above four companies.

From the view point of simplifying the company operation, we decided to dissolve
(restructure) the above four companies and integrate their business into their
parent company, TMIS.



2.       Facts about each company to be dissolved (for business restructuring)


                            TMIAO                 TMISK                 TMISR                 TMISW
Location              Cincinnati, Ohio    Louisville, Kentucky    Providence, Rhode     Cheyenne, Wyoming
                                                                       Island

Established             October 1987          November 1987         November 1987         February 1988

Representative          George Borst          George Borst          George Borst          George Borst

Shareholders'             US$ 1,000             US$ 1,000             US$ 1,000             US$ 1,000
equity

Ownership structure       TMIS 100%             TMIS 100%             TMIS 100%             TMIS 100%



3.       Schedule for dissolution (restructuring)



November 2002 (scheduled)



4.       Anticipated effects on TMC's consolidated sales and profits



The anticipated effect on TMC's business performance will be minor.


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