Dissolution of Subsidiary

Toyota Motor Corporation
29 May 2002


Notice Concerning Dissolution of a Subsidiary of the Company

We hereby notify you that at the meeting of the Board of Directors of Toyota
Motor Corporation ('TMC') held on May 29, 2002, TMC decided to dissolve Toyota
Epoch Life Co., Ltd. ('TEL'), a subsidiary of TMC, as follows.
 
1. Facts about TEL

   Location:                1260-2, Aza Uematsu, Oaza Mizuhara, Wakamiya-machi,
                            Kurate-gun, Fukuoka Prefecture   
   Representative:          Masahiro Kadota
   Shareholders' equity:    JPY 30,000,000
   Major shareholder:       TMC 95%

2. Factors which led to dissolution


   'Adventure Field WAKAMIYA', managed by TEL, was established in 1996 as a
   place where customers could experience the thrill of driving and riding in
   off-road 4WD vehicles. However, as the needs and use of automobiles, and the
   market environment of off-road 4WDs have changed, TMC determined that the
   initial purpose of the facility has been achieved and thereby decided to
   close Adventure Field WAKAMIYA.

   In line with this closing, TEL, the management company of the facility, will
   be dissolved.

3. Schedule for winding up

   TEL will operate until mid-December 2002, and is scheduled to begin its
   winding-up procedures after the close of the facility.

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

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



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