Dissolution of Subsidiary

Toyota Motor Corporation
19 November 2003

                                 (Translation)



To Whom It May Concern:

November 19, 2003


Company Name: DAIHATSU MOTOR CO., LTD.

Name and Title of Representative:

Takaya Yamada, President 

Code Number: 7262 Tokyo Stock Exchange and Osaka Securities Exchange)

Name and Title of Contact Person:

Yuichi Kondo, General Manager, Accounting Division

Telephone Number: 072-754-3062

Parent Company of DAIHATSU MOTOR CO., LTD.:

TOYOTA MOTOR CORPORATION

Name and Title of Representative:

Fujio Cho, President

Code Number: 7203

Securities exchanges throughout Japan)

Name and Title of Contact Person:

Takahiko Ijichi

General Manager, Accounting Division

Telephone Number: 0565-28-2121





                 Notice Concerning Dissolution of Subsidiary



We hereby notify you that DAIHATSU MOTOR CO., LTD. ('DAIHATSU') has resolved to
dissolve three of its subsidiaries, DAIHATSU AUSTRALIA PTY. LIMITED, DAIHATSU
MOTOR (HK) LIMITED, and DAIHATSU AMERICA, INC., as described below.



1.    Facts about the subsidiaries



  (1) DAIHATSU AUSTRALIA PTY. LIMITED

      Location:                              Suite 6002, Bayside Plaza 376
                                             Bay Street Brighton Le Sands 2216
      Name of representative:                Isao Kumoda
      Capital:                               AUS$2,000,000
      Shareholder:                           DAIHATSU 100%



  (2) DAIHATSU MOTOR (HK) LIMITED

      Location:                              8th Floor, Chung Nam
                                             Building, 1 Lockhart Road, Wanchai, 
                                             Hong Kong
      Name of representative:                Katsumi Yoshida
      Capital:                               HK$4,000,000
      Major shareholder:                     DAIHATSU 70%



  (3) DAIHATSU AMERICA, INC

      Location:                              2301 Dupont Dr. Ste. 530
                                             Irvine, CA 92612-7502, U.S.A.
      Name of representative:                Yoichi Shibaike
      Capital:                               US$3,500,000
      Shareholder:                           DAIHATSU 100%





2.    Reason for dissolution of the subsidiaries



      As the operating activities of the above three subsidiaries have already
      been suspended, we have decided to dissolve these subsidiaries.



3.    Schedule for liquidation of the subsidiaries



      The above three subsidiaries have initiated procedures for liquidation
      and are scheduled to be liquidated during the year 2004.



4.    Anticipated effects on our business performance



      The anticipated effects of the liquidation on each of DAIHATSU's and
      TOYOTA's business performance will be minor.


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