Dissolution of Subsidiary

Toyota Motor Corporation
16 March 2004


                                 (Translation)



To Whom It May Concern:

March 16, 2004

Company Name: HINO MOTORS, LTD.

Name and Title of Representative:

    Tadaaki Jagawa, President

Code Number: 7205

    Securities exchanges throughout Japan

Name and Title of Contact Person:

    Toshihisa Sakaki
    General Manager, Public Relations Department,
    Corporate Planning Division
    Telephone Number: 03-5419-9320

Parent Company of HINO MOTORS, 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 HINO MOTORS, LTD. ('HINO') has decided to dissolve its
subsidiary, Hino Logistics Consulting, Ltd. , as described below.

1.   Name and facts about the subsidiary to be dissolved

     Trade Name:                     Hino Logistics Consulting, Ltd.

     Address:                        11-3, Shiba 4-chome, Minato-ku, Tokyo

     Details of business:            Sales etc., of hardware and software relating to logistics
                                     (built-in digital tachograph for vehicles, etc)

     Incorporation:                  October 1992

     Capital:                        JPY 90 million

     Issued shares:                  1,800 shares (face value of JPY 50,000 each)

     Total assets:                   JPY 137 million (as of March 31, 2003)

     Number of employees:            7 (all of whom are dispatched from Hino)

     Major client:                   HINO

     Shareholder composition:        HINO 100%

     Business performance (Fiscal year ended March 31, 2003):
                                     Net sales: JPY 206 million
                                     Ordinary loss: JPY 6 million

2.   Schedule for dissolution

     Scheduled to be dissolved on March 31, 2004.

3.   Reason for dissolution

     In order to improve the business efficiency within the Group.

4.   Anticipated effects on the business performance

     The anticipated effects of the dissolution on each of HINO's and TOYOTA's operating results for the
     term are very minor.

                      This information is provided by RNS
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