Dissolution of Subsidiary

Toyota Motor Corporation
22 April 2004

                                 (Translation)



To Whom It May Concern:                                           April 22, 2004


                                                        TOYOTA MOTOR CORPORATION
                                               (Toyota Jidosha Kabushiki Kaisha)
                                    1, Toyota-cho, Toyota City, Aichi Prefecture


                 Notice Concerning Dissolution of Subsidiary


We hereby notify you that at the meeting of the Board of Directors of Toyota
Motor Corporation ('TMC') held on April 22, 2004, TMC decided to dissolve its
subsidiary, Japan Flying Service Kabushiki Kaisha ('JFS'), as described below.



1.    Facts of JFS



       Trade Name:                    Japan Flying Service Kabushiki Kaisha
       Incorporation:                 December 17, 1965
       Location:                      3-18, Kudan-minami 2-chome, Chiyoda-ku, Tokyo
       Representative:                Toshinori Ogure, Representative Director
       Capital:                       JPY 660 million
       Issued shares:                 1,320,000 shares
       Total assets:                  JPY 112 million (as of March 31, 2003)
       Number of employees:           0
       Shareholders:                  TMC - 75.4%
                                      All Nippon Airways Co., Ltd. - 10.0%
                                      Sompo Japan Insurance Inc. - 2.7%
                                      The Nichido Fire and Marine Insurance Co., Ltd. - 2.6%
                                      Others (14 people) - 9.3%
       Content of business:           Aviation service
       Business performance:          Net sales for the fiscal year ended March 31, 2003: JPY 0



2.    Schedule for dissolution

      Scheduled to be dissolved in or after June 2004.



3.    Reason for dissolution



       JFS has suspended its business as of the end of July 1998 due to poor
business results.  As there are no prospects for resuming its business, TMC
decided to dissolve JFS.



4.     Anticipated effects on the business performance



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




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