Establishment of Holding Co

Toyota Motor Corporation
28 March 2002


                  Toyota to Set Up Holding Company in Europe 

Tokyo-TOYOTA MOTOR CORPORATION (TMC) announced today that it will establish a
Europe-based holding company for the purpose of coordinating Toyota's European
manufacturing and sales activities. Toyota Motor Europe S.A./N.V. (TME) will be
created on April 1 and located in Brussels, Belgium. 

The creation of TME follows five straight years of record Toyota European sales
(as of the end of 2001), as Toyota approaches its goal of selling 800,000
vehicles a year in Europe in 2005. To support this goal, TME will initially
focus on strengthening Toyota corporate and government affairs activities in
Europe, serving as a holding company for Toyota Motor Europe Manufacturing
S.A./N.V, which manages Toyota European manufacturing efforts, and Toyota Motor
Europe Marketing & Engineering S.A./N.V., which oversees Toyota European sales
activities. 

TME also intends to play a key role in enhancing efficiency and accelerating
decision-making in Toyota European operations.  

Outline of TME
                                                                                                                      
Company name             Toyota Motor Europe S.A./N.V.                                                              
Location                 Brussels, Belgium (same office building as TMEM and
                         TMME)            
President                Shuhei Toyoda (president of TMEM)                                                           
Field of business        Holding company for TMEM and TMME; strengthening 
                         corporate and government affairs activities in Europe           
Capitalization           About 1.4 billion euros                                                                    
Shareholding structure   TMC 100%                                                                                   
Number of employees      Approximately 20                                                                           

Contact:
Masashi Honda/Paul Nolasco [phone]/9161




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