Result of Meeting

Toyota Motor Corporation
27 June 2001



To All Shareholders:                                          June 27, 2001

                                                       Fujio Cho, President
                                                   TOYOTA MOTOR CORPORATION
                               1, Toyota-cho, Toyota City, Aichi Prefecture

                       Notice of Resolution of FY 2001
                     Ordinary General Shareholders' Meeting

Dear Shareholder,

We hereby notify you that, at the FY 2001 Ordinary General Shareholders' Meeting
of TOYOTA MOTOR CORPORATION ('TMC') held as of today, the meeting agenda have
been reported and resolved as provided below.

Fujio Cho

Reports:
(1)  Report on Business Review, balance sheet, and statement of income for the  
     FY2001 term (covering April 1, 2000 through March 31, 2001)

       Substance of the above financial statements has been reported.

(2)  Report on share repurchases under the provisions of Article 3 of the Law   
     for Special Exceptions to the Commercial Code Concerning Procedures of     
     Cancellation of Shares.

       Substance of the results of the above repurchase of shares has been      
       reported.

Resolutions:
     Proposed Resolution 1: Approval of Proposed Appropriation of Retained      
     Earnings

       This resolution has been approved and adopted as proposed, to distribute 
       14 yen per share to the shareholders for the year-end dividend.
       Combined with the interim dividend, this will result in total shareholder
       dividend for the fiscal year ended March 31, 2001 of 25 yen per share.

     Proposed Resolution 2: Election of 12 Directors

       This resolution has been approved and adopted as proposed, and 12        
       persons, Messrs. Katsuhiro Nakagawa, Hajime Wakayama, Hiroshi Takada,    
       Teiji Tachibana, Shinichi Sasaki, Kazutoshi Minami, Shin Kanada, Hironobu
       Ono, Akira Okabe, Yoshio Shirai, Yoichiro Ichimaru and Shoji Ikawa have  
       been newly elected as Directors, and each has assumed his office.

     Proposed Resolution 3: Election of 1 Corporate Auditor

       This resolution has been approved and adopted as proposed, and Mr.       
       Yoshiaki Muramatsu has been newly elected as Corporate Auditor, and      
       assumed his office.

     Proposed Resolution 4: Repurchase of Shares to be Transferred to TMC       
     Directors and Employees

       This resolution has been approved and adopted as proposed, to repurchase 
       1,500,000 shares of TMC par value shares of common stock, up to a maximum
       value of 7.5 billion yen, to be transferred to our Directors and         
       employees as described below, in order to make the Directors and         
       employees more interested in and determined to improve TMC'S performance,
       and to enhance our international competitiveness, pursuant to the        
       provisions of Article 210-2, Paragraph 1 of the Commercial Code, with    
       such repurchase to take place between the conclusion of this             
       Shareholders' Meeting and the conclusion of the next Ordinary General    
       Shareholders' Meeting.

       (Summary of Share Transfer Provisions)

       (1) Recipients
           All of the 58 directors and 432 employees among those who are        
           qualified for the position of Senior General Manager or Senior Grade 
           1 (see Note below) at the time of conclusion of this Shareholders'   
           Meeting (provided that, it shall be subject to his/her holding of the
           position of the Director of TMC, or qualification for the position of
           the Senior General Manager or Senior Grade 1 on the day the options  
           are granted).

           Note:'Senior General Manager' is the highest rank for employees;
                'Senior Grade 1' is the second highest rank for employees (and  
                equivalent to General Manager).

      (2) Type of shares to be transferred
          TMC par value shares of common stock

      (3) Number of shares to be transferred
          A maximum of 1,500,000 shares in total will be transferred to those   
          recipients set out in (1) above. A maximum number and a minimum number
          of shares to be transferred to one Director are 15,000 and 5,000,     
          respectively. The number of shares to be transferred to one employee  
          is 2,000 shares.

      (4) Transfer price
          The closing price on the Tokyo Stock Exchange on the date of grant of 
          options (if no transaction is made on that day, the closing price of  
          the latest date prior to such day on which a transaction was made)    
          multiplied by 1.025. However, fractional values of less than one yen  
          shall be rounded upward to the nearest whole yen.

          The transfer price shall be adjusted according to the following       
          formula in the event of stock splits or new share issuance at a value 
          below the market price, with fractional yen values rounded up to the  
          nearest whole yen.

                                          Newly issued         Amount to be
                 Number of shares issued    shares      x     paid per share
Pre-adjustment   and outstanding   +     _______________________________________
transfer value x                          Share price before split or new issue
                 _______________________________________________________________
                 Number of shares issued  Number of additional shares to be     
                 and outstanding  +       issued through stock split or new     
                                          issue

      (5) Date of grant of options
          August 1, 2001

      (6) Period of the exercise of options
          Four years from the date of the grant of options

      (7) Conditions on exercise of options
         (7-1)  In case of Directors' retirement, employees' mandatory          
                retirement, employment transfer, or death of the recipients set 
                out in (1) above will be handled as follows:
                - Directors' retirement, employees' mandatory retirement, or    
                  employment transfer: The options granted to the recipients may
                  be exercised within six months from such event.
                - Death: The options granted to the recipients shall become void
                  at the time of his/her death.

         (7-2)  Other conditions relating to the exercise of options shall be   
                provided in the contracts to be executed between TMC and the    
                recipients provided in (1) above pursuant to the resolution of  
                this Shareholders' Meeting and the resolution of the meeting of 
                the Board of Directors.

     Proposed Resolution 5: Award of Bonus Payments to Retiring Members of      
                            Directors and Corporate Auditor

       This resolution has been approved and adopted as proposed, to reward     
       service of the retiring ten Directors, Messrs. Kosuke Yamamoto, Shinichi 
       Kato, Tadaaki Jagawa, Hiroaki Kazaoka, Masanao Motonami, Koichiro        
       Noguchi, Seihachi Takahashi, Norio Sato, Akio Kamiya, Shinro Iwatsuki and
       the retiring Corporate Auditor, Mr. Hiroyuki loku, pursuant to TMC'S     
       standard concerning the award for retirement bonus payment. The actual   
       amount, timing of the presentation and how it is presented to the        
       retiring Members of Directors and Corporate Directors and Corporate      
       Auditors, is to be decided by the Board of Directors and through a       
       consultation among the Corporate Auditors, respectively.

At the meeting of the Board of Directors held after the conclusion of this
Shareholders' Meeting, the following Directors have been elected as Directors
with special title, and each has assumed his office:

       Mr. Kosuke Ikebuchi as Vice Chairman of the Board, Messrs. Yoshio Uesaka,
       Akihiko Saito, Ryuji Araki, Yoshio Ishizaka, Kosuke Shiramizu, Katsuaki  
       Watanabe, Susumu Miyoshi and Kazushi Iwatsuki as Executive Vice          
       Presidents, Messrs. Koji Hasegawa, Yasuhito Yamauchi, Zenji Yasuda,      
       Takashi Kamio and Hiroyuki Watanabe as Senior Managing Directors, and    
       Messrs. Katsuhiro Nakagawa, Akio Matsubara, Tokuichi Uranishi, Akiyoshi  
       Watanabe, Tsutomu Tomita, Yoshito Kato, Kazuo Okamoto, Shoji Kondo, Kyoji
       Sasazu, Mitsuo Kinoshita, Toshio Mizushima, Yasuhiko Fukatsu, Takeshi    
       Uchiyamada and Shuhei Toyoda as Managing Directors.

In addition, each of the three former Executive Vice Presidents, Messers. Kosuke
Yamamoto, Shinichi Kato and Tadaaki Jagawa, who resigned from the office of
Executive Vice President at the close of this Shareholders' Meeting, has assumed
his office as Senior Advisor to the Board.