Stmnt re Subsidiary

Toyota Motor Corporation
11 January 2002



           Notice Concerning Dissolution of a Subsidiary of TMC
 
We hereby notify that TOYOTA INSURANCE SERVICES OF SINGAPORE PTE LIMITED 
('TISS'), a subsidiary of Toyota Motor Corporation ('TMC'), has resolved to
dissolve as described below.
 
1. Facts about TISS

   Location:                 3 Temasek Avenue No.13-01 Centennial Tower,        
                             Singapore 039190

   Representative:           Motonobu Takemoto

   Shareholders' equity:     S$5,000,000

   Ownership structure:      TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.   100%
 
2. Factors which lead to dissolution
 
   TISS, a captive insurance company, was established in 1992 for the purpose of
   lowering the premium of TMC'S non-life insurance and arranging the most
   appropriate insurance scheme. However, as the necessity of such business
   declined due to the recent development in the deregulation of insurance
   business, TISS has decided to dissolve itself.
 
3. Schedule for winding up
 
   TISS started its winding up procedures on December 28, 2001.
 
4. Anticipated effect on TMC's consolidated sales and profits
 
   The anticipated effect on TMC'S business performance will be minor.