Dissolution of Subsidiaries

Toyota Motor Corporation
29 July 2003

                                 (Translation)



                                                                   July 29, 2003
                                                        TOYOTA MOTOR CORPORATION



                 Notice Concerning Dissolution of Subsidiary



We hereby notify you that AERO ASAHI CORPORATION ('AERO ASAHI'), subsidiary of
TOYOTA MOTOR CORPORATION ('TMC'), has decided to dissolve its subsidiary,
Kabushiki Kaisha Chiiki Koku Sogo Kenkyu-jo, as described below.



1.    Name and facts of the subsidiary to be dissolved



       Trade Name:                  Kabushiki Kaisha Chiiki Koku Sogo Kenkyu-jo

       Incorporation:               May 11, 1987

       Location:                    19, Shinkiba 4-chome, Koto-ku, Tokyo

       Capital:                     JPY 20 million

       Issued shares:               400 shares

       Total assets:                JPY 10,702,397 (as of March 31, 2003)

       Number of employees:         0

       Major client:                AERO ASAHI

       Shareholders:                AERO ASAHI - 95%
                                    The Bank of Tokyo-Mitsubishi, Ltd. - 5%

       Content of business:         Local aeronautical consulting

       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 August 2003.



3.    Reason for dissolution



       Kabushiki Kaisha Chiiki Koku Sogo Kenkyu-jo began its business for the
purpose of regional aeronautical consulting.  However, as there are no prospects
for continuing its business, AERO ASAHI decided to dissolve Kabushiki Kaisha
Chiiki Koku Sogo Kenkyu-jo.



4.    Anticipated effects on the business performance



       The anticipated effects of the dissolution on TMC's performance will be
very minor.




                                 (Translation)



                                                                   July 29, 2003
                                                        TOYOTA MOTOR CORPORATION



               Notice Concerning Dissolution of Subsidiary


We hereby notify you that AERO ASAHI CORPORATION ('AERO ASAHI'), subsidiary of
TOYOTA MOTOR CORPORATION ('TMC'), has decided to dissolve its subsidiary,
Kabushiki Kaisha Tohoku Asahi Koyo, as described below.



1.    Name and facts of the subsidiary to be dissolved



       Trade Name:              Kabushiki Kaisha Tohoku Asahi Koyo

       Incorporation:           January 18, 2001

       Location:                40-2, Chuo 1-chome, Izumi-ku, Sendai-shi, Miyagi

       Capital:                 JPY 50 million

       Issued shares:           1,000 shares

       Total assets:            JPY 1,194,812 (as of March 31, 2003)

       Number of employees:     0

       Major client:            Tohoku district municipalities

       Shareholder:             AERO ASAHI - 100%

       Content of business:     Location survey

       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 August 2003.



3.    Reason for dissolution



       Kabushiki Kaisha Tohoku Asahi Koyo was established as a company in charge
of the operation of spatial information business of AERO ASAHI in the Tohoku
district.  However, because such business has been transferred to AERO ASAHI as
a result of restructuring of business operations in order to improve business
efficiency, AERO ASAHI decided to dissolve Kabushiki Kaisha Tohoku Asahi Koyo.



4.    Anticipated effects on the business performance



       The anticipated effects of the dissolution on TMC's performance will be
very minor.




                                 (Translation)



                                                                   July 29, 2003
                                                        TOYOTA MOTOR CORPORATION



                Notice Concerning Dissolution of Subsidiary



We hereby notify you that AERO ASAHI CORPORATION ('AERO ASAHI'), subsidiary of
TOYOTA MOTOR CORPORATION ('TMC'), has decided to dissolve its subsidiary,
Kabushiki Kaisha Tokai Asahi Koyo, as described below.



1.    Name and facts of the subsidiary to be dissolved



       Trade Name:            Kabushiki Kaisha Tokai Asahi Koyo

       Incorporation:         January 18, 2001

       Location:              4-13, Higashi-sakura 1-chome, Higashi-ku, 
                              Nagoya-shi, Aichi

       Capital:               JPY 50 million

       Issued shares:         1,000 shares

       Total assets:          JPY 7,984,877 (as of March 31, 2003)

       Number of employees:   0

       Major client:          Tokai and Chubu district municipalities

       Shareholder:           AERO ASAHI - 100%

       Content of business:   Location survey

       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 August 2003.



3.    Reason for dissolution



       Kabushiki Kaisha Tokai Asahi Koyo was established as a company in charge
of the operation of spatial information business of AERO ASAHI in the Tokai and
Chubu district.  However, because such business has been transferred to AERO
ASAHI as a result of restructuring of business operations in order to improve
business efficiency, AERO ASAHI decided to dissolve Kabushiki Kaisha Tokai Asahi
Koyo.



4.    Anticipated effects on the business performance



       The anticipated effects of the dissolution on TMC's performance will be
very minor.




                                 (Translation)



                                                                   July 29, 2003
                                                        TOYOTA MOTOR CORPORATION



Notice Concerning Dissolution of Subsidiary



We hereby notify you that AERO ASAHI CORPORATION ('AERO ASAHI'), subsidiary of
TOYOTA MOTOR CORPORATION ('TMC'), has decided to dissolve its subsidiary,
Kabushiki Kaisha Asahi Joho Systems, as described below.



1.    Name and facts of the subsidiary to be dissolved



       Trade Name:            Kabushiki Kaisha Asahi Joho Systems

       Incorporation:         April 7, 1992

       Location:              1-1, Higashi-Ikebukuro 3-chome, Toshima-ku, Tokyo

       Capital:               JPY 30 million

       Issued shares:         600 shares

       Total assets:          JPY 0 (as of March 31, 2003)

       Number of employees:   0

       Major client:          AERO ASAHI

       Shareholders:          AERO ASAHI - 85%
                              Kabushiki Kaisha Higashi-Nihon Asahi Koyo - 10%
                              Kabushiki Kaisha Nishi-Nihon Asahi Koyo - 5%

       Content of business:   Information processing

       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 August 2003.



3.    Reason for dissolution



       Kabushiki Kaisha Asahi Joho Systems was established as a company in
charge of developing new products in the field of land information system and
expanding the application of photogrammetry technology, with regard to the
spatial information business of AERO ASAHI.  However, because such business has
been transferred to AERO ASAHI as a result of restructuring of business
operations, AERO ASAHI decided to dissolve Kabushiki Kaisha Asahi Joho Systems.



4.    Anticipated effects on the business performance



       The anticipated effects of the dissolution on TMC's performance will be
very minor.




                                 (Translation)



                                                                   July 29, 2003
                                                        TOYOTA MOTOR CORPORATION



                Notice Concerning Dissolution of Subsidiary



We hereby notify you that AERO ASAHI CORPORATION ('AERO ASAHI'), subsidiary of
TOYOTA MOTOR CORPORATION ('TMC'), has decided to dissolve its subsidiary,
Kabushiki Kaisha A.E. Consultant, as described below.



1.    Name and facts of the subsidiary to be dissolved



       Trade Name:                Kabushiki Kaisha A.E. Consultant

       Incorporation:             June 6, 1956

       Location:                  1-1, Minami-dai 3-chome, Kawagoe-shi, Saitama

       Capital:                   JPY 40 million

       Issued shares:             80,000 shares

       Total assets:              JPY 83,428 (as of March 31, 2003)

       Number of employees:       0

       Major client:              Government and other public offices, local
                                  municipalities

       Shareholder:               AERO ASAHI - 100%

       Content of business:       Construction consulting and location survey

       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 August 2003.



3.    Reason for dissolution



       Kabushiki Kaisha A.E. Consultant was in charge of construction consulting
business of AERO ASAHI.  However, because such business has been transferred to
AERO ASAHI as a result of restructuring of business operations in order to
improve business efficiency, AERO ASAHI decided to dissolve K.K. A.E.
Consultant.



4.    Anticipated effects on the business performance



       The anticipated effects of the dissolution on TMC's performance will be
very minor.


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