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, Toyota Motor Insurance Agency of Massachusetts, Inc. ('TMIAM'), as
described below.



1.    Factors which led to dissolution



Toyota Motor Insurance Services, Inc. ('TMIS', established in March 1986,
located at Torrance, California), a United States subsidiary of TMC, established
TMIAM as an insurance agency company in the state of Massachusetts pursuant to
the relevant state insurance regulatory administration, in order to conduct
insurance agency business in the state.

However, due to deregulation of insurance administration in the state, it is no
longer required to hold an insurance agency subsidiary in the state in order to
conduct insurance agency business, and such may be conducted by TMIS's holding
of an insurance agency license.  Therefore, TMIS no longer needs to hold TMIAM.

From the viewpoint of simplifying the company operation, we decided to dissolve
TMIAM and integrate its business into its parent company, TMIS.



2.    Facts of subsidiary to be dissolved

Location:                             Wellesley, Massachusetts, U.S.A
Incorporation:                        November, 1997
Representative:                       George Borst
Capital:                              US$ 1,000
Shareholder:                          TMIS 100%



3.    Schedule for dissolution

      Scheduled to be dissolved in May 2004.



4.    Anticipated effects on the business performance

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


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