Result of AGM

Toyota Motor Corporation
24 June 2004

                                                                   June 23, 2004

To All Shareholders:

                                                             President Fujio Cho

                                                        TOYOTA MOTOR CORPORATION

                                    1, Toyota-cho, Toyota City, Aichi Prefecture



 Notice of Resolutions Adopted at FY2004 Ordinary General Shareholders' Meeting

     (Unless otherwise stated, all financial information has been prepared
      in accordance with generally accepted accounting principles in Japan)

        English translation from the original Japanese-language document



Dear Shareholder,



The reports given and resolutions adopted at today's FY2004 Ordinary General
Shareholders' Meeting are as below.





Report:

Reports on business review, unconsolidated balance sheet and statement of income
for the FY2004 term (April 1, 2003 through March 31, 2004)



Details pertaining to the above financial statements were reported.



Resolutions:



Proposed Resolution 1: Approval of Proposed Appropriation of Retained Earnings
for the FY2004 Term



   The year-end dividend of 25 yen per share was approved as per the proposed 
resolution.

   Combined with the interim dividend, this will result in a total shareholder 
dividend for the fiscal year ended March 31, 2004 of 45 yen per share.



Proposed Resolution 2: Amendment of the Articles of Incorporation



   Approved as per the proposed resolution.

   Amendment details can be found on Page 3.



Proposed Resolution 3: Election of 27 Directors



   Approved as per the proposed resolution.  The following 27 persons were 
elected and have taken up their positions as directors:
Hiroshi Okuda, Kosuke Ikebuchi, Fujio Cho, Akihiko Saito, Ryuji Araki, Yoshio
Ishizaka, Kosuke Shiramizu, Katsuaki Watanabe, Kazushi Iwatsuki, Katsuhiro
Nakagawa, Yasuhito Yamauchi, Takashi Kamio, Hiroyuki Watanabe, Akio Matsubara,
Tokuichi Uranishi, Kazuo Okamoto, Kyoji Sasazu, Mitsuo Kinoshita, Yoshimi Inaba,
Takeshi Uchiyamada, Masatami Takimoto, Akio Toyoda, Shoichiro Toyoda, Tetsuo
Hattori, Yukitoshi Funo, Takeshi Suzuki, Atsushi Niimi.




Proposed Resolution 4: Issue of Stock Acquisition Rights without Consideration
to Directors, Managing Officers and Employees, etc., of Toyota Motor Corporation
and its Affiliates



   Approved as per the proposed resolution.  Pursuant to Article 280-20 and
Article 280-21 of the Commercial Code, Stock Acquisition Rights shall be issued
without consideration, for the purpose of granting stock options, to directors,
managing officers and employees, etc., of Toyota Motor Corporation ('TMC') and
its affiliates.



Proposed Resolution 5: Repurchase of Shares



   Approved as per the proposed resolution.  In order to improve capital
efficiency and to implement flexible capital policies in accordance with the
business environment, authorization has been granted to repurchase shares of TMC
common stock, up to 65 million shares and to a maximum value of 250 billion yen,
based on provisions of Article 210 of the Commercial Code, with the acquisition
to occur between the conclusion of this Ordinary General Shareholders' Meeting
and the conclusion of the next Ordinary General Shareholders' Meeting.



Proposed Resolution 6: Award of Bonus Payments to Mr. Iwao Isomura (deceased),
Former Representative Director and Vice Chairman, and to Retiring Directors



   Approved as per the proposed resolution.  Award of bonus payments  in
appropriate amounts shall be made to former Vice Chairman Iwao Isomura
(deceased), and to retiring directors Zenji Yasuda, Teruyuki Minoura and Shuhei
Toyoda for their dedicated efforts in the past in accordance with TMC's
standards. Actual amounts and the timing and method of payments shall be
determined by the Board of Directors.







Proposed Resolution 7: Proposed Appropriation of Retained Earnings



                                          Rejected



Proposed Resolution 8: Amendment of the Articles of Incorporation (Part 1)



                                          Rejected



Proposed Resolution 9: Amendment of the Articles of Incorporation (Part 2)



                                          Rejected






Amendment Details



                                                 (Amended parts are underlined.)
                  Current Provisions                                     Proposed Amendment
CHAPTER II.  SHARES                                    CHAPTER II.  SHARES
                                                       (Repurchase of Shares)
                                                        _____________________
                 (Newly established)                   Article 6
                                                       __________
                                                                  The Company may repurchase its own shares
                                                                  _________________________________________
                                                       upon approval by the Board of Directors by resolution
                                                       _____________________________________________________
                                                       in accordance with the provisions of the Commercial
                                                       ___________________________________________________
                                                       Code Article 211-3 Paragraph 1 Item 2.
                                                       _____________________________________

Articles 6 to 28                                       Articles 7 to 29
         _    __                                                _    ___
                      (Omitted)                                              (No change)







At the conclusion of today's Ordinary General Shareholders' Meeting, a Board of
Directors meeting was held where 25 persons were elected as directors with
special titles and 44 managing officers were elected and took up their
respective positions.



Chairman of the Board Hiroshi Okuda, Vice Chairman Kosuke Ikebuchi, Vice
Chairman Katsuhiro Nakagawa, President Fujio Cho, Executive Vice President
Akihiko Saito, Executive Vice President Ryuji Araki, Executive Vice President
Yoshio Ishizaka, Executive Vice President Kosuke Shiramizu, Executive Vice
President Katsuaki Watanabe, and Executive Vice President Kazushi Iwatsuki were
elected and took up positions as representative directors.



The new directors and managing officers are as follows:


Chairman of the Board       Hiroshi Okuda               Senior Managing Director       Mitsuo Kinoshita
Vice Chairman               Kosuke Ikebuchi             Senior Managing Director       Yoshimi Inaba
Vice Chairman               Katsuhiro Nakagawa          Senior Managing Director       Takeshi Uchiyamada
President                   Fujio Cho                   Senior Managing Director       Masatami Takimoto
Executive Vice President    Akihiko Saito               Senior Managing Director       Akio Toyoda
Executive Vice President    Ryuji Araki                 Senior Managing Director       Tetsuo Hattori
Executive Vice President    Yoshio Ishizaka             Senior Managing Director       Takeshi Suzuki
Executive Vice President    Kosuke Shiramizu            Honorary Chairman              Shoichiro Toyoda
Executive Vice President    Katsuaki Watanabe           Director (with Senior Managing Yukitoshi Funo
                                                        Director status)
Executive Vice President    Kazushi Iwatsuki            Director (with Senior Managing Atsushi Niimi
                                                        Director status)
Senior Managing Director    Yasuhito Yamauchi           Full-time Corporate Auditor    Hideaki Miyahara
Senior Managing Director    Takashi Kamio               Full-time Corporate Auditor    Yoshiro Hayashi
Senior Managing Director    Hiroyuki Watanabe           Full-time Corporate Auditor    Chiaki Yamaguchi
Senior Managing Director    Akio Matsubara              Corporate Auditor              Yasutaka Okamura
Senior Managing Director    Tokuichi Uranishi           Corporate Auditor              Hiromu Okabe
Senior Managing Director    Kazuo Okamoto               Corporate Auditor              Yoichi Kaya
Senior Managing Director    Kyoji Sasazu                Corporate Auditor              Tadashi Ishikawa



Managing Officers


Hajime Wakayama             Yoshikazu Amano               Mamoru Furuhashi            Takashi Shigematsu
Hiroshi Takada              Shinichi Kawashima            Satoshi Ozawa               Yuzo Ushiyama
Teiji Tachibana             Kunio Komada                  Seiichi Sudo                Yoshikatsu Tanaka
Shinichi Sasaki             Akira Sasaki                  Yasuhiko Ichihashi          Nobuyoshi Hisada
Shin Kanada                 Takeshi Yoshida               Tadashi Yamashina           Yasumori Ihara
Akira Okabe                 Hiroshi Kawakami              Takashi Hata                Mitsuhisa Kato
Yoshio Shirai               Hitoshi Nishiyama             James E. Press              Takahiko Ijichi
Yoichiro Ichimaru           Iwao Nihashi                  Gary L. Convis              Toshio Furutani
Shoji Ikawa                 Shinzo Kobuki                 Alan J. Jones               Tetsuo Agata
Masuji Arai                 Tadashi Arashima              Wahei Hirai                 John H.Conomos
Koichi Ina                  Masamoto Maekawa              Tatehito Ueda               Panagiotis
                                                                                      J.Athanasopoulos






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