Dissolution of a subsidiary

Toyota Motor Corporation
31 July 2007

                                 (Translation)



To Whom It May Concern:

                                                                   July 31, 2007

Company Name:

     TOYOTA MOTOR CORPORATION

Name and Title of Representative:

     Katsuaki Watanabe, President

     (Code Number: 7203
     Securities exchanges throughout Japan)

Name and Title of Contact Person:

     Takuo Sasaki
     General Manager, Accounting Division
     (Telephone Number: 0565-28-2121)


Notice Concerning the Dissolution of a Subsidiary


We hereby notify you that Tokyo Hino Motor Co., Ltd. ('Tokyo Hino'), a
subsidiary of Toyota Motor Corporation ('TMC'), has decided to transfer a part
of the business of Tokyo Hino's subsidiary, Kokusai Kankoubus Ltd. ('Kokusai
Kankoubus'), and thereafter dissolve Kokusai Kankoubus, as follows.



1.    Name and Description of the Subsidiary to be Dissolved



       Trade Name:                      Kokusai Kankoubus Ltd.

       Location of Head Office:         1-5-7, Toshin-cho, Itabashi-ku, Tokyo

       Name of Representative:          Shigeto Shinohara, Representative Director and President

       Contents of Business:            Contracted omnibus operation

       Established:                     February 1953

       Capital:                         JPY 200,000,000

       Total Assets:                    JPY 611,000,000 (as of March 31, 2007)

       Number of Employees:             106 persons

       Major Clients:                   NIPPON TRAVEL AGENCY CO., LTD., Meitetsu World Travel Inc., NIPPON EXPRESS CO., 
                                        LTD., etc.

       Shareholder Composition:         Tokyo Hino  93.35%

                                        (Tokyo Hino is a subsidiary of Hino Motors, Ltd. ('Hino'), a subsidiary of TMC.
                                         Hino holds 99.97% of shares of Tokyo Hino.)
                                         Individual shareholders (4 persons)  6.65%

       Business Performance (Fiscal year ended March 31, 2007):

                            Net sales: JPY 1,275,000,000

                            Ordinary income: JPY - 63,000,000

2.    Reason for Dissolution


       Kokusai Kankoubus will be dissolved after transferring a part of its
business in order to improve the business efficiency of the TMC group.


3.    Schedule for Dissolution



       Kokusai Kankoubus will be dissolved promptly after the business transfer.
The business transfer is scheduled to take place on October 31, 2007.



4.    Effects on Consolidated Sales and Earnings of TMC



       The effects of the dissolution of Kokusai Kankoubus on TMC's business
performances are expected to be minor.


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