Dissolution of a subsidiary

Toyota Motor Corporation
31 January 2008

                                 (Translation)



                                                                January 31, 2008



To Whom It May Concern:




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 of a Subsidiary



We hereby notify you that Toyota Caelum Incorporated ('TCI'), a subsidiary of
Toyota Motor Corporation ('TMC'), has decided to dissolve TCI's subsidiary, as
described below.



1. Name and Summary of the Subsidiary of a Subsidiary to be Dissolved


Trade Name:                  Toyota Caelum USA, Inc.
Location of Head Office:     2001 Gateway Place, Suite 700 West, San Jose, California 95110, U.S.A.
Name of Representative:      Hiromi Araki, President and Chief Executive Officer, Director
Content of Business:         Development and sales of computer software (CAD/CAM, etc.)
Date of Incorporation:       August 31, 2000
Capital:                     USD 300,000
Total Assets:                USD 826,286 (as of March 31, 2007)
Number of Employees:         0 persons
Shareholder Composition:     TCI 100%
                             (TMC holds 51.0% of shares of TCI.)
Business Performances (Fiscal year ended March 31, 2007):
                             Net Sales: USD 0
                             Operating Income: USD -39,104
                             Net Income: USD 15,406



2. Reason for the Dissolution


TCI established the above-mentioned subsidiary as the base for TCI's development and sales of computer software in the
United States, and has entrusted the development of its new products and other related businesses to it.  However, in
order to enhance TCI's business efficiency, TCI decided to dissolve the above-mentioned subsidiary after integrating
the subsidiary business into TCI.



3. Schedule for the Dissolution



Dissolution is scheduled to take place around May 2008.



4. Anticipated Effects on the Business Performance (Consolidated Sales and
Income) of TMC



       The anticipated effects of the dissolution of the above-mentioned
subsidiary of TCI on TMC's business performances are minor.




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