Dissolution of Subsidiary

Toyota Motor Corporation
31 January 2003

                                 (Translation)



To Whom It May Concern:

                                                                January 31, 2003


Company Name:                                       HINO MOTORS, LTD.
Name and Title of Representative:                   Tadaaki Jagawa, President
Code Number:                                        7205 Securities exchanges 
                                                    throughout Japan
Name and Title of Contact Person:                   Toshihisa Sakaki
                                                    General Manager, Public 
                                                    Relations Department,
                                                    Corporate Planning Division
                                                    Telephone Number: 
                                                    03-5419-9320
Parent Company of HINO MOTORS, LTD.:
Company Name:                                       TOYOTA MOTOR CORPORATION
Name and Title of Representative:                   Fujio Cho, President
Code Number:                                        7203 Securities exchanges 
                                                    throughout Japan
Name and Title of Contact Person:                   Takahiko Ijichi
                                                    General Manager, 
                                                    Accounting Division
                                                    Telephone Number: 
                                                    0565-28-2121





                   Notice Concerning Dissolution of Subsidiary



We hereby notify you that HIGASHI-HOKKAIDO HINO MOTORS, LTD., subsidiary of HINO
MOTORS, LTD. ('HINO'), has decided to dissolve its subsidiary as described
below.


1. Name and facts about the subsidiary to be dissolved
   Trade Name:                     Yugen Kaisha Hinode Kanko Rent-a-car
   Location of head office:        523-1, Miwa, Kitami-shi, Hokkaido
   Name of representative:         Junji Miyamoto
   Incorporation:                  July 1989
   Capital:                        JPY 7 million
   Total assets:                   JPY 64 million
   Number of employees:            0
   Major clients:                  Kabushiki Kaisha Tsubetsu Shinko Kousha, 
                                   Kabushiki Kaisha Oehonke and others
   Member composition:             HIGASHI-HOKKAIDO HINO MOTORS, LTD.  100% 
                                  (HIGASHI-HOKKAIDO HINO MOTORS, LTD. is a 96.5%
                                   owned subsidiary of HINO)
   Business performance (Fiscal year ended March 31, 2002):
   Net sales: JPY 66 million       Ordinary loss: JPY 5 million
2. Schedule for dissolution
   February 13, 2003 (scheduled)
3. Reason for dissolution
   In order to improve business efficiency of HINO group
4. Anticipated effects on our business performance
   The anticipated effects of the dissolution on each of HINO's and TOYOTA's net
   incomes for the term will be minor.




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