SUBSIDIARIES

1 T.RAD Head Office
   AIOI Insurance Shinjyuku BLDG 3-25-3 Yoyogi, Shibuya-Ku,
   Tokyo, Japan
   www.trad.co.jp/english

2 T.RAD Hatano Works
   937 Soya, Hadano City, Kanagawa Prefecture, Japan

3 T.RAD Nagoya Works
   1-7 Orido Fujie, Higashiura-cho, Chita-gun, Aichi Prefecture,
   Japan

4 T.RAD Shiga Works
   297 Goti-cho, Higashi Ohmi City, Siga Prefecture, Japan

5 T.RAD Product Development Center
   4-14 Shioya-cho, Minami-ku, Nagoya City, Aichi Prefecture,
   Japan

6 T.RAD Environment & Energy Research Center
   937 Soya, Hadano City, Kanagawa Prefecture, Japan

7 T.RAD Product Engineering Development Center
   4-14 Shioya-cho, Minami-ku, Nagoya City, Aichi Prefecture,
   Japan

8 T.RAD North America
   210 Bill Bryan BLVD, Hopkinsville, KY 42240
   www.tradna.com

9 T.RAD Italia
   Via Vittime di Piazza della Loggia, 22 - 10024 Moncalieri
   (Turin) - Italy

10 T.RAD Czech s.r.o.
    Lidicka 1044, 273 51 Unhost

11 T.RAD (Zhongshang) Co.,Ltd.
    Zhongshan Torch Hi-Tech Industrial Development Zone
    528437 Zhongshan City, Guangdong Province

12 T.RAD (Thailand) Co.,Ltd.
    Wellgrow Industrial Estate, 150 Moo 5 Bangna-Trad Rd.,
    Bang-samak, Bang Pakong - Chacyoengsao,24130

JOINT VENTURES

13 Rising Sun Heat Exchanger

14 Quingdao Toyo Heat-Exchanger Co.,Ltd.

15 TORC Co.,Ltd.

16 TATA Toyo Radiator Ltd.