Toyota Announces Reorganization of Its
North American Operations

Tokyo―TOYOTA MOTOR CORPORATION (TMC) announced today the reorganization of its North American operations, centered around Toyota Motor Manufacturing North America, Inc. (TMMNA), which was established and began operations on October 1, 1996.

Under the new structure, numerous manufacturing-related administrative functions previously carried out independently by various Toyota entities in North America, and by TMC in Japan, are now coordinated and supported by TMMNA.

The new company directly supports Toyota Motor Manufacturing, Kentucky, Inc., (TMMK), which was previously known as Toyota Motor Manufacturing, U.S.A., Inc., Toyota Motor Manufacturing, Indiana, Inc. (TMMI), Toyota Motor Manufacturing, West Virginia, Inc. (TMMWV), TABC, Inc. in California, Bodine Aluminum, Inc. in Missouri, and Canadian Autoparts Toyota Inc. (CAPTIN) in British Columbia. TMMNA also lends manufacturing-related support to Toyota Motor Manufacturing Canada Inc. (TMMC) in Ontario and New United Motor Manufacturing, Inc. (NUMMI) in California.

Business planning and production control functions from Japan, and purchasing, legal/external affairs, accounting, and finance functions from existing North American manufacturers have been transferred in large part to TMMNA. In addition, TMMNA now also helps coordinate and support the quality assurance and production engineering functions of various North American affiliates and Toyota Supplier Support Center (TSSC).

Along with the reorganization of administrative functions comes a change in the shareholding structure of Toyota's North American operations.
TMMNA takes over full ownership of TMMK and TABC, as well as an 80% share of Bodine, all of which previously were held partly or wholly by Toyota Motor Sales, U.S.A., Inc. (TMS). The recently established manufacturers TMMI and TMMWV also become full subsidiaries of TMMNA. TMS continues to hold 100% of Toyota Motor Credit Corporation (TMCC) and remains in charge of sales and finance in the U.S.

All of the shares of TMS, which was previously a 100% subsidiary of TMC, and newly-formed TMMNA are held now by Toyota Motor North America, Inc. (TMA), a holding company that was established on September 3 of this year. Toyota Motor Corporate Services of North America, Inc. (TMCS) remains a full subsidiary of TMC, although it's manufacturing-related functions have been transferred to TMMNA. The shareholding structures of NUMMI, Toyota Technical Center, U.S.A., Inc. (TTC), Calty Design Research, Inc., TMMC, and CAPTIN are unaffected by this reorganization.

Toyota Motor Manufacturing North America. Inc.

Toyota Motor North America. Inc.