TOYOTA AND GENERAL MOTORS ANNOUNCE ESTABLISHMENT
OF AUSTRALIAN JOINT VENTURE

MELBOURNE―TOYOTA MOTOR CORPORATION and General Motors Corporation announced today the establishment of United Australian Automotive Industries Ltd. (UAAI). The equally owned joint venture company will coordinate the manufacture and sales of passenger cars in Australia by Toyota Motor Corporation Australia Ltd. (TMCA) and General Motors-Holden's Automotive Ltd.
(GMHA).

UAAI is a holding company and will initially retain 30% of the stock of both TMCA and GMHA with the remaining 70% of the two concerns held by their corresponding parent companies. TMCA and GMHA are scheduled to become wholly-owned subsidiaries of the joint venture company in mid-1989.

TMCA and GMHA will continue to operate as independent organizations and market their respective products through separate and competitive dealer networks.

TMCA, the new name of Toyota's Australian subsidiary, Toyota Manufacturing Australia Ltd. (TMA), controls the organization and operations for engine production, passenger car production and sales previously controlled by TMA, AMI Toyota Ltd. (AMI), and York Motors (Holding) Ltd. (York). TMA earlier acquired 100% of the ordinary shares of AMI and York, positioning them as subsidiaries in the new TMCA Group.

Toyota's passenger car sales in Australia have for the time being been assigned to Toyota Motor Sales Australia Ltd., formerly known as Theiss Toyota PTY., Ltd. In June 1989, however, marketing operations are also scheduled to be fully integrated into TMCA.