Toyota and Yamaha Motor strengthen their business tie-up, and Toyota and Yamaha group shall tie up with investment

March. 06, 2000

Toyota (President: Fujio Cho) and Yamaha Motor (President: Takehiko Hasegawa) today agreed to strengthen their business tie-up in connection with three business areas:1. manufacture and development of engines for vehicles, 2. motor sports business and 3. marine business.

After Toyota and Yamaha Motor co-developed the "TOYOTA 2000GT" * which was initially sold in 1967, they have been closely co-operating in many business areas, including development and manufacture of high-performance engines and other apparatus.

We desire to increase our co-operation and develop our business much more through the business tie-up, while maintaining the independence of each operation.

We intend to examine the specific content in each business area of our business tie-up.

In Addition to the above business tie-up, Toyota, Yamaha Corporation (President: Kazukiyo Ishimura) and Yamaha Motor agree to cooperate with investment.
Toyota shall acquire 12,500,000 shares, 5% of the aggregate number of the outstanding shares (after the adjustment of potentially dilutive securities), of Yamaha Motor from Yamaha. Thereafter, Toyota will be the second-largest shareholder of Yamaha Motor. Each of Yamaha and Yamaha Motor shall acquire 500,000 shares of Toyota from the secondary market, respectively.
Thereafter, the Yamaha group will hold 1,000,000 shares of Toyota, in total.

*TOYOTA 2000GT was initially sold in May 1967 and the genuine grand touring car, which Toyota manufactured for the first time, with maximum speed of 220km/h. The engine "Type 3M" (DOHC 1988cc, 150h.p.), which was equipped in such car, was developed with the cooperation of Toyota and Yamaha Motor, and manufactured by Yamaha Motor.

Toyota Motor Corporation
	Address	471-8571 Toyota-cho 1, Toyota City, Aichi Pref.
	Establishment	August 1937
	President	Fujio Cho
	Net sales	7,525.5 billion yen
	Operating income	543.8 billion yen
	Capital	397 billion yen
	No. of outstanding shares	3,760,650,000
	No. of employees	67,912
	Business	The manufacture, sale, leasing and repair of motor vehicles, industrial vehicles, ships, aircraft, other transportation machinery and apparatus, space machinery and apparatus, and parts thereof.

Yamaha Corporation
	Address	430-8650, Nakazawa-cho 10-1, Hamamatsu City, Shizuoka Pref.
	Establishment	October 1897
	President	Kazukiyo Ishimura
	Net sales	391.9 billion yen
	Operating income	12.2 billion yen
	Capital	28.5 billion yen
	No. of outstanding shares	206,523,000
	No. of employees	8,049
	Business	he manufacture and sale of pianos, electronic musical instruments, wind, string and percussion instruments, audio, telecommunications equipment, electronic devices, golf clubs, etc.

Yamaha Motor Co., Ltd.
	Address	438-8501 Shingai 2500, Iwata City, Shizuoka Pref.
	Establishment	July 1955
	President	Takehiko Hasegawa
	Net sales	581.2 billion yen
	Operating income	23.0 billion yen
	Capital	23.1 billion yen
	No. of outstanding shares	231,028,000
	No. of employees	8,486
	Business	The manufacture and sale of motorcycles, marine products, power products, transport machines and tools such as engines for motor vehicles, industrial robots, etc. and other business incidental thereto.