Nagoya, January 28, 2002— TOYODA GOSEI, LTD., HORIE METAL CO., LTD. and TOYOTA MOTOR CORPORATION (TMC) announced today they plan to establish on Feb. 1 a joint venture that will develop, design, produce and sell resin fuel tank systems.

The new company, FTS Co., Ltd., will strive to meet demand for resin fuel tanks, which is expected to grow considerably, as fuel supply systems are reflected against ongoing trends toward weight-reduction and stricter regulations (LEV II and others), stemming from greater calls by the public for cleaner and safer automobiles.

Automakers' moves to improve development and production efficiency by ordering complete fuel supply systems, instead of single fuel tank parts, as well as anticipated intensification of international competition in resin fuel tanks, provided additional impetus for the creation of FTS.

FTS will bring together various technologies, making full use of each of the founding companies' strengths and characteristics to boost the development potential of resin fuel tank systems. With Toyoda Gosei heading the initiative, FTS aims to furnish, in a timely fashion, world-class fuel tank systems for the global market.

Outline of FTS Co., Ltd.

Establishment	February 1, 2002
Location	Office: 6F, Toyoda Gosei Research Center, 30 Nishinomachi, Kitajima-cho, Inazawa City, Aichi Prefecture Plant: Inside Tahara Plant, Horie Metal Co., Ltd.
Capital	1.5 billion yen
Investment	Toyoda Gosei Co., Ltd. (50%), Horie Metal Co., Ltd. (30%), TMC (20%)
Objectives	Development, design, production and sales of: 1) Synthetic resin fuel tanks for automobiles, conveyor machines, marine vessels and other means of transport; agricultural machinery; construction machinery; and machine tools 2) Fuel-tank-related parts
Directors	6 (3 from Toyoda Gosei, 2 from Horie Metal and 1 from TMC) Taketo Matoba, president of Horie Metal, is expected to be appointed president
Planned scale of operation	Sales: Approx. 2 billion yen in FY2002*; approx. 15 billion yen in FY2005 Employees: Approx. 100 in FY2002; approx. 260 in FY2005
Production start	August 2002

*Fiscal years start in April of the indicated year.