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Toyota Financial Services Assumes Ownership of U.S. Operations; Names American President and Directors

September 29, 2000

Toyota Financial Services (TFS) in the U.S. will become part of Toyota Financial Services Corporation (TFSC), effective October 2.

The realignment comes as part of an initiative to strengthen Toyota's global financial business, according to Hideto Ozaki, president of Toyota Financial Services Corporation of Japan.

In a move to enhance the company's responsiveness to the American automotive retail market, TFSC has appointed George E. Borst as president and CEO of its U.S.-based operations. With this appointment, Borst heads the largest Toyota business unit in North America to be led by an American executive and will report directly to Ozaki.

"The selection of an American president for TFS USA is another example of Toyota's ongoing commitment to think globally and act locally," Ozaki said. "George will provide TFS USA with experienced leadership and a thorough understanding of automotive finance and retail operations in America."

Five U.S.-based executives have been named to the TFS USA board of directors. Joining Borst will be Hoshimi Inaba, president and CEO of Toyota Motor Sales (TMS) USA; James Press, executive vice president of TMS; Nobukazu Tsurumi, TFS USA executive vice president and treasurer; and Michael Deaderick, TFS USA senior vice president and secretary.

"With these appointments, Toyota reinforces its commitment to the U.S. marketplace and our dealer body," Borst said. "I look forward to continuing to strengthen TFS USA's partnership with Toyota Motor Sales to provide our dealers and customers with the best finance and insurance products and services in the industry."

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