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Toyota Financial Services Announces Organizational Changes/Promotions

January 24, 2002

George E. Borst, president and CEO of Toyota Financial Services (TFS) recently announced the following organizational changes and promotions.

David E. Pelliccioni, vice president, sales, marketing and operations for TFS has been promoted to the position of group vice president, sales, marketing and operations for TFS. He has been elected secretary and will also serve on the Board of Directors of Toyota Motor Credit Corporation (TMCC).

Pelliccioni will continue to have responsibility for Field Sales and Operations, Marketing and National Dealer Relations, and will assume the new responsibility of overseeing the TFS Product, Lease and Remarketing groups.

The promotion comes with the departure of Mike Deaderick, formerly the senior vice president for TFS, who accepted the position of chief financial officer for Toyota Motor Sales (TMS). Deaderick made the move to TMS on Jan. 2.

As previously announced, Shaun Coyne joined TFS on Jan. 17, assuming the title of vice president and chief information officer. Coyne will have the responsibility for TFS' Business Process & Technology Group, and the Information Systems Group that support the company.

Mike Groff, vice president of Planning and Development will continue to have responsibilities for the Strategic Planning Department, e-Business, Process Owners Group and Operations Planning Groups. In addition, Groff will also take on the additional responsibilities for Dealer Credit, Central Collections, Bankruptcy/Customer Service and the Policies and Procedures departments.

Larry Cannon, group vice president for Toyota Financial Services Corporation (TFSC) – Japan, has been promoted to the position of senior vice president for the Sales Finance Group, reporting to Mr. Ozaki, president of TFSC.

About Toyota Financial Services

TFS is the finance and insurance brand for Toyota in the United States, offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and extended service contracts through Toyota Motor Insurance Services (TMIS). Lexus Financial Services is the brand for financial products for Lexus dealers and customers.

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