Business Tie-up

Toyota Motor Corporation
6 March 2000

                                            Toyota Motor Corporation ('Toyota')
                                              (Toyota Jidosha Kabushiki Kaisha)
                                                  Yamaha Corporation ('Yamaha')
                                                      (Yamaha Kabushiki Kaisha)
                                        Yamaha Motor CO., LTD. ('Yamaha Motor')
                                            (Yamaha Hatsudoki Kabushiki Kaisha)


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

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.

*TOYOTA2000GT was initially sold in May 1967 and the genuine grand touring car,
which Toyota manufactured for the first time, with a maximum speed of 220 km/h.
The engine 'TYPE3M' (DOHC 1988cc, 150 h.p.), which was equipped in such car, was
developed with the cooperation of Toyota and Yamaha Motor, and manufactured by
Yamaha Motor.

Inquiry about this matter should be directed to:
Toyota Motor Corporation, Public Affairs Division
                                     Tel [phone]; 9161 (Tokyo Head Office)
Yamaha Corporation, Public Relations Division
                                     Tel [phone] (Tokyo Head Office)
                                     Tel [phone] (Head Office)
Yamaha Motor CO., LTD., Public Relations Division
                                     Tel [phone] (Head Office)
                                     Tel [phone] (Tokyo Head Office)
                                                                  

                           Outline of the Companies
                        
                                                             (as of March 1999)


*  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
*  Number of outstanding   3,760,650 thousand shares
   shares
*  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.



*  Address                 430-8560, Nakazawa-machi 10-1, Hamamatsu City,
                           Shizuoka Pref.
*  Establishment           October 1897
*  President               Kazukiyo Ishimura
*  Net sales               39 L 9 billion yen
*  Operating loss          12.2 billion yen
*  Capital                 28.5 billion yen
*  Number of
   outstanding shares      206,523 thousand shares
*  Employees               8,049
*  Business                The manufacture and sale of piano, electronic        
                          musical instrument, wind, string and percussion       
                         instruments, audio, telecommunications equipment,      
                        electronic devices and golf clubs, etc.



*  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
*  Number of
   outstanding shares      231,028 thousand shares
*  Employees               8,486 
*  Business                The manufacture and sale of motorcycles, marine      
                          products, power product, transport machines and       
                         tools such as engines for motor vehicles, industrial
                           robots, etc. and other business incidental thereto.