The right of direct issue opens the way for Toyota to use the latest integrated chip technologies of Visa International and MasterCard International, seen as key in becoming a leading credit card presence. It also allows Toyota to authorize the use of the Visa International or MasterCard International name by other companies and permits it to build its own network of affiliated retailers.

The tie-up with Visa International marks the first time for that company to sign on to a manufacturer-issued card in Japan, an indication of recognition of Toyota's financial soundness and its ability to increase card membership, as seen with its current Toyota Card*2.

Plans for the "New Toyota Card" include establishing a members-only Internet shopping bazaar and, as with the current card, using the new card to broaden automotive and related services for greater car-use satisfaction and enhancing Toyota's customer base.

Joining forces with Visa International and MasterCard International gives the "New Toyota Card" the ability to offer convenience in shopping and cash withdrawal at home or abroad. The tie-ups also accelerate the new card's accumulation and mastery of knowledge needed to provide services on an international scale, creating for consumers a highly appealing choice.

*1 Tentative name; *2 Toyota Card membership stands at 2.83 million as of December 1999.

(March 16, 2000)