January 29, 2016
Toyota Motor Corporation
Daihatsu Motor Co., Ltd.

Toyota Motor Corporation (Toyota) and its subsidiary Daihatsu Motor Co., Ltd. (Daihatsu) have reached an agreement whereby Daihatsu will become a wholly-owned subsidiary of Toyota by way of a share exchange (expected to be completed in August 2016).

The purpose of the agreement is to develop of ever-better cars by adopting a unified strategy for the small car segment, under which both companies will be free to focus on their core competencies. Ultimately, this will help Daihatsu and Toyota to attain their joint goal of achieving sustainable growth.

Additionally, the aim of the share exchange is to enhance the value of both brands. Although Toyota and Daihatsu will engage in friendly competition and maintain separate management styles that capitalize on their respective capabilities, bringing the two together under a shared strategy will enable them to jointly overcome otherwise prohibitive obstacles in the future, including resource-intensive undertakings such as the development of next-generation technologies and entry into business areas with growth potential.

Explaining the decision, Toyota President Akio Toyoda said, “This is an opportunity for us both to stop feeling that we need to go it alone, and trust each other to take full advantage of our respective strengths. In other words, we can now focus on our core competencies. That, I believe, is the key to achieving and sustaining global competitiveness.”

Daihatsu President Masanori Mitsui commented, “I believe we have now found a course of action that will enable us to continue our growth for the next 100 years. We see this as the perfect opportunity to cement our relationship with Toyota, and, by doing so, to embark on a new period of growth, and to elevate the Daihatsu brand to a global standard.”

The key details of the agreement are as follows:

Objective

Under a joint strategy, Toyota and Daihatsu intend to combine their bases of operations in addition to sharing their respective areas of proficiency and technical expertise. This will leverage the advantages of both brands, allowing the development of attractive products that are competitive on a global basis.

Areas of strategic collaboration

a) Small cars

The differentiation between Toyota’s and Daihatsu’s brands will continue, and the product lineups of both will be optimized in accordance with customer preferences, with Daihatsu taking the lead in developing products offered within the small car lineups of both brands. At the same time, Daihatsu will continue to focus on developing vehicles aimed specifically at customers in the areas in which the brand already has a strong presence, while also honing its expertise and processes related to product planning and technological development for minivehicles.

b) Technology

Both companies will share development and deployment strategies for new technologies from the initial conceptual stages. Toyota’s focus will remain on technologies related to the environment, safety, user experience, and comfort, while Daihatsu will continue to leverage its aptitude for turning technologies into packages for vehicles, as well as developing cost- and fuel-efficient technologies. Daihatsu will also contribute to the development of next-generation technologies from the perspective of cost-efficiency and miniaturization. The company’s specialized car manufacturing expertise will be shared within the Toyota Group, which will contribute to further enhancing the cost competitiveness of larger vehicles.

c) Operations

Both companies will utilize each other’s bases of operations in emerging markets. Daihatsu will take the lead in enhancing efficiency and adaptability in development, procurement, and production processes.

Within Japan, Toyota’s sales expertise and infrastructure will be utilized by both companies to improve Daihatsu’s branding and profitability.

Outline of the share exchange

1. Timeline of the Share Exchange

Notes:
- Toyota will consummate the Share Exchange by means of a “simple share exchange” under Article 796, Paragraph 2 of the Companies Act, which does not require approval by shareholders at a shareholders’ meeting.
- The expected date of consummation of the Share Exchange (effective date) is subject to change by mutual agreement between Toyota and Daihatsu.

2. Details of Allotment in the Share Exchange

Note: 0.26 shares of common stock of Toyota will be allotted and delivered for each share of common stock of Daihatsu.

參考譯文

2016年1月29日
豐田汽車公司
大發(fā)工業(yè)公司

豐田和大發(fā)兩大品牌合作加強小型車業(yè)務(wù)

- 大發(fā)成為豐田全資子公司，專注國際化戰(zhàn)略 -

豐田汽車公司（以下簡稱豐田,社長：豐田章男）及其子公司大發(fā)工業(yè)公司（以下簡稱大發(fā)，社長：三井正則）就通過股份交換使大發(fā)成為豐田的全資子公司（計劃于2016年8月執(zhí)行）達(dá)成一致。本次協(xié)議旨在實現(xiàn)豐田和大發(fā)的進一步可持續(xù)發(fā)展，在同一戰(zhàn)略領(lǐng)導(dǎo)下對小型車業(yè)務(wù)進行擇優(yōu)和集中，進一步促進兩大品牌“制造出更好的汽車”。

協(xié)議的主要內(nèi)容如下：

1.目的

豐田和大發(fā)將在共同戰(zhàn)略的領(lǐng)導(dǎo)下，通過融合兩家公司的技術(shù)經(jīng)驗和業(yè)務(wù)基礎(chǔ)，充分發(fā)揮兩大品牌的特色，創(chuàng)造出富有魅力及國際競爭力的商品。

2.合作概要

＜小型車戰(zhàn)略＞

?進一步區(qū)別豐田品牌和大發(fā)品牌，為各自的客戶群體打造專屬商品，擴充商品陣容。

?以大發(fā)為主體，進一步加強一直以來從當(dāng)?shù)乜蛻舻慕嵌瘸霭l(fā)進行汽車制造和以輕型汽車為基礎(chǔ)出發(fā)點的商品策劃及技術(shù)研發(fā)的經(jīng)驗、過程，開發(fā)兩大品牌在小型車領(lǐng)域的商品。

＜技術(shù)戰(zhàn)略＞

?豐田和大發(fā)從初期構(gòu)想階段開始，共享技術(shù)戰(zhàn)略。

?豐田負(fù)責(zé)環(huán)保、安全、放心、舒適等技術(shù)方面的技術(shù)研發(fā)，大發(fā)負(fù)責(zé)提高封裝能力、低成本技術(shù)、低油耗技術(shù)并推進先進技術(shù)的低成本化和小型化。

?在豐田集團內(nèi)部共享大發(fā)獨有的汽車制造經(jīng)驗，提升高級車型的成本競爭力。

＜業(yè)務(wù)戰(zhàn)略＞

?在新興國家市場，通過有效利用各自的業(yè)務(wù)基礎(chǔ)，以大發(fā)為主體，迅速而高效地推進研發(fā)、采購、生產(chǎn)等制造環(huán)節(jié)。

?日本國內(nèi)業(yè)務(wù)方面，通過有效利用豐田的銷售經(jīng)驗和基礎(chǔ)設(shè)施，提高大發(fā)的品牌影響力和創(chuàng)收能力。

通過本次協(xié)議，豐田和大發(fā)今后將繼續(xù)發(fā)揮自己的優(yōu)勢，在保持管理方面的獨立性的同時，共享戰(zhàn)略，相互扶持，齊心協(xié)力應(yīng)對高度的技術(shù)革新和高速的業(yè)務(wù)發(fā)展等高難度課題，共同致力于提高雙方的企業(yè)價值。

豐田章男社長表示，“雙方將以開放的態(tài)度，相互信任相互依靠，全力提高各自擅長的領(lǐng)域，也就是所謂的‘擇優(yōu)和集中’，正是在全球化競爭中獲勝的關(guān)鍵”。

大發(fā)的三井社長則表示，“我們成功描繪出了今后100年的發(fā)展道路。我們將通過進一步加強與豐田的關(guān)系，向大發(fā)今后的發(fā)展以及‘大發(fā)品牌邁向世界標(biāo)準(zhǔn)化’踏出新的一步”。

大發(fā)工業(yè)成為全資子公司的概要

（1）本次股份交換日程

（注1）豐田依據(jù)《日本公司法》第796條第2款的規(guī)定，計劃將按照簡易股份交換手續(xù)，在未獲得股東大會批準(zhǔn)的情況下，進行本次股份交換。

（注2）本次股份交換的計劃實施日期（生效日期）可能會根據(jù)兩家公司的協(xié)商結(jié)果進行調(diào)整。

（2）　本次股份交換的相關(guān)折算內(nèi)容

（注）將大發(fā)普通股每股折算成豐田普通股0.26股進行交付。