Press Release

Cheng Shin-Toyo Tire & Rubber (China) Co., Ltd. , a joint venture company established between Toyo Tire & Rubber Co., Ltd. (President: Yoshio Kataoka) and Cheng Shin Rubber Industry Co., Ltd., won the Best Supplier Award for 2002 at a meeting of suppliers held January 10, 2003 by Shanghai GM .

Of the nearly 200 suppliers in attendance at the meeting, 12 were named excellent suppliers, while seven were honored as best suppliers. Cheng Shin-Toyo won the Best Supplier Award for the third consecutive year, and, earned the highest evaluation among those companies presented the Best Supplier Award for the second year in a row.

Toyo Tire & Rubber has been taking measures to expand its business in China, where future demand growth is expected. In the effort, the Company invested in Cheng Shin-Toyo-Petrel Tire Co., Ltd. with an eye toward launching truck and bus tire production in China beginning in early 2004, while establishing the joint venture Toyo Tire (Shanghai) Co., Ltd., for passenger car tire sales in January 2003.