May 15, 2002

Joint Press Statement for the 21st MEMA-JAMA
Liaison Committee Meeting May 14, 2002

The Motor and Equipment Manufacturers Association (MEMA) and the Japan Automotive Manufacturers Association (JAMA) held the 21st MEMA JAMA Liaison Committee Meeting on May 14, 2002 at the Washington Duke Inn, Raleigh, North Carolina. The Liaison Committee Meeting was co-chaired by the Chairman of JAMA Purchasing Committee Mr. Shoji Kondo (Managing Director, Toyota Motor Corporation) and Chairman John Doddridge (CEO, Intermet Corporation) of MEMA. In addition 14 delegates from JAMA and 14 delegates from MEMA attended this meeting.

The MEMA JAMA Liaison Committee Meeting has been a key forum since its conception in 1990, where the Japanese automotive industry and the US auto parts industry would discuss industry matters of mutual concern. The 21st Committee Meeting also discussed ways in which this forum would function to address the pertinent needs of both industries in the most effective manner.

It was also agreed that the next MEMA JAMA One-On-One Business Conference would focus on the development of a new form of partnerships with emphasis placed on the global markets of the JAMA member companies. Based on this thought, the Business Conference would take place in Japan for the first time, which is stated to take place during late May of 2003 at Yokohama, Japan.

The MEMA JAMA Liaison Committee Meeting has been a major instrument which has supported long-term growth of US automotive components purchase by Japanese OEMs have taken place in almost every component category. In the future, this meetings is expected to also be instrumental in developing further mutual understanding as well as to further enhance mutual business in areas such as reduced development lead time, enhance global competitiveness and such.

The next Liaison Committee Meeting is slated to take place in Yokohama during the next One-on-One meeting.