Toyo Announces Export Tire Price Increase

OSAKA, Japan―May 15, 2003―TOYO TIRE & RUBBER CO.,LTD hereby announces that it is raising prices on Toyo and Nitto brand tires for export, mainly to the Middle East, Southeast Asia, Latin America, Africa and Oceania.

The price increase averages five percent for all tire categories, except off-the-road tires, with the exact price adjustment varying by product line and country.　The increase is due to the escalating cost of raw materials and ocean freight.　It has been in effect in some countries since May 1, 2003, although implementation may vary by product line and by country.