The following is a list of the major points of the joint venture agreement between Oldchin and Toyota: The company that is formed will be known as Newchin. Said company will have a Board of Directors with the following constituents: 4 Oldchin representatives 4 Toyota representatives 1 Chinese government representative Funding will be split as follows: 60% borrowed by Newchin 40% initial capital - 60% Toyota - 40% Oldchin Ownership is as follows: 55% Oldchin 45% Toyota Initially 200,000 cars will be manufactured with no restrictions on expansion There will be no limits on exports. Initially 40% of the automobile will be manufactured in China to be increased uniformly to 75% in 6 years. If the above increase is ahead of schedule, the Chinese government will provide a 15% reduction in import tariffs provided the total percentage is increased as well. The plant manager will be provided by Toyota for 5 years after which a new manager will be appointed by the B.O.D.