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Toyota Racing Development Achieves Continued Success with PTC

- Performance Team Member Expands Commitment to PTC’s Product Development Solutions -

Needham, Mass. – May 23, 2002 – PTC (Nasdaq: PMTC), the product development company™, today highlights the success of Toyota Racing Development (TRD), a subsidiary of Toyota Motor Sales (TMS) USA, Inc. and a PTC Performance Team member since 1993. TRD designs and builds racing and modified street engines for high-performance Toyota vehicles and expanded its commitment to PTC's product development solutions in December 2001.

TRD uses PTC solutions for the design and development of Toyota engines, which are primarily used in the CART series. PTC's software solutions, including Pro/ENGINEER®, will continue to provide TRD's engineers with complete and seamless design and manufacturing capabilities and a high level of technical support.

"Since our partnership began, PTC solutions have provided exceptional support for our design and manufacturing software and helped streamline our engineering process to deliver quality products within a shorter development cycle," said Pete Spence, vice president and technical director at TRD. "As a result, we are able to streamline the packaging of new assemblies and utilize high level rapid prototyping techniques to quickly evaluate the performance of new designs."

TRD has standardized on PTC software solutions, and has already benefited from reduced production costs of almost 50 percent, improved product quality, and decreased time-to-market. In addition, PTC solutions have enabled TRD's engineers to significantly enhance its design capabilities, share product information among engineers, and create highly sophisticated tool paths.

"Because of the success we experienced with our current implementation of PTC solutions, we are building a larger production facility and expanding the implementation of PTC solutions, which we expect will save us at least $25 million dollars annually," said Spence.

"PTC has a strong commitment to helping TRD design and manufacture the most innovative and efficient engines to race in its Champ cars. We are proud to expand our relationship with TRD and look forward to supporting its technological advances and initiatives in the future," said Brian Shepherd, senior vice president MCAD Solutions & Technical Marketing.

About PTC
PTC (Nasdaq: PMTC) develops, markets, and supports software solutions that help manufacturers get superior products to market before their competitors. PTC is the world's largest software company with a total commitment to product development. The company services more than 33,000 customers worldwide. Further information on PTC is available at http://www.ptc.com.

Except for the historical information contained herein, matters discussed in this news release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks include PTC's ability to successfully manage its performance team program to realize the goal of entering into mutually beneficial arrangements with top teams across the globe as well as those that are detailed from time to time in reports filed by PTC with the U.S. Securities and Exchange Commission, including PTC's most recent reports on Form 10-K and 10-Q. The announcement of any particular order is not necessarily indicative of the timing of recognition of revenue from such order or the level of revenue for any particular period.

PTC, The Product Development Company, Pro/ENGINEER and all PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries.