<div id="readability-page-1"><div> Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender, /PRNewswire/ -- Elliott Investment Management L.P. and Elliott Advisors (UK) Limited (&#34;Elliott&#34;), which advise funds that together have a significant ownership stake in Toyota Industries Corporation (&#34;Toyota Industries&#34; or the &#34;Company&#34;), today released an investor presentation titled &#34;Elliott's Perspectives on Toyota Industries.&#34; <img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2705826/Elliott_WhiteText_Green_Logo.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="400" height="82" original-src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2705826/Elliott_WhiteText_Green_Logo.jpg"/> In the presentation, Elliott, the largest independent shareholder of Toyota Industries, outlined its opposition to the revised tender offer by Toyota Fudosan Co., Ltd. at ¥18,800 per share (the &#34;Revised TOB&#34;), which Elliott believes very significantly undervalues Toyota Industries. Elliott's analysis showed the Company's intrinsic net asset value to be more than ¥26,000 per share as of January 16, 2026 – almost 40% above the Revised TOB price.Elliott's presentation also outlined the Standalone Plan for Toyota Industries, which offers a far more compelling option for shareholders than the Revised TOB. The Standalone Plan – including full cross-shareholding unwind and operational improvements – offers a clear path to an intrinsic net asset value of more than ¥40,000 per share by 2028, representing more than 120% upside to the Revised TOB price.The presentation described the significant deficiencies in the transaction governance process and noted that if the Revised TOB succeeds, it would represent a setback for Japan's corporate governance reforms and dampen investor interest in the Japanese market.Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender.The presentation can be viewed at https://elliottletters.com. About ElliottElliott Investment Management L.P. (together with its affiliates, &#34;Elliott&#34;) manages approximately $76.1 billion of assets as of June 30, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.Investor Contacts:Okapi Partners LLC New York: Pat McHugh T:+1 212 297 0720 Toll Free: (877) 629-6357 London: Christian Jacques T: +44 20 3031 6613 TICO@okapipartners.comMedia Contacts:London Stijn van de Grampel Elliott Advisors (UK) Limited T: +44 20 3009 1061 svdgrampel@elliottadvisors.co.ukNew York Stephen Spruiell Elliott Investment Management L.P. T: +1 (212) 478-2017 sspruiell@elliottmgmt.comTokyo Brett Wallbutton Ashton Consulting T: +81 (0) 3 5425-7220 b.wallbutton@ashton.jp <img width="12" height="12" src="https://imageproxy.pbkrs.com/https://edge.prnewswire.com/c/img/favicon.png/query-c2Q9MjAyNi0wMS0yNiZzbj1OWTcwNzA2?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://edge.prnewswire.com/c/img/favicon.png/query-c2Q9MjAyNi0wMS0yNiZzbj1OWTcwNzA2"/> View original content to download multimedia:https://www.prnewswire.com/news-releases/elliott-management-releases-presentation-on-toyota-industries-corporation-302670650.htmlSOURCE Elliott Investment Management L.P.</div></div>

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Elliott Investment Management has released a presentation opposing Toyota Fudosan's revised tender offer of ¥18,800 per share for Toyota Industries Corporation, claiming it undervalues the company. Elliott estimates the intrinsic net asset value at over ¥26,000 per share and proposes a Standalone Plan that could increase this to over ¥40,000 by 2028. Elliott urges shareholders not to tender their shares under the current terms, citing concerns over governance and potential negative impacts on Japan's corporate governance reforms.

- Elliott Investment Management L.P. opposes the revised tender offer for Toyota Industries shares at ¥18,800, deeming it significantly undervalued compared to their estimated intrinsic net asset value of over ¥26,000 per share.  
- The firm proposes a Standalone Plan that could elevate the company’s intrinsic net asset value to more than ¥40,000 per share by 2028, which offers a better alternative for shareholders.  
- Elliott urges shareholders not to tender their shares under the current terms, warning that approval of the Revised TOB would hinder Japan's corporate governance reforms.

Elliott Management Releases Presentation on Toyota Industries Corporation