<div id="readability-page-1" class="page"><div> <div> Toyota Fudosan's tender offer drastically undervalues the Company 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 investment in Toyota Industries Corporation (&#34;Toyota Industries&#34; or the &#34;Company&#34;) and are the Company's largest independent shareholder, today issued the following statement: Elliott notes the non-binding statement issued today by an affiliate of Toyota Fudosan Co., Ltd. (&#34;Toyota Fudosan&#34;). Elliott maintains its position that the revised tender offer by Toyota Fudosan at ¥18,800 per share (the &#34;Revised TOB&#34;) very significantly undervalues Toyota Industries, as Elliott demonstrates in its public materials. Elliott continues to strongly disagree with Toyota Fudosan's assertion that the Revised TOB price &#34;reflects the intrinsic value of the Target Company&#34;. Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender. Elliott's previously released public materials can be found at https://elliottletters.com. About Elliott Elliott 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 [email protected] Media Contacts: London Stijn van de Grampel Elliott Advisors (UK) Limited T: +44 20 3009 1061 [email protected] New York Stephen Spruiell Elliott Investment Management L.P. T: +1 (212) 478-2017 [email protected] Tokyo Brett Wallbutton Ashton Consulting T: +81 (0) 3 5425-7220 [email protected] SOURCE Elliott Investment Management L.P. <img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjAyJk5ld3NJdGVtSWQ9Tlk3Njg2NCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMDIxODQ1UFJfTkVXU19VU1BSX19fX19OWTc2ODY0?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://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjAyJk5ld3NJdGVtSWQ9Tlk3Njg2NCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMDIxODQ1UFJfTkVXU19VU1BSX19fX19OWTc2ODY0"/></div> </div></div>

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Elliott Investment Management, the largest independent shareholder in Toyota Industries Corporation, has issued a statement opposing Toyota Fudosan's revised tender offer of ¥18,800 per share, claiming it significantly undervalues the company. Elliott encourages other shareholders not to tender their shares under the current terms, asserting that the offer does not reflect the intrinsic value of Toyota Industries. Elliott manages approximately $76.1 billion in assets as of June 30, 2025.

- Elliott Investment Management asserts that Toyota Fudosan's revised tender offer of ¥18,800 per share undervalues Toyota Industries Corporation.  
- Elliott urges its shareholders not to tender their shares at the current offer terms, contesting Toyota Fudosan's claim that the price reflects the intrinsic value of the company.  
- The firm manages around $76.1 billion in assets and is recognized as the largest independent shareholder of Toyota Industries.

prnewswire

18:45 ET Elliott Management Statement on Toyota Industries Corporation