<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>

丰田(ADR)

丰田汽车

6201

Elliott Investment Management 发布了一份演示文稿，反对丰田不动产对丰田工业公司每股 ¥18,800 的修订收购要约，称其低估了该公司的价值。Elliott 估计内在净资产价值超过每股 ¥26,000，并提出了一项独立计划，预计到 2028 年这一价值可提高至超过 ¥40,000。Elliott 呼吁股东在当前条款下不要交出他们的股份，指出对公司治理的担忧以及可能对日本公司治理改革产生负面影响

Elliott Management Releases Presentation on Toyota Industries Corporation

- Elliott 表示不打算在当前条件下投标修订后的要约。  
- Elliott 认为 Toyota Industries 的内在资产价值超过 ¥26,000，远高于修订要约价格。  
- 若成功，修订要约将阻碍日本企业治理改革，降低投资者兴趣。

Elliott Management 发布了关于丰田工业公司的演示文稿