<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>

豐田(ADR)

豐田汽車

6201

Elliott Investment Management 發佈了一份演示文稿，反對豐田不動產對豐田工業公司每股 ¥18,800 的修訂收購要約，稱其低估了該公司的價值。Elliott 估計內在淨資產價值超過每股 ¥26,000，並提出了一項獨立計劃，預計到 2028 年這一價值可提高至超過 ¥40,000。Elliott 呼籲股東在當前條款下不要交出他們的股份，指出對公司治理的擔憂以及可能對日本公司治理改革產生負面影響

Elliott Management Releases Presentation on Toyota Industries Corporation

- Elliott 表示不打算在當前條件下投標修訂後的要約。  
- Elliott 認為 Toyota Industries 的內在資產價值超過 ¥26,000，遠高於修訂要約價格。  
- 若成功，修訂要約將阻礙日本企業治理改革，降低投資者興趣。

Elliott Management 發佈了關於豐田工業公司的演示文稿