LONDON, March 2, 2026 -- Elliott Investment Management L.P. and Elliott Advisors (UK) Limited ("Elliott"), which advise funds that together have a significant investment in Toyota Industries Corporation ("Toyota Industries" or the "Company") and are the Company's largest independent shareholder, today issued the following statement:

Elliott welcomes the statement issued today by an affiliate of Toyota Fudosan Co., Ltd. ("Toyota Fudosan"), announcing a planned revision of the TOB price to ¥20,600 per share ("Second Increased TOB"). This revision follows months of discussions between Toyota Group companies and Elliott. Elliott believes that the new terms – at a 26% premium to the Original TOB price, and a 10% premium to the Increased TOB price announced on January 14, 2026 – represent an improved outcome for minority shareholders and will promote the unwinding of cross shareholdings within the Toyota Group and across the Japanese market more broadly.

Elliott therefore intends to accept the terms of the Second Increased TOB.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $79.8 billion of assets as of December 31, 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.com

Media Contacts:

London

Stijn van de Grampel

Elliott Advisors (UK) Limited

T: +44 20 3009 1061

svdgrampel@elliottadvisors.co.uk

New York

Stephen Spruiell

Elliott Investment Management L.P.

T: +1 (212) 478-2017

sspruiell@elliottmgmt.com

Tokyo

Brett Wallbutton

Ashton Consulting

T: +81 (0) 3 5425-7220

b.wallbutton@ashton.jp 

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