Following calls that the ACGA Japan Working Group (JWG) arranged last week with an independent director and the Special Committee member of Toyota Industries (TICO) and earlier this week with senior executives of Toyota group companies (Toyota Motor, TICO and Toyota Fudosan), we are releasing publicly the letter we had sent to the boards of Toyota Motor and TICO on 8 August. This letter sets out clarifications that we sought from members of the two boards. We appreciate the efforts of Toyota group companies’ management to provide us with access to their senior management and to the independent director and the Special Committee member of TICO and their efforts to allay investor concerns on the proposal. Whilst we welcome the opportunity to convey investors’ views on the transaction, the engagement calls did not provide significant clarity on the uncertainties surrounding the deliberations of the Special Committee and the respective boards relating to the proposal, assumptions in arriving at the offer price and other aspects of the takeover bid (TOB) process.

During the calls, members of ACGA emphasized that greater disclosure should be provided and that the terms of the TOB should be reviewed before the proposal becomes effective, which is now expected to be in February 2026 or later. We will continue to emphasize these points in any discussions with Toyota group companies over the coming months ahead of the TOB.