Henry W. Schacht, CFA
Devotion Capital Management
Post Office Box 777
Notre Dame, IN 46556
United States
Email: henry@schachtvalue.com
Phone: 574-273-9846
March 03, 2026
Investor Relations Department
Subaru Corporation
Ebisu Subaru Building
1-20-8 Ebisu
Shibuya-ku, Tokyo 150-8554
Japan
Dear Investor Relations Team,
I am writing as a shareholder and investor seeking clarification regarding Subaru Corporation’s
ownership interest in Toyota Motor Corporation.
Specifically, I would appreciate confirmation of the following:
- The current number of Toyota Motor Corporation shares held by Subaru Corporation.
- The percentage ownership this represents and an approximate market value.
- The carrying value of this investment as reflected on Subaru’s most recent consolidated balance
sheet. - Whether the stake is accounted for at cost, fair value, or under an equity method framework.
The 21% ownership of Subaru by Toyota is well established, but the holdings of Toyota shares by
Subaru are less well documented.
In reviewing public disclosures, I am attempting to reconcile the implied market value of Subaru’s
Toyota holdings with Subaru’s overall market capitalization and reported financial statements. A
clear statement from the company regarding the current position would be most helpful.
If possible, I would welcome a response via email for convenience. My contact information is listed
above. Thank you for your time and attention to this inquiry. I appreciate your assistance.
Sincerely,
Henry W. Schacht, CFA
