Investment Manager Share Transaction

19 November 2025

AVI Japan Opportunity Trust plc ("AJOT")

Investment Manager Share Transaction

Asset Value Investors Limited, AJOT's investment manager ("AVI" or the "Manager"), has informed the Board of AJOT that on 19 November it has sold 1 million shares in AJOT. The sale represents less than half of AVI's shareholding in AJOT prior to the sale, or around 0.7% of AJOT's issued share capital.

AVI has invested at least 25% of its management fee into AJOT shares every year for more than seven years since AJOT's Initial Public Offering in 2018. This sale marks the first time the Manager has reduced its stake since that date. During the same period, AJOT has delivered a NAV total return of +89%2 and a share price total return of +79%2 while maintaining the share price discount at an average of -0.3%2. Due to the NAV performance of AJOT, AVI has informed the board that its stake has become a substantial proportion of the value of AVI as a business. In order to incentivise staff in a tax efficient manner it is prudent for AVI to reduce its exposure.

Following the sale, AVI will continue to hold 1,140,000 shares of AJOT, with its employees collectively holding a further 1,115,000 shares, in total 2,250,000 shares, or 1.7%2 of AJOT. This represents a significant level of manager shareholding, placing AJOT in the top decile of investment companies ranked by investment manager and team shareholdings in the vehicles they manage.1

AVI will invest the transaction proceeds in its business, supporting future growth, including the long-term retention of key staff members. Furthermore, AVI will continue to reinvest 25% of its ongoing management fee into AJOT shares.

AJOT's board supports AVI's long-term strategy to retain key members of the investment team and invest in its business to drive future investment returns. AVI remains firmly committed to AJOT's success and no changes to AJOT's investment approach, leadership, or long-term outlook are expected as a result of the sale.

-ENDS-

AVI Japan Opportunity Trust plc

Norman Crighton

[email protected]

Singer Capital Markets Limited (Corporate broker)

James Maxwell

James Waterlow | Asha Chotai | Anthony Debson

+44 (0)20 7496 3000

KL Communications - Financial PR[email protected] Gorman | Henry Taylor | Charlotte Francis+44 (0)20 3882 6644

1Source: Investec Investment Companies 'Skin in the Game' research note, 28 May 2025.

 2As at 18 November 2025

About AVI Japan Opportunity Trust plc (AJOT)

AJOT is an investment trust established in 2018 to provide shareholders with capital growth through investing in undervalued cash-rich and over-capitalised small-cap Japanese equities. Asset Value Investors (AVI) the investment manager for AJOT, will leverage its four decades of experience investing in asset-backed companies to engage with management and help to unlock value in this under-researched area of the market, encouraging them to follow the spirit of the corporate governance changes in Japan.

About Asset Value Investors (AVI):

AVI is an investment management company established in London, United Kingdom, in 1985. AVI has invested in Japanese equities for over 40 years. AVI manages AVI Japan Opportunity Trust ("AJOT"), AVI Global Trust ("AGT"), MIGO Opportunities Trust ("MIGO"), and other funds, collectively investing ¥120bn into the Japanese market. AJOT, AGT, and MIGO are public companies whose shares are listed and traded on the main market of the London Stock Exchange.