Potential Equity Fundraise

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT.

AVI Japan Opportunity Trust PLC (the "Company")

Potential Equity Fundraise

On 19 February 2019, the Company announced in its February Investor Update that 98% of the net proceeds from its October 2018 IPO had been deployed, and on 5 April 2019 the Company announced that it had entered into a 364 day, 1.465 billion Yen (approximately £10.035 million as at 4 April 2019) unsecured revolving credit facility ("RCF"). Since then, the Company has invested approximately £7 million of its RCF.

Since the Company's launch, there have been a number of positive corporate governance developments in Japan. The Investment Manager's conviction that there is a significant amount of unlocked value in quality, over-capitalised Japanese companies has only strengthened and it continues to identify a pipeline of attractive opportunities in line with the Company's investment strategy.

Accordingly, the Company announces that it is considering raising additional capital through an issue of shares under its Share Issuance Programme. Any fundraise will be subject to market conditions and further details will be announced in due course.

Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Company's prospectus dated 6 September 2018.

For further information please contact:

Joe Bauernfreund, Asset Value Investors

Tel: 020 7659 4800

LEI: 894500IJ5QQD7FPT3J73