Result of Placing and Total Voting Rights

AVI Japan Opportunity Trust plc ("AJOT" or the "Company")

RESULT OF PLACING AND TOTAL VOTING RIGHTS

LEI: 894500IJ5QQD7FPT3J73

Further to the announcement on 31 October 2019, the Board of Directors of AVI Japan Opportunity Trust plc (the "Board") is pleased to announce that the Company has raised gross proceeds of approximately £14 million through the issue of 13,100,000 new ordinary shares of 1 penny each in the capital of the Company to Finda Oy, an existing shareholder in the Company ("New Shares") (the "Placing"). The price per New Share was 107.08 pence (the "Placing Price"). The Placing Price is equivalent to a 2% premium to the latest announced unaudited Net Asset Value per existing share as at 7 November 2019.

The net proceeds of the Placing will be used to make further investments in accordance with the Company's investment policy.

Applications will be made in respect of the 13,100,000 New Shares issued pursuant to the Placing to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). It is expected that Admission will become effective and dealings in the New Shares will commence at 8.00 am on 11 November 2019. When issued, the New Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, the Company expects to have 111,789,742 Ordinary Shares in issue. The total number of voting rights of the Company will be 111,789,742 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.

Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Company's circular dated 9 October 2019.

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