Update on Reconstruction and Voluntary Winding-up

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL.

11 AUGUST 2023

LEI: 5493007LN438OBLNLM64

abrdn Japan Investment Trust plc

Update on the Reconstruction and Voluntary Winding-up of the Company

The Board of abrdn Japan Investment Trust plc (the "Company") notes the announcements today by Nippon Active Value Fund plc ("NAVF") and Atlantis Japan Growth Fund Limited ("AJGF"), which set out details of the proposed combination of NAVF and AJGF, which is in addition to the existing proposed combination of the Company and NAVF. The principal terms of the NAVF and AJGF combination are identical to those agreed between the Company and NAVF. Neither combination is conditional upon the other completing.

The Board welcomes this news as a second endorsement of the investment strategy of Rising Sun Management Limited, investment adviser to NAVF. Furthermore, the Board believes it represents the potential for a further scaling up of the combined company with the consequent benefits of greater liquidity for shareholders as well as the spreading of the fixed costs of NAVF over an even larger base.

The formal documentation for the implementation of the combination of the Company and NAVF is now well advanced and the Board expects to announce its publication by early September.

Enquiries