Fidelity Japan Trust Plc - Approval of reclassification of Shares

25 November 2025  

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, THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in any jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

Fidelity Japan Trust PLC ("FJV" or the "Company")

Approval of reclassification of Shares

In connection with the recommended proposals for the combination of the Company with AVI Japan Opportunity Trust plc (" AJOT "), to be effected by way of a scheme of reconstruction and members' voluntary winding up of the Company under section 110 of the Insolvency Act (the " Scheme ") and further to the Company's announcement on 10 November 2025 regarding the results of Shareholder Elections pursuant to the Scheme, the Board announces that, in accordance with the terms of the Scheme, the reclassification of the Company's Shares has been approved by the Board. The Shares shall be reclassified as follows, effective from 8.00 a.m. tomorrow, 26 November 2025:

• 77,353,152 Shares / 68 per cent. of issued Shares will be reclassified as Reclassified Shares with "A" rights, being the right to receive New AJOT Shares; and

• 36,324,714 Shares / 32 per cent. of issued Shares will be reclassified as Reclassified Shares with "B" rights, being the right to receive cash.

The FCA and the London Stock Exchange have approved the reclassification of Shares for listing purposes. The listing of, and dealings in, the Reclassified Shares are expected to be suspended at 7.30 a.m. on 27 November 2025. Holders of Reclassified Shares with "A" rights are expected to be issued with AJOT Shares on 28 November 2025.

Defined terms used in this announcement have the meanings given in the Company's circular to Shareholders dated 14 October 2025 (the " Circular "). The Circular is available for viewing at the National Storage Mechanism which can be located at   https://data.fca.org.uk/#/nsm/nationalstoragemechanism   and on the Company's website at https://www.fidelity.co.uk/Japan .

For further information please contact:

Legal Entity Identifier

549300ND695NEJ5GPI72