ABRDN JAPAN INVESTMENT TRUST PLC
LEI: 5493007LN438OBLNLM64

6 October 2023

Result of Elections

In connection with the proposals for a combination of the assets of abrdn Japan Investment Trust plc (the "Company") with Nippon Active Value Fund ("NAVF") by means of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 (the "Scheme"), the Company is pleased to announce that the following elections (including deemed elections) have been received in connection with the Scheme:

Rollover Option:       7,013,562 Shares

Cash Option:             5,418,462 Shares

The Cash Option, which is limited to 25 per cent. of the Shares in issue, was therefore oversubscribed. Accordingly, the Basic Entitlement of all Shareholders who have validly elected or deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back on a pro rata basis. Any such scaled-back Excess Applications will be deemed to be elections for NAVF Shares. Excess Applications will be satisfied to the extent of approximately 38.390906 per cent. of the excess Applications made.

In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option.

Accordingly, after scaling back Excess Applications, 75.0 per cent. of the Company's Shares will rollover into NAVF, with the balance receiving the Cash Option.

Therefore, the Shares will be reclassified as follows:

9,324,018 Shares with "A" rights, being the right to receive NAVF Shares; and

3,108,006 Shares with "B" rights, being the right to receive cash.

The amendment to the listing of the Shares into Reclassified Shares has been requested and is expected to become effective at 8:00 a.m. on 9 October 2023, and the listing in the Reclassified Shares is subsequently expected to be suspended at 7:30 am on 10 October 2023.

Defined terms used in this announcement have the meanings given in the Company's circular to Shareholders dated 31 August 2023 (the "Circular"), unless the context otherwise requires.

The Circular is available for viewing on the Company's website, www.abrdnjapan.co.uk and at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Enquiries

abrdn Japan Investment Trust plc             Holly Kidd
                                                                        T: +44 131 372 2200

Shore Capital                                                 Robert Finlay, Rose Ramsden and Angus Murphy
                                                                         T: 020 7408 4090