Fidelity Japan Trust - Combination

Dear client

We have been notified that the boards of FJV and AJOT have entered into the Heads of Terms regarding the Scheme, under which FJV shareholders will be offered the choice to either roll their investment into new ordinary shares to be issued by AJOT ("New AJOT Shares")—the "AJOT Option" (the default option)—and/or elect to receive cash for part or all of their ordinary shares of £0.25 each in FJV ("FJV Shares"), subject to an aggregate limit of 50% of FJV's issued share capital (excluding treasury shares) (the "Cash Option"). A 1% discount (the "Cash Option Charge") will apply under the Cash Option. 

The Scheme will be posted to FJV shareholders as soon as practicable, with a view to convening general meetings of FJV and AJOT later in 2025 with the Scheme becoming effective by no later than the end of November 2025. 

Please see all the relevant information in the notification attached.

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Kind regards