NAVF notes Dalton statement on Fuji Media AGM.

Nippon Active Value Fund PLC

26 June 2025

Nippon Active Value Fund plc

("NAVF" or the "Company")

NAVF notes statement from Dalton Investments on the AGM of Fuji Media Holdings

NAVF, which targets attractive levels of capital growth from the active management of a focused portfolio of Japanese equity investments, notes the following statement from Dalton Investments LLC on the shareholder proposals put to the Fuji Media Holdings Annual General Meeting held on 25th June 2025 in Tokyo.

View Document -> https://www.daltoninvestments.com/daltons-response-to-fuji-media-holdings-2025-annual-meeting/

Dalton Investments LLC, NAVF Select LLC and Rising Sun Management Ltd (RSM), the adviser to Nippon Active Value Fund (NAVF), all of which have as their CIO, Jamie Rosenwald III, and other directors in common, frequently act together 'in concert' in holding specific Japanese investments. This was the case with Fuji Media Holdings. In addition, the Tokyo office of Dalton Advisory KK provides investment research services to RSM and NAVF.

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NOTES TO EDITORS

About NAVF

Nippon Active Value Fund ("NAVF") is an Investment Trust listed on the London Stock Exchange. The investment advisor of the Fund is Rising Sun Management Limited. NAVF is targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of (predominantly) quoted Japanese equity investments. Rising Sun Management Limited, with its local presence in Tokyo targets companies which are attractive, undervalued and have a substantial proportion of their market capitalisation held in cash and/or listed securities and/or realisable assets.

For further information visit: www.nipponacitvevaluefund.com