LEI: 213800JOFEGZJYS21P75

3 November

Nippon Active Value Fund plc (the "Company")

Change of AIFM Name

The Company announces that with effect from 2 November 2022 the name of the Company's Alternative Investment Fund Manager ("AIFM") changed from Sanne Fund Management (Guernsey) Limited to FundRock Management Company (Guernsey) Limited. This follows the acquisition of Sanne Group plc by Apex Group Ltd, effective from 5 August 2022.

All services provided to the Company by the AIFM will remain unchanged, and, there are no changes being made to the contractual arrangements between it and the Company.

Rising Sun Management remains the Company's Investment Adviser.

Note: The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the content of the monthly factsheet referred to above, is neither incorporated into nor forms part of the above announcement.

About NAVF

Nippon Active Value Fund ("NAVF") is an Investment Trust listed on the Specialist Fund Segment of the London Stock Exchange. The investment advisor of the Company is Rising Sun Management Limited. NAVF is targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of quoted small cap Japanese equity investments. The investment advisor, Rising Sun Management Limited, 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.