07 July 2025

Nippon Active Value Fund plc

("NAVF" or the "Company")

NAVF notes RSM letter to ASKA Pharma

NAVF, which targets attractive levels of capital growth from the active management of a focused portfolio of Japanese equity investments, notes the following letter from Rising Sun Management to Aska Pharmaceutical Holdings Co complaining about the company's "Policy for Responding to Large-Scale Purchase Actions" that has recently been adopted. The 'concert party' of Nippon Active Value Fund PLC, NAVF Select LLC and Dalton Investments, Inc. collectively currently own 6,132,100 shares of ASKA Pharma, comprising 21.6% of the total with voting rights and are the company's largest shareholder.

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https://www.nipponactivevaluefund.com/wp-content/uploads/2025/07/RSM-letter-to-ASKA-Pharmaceutical-7Jul25-Clean-wo-price.pdf

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. 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.nipponactivevaluefund.com