AVI Japan Opportunity Trust Plc · LSE:AJOT
AVI Japan Opportunity Trust — AVI Global Trust — Shareholder Meeting (December 2025)
26 slides from AVI Japan Opportunity Trust's shareholder meeting presentation, December 2025
Slide 1: Annual General Meeting
Annual General Meeting December 2025
Slide 2: Another Year of Strong Global Equity Performance
Another Year of Strong Global Equity Performance Return of Indices (£) since 30th September 20241 25.8% 23.5% 21.3% 16.9% 17.3% 16.7% 16.8% 16.0% 14.7% MSCI Europe MSCI ACWI ex US S&P 500 MSCI ACWI MSCI Emerging TOPIX TOPIX Small Nasdaq 100 KOSPI Market Source: AVI, Bloomberg, Capital IQ, FactSet, (
Slide 3: AGT FY25 Performance Review
AGT FY25 Performance Review Annualised MSCI All Country World MSCI All Country Performance to 30th AGT Index (Comparator World Index ex-USA September 2025 (£) Benchmark) 1 Year +12.4% +16.8% +16.0% 3 Year +13.8% +15.7% +13.4% 5 Year +13.2% +12.6% +9.4% 10 Year +12.5% +13.2% +9.5% Since 1985 +11.6% +
Slide 4: Stepping Further Back – 5 Year Returns
Stepping Further Back – 5 Year Returns 200 +86% 180 +81% 160 +56% 140 120 100 80 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 AGT MSCI ACWI MSCI ACWI ex US Source: AVI, Capital IQ (as at 30/09/2025). 3
Slide 5: FY25 in Review
FY25 in Review Distribution of Investment Returns 1 80% - Broad based positive perf ormance f rom most of the portf olio 60% - 36% of portf olio names beat 40% the MSCI ACW I - 29% of portf olio na mes were 20% +17% contribution negative 0% - Notable contributors - D’Ieteren +2.4% - Aker +2.3% -20%
Slide 6: AVI's Universe: A Rich Opportunity Set…
AVI’s Universe: A Rich Opportunity Set… AGT Portfolio Weighted Average Discount Universe Discounts 0% -10% -20% -20% -24% -31% -34% -30% -36% -37% -40% Current discount -50% wider than the GFC -57% -50% Alternative Fund Holding Japan Korea 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Sector Com
Slide 7: What's Changed – Portfolio Composition
What’s Changed – Portfolio Composition 1 32% 31% 29% 24% 12% 11% 11% 10% 9% 9% 6% 5% 4% 4% 1% 0% 0% 0% Closed-end Fund European Holding Korean Holding Japan Japanese Holding North American Asian Holding Property South American Company Company Company Holding Company Company Holding Company FY24 Toda
Slide 8: South Korea
South Korea 12.3% of NAV Significant Governance Reform In Progress c.68% <1% KOSPI stocks trading below of MSCI ACW I - Low global book – The “Korea Discount” investor engagement Concentration of power to Scope for significant AVI has long followed Korea handful of families led to governance reform
Slide 9: HD Hyundai
HD Hyundai Discount to NAV (%) 1.8% of NAV 0% -10% - Fam ily- c o ntro l led holding c om pany thr ough whic h the Chung f am ily -20% oper ates its indus tr ial em pir e -30% - T r ades at a - 52% dis c ount to a -40% pr edom inantl y lis ted NAV, wider than long- term average of - 44% and wider -5
Slide 10: Jardine Matheson
Jardine Matheson NAV Breakdown 1 4.3% of NAV 18 94 0 30% 11 Discount - Hong Kong based holding 12 66 company of the Keswick f amily, dating back to 1832 25 - Shif ting f rom owner operator model to an “engaged 27 shareholder” model, with senior management compensation explicitly linked to shareholde
Slide 11: Exor
Exor NAV Breakdown 1 2.2% of NAV 44 168 -10 28 - EXOR is the holding company 57% 21 Discount through which the Agnelli f amily control their 22 investments 73 63 - AGT has held a position since 2016 in various sizes - CEO John Elkann built a strong track record of value Ferrari Philips Stellantis Ot
Slide 12: Outlook
Outlook AGT Portfolio Weighted Average 1. The parts of the market upon which we focus Discount 0% remain overlooked and under-researched 2. 39% portfolio weighted average discount at a -10% historically w ide level, normally associated w ith market stress -20% 3. Attractive opportunity set across al
Slide 13: AVI Global Trust Portfolio Holdings
AVI Global Trust Portfolio Holdings Name % NAV Discount Name % NAV Discount Chrysalis Investments 7.7% -35% Samsung C&T 2.5% -52% News Corp A 6.4% -46% Tokyo Gas 2.4% -33% Vivendi 6.2% -49% Gerresheimer 2.3% -35% D'Ieteren 6.2% -53% Dai Nippon Printing 2.2% -34% Harbourvest Global PE 5.9% -29% HD Hy
Slide 14: Thanks for listening, any questions?
Thanks for listening, any questions? Please submit any further questions to AGM@aviglobal.co.uk 13
Slide 15: AVI Global Trust
AVI GLOBAL TRUST
Slide 16: AGM Resolutions 2025
AGM Resolutions 2025 Resolutions 1 Receive the Annual Report and Financial Statements 2 Approve a Final Ordinary Dividend of 3.00p per Ordinary Share 3 Re-elect Anja Balfour as a Director of the Company 4 Re-elect Neil Galloway as a Director of the Company 5 Re-elect June Jessop as a Director of the
Slide 17: Proxy Voting Results 2025
Proxy Voting Results 2025 Resolution For Discretion Against Withheld 1 Receive the Annual Report and Financial Statements 103,471,869 49,770 17,426 113,824 2 Approve a Final Ordinary Dividend of 3.00p per Ordinary Share 103,423,749 49,770 141,633 37,737 3 Re-elect Anja Balfour as a Director of the C
Slide 18: Annual General Meeting
Annual General Meeting December 2025
Slide 19: Appendix
AVI GLOBAL TRUST Appendix
Slide 20: Performance Since Year End
Performance Since Year End Performance FYTD +4.6% - NAV down -1.7% FYTD +3.5% - Reduced long-term holding, Aker, from 4.1% to 1.1%, raising £34m - Increased Korea weight from 8% to 12% - Over £110m of financial flexibility for new and existing ideas -1.7% - Portfolio weighted average AGT MSCI ACWI M
Slide 21: FY25 Top Contributors
FY25 Top Contributors Current Price TR NAV TR Discount Discount FY25 Weight %1 on Position2 on Position2 Start3 End4 Contribution Third Point Investors 6.2% +18% +17% -41% -49% +2.4% 1.1% +55% +28% -25% -12% +2.3% 7.7% +29% +17% -36% -29% +2.1% - +42% +3% -12% 24%5 +2.0% KKR 1.8% +52% +20% -45% -37%
Slide 22: FY25 Top Detractors
FY25 Top Detractors Current Price TR NAV TR Discount Discount FY25 Weight %1 on Position2 on Position2 Start3 End4 Contribution Third Point Investors 2.3% -50% -33% -56%5 -62% -4.1% 3.7% -24% -25% -50% -51% -1.7% - -22% -19% -40% -44%6 -0.7% - -14% -14% -19% -18% -0.6% KKR - -9% - - - -0.4% Source:
Slide 23: Gearing Flexibility
Gearing Flexibility AGT Net Gearing1 11% 10% 10% 10% 9% 10% 9% 9% 9% 9% 8% 8% 8% 7% 8% 7% 7% 7% 7%7% 7% 7% 7% 7% 7% 6% 6% 7% 6% 6% 6% 6% 5% 5% 4% 5% 4% 4% 4% 3% 3% 3% 3% 3% 3% 2% 1% 1% 1% 0% 0% 1% 0% 0% 0% 0% -1% -5%-5% Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22 Nov 22 Feb 23 May 23 Aug 23 Nov
Slide 24: AVI's Approach to ESG
AVI’s Approach We seek to drive positive change through to ESG active engagement - A responsible approach to the — Regular dialogue with boards and management to promote specific environment, society and governance is key to the long - ESG-related improvements term sustainabilit y of our CONSTRUCTIV
Slide 25: AVI Investment Team
AVI Investment Team Scott Beveridge, CFA Luke Hutcherson, CFA Senior Analyst Analyst Property Specialist & Asian Japanese Equities Holding Companies Joined AVI in 2023 Joined AVI in 2005 Wilfrid Craigie, CFA Shuntaro Shimizu Senior Analyst Senior Analyst European & North American Japanese Equities H
Slide 26: Important Information
Important Information - A s s e t V a l u e I n ve s t o r s L i m i t e d ( “ A V I ” ) i s r e g i s t e r e d a s a n I n ve s t m e n t A d vi s o r wi t h t h e S e c u r i t i e s a n d E xc h a n g e C o m m i s s i o n a n d a u t h o r i s e d a n d r e g u l a t e d b y t h e F i n a n c i
AVI Global Trust — Shareholder Meeting (December 2025) on 6ix