27 January 2023

CC Japan Income & Growth Trust plc

(the "Company")

Subscription Shares - exercise notice

As a reminder, the final exercise date for the Subscription Shares is the last business day in February 2023, being 28 February 2023 (the "Final Subscription Date").

If holders of Subscription Shares  ("Subscription Shareholders") choose to exercise their Subscription Share Rights on[1]/before this date, they will acquire one new Ordinary Share at a fixed price of 161 pence per Ordinary Share for each Subscription Share Right exercised.

Subscription Shareholders are under no obligation to exercise their Subscription Share Rights and the Board would like to remind all Subscription Shareholders of the importance of reviewing the current market price of Ordinary Shares before deciding to exercise any Subscription Shares. If in any doubt about the action to be taken, shareholders should consult a stockbroker or other independent professional adviser authorised under the Financial Services and Markets Act 2000.

The Articles provide that, following the Final Subscription Date, the Company will appoint a trustee to act on behalf of the Subscription Shareholders (if any) who have not exercised their Subscription Share Rights by the Final Subscription Date. If, in the opinion of the trustee, the net proceeds of sale after deduction of all costs and expenses incurred by, and any fee payble to, such trustee will exceed the costs of exercising the Subscription Share Rights, the trustee will exercise the outstanding Subscription Share Rights (or a proportion of such rights as the trustee may in its absolute discretion determine) within 14 days of the Final Subscription Date and sell the Ordinary Shares resulting from such exercise in the market.

In these circumstances, the trustee would distribute pro rata the proceeds of any such sale, less the costs of exercising the Subscription Share Rights (including payment of the Subscription Share exercise price) and such other fees, costs and expenses to the persons entitled thereto (being, regardless of whether the trustee has exercised all or only a proportion of the unexercised Subscription Share Rights, all Subscription Shareholders outstanding immediately prior to such exercise) at the risk of such persons as soon as practicable, provided that entitlements of under £5.00 per Subscription Shareholder will be retained for the benefit of the Company.

If the trustee does not exercise the Subscription Share Rights within the period of 14 days following the Final Subscription Date, all the unexercised Subscription Share Rights will lapse and the lapsed Subscription Shares will be redesignated as Deferred Shares with immediate effect from the date of such lapse and then be repurchased by the Company for a nominal value.

The trustee's decision in respect of the above will be final and binding on all holders of outstanding Subscription Shares.

We would also refer you to the Prospectus and Circular to Shareholders issued on 22 January 2021 (the "Prospectus") which gives full details of the bonus issue of Subscription Shares and is available on the Company's website: www.ccjapanincomeandgrowthtrust.com

Capitalised terms used but not defined in this announcement have the meanings given to them in the Prospectus.

Enquiries:

Apex Listed Companies Services (UK) Limited

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America.  This announcement is not an offer of securities for sale into the United States.  The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.  No public offering of securities is being made in the United States.