PROSPECT JAPAN FUND LD - Net Asset Value(s)

THE PROSPECT JAPAN FUND LIMITED

 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 28863)



        FUND NAME                 NAV          SEDOL           NAV DATE

 The Prospect Japan Fund        $1.1932       B011QL4      09th January 2015
         Limited


Date: 09th January 2015

Note: The Fund's NAV above includes a holding in Prospect Co. of Yen 2,325
million convertible bonds (valued at par) with Yen 675 million convertible
bonds having been converted, following the initial conversion date of 5 January
2015, and the ordinary shares arising sold. The convertible bonds can be
convertible, at the option of the Fund, into shares of Prospect Co. at a price
of Yen 60 per Prospect Co. share at any time prior to the redemption date of 25
May 2020.

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard 44 (0)1481 745315