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 $1.2565 B011QL4 17th April 2015 Limited Date: 17th April 2015 Note: The Fund's NAV above includes a holding in Prospect Co. of Yen 1,200 million convertible bonds (valued at par) and 2.596 million ordinary shares (valued at a price of Yen 73 per share)with Yen 1,800 million convertible bonds having been converted, following the initial conversion date of 5 January 2015, and 27.404 million 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. Note: Following the Toho Real Estate Court decision announced by the Company on 26 March 2015, the NAV incorporates the full award of YEN 121,610,000. Enquiries: Northern Trust International Fund Administration Services (Guernsey) Limited Harry Rouillard 44 (0)1481 745315