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 Limited | $ 1.2367 | B011QL4 | 16th June 2017 |
Note: The Fund's NAV above includes a holding in Prospect Co. of Yen 270 million stock acquisition rights ('SARs') (valued at par) and 6,706,000 ordinary shares (valued at a price of Yen 67 per share) with 90 SARs having been converted, following the initial conversion date of 21 December 2015 and 2.598 million ordinary shares arising sold. The SARs can be exercised into shares of Prospect Co. at a price of Yen 54 per Prospect Co. share at any time prior to the expiration date of 20 December 2020 pursuant to the terms of the Exercise Agreement between the Fund and Prospect Co.
However, for information purposes only, if the SARs were to be 'fair valued' using the Black-Scholes-Merton model, in line with the annual financial statements, there would be an uplift of US$6,767,927.27 (31 December, 2016 annual accounts: US$7,684,136) from the NAV based on retaining the SARs at cost for the same date, the exercise price remains unchanged."
Top 10 Holdings
| Symbol | Security | % of Total Assets |
| 8563 | THE DAITO BANK | 26.65% |
| 8562 | FUKUSHIMA BANK | 24.31% |
| 9313 | MARUHACHI WAREHOUSE | 9.85% |
| 8205 | SHAKLEE GBL. GRP. | 9.09% |
| 3528 | PROSPECT CO | 5.67% |
| 8521 | NAGANO BANK | 2.50% |
| 1921 | TOMOE | 0.35% |
Date: 16th June 2017
Enquiries:
Limerick_FA_Team_7@ntrs.com
