PJF Prospect Japan

For filings with the FCA include the annex
For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying           Prospect Japan Fund Ltd
issuer of existing shares to which voting rights
are attached: ii

2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights                                 X

An acquisition or disposal of qualifying financial instruments which
may result in the acquisition of shares already issued to which voting
rights are attached

An acquisition or disposal of instruments with similar economic effect
to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please
specify):

3. Full name of person(s) subject to Lazard Asset Management LLC
the
notification obligation: iii

4. Full name of shareholder(s)       Bank of New York, Inc. - Dir Personal
(if different from 3.):iv
                                     J.P.Morgan Chase - SWIFT

                                     Mellon Trust

                                     Morgan Guaranty - Personal Custody

                                     Northern Trust Co.

                                     State Street Bank - Custodian - ETC

                                     State Street Bank - Master Tr - ETC

                                     State Street Bank - Custody Master Trust

5. Date of the transaction and date  04 August 2014
on which the threshold is crossed
or reached: v

6. Date on which issuer notified:    05 August 2014

7. Threshold(s) that is/are crossed  Increase from 20% to 21%
or reached: vi, vii


8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type     Situation previous       Resulting situation after the triggering
of             to the triggering        transaction
shares         transaction

               Number       Number      Number    Number of voting   % of voting rights
if possible    of           of          of shares rights             x
using          Shares       Voting
the ISIN                    Rights      Direct    Direct  Indirect   Direct    Indirect
CODE                                              xi      xii

GB00B011QL44   19,432,570   19,382,570                    19,832,570           21.329%


B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial Expiration Exercise/           Number of voting   % of voting
instrument        date xiii  Conversion Period   rights that may be rights
                             xiv                 acquired if the
                                                 instrument is
                                                 exercised/
                                                 converted.



C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments xv, xvi

Resulting situation after the triggering transaction

Type of       Exercise Expiration Exercise/  Number of voting     % of voting
financial     price    date xvii  Conversion rights instrument    rights xix, xx
instrument                        period     refers to
                                  xviii

                                                                  Nominal    Delta


Total (A+B+C)

Number of voting rights                 Percentage of voting rights

19,832,570                              21.329%



9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi

Lazard Asset Management LLC controls all the voting rights held of this issuer.

Proxy Voting:

10. Name of the proxy holder:                     N/A

11. Number of voting rights proxy holder will
cease
to hold:

12. Date on which proxy holder will cease to hold
voting rights:


13. Additional information:

14. Contact name:                      Legal & Compliance Department

15. Contact telephone number:          0207 448 2119