PJF Prospect Japan

                  Prospect Japan Fund Limited (the "Company")

 (a closed-ended investment company incorporated with limited liability under
              the laws of Guernsey with registered number 28863)

         Purchase and Cancellation of the Company's own Equity Shares

                                 5 August 2014

The Directors wish to announce the following purchase for cancellation of the
Company's own equity shares:

Trade date          Equity shares     Purchase price    Remaining Shares in
                    purchased         (per share)              Issue

5 August 2014         100,000           USD1.135            92,883,602


Enquiries:
Northern Trust International Fund            Contact: Franczeska King
Administration Services (Guernsey) Limited   Phone:+44 (0) 1481 745918