PJF Prospect Japan

                        THE PROSPECT JAPAN FUND LIMITED

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

                                ("the Company")

                                16 October 2014

                            DIRECTOR'S DECLARATION

In compliance with Listing Rule 9.6.14, the Company announces that Mr Richard
Battey, a non-executive Director, has informed the Company that Pershing Square
Holdings Limited, a company of which he is a non-executive director, listed on
the Euronext Amsterdam Stock Exchange on 13th October 2014.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: 01481 745001