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

                                4 December 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

4 December 2014     100,000           USD0.925            92,483,602

Enquiries:

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