PJF Prospect Japan

For filings with the FSA include the annex

For filings with issuer exclude the annex


TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES


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

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

An acquisition or disposal of voting rights                                      yes

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 the                  1607 Capital Partners, LLC
notification obligation:

                                                      Northern Trust            8,699,387

4. Full name of shareholder(s)                        Bny Mellon                6,425,500
 (if different from 3.):
                                                      State Street              2,619,000


5. Date of the transaction and date on
which the threshold is crossed or                               March 31, 2015
reached:

6. Date on which issuer notified:                                April 1, 2015

7. Threshold(s) that is/are crossed or                                19%
reached:


8. Notified details:

A: Voting rights attached to shares

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

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

GB00B011QL44   17,493,887     17,493,887                      17,743,887             19.19%



B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

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



C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments

Resulting situation after the triggering transaction

Type of       Exercise price Expiration Exercise/  Number of voting rights   % of voting rights
financial                    date       Conversion instrument refers to
instrument                              period
                                                                             Nominal Delta



Total (A+B+C)

Number of voting rights                       Percentage of voting rights

Same as A



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




Proxy Voting:

10. Name of the proxy holder:

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:

15. Contact telephone number:



Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in sharesxxii

A: Identity of the persons or legal entity subject to the notification
obligation

Full name
                                                                1607 Capital Partners,
(including legal form of legal entities)                        LLC



Contact address                                                 4991 Lake Brook Dr.,
                                                                Suite 125
(registered office for legal entities)
                                                                Glen Allen, VA, USA
                                                                23060

Phone number & email                                            804-525-1741

                                                                bhuntley@1607capital.com

Other useful information

(at least legal representative for legal persons)



B: Identity of the notifier, if applicable

Full name                                                       Bryan Huntley

Contact address                                                 Same as above

Phone number & email                                            Same as above


Other useful information
                                                                Chief Compliance Officer
(e.g. functional relationship with the person or legal entity
subject to the notification obligation)


C: Additional information

For notes on how to complete form TR-1 please see the FSA website.