PJF Prospect Japan

                       THE PROSPECT JAPAN FUND LIMITED

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

          FUND NAME                 NAV        SEDOL         NAV DATE

   The Prospect Japan Fund       $1.2734      B011QL4     24th April 2015
           Limited

Date: 24th April 2015

Note: The Fund's NAV above includes a holding in Prospect Co. of
Yen 1,200 million convertible bonds (valued at par) and 2.596 million ordinary
shares (valued at a price of Yen 80 per share) with Yen 1,800 million
convertible bonds having been converted, following the initial conversion date
of 5 January 2015, and 27.404 million ordinary shares arising sold. The
convertible bonds can be convertible, at the option of the Fund, into shares
of Prospect Co. at a price of Yen 60 per Prospect Co. share at any time prior
to the redemption date of 25 May 2020.

Note: Following the Toho Real Estate Court decision announced by
the Company on 26 March 2015, the NAV incorporates the full award of YEN
121,610,000.

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard 44 (0)1481 745315