PROSPECT JAPAN FUND LD - Net Asset Value(s)

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 Limited	$1.2723	B011QL4	26^th February 2016

Note: The Fund’s NAV above includes a holding in Prospect Co. of Yen 288 million stock acquisition rights (‘SARs’) (valued at par) and 295,000 number of ordinary shares (valued at a price of Yen 44 per share) with no SARs having been converted, following the initial conversion date of 21 December 2015 and no ordinary shares arising sold. The SARs can be exercised, at the option of the Fund, into shares of Prospect Co. at a price of Yen 54 per Prospect Co. share at any time prior to the expiration date of 20 December 2020.

Top 10 Holdings

Symbol	Security	% of Total Assets
8563	THE DAITO BANK	25.60%
8562	FUKUSHIMA BANK	12.59%
8205	SHAKLEE GBL. GRP.	10.21%
2178	TRI-STAGE	9.16%
3001	KATAKURA INDS	8.42%
9313	MARUHACHI WAREHOUSE	6.94%
1921	TOMOE	6.48%
9082	DAIWA MOTOR	5.85%
7404	SHOWA AIRCRAFT IND	3.22%
9324	YASUDA LOGISTICS	3.18%