<SEC-DOCUMENT>0000905148-19-000555.txt : 20190503
<SEC-HEADER>0000905148-19-000555.hdr.sgml : 20190503
<ACCEPTANCE-DATETIME>20190503131854
ACCESSION NUMBER:		0000905148-19-000555
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190228
FILED AS OF DATE:		20190503
DATE AS OF CHANGE:		20190503
EFFECTIVENESS DATE:		20190503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		19795261

	BUSINESS ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNITED STATES</div>
  <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SECURITIES AND EXCHANGE COMMISSION</div>
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Washington, D.C. 20549</div>
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Form N-CSR</div>
  <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</div>
  <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">INVESTMENT COMPANIES</div>
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Investment Company Act file number: 811-05992</div>
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  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Exact name of Registrant as specified in charter)</div>
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  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Worldwide Plaza</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">309 West 49th Street</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">New York, NY 10019</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Address of Principal Executive Offices)</div>
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Nomura Asset Management U.S.A. Inc.</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Worldwide Plaza</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">309 West 49th Street</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">New York, NY 10019</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Name and Address of Agent for Service)</div>
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  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Registrant&#8217;s telephone number, including area code: (800) 833-0018</div>
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          <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Date of fiscal year end:</div>
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          <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">February 28, 2019</div>
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          <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Date of reporting period:</div>
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          <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">February 28, 2019<br>
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            <div>ITEM 1.</div>
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            <div>REPORT TO STOCKHOLDERS </div>
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    <div style="text-align: center; color: #FF0066; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
    <div>&#160;</div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April 26, 2019</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To Our Shareholders:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We present the Annual Report of Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) for the fiscal year ended February
        28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The net asset value per share (&#8220;NAV&#8221;) of the Fund decreased by 14.6% and the closing market price of the Fund (on the New
        York Stock Exchange) decreased by 13.8% after giving effect to the reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions for the fiscal year ended February 28, 2019. The closing market price of
        the Fund on February 28, 2019 was $8.92, representing a discount of 12.3% to the NAV of $10.17. The net assets of the Fund totaled $288,108,583 on February 28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index, the Fund&#8217;s benchmark (&#8220;Benchmark&#8221;), decreased by 15.2% in United States
        (&#8220;U.S.&#8221;) dollar terms. During the fiscal year ended February 28, 2019, the Fund outperformed the Benchmark by 0.6% on a NAV basis. The Tokyo Price Index (the &#8220;TOPIX&#8221;), a capitalization-weighted index of all companies listed on the First Section of
        the Tokyo Stock Exchange (the &#8220;TSE&#8221;), decreased by 13.0% and the Nikkei Stock Average Index (&#8220;Nikkei&#8221;), a price-weighted index of the 225 leading stocks on the TSE, decreased by 7.3% in U.S. dollar terms for the year ended February 28, 2019. The
        Japanese yen (&#8220;Yen&#8221;) depreciated by 4.5% against the U.S. dollar during the fiscal year ended February 28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the quarter ended February 28, 2019, the Benchmark decreased by 3.9%, the TOPIX decreased by 1.7%, and the Nikkei
        decreased by 2.5% in U.S. dollar terms. The NAV of the Fund decreased by 3.1 % and outperformed the Benchmark by 0.8%. The Fund&#8217;s share price increased by 2.0% during the quarter. The Yen appreciated by 1.9% against the U.S. dollar during the
        quarter.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Investment Strategy</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Fund invests in undervalued stocks that offer fundamental strength and potential for improvement. The Fund performs
        extensive fundamental research to identify stocks that can create shareholder value. The Fund focuses on companies that are leaders in certain niche markets, companies with large or expanding market shares, stocks with superior shareholder
        distribution policies, and stocks that offer good growth prospects. In the Japanese small cap equity market, valuation anomalies do exist and can be exploited through active management. There are a number of factors that the Fund considers when
        selling an investment, including a stock which appears fully valued, unexpected deterioration in earnings or a substantial loss that impairs the company&#8217;s net assets, and a stock&#8217;s diminishing potential given declining competitiveness due to a
        change of business environment or failure of business strategy.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Performance</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In terms of the sector allocation strategy, an underweight position in the Electric Appliances sector and an overweight
        position in the Retail Trade sector generated the largest positive </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">contributions. Sector returns were eroded by underweight positions in the Information
        &amp; Communication sector and the Pharmaceutical sector.</font></div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Relative performance was positively impacted by Kitagawa Industries Co., Ltd. in the Electric Appliances sector, Totetsu
        Kogyo Co., Ltd. in the Construction sector, and Pan Pacific International Holdings in the Retail Trade sector. Conversely, relative performance was negatively impacted by SIIX Corporation in the Wholesale Trade sector, Oiles Corporation in the
        Machinery sector, and Cosmos Pharmaceutical Corporation in the Retail Trade sector.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Market Review</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Benchmark decreased by 11.4% and underperformed the TOPIX index, which decreased 9.1% in local currency terms, for the
        fiscal year ended February 28, 2019. The Japanese equity market declined in response to recent weak earnings from Japanese companies, concerns about slowing global economic growth, and the prospect of an escalating trade war between two of the
        largest national economies following the U.S. government&#8217;s decision to impose tariffs on Chinese goods.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Japanese equity market partially recovered from the April to June 2018 period as Japanese companies offered relatively
        steady earnings growth prospects supported by stabilizing foreign exchange rates and cost reduction efforts. Global political events appeared to affect the Japanese equity market in June 2018 when increasingly hawkish comments on trade and tariffs
        from the U.S. President Trump administration fueled uncertainty about the earnings prospects for Japanese multinational companies.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Japanese equity market extended the recovery from July to September 2018. While ongoing trade disputes between the
        U.S., its neighboring North America Free Trade Agreement countries and China remained unresolved, news on tariff increases appeared to have been partly factored in. The Japanese equity market achieved accelerated gains towards the end of September
        2018 driven by expectations that robust earnings prospects reported for the period from April to June 2018 would continue.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Japanese equity market followed the steep correction in the global markets from October to December 2018. Concerns
        about slowing global economic growth persisted. Trade issues and fears about economic conditions in China also weighed on market sentiment, while a summit meeting between U.S. President Trump and Chinese leader Xi Jinping at the beginning of
        December 2018 failed to provide any near-term clarity. Japan&#8217;s latest earnings results failed to meet earlier estimates. Fewer Japanese companies than expected revised their earnings guidance upwards in light of the recent deterioration in global
        economic prospects. This drove a continued sell-off of Japan equities by international investors in December 2018.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Japanese equity market rebounded from the period from December 2018 to February 2019 and clawed back some of the
        losses from the sell-off in the fourth quarter of 2018. Although investors awaited the outcome of trade negotiations between China and the U.S., the recovery in market sentiment returned from an overly pessimistic view of the Japanese corporate
        sector, aided by the U.S. Federal Reserve Board&#8217;s decision for a more accommodative stance on future interest rate policy. Although the latest earnings results from Japanese companies fell below expectations, </font><font style="font-size: 10pt;
        font-family: &quot;Times New Roman&quot;,Times,serif;">this weakness seemed to have been incorporated in the Japanese equity market already given that stocks were trading close to historically low valuations.</font></div>
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    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Outlook and Future Strategy</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity markets are likely to remain very sensitive and volatile given the recent mix of good and bad news.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Global economic growth has continued to slow. The Fund believes it is difficult to predict whether the risk of a global
        recession can be avoided. Japanese companies reported negative operating profit growth of 4.1% year over year (&#8220;yoy&#8221;) for the October to December period, demonstrating a material slowdown from the positive 10.9% (yoy) for the April to June period
        and positive 5.1% (yoy) for the July to October period. The decline was not limited to export-oriented companies with high business exposure to China, but also domestic-oriented companies given rising labor and transportation costs. During recent
        management interviews, several cyclical companies indicated that their order momentum had declined rapidly from October to December 2018 and that they would take several months to utilize excess inventory, especially for semiconductor related
        companies. Currently, the final outcome of the trade conflict between the U.S. and China is difficult to determine. In addition, there is the known risk of a consumption tax hike that is expected to occur later this year in Japan.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Federal Reserve&#8217;s adoption of a more dovish monetary policy is likely to ease market concerns about a further slowdown
        in the U.S. economy. There also appear to be signs that the downward economic trend in China could be reversed in the near term. In addition to the recent adjustment in China&#8217;s monetary tightening policy, the U.S. opted to postpone the increase in
        tariffs on Chinese goods scheduled to take effect in March 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There is a view that Japan&#8217;s machine tool order exports seem to have almost reached a bottom in terms of year-over-year
        growth, so any economic support measures should help to lift business sentiment from the current doldrums. These expectations are still dependent on many uncertainties, including the outcomes of political decisions and the actual timing of a demand
        pick-up. But given that valuations in some cyclical sectors have already reached historically low levels, it is possible that the current return-reversal trend within the Japanese equity market may continue for a while, as long as the currency rate
        remains close to its current level.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Fund appreciates your continuing support.</font></div>
    <div>&#160;</div>
    <div style="text-align: left; margin-left: 216pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sincerely,</font></div>
    <div>&#160;</div>
    <div style="text-align: left; text-indent: -9pt; margin-left: 225pt;"><br>
      <img src="image00002.jpg"></div>
    <div style="text-align: left; text-indent: -9pt; margin-left: 225pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yuichi Nomoto<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>President</font></div>
    <div>&#160;</div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(255, 0, 102);"> </font>
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                <div>&#160;
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(255, 0, 102);">DISCLOSURES</font></div>
                  <div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sources: Nomura Asset Management U.S.A. Inc., Nomura Asset Management Co., Ltd., and Bloomberg L.P. Past performance
                        is not indicative of future results. There is a risk of loss.</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The NAV price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital
                        gain distributions. The New York Stack Exchange&#8217;s closing market price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions. The Fund&#8217;s performance does not
                        reflect sales commissions.</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This material contains the current opinions of the Fund&#8217;s manager, which are subject to change without notice. This
                        material should not be considered investment advice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under
                        all market conditions, and each investor should evaluate their ability to invest for the long term.</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Comparisons between changes in the Fund&#8217;s net asset value or market price per share and changes in the Fund&#8217;s
                        benchmark should be considered in light of the Fund&#8217;s investment policy and objective, the characteristics and quality of the Fund&#8217;s investments, the size of the Fund, and variations in the Yen/U.S. Dollar exchange rate. This report
                        is for informational purposes only. Investment products offered are not FDIC insured, may lose value, and are not bank guaranteed.</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Indices are unmanaged. An index cannot be directly invested into.</font></div>
                    <div style="text-align: justify;">&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Certain information discussed in this report may constitute forward-looking statements within the meaning of the U.S.
                        federal securities laws. The Fund believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and can give no assurance that the Fund&#8217;s expectations will be achieved.
                        Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.</font> <br>
                    </div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index represents approximately 15% of the total market capitalization of
                        the Russell/Nomura Total Market<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index. It measures the performance of the smallest Japanese equity securities in the Russell/Nomura Total Market<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index. As of February&#160;28, 2019, there are 1,247 securities in
                        the Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Index.</font></div>
                  </div>
                </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(255, 0, 102);"> <br>
      </font></div>
    <br>
    <div>
      <div>&#160;</div>
      <div><br>
      </div>
    </div>
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      <div id="DSPFPageFooter"></div>
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      <div id="DSPFTableOutlineBorder" style="border: 1px solid #000000; padding: 5px; width: 99%;">
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            <tr>
              <td style="width: 100.00%;">
                <div>&#160;
                  <div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">SHAREHOLDERS ACCOUNT INFORMATION</font></div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders whose accounts are held in their own name may contact the Fund&#8217;s registrar, Computershare
                        Trust Company, N.A., at (800) 426-5523 for information concerning their accounts.</font></div>
                  </div>
                </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <div id="DSPFTableOutlineBorder" style="border: 1px solid #000000; padding: 5px; width: 99%;">
          <table cellspacing="0" cellpadding="3" border="0" id="zcddb63e2e0f54c029e0ff3d6ef525976" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 100.00%;">
                  <div>&#160;
                    <div>
                      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">PROXY VOTING</font></div>
                      <div>&#160;</div>
                      <div><br>
                      </div>
                    </div>
                    <div>
                      <div style="text-indent: 18pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">A description of the policies and procedures that the Fund uses to vote proxies relating to
                          portfolio securities is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the website of the Securities and Exchange Commission (&#8220;SEC&#8221;) at <font style="font-size: 10pt;"><u>http://www.sec.gov</u></font>.
                          Information about how the Fund voted proxies relating to securities held in the Fund&#8217;s portfolio during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling toll-free
                          1-800-833-0018; and (2) on the SEC&#8217;s web site at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>http://www.sec.gov</u></font>.</font> <br>
                      </div>
                    </div>
                    <div>
                      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additional information about the Fund&#8217;s Board of Directors is available (1) without charge, upon
                          request, by calling toll-free 1-800-833-0018; and (2) on the website of the SEC at <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>http://www.sec.gov</u></font> in the Fund&#8217;s most recent proxy
                          statement filing.</font></div>
                    </div>
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      </div>
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              <tr>
                <td style="width: 100.00%;">
                  <div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS</font></div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Fund files a schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on
                        Form N-Q. The Fund&#8217;s Forms N-Q are available on the SEC&#8217;s web site at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>http://www.sec.gov</u></font>.</font> <br>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div id="DSPFTableOutlineBorder" style="border: 1px solid #000000; padding: 5px; width: 99%;">
          <table cellspacing="0" cellpadding="3" border="0" id="z6214e021728845e896e924700fbd245a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 100%;">
                  <div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">FUND CERTIFICATIONS</font></div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-indent: 18pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In December 2018, the Fund filed its Principal Executive Officer Certification with the New York
                        Stock Exchange pursuant to Section 303A.12(a) of the New York Stock Exchange Corporate Governance Listing Standards.</font></div>
                  </div>
                  <div>
                    <div style="text-indent: 18pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Fund&#8217;s Principal Executive Officer and Principal Financial Officer Certifications pursuant to
                        Section 302 of the Sarbanes-Oxley Act of 2002 were filed with the Fund&#8217;s Form N-CSR and are available on the SEC&#8217;s web site at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>http://www.sec.gov</u></font>.</font>
                      <br>
                    </div>
                  </div>
                </td>
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          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div id="DSPFTableOutlineBorder" style="border: 1px solid #000000; padding: 5px; width: 99%;">
          <table cellspacing="0" cellpadding="3" border="0" id="z19ee06569b88450c9a3fba4989d5d220" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 100.00%;">
                  <div>&#160;
                    <div>
                      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">SHARE REPURCHASES</font></div>
                      <div>&#160;</div>
                      <div><br>
                      </div>
                    </div>
                    <div>
                      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that from
                          time to time the Fund may repurchase shares of its common stock in the open market.</font></div>
                    </div>
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        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div id="DSPFTableOutlineBorder" style="border: 1px solid #000000; padding: 5px; width: 99%;">
          <table cellspacing="0" cellpadding="3" border="0" id="z0079e66f7f2c49b8a5cf2f3f2ee2f95a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 100.00%;">
                  <div>&#160;
                    <div>
                      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">INTERNET WEBSITE</font></div>
                      <div>&#160;</div>
                      <div><br>
                      </div>
                    </div>
                    <div>
                      <div style="text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Nomura Asset Management U.S.A. Inc. has established an Internet website which highlights its history, investment
                          philosophy and process and products, which include the Fund.</font></div>
                    </div>
                    <div>
                      <div style="text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Internet web address is <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>http://funds.nomura-asset.com/japan-smaller-capitalization</u></font>.</font>
                        <br>
                      </div>
                    </div>
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                </td>
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          </table>
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        <br>
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    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FUND HIGHLIGHTS &#8211; FEBRUARY 28, 2019 (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">KEY STATISTICS</font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 101%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zf792380c3623491da555701b6fed2cdc">

        <tr>
          <td style="width: 77%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Assets</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345.35pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$288,108,583</font></div>
          </td>
          <td colspan="1" style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Asset Value per Share</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345.35pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$10.17</font></div>
          </td>
          <td colspan="1" style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Market Price</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345.35pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$8.92</font></div>
          </td>
          <td colspan="1" style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Percentage Change in Net Asset Value per Share</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;">+</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345.35pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14.6%)</font></div>
          </td>
          <td colspan="1" style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Percentage Change in Market Price</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">+</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 345.35pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13.8%)</font></div>
          </td>
          <td colspan="1" style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">MARKET INDICES</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z109ccdd66921496fba50096808f7a8bc">

        <tr>
          <td style="width: 76.58%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Percentage change in market indices:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEN</font></font></u></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">U.S.$</font></font></u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 35.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Russell/Nomura Small Cap</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;"> Index</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 333pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(11.4%)</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(15.2%)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 35.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tokyo Price Index</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 333pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(9.1%)</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(13.0%)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 35.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nikkei Stock Average Index</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                333pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(3.1%)</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(7.3%)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.58%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 35.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*From March 1, 2018 through February 28, 2019.</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: top;">&#160;</td>
          <td style="width: 11.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.58%; vertical-align: top;">
            <div style="text-align: left; margin-left: 35.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">+Reflects the percentage change in share price adjusted for reinvestment of income dividends, ordinary income
                distributions, long-term capital gain distributions.</font></div>
          </td>
          <td style="width: 11.71%; vertical-align: top;">&#160;</td>
          <td style="width: 11.71%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">INDUSTRY DIVERSIFICATION</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z81b80954775c41a3aa2c0d419a3e1e92">

        <tr>
          <td style="width: 37.61%; vertical-align: top;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">% of</font></div>
          </td>
          <td style="width: 36.75%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">%of</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.61%; vertical-align: top;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Assets</font></font></u></div>
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          <td style="width: 36.75%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Assets</font></font></u></div>
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        <tr>
          <td style="width: 37.61%; vertical-align: top;">
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">18.5</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.4</font></div>
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        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chemicals</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">14.5</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Transportation and Warehousing</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.0</font></div>
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        </tr>
        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Wholesale Trade</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">14.2</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
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          </td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.9</font></div>
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        </tr>
        <tr>
          <td style="width: 37.61%; vertical-align: top;">
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          </td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">6.3</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financing Business</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.7</font></div>
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        </tr>
        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Iron and Steel</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.6</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Real Estate</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.1</font></div>
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        </tr>
        <tr>
          <td style="width: 37.61%; vertical-align: top;">
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.8</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Utilities</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.8</font></div>
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        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Banks</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.4</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Textiles and Apparel</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.7</font></div>
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        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Metal Products</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.3</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Transportation Equipment</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.7</font></div>
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        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Information and Communication</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.7</font></div>
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          <td style="width: 36.75%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Precision Instruments</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 181.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.5</font></div>
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        <tr>
          <td style="width: 37.61%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other Products</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 183.7pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 12.82%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.6</font></div>
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          <td style="width: 36.75%; vertical-align: top;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; text-align: center;">&#160;</td>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">TEN LARGEST EQUITY HOLDINGS BY FAIR VALUE</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf436984517874cdca42cde84536f57bf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Security</font></font></u></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid #000000; vertical-align: bottom;">
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair Value</font></div>
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid #000000; vertical-align: bottom;">
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">% of<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SIIX Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 376.65pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">10,678,132</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ryoden Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 376.65pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">10,567,567</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Saizeriya Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 376.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">10,181,912</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sakata Inx Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">8,573,927</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Toenec Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 376.65pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">8,231,454</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Okinawa Cellular Telephone Company</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 376.65pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">8,061,692</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amiyaki Tei Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">7,814,408</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
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                376.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">6,854,632</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Pack Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 376.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">6,313,936</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></div>
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    <div><br>
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    <div>&#160;
      <div id="DSPFTableOutlineBorder" style="border: 1px solid #000000; padding: 5px; width: 99%;">
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              <td style="width: 100.00%;">
                <div>&#160;
                  <div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To the Board of Directors and Shareholders of<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                        </font>Japan Smaller Capitalization Fund, Inc.</font></div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
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                  <div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Opinion on the Financial Statements</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Japan Smaller
                        Capitalization Fund, Inc. (the Fund) as of February 28, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the
                        related notes, and the financial highlights for each of the five years in the period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the
                        financial position of the Fund as of February 28, 2019, the results of its operations, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the
                        period then ended, in conformity with accounting principles generally accepted in the United States of America.</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basis for Opinion</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on
                        the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund
                        in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
                        audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal
                        control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s
                        internal control over financial reporting. Accordingly, we express no such opinion.</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether
                        due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
                        evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of
                        February 28, 2019, by correspondence with the custodian, brokers, or by other appropriate procedures where replies from broker were not received. We believe that our audits provide a reasonable basis for our opinion.</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ RSM US LLP</font></div>
                    <div>&#160;</div>
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have served as the auditor of one or more Nomura Asset Management U.S.A. Inc. investment companies since 2015.</font></div>
                    <div>&#160;</div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Boston, Massachusetts<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                        </font>April 26, 2019</font></div>
                  </div>
                </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <br>
    <div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageFooter"></div>
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      </div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE OF INVESTMENTS<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FEBRUARY 28, 2019</font></div>
    <div>&#160;</div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid #000000; vertical-align: bottom; font-style: normal;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="font-style: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Assets</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPANESE EQUITY SECURITIES</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Banks</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fukuoka Financial Group, Inc</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">53,800</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,353,055</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,162,930</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General banking services</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Akita Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 268.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,991,297</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,926,748</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">1.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General banking services</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Keiyo Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 268.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Musashino Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General banking services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Taiko Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 268.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">108,600</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,136,794</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,678,718</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General banking services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Yamanashi Chuo Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">113,100</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General banking services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Banks</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adeka Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 268.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,660,334</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures chemical and food products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C. Uyemura &amp; Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,140,975</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Plating chemicals</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fujikura Kasei Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,249,632</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Specialty coating materials and fine chemicals</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">High-pressured gases and chemicals</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures printing ink</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sekisui Jushi Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures plastics and other resin materials</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures synthetic resin products</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures specialized inks for printing applications</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,976,675</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures metalworking fluids</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,738,992</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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    <div>&#160;</div>
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    <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Shares</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Toenec Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 268.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">276,200</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,448,542</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,231,454</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">2.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Construction of comprehensive building facilities</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Totetsu Kogyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">251,600</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,509,207</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,854,632</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operates construction-related businesses</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Construction</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures electronic components</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Koito Manufacturing Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures lighting equipment</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures media devices, batteries and electrical appliances</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nichicon Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 268.65pt;">&#160;</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures capacitors and transformers</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,689,161</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,413,361</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financing Business</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Hitachi Capital Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">146,600</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,493,107</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,471,551</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">1.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General financial services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ricoh Leasing Company, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">115,300</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,992,723</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,544,906</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">1.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Leasing and financial services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tokai Tokyo Financial Holdings, Inc.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">715,630</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">716,750</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investment and financial services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Financing Business</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
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    <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Okinawa Cellular Telephone Company</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,253,022</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,061,692</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">2.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Telecommunications</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Otsuka Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 267.1pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,600</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">758,213</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">776,553</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Computer information system developer</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Information and Communication</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Iron and Steel</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chubu Steel Plate Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures steel-related products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Iron and Steel</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures boilers and related products</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nippon Pillar Packing Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures mechanical seals</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Toshiba Machine Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Machinery</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt;">4.8</font></div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
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    <div><br>
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    <div>&#160;</div>
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    <div>&#160;</div>
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    <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Shares</font></font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost</font></font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dainichi Co., Ltd</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 241.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,477,197</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,405,067</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures oil heating equipment</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Neturen Co., Ltd</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 241.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">446,900</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,534,549</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,622,538</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">1.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures steel bars and induction heating equipment</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NHK Spring Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 241.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">152,900</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,537,626</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,423,315</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures automobile-related products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Piolax, Inc.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 241.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,535,791</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.9</font></div>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures automobile-related products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures heating appliances and components</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shinpo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 241.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Packaging-related materials and machinery</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures rubber automobile parts</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Precision Instruments</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Precision Instruments</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daibiru Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 241.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Real estate leasing and building management</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sanyo Housing Nagoya Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Designs and constructs housing</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Starts Corporation Inc.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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    <div>&#160;</div>
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    <div>&#160;</div>
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    <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retail sales of shoes</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.0</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">2.7</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operates pharmacies and drug store chains</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daikokutenbussan Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operates supermarkets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Hiday Hidaka Corp.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 276.3pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operates restaurant chains</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">lzumi Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 276.3pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.6</font></div>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operates shopping centers, real estate business and credit card services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Supermarket business and operation of eating-out stores</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,400</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operates restaurants</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,900</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retail sales of home goods</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Discount retail sales</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yossix Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 276.3pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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        <tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FEBRUARY 28, 2019</font></div>
    <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tear Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 277.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">65,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">493,449</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">386,849</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div style="text-align: center;"><font style="font-size: 10pt;">0.1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Funeral business</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Services</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,881,938</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,899,464</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div style="text-align: center;"><font style="font-size: 10pt;">3.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Textiles and Apparel</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Seiren Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 277.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">294,400</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,439,782</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,907,548</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div style="text-align: center;"><font style="font-size: 10pt;">1.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures synthetic fibers and textile products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Total Textiles and Apparel</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,439,782</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,907,548</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div style="text-align: center;"><font style="font-size: 10pt;">1.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alps Logistics Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">223,500</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,276,603</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,673,241</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General logistics services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Japan Transcity Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General logistics services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Meiko Trans Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Marine logistics services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trancom Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 277.65pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General logistics services</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,697,230</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
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        <tr>
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          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Produces gas and energy products</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Food and industrial packaging materials</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manufactures construction materials</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Precious metals, electronic materials, and food</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SIIX Corporation</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 244.8pt;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,315,979</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,678,132</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">3.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
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            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Parts procurement, logistics, and manufacturing of electronics</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sugimoto &amp; Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,800</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,004,028</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,428,503</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="text-align: center;"><font style="font-size: 10pt;">0.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Machine tools and measuring instruments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Techno Associe Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,151,113</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Screws and nonferrous metal products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,873,263</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 double 4px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 4px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">297,797,539</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 double 4px;">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">287,216,512</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 double 4px;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt;">99.7</font></div>
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
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    <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Cost</font></div>
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;">FOREIGN CURRENCY</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Japanese Yen</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 7.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest bearing account</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 244.15pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,058,853</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,052,686</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt;">0.4</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TOTAL FOREIGN CURRENCY</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
                1px; width: 250.85pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,058,853</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,052,686</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt;">0.4</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TOTAL INVESTMENTS IN JAPANESE EQUITY</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: center; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITIES AND FOREIGN CURRENCY</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">298,856,392</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">288,269,198</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt;">100.1</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LIABILITIES LESS OTHER ASSETS, NET</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(160,615</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt;">(0.1)</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NET ASSETS</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                252pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">288,108,583</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt;">100.0</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*The description following each investment is unaudited and not covered by the Report of Independent Registered Public Accounting
                Firm.</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Portfolio securities and foreign currency holdings were translated<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>at the following exchange rate as of February 28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Japanese Yen&#160;&#160; JPY&#160; &#165;111.40 = USD $1.00</font></div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div><br>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STATEMENT <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">O</font>F ASSETS AND LIABILITIES</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FEBRUARY 28, 2019</font></div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ASSETS</font>:</font></div>
          </td>
          <td style="width: 18.75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top;">
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          </td>
          <td style="width: 18.75%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$287,216,512</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top;">
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          </td>
          <td style="width: 18.75%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,052,686</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Receivable for investments sold</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          </td>
          <td style="width: 18.75%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">505,867</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Receivable for dividends</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
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          </td>
          <td style="width: 18.75%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523,524</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 360.1pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.75%; vertical-align: middle;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,797</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 360.1pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.75%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,306</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.25%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 34.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Assets</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 342pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.75%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">289,379,692</font></div>
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          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z791e601deef94be2ba2b18de38918ba1">

        <tr>
          <td style="width: 81.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LIABILITIES</font>:</font></div>
          </td>
          <td style="width: 18.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 81.24%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payable for investments purchased</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 359.85pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 18.76%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">935,212</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.24%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accrued management fee</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                359.85pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.76%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">196,209</font></div>
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        </tr>
        <tr>
          <td style="width: 81.24%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accrued auditing and tax reporting fees</font><font style="display: inline-block; text-indent: 0px; font-size:
                1px; width: 359.85pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.76%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">67,503</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.24%; vertical-align: top;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accrued directors&#8217; fees and expenses</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 359.85pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.76%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,993</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.24%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other accrued expenses</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                359.85pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64,192</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.24%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 34.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Liabilities</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 342pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.76%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,271,109</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z4add74d85c684cc5af29bd40a5fe2295">

        <tr>
          <td style="width: 81.22%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NET ASSETS</font>:</font></div>
          </td>
          <td style="width: 18.78%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 81.22%; vertical-align: top;">
            <div style="text-align: left; text-indent: -8.85pt; margin-left: 25.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital stock (28,333,893 shares of capital stock outstanding,<font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;"><br>
                </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100,000,000 shares authorized, par value $0.10 each)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 355.35pt" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 18.78%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2,833,389</font></div>
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        </tr>
        <tr>
          <td style="width: 81.22%; vertical-align: top;">
            <div style="text-align: left; text-indent: 0.15pt; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Paid-in capital</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 364.2pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.78%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">286,055,217</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.22%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 0.15pt; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total distributable loss</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font style="display: inline-block; text-indent:
                0px; font-size: 1px; width: 364.2pt" id="TRGRRTFtoHTMLTab"> <br>
              </font></div>
          </td>
          <td style="width: 18.78%; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(780,023)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.22%; vertical-align: top; padding-bottom: 4px;">
            <div style="text-align: left; text-indent: 0.15pt; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Assets</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                364.2pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.78%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$288,108,583</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.22%; vertical-align: top; padding-bottom: 4px;">
            <div style="text-align: left; text-indent: 0.15pt; margin-left: 16.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net asset value per share</font><font style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 364.2pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 18.78%; vertical-align: bottom; border-top: 2px double rgb(0, 0, 0); text-align: right; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$10.17</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="text-align: left; background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup> Effective February 28, 2019, the Fund has adopted certain disclosure requirements in Regulation S-X, which require the
        presentation of total, rather than the components of distributable earnings on the Statement of Assets and Liabilities and Statements of Changes in Net Assets. (See Note 6)</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STATEMENT OF OPERATIONS</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR THE YEAR ENDED FEBRUARY 28, 2019</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z741a24f71d244e75a250d576c503bb54">

        <tr>
          <td style="width: 77.97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INCOME</font>:</font></div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend income (net of $700,077 withholding taxes)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                381pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$6,300,691</font></div>
          </td>
          <td style="width: 11.02%; vertical-align: bottom; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.97%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest income</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 381pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td colspan="1" style="width: 1%; vertical-align: bottom; text-align: right; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">27,812</font></div>
          </td>
          <td style="width: 11.02%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.97%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 34.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Income</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 346.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
          <td style="width: 10.58%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$6,328,503</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zbb1ffb6900f8457cbb06d970fc9ed43b">

        <tr>
          <td style="width: 77.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXPENSES</font>:</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top;">&#160;</td>
          <td style="width: 10.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management fee</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,003,065</font></div>
          </td>
          <td style="width: 10.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Legal fees</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">262,644</font></div>
          </td>
          <td style="width: 10.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Custodian fee</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">259,822</font></div>
          </td>
          <td style="width: 10.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Directors&#8217; fees and expenses</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">212,972</font></div>
          </td>
          <td style="width: 10.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other expenses</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">238,206</font></div>
          </td>
          <td style="width: 10.71%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 39pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Expenses</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 340.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
          <td style="width: 10.71%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,976,709</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.68%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INVESTMENT INCOME &#8211; NET</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 11.61%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 10.71%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,351,794</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z63cc47c7df8f4d08a9953aa9e76a296a">

        <tr>
          <td style="width: 77.71%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REALIZED AND UNREALIZED
                  GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY</font>:</font></div>
          </td>
          <td colspan="2" style="width: 22.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized gain (loss) on investments and foreign currency transactions:</font></div>
          </td>
          <td colspan="2" style="width: 22.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized gain on investments</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 7.14%; vertical-align: top;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">31,611,746</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized loss on foreign currency transactions</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 7.14%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(52,051)</font></div>
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        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized gain on investments and foreign currency transactions</font><font style="display: inline-block; text-indent: 0px;
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          </td>
          <td style="width: 7.14%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">31,559,695</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net change in unrealized depreciation on investments</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                379.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 7.14%; vertical-align: top;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(81,444,013)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net change in unrealized depreciation on foreign currency transactions and translation</font></div>
          </td>
          <td style="width: 7.14%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(13,006,353)</font></div>
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        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: -7.5pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized and unrealized loss on investments and foreign currency transactions<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
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          </td>
          <td style="width: 7.14%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(62,890,671)</font></div>
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        </tr>
        <tr>
          <td style="width: 77.71%; vertical-align: top; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</font></div>
          </td>
          <td style="width: 7.14%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="width: 15.16%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: right;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">($60,538,877)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">See notes to financial statements</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
        <div>&#160;</div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued)</font></div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STATEMENTS OF CHANGES IN NET ASSETS</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zb5a1a1c85c624b07a87c9b1b341859c2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">For the Year Ended </font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">February<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 28, </font></font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2019</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">For the Year Ended </font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">February<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 28, </font></font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">FROM OPERATIONS:</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net investment income</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
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          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">2,351,794</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">2,496,204</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized gain on investments</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 292.5pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">31,611,746</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">76,301,390</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized gain (loss) on foreign currency transactions</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">(52,051</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">100,208</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net change in unrealized appreciation (deprecation) on investments</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">(81,444,013</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">7,628,096</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net change in unrealized appreciation (deprecation) on foreign currency transactions and translation</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">(13,006,353</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">21,216,611</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net increase (decrease) in net assets resulting from <font style="font-size: 10pt; font-family: 'Segoe UI Symbol',
                  sans-serif;">o</font>perations</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">(60,538,877</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">107,742,509</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">FROM DISTRIBUTIONS TO SHAREHOLDERS:</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Distributions to shareholders</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block;
                text-indent: 0px; font-size: 1px; width: 292.5pt;"> <br>
              </font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">(48,439,623</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">(53,168,550</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Decrease in net assets derived from distributions to shareholders</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">(48,439,623</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">(53,168,550</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">NET ASSETS:</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 2px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Beginning of year</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 292.5pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">397,087,083</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">342,513,124</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 70%; padding-bottom: 4px;">
            <div style="text-align: left; margin-left: 16.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">End of year</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">**</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 292.5pt;"> <br>
              </font></div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">288,108,583</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
            </div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
            <div>
              <div><font style="font-size: 10pt; font-family: &amp;quot;">397,087,083</font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
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      <div><br>
      </div>
      <div>&#160;</div>
      <div> <br>
      </div>
    </div>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="text-align: left; background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup> Effective February 28, 2019, the Fund has adopted certain disclosure requirements in Regulation S-X, which require the
        presentation of total, rather than the components of distributable earnings on the Statement of Assets and Liabilities and Statement of Changes in Net Assets (See Note 6). The presentation of the distributions in December 2017 has been presented to
        conform to the current year presentation. In December 2017, ordinary income distributions were $15,626,142 and capital gains distributions were $37,542,408.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">** In addition, the disclosure of accumulated net investment income or loss has been removed. Accumulated net investment loss as of February
        28, 2018 was $8,598,505.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
    </font>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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      <div id="DSPFPageHeader">
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
        <div>&#160;</div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued)</font></div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Significant Accounting Policies</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) is registered under the Investment Company Act of 1940, as amended
        (the &#8220;Investment Company Act&#8221;), as a non-diversified, closed-end management investment company. The Fund was incorporated in Maryland on January 25, 1990 and investment operations commenced on March 21, 1990. The Fund&#8217;s investment objective is to
        seek long-term capital appreciation through investments primarily in smaller capitalization Japanese equity securities.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The accompanying financial statements have been prepared in accordance with United States (&#8220;U.S.&#8221;) generally accepted
        accounting principles (&#8220;GAAP&#8221;) and are stated in United States dollars. The Fund is an investment company that follows the accounting and reporting guidance in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards
        Codification Topic 946 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Services-Investment Companies. </font>The following is a summary of the significant accounting and reporting
        policies used in preparing the financial statements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) Valuation of Securities &#8211; Investments traded in the over-the-counter market are fair valued at the last reported sales
        price as of the close of business on the day the securities are being valued or, if none is available, at the mean of the bid and offer price at the close of business on such day or, if none is available, the last reported sales price. Portfolio
        securities which are traded <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">i</font>n stock exchanges are fair valued at the last sales price on the principal market on which securities are traded or, lacking any sales,
        at the last available bid price. Securities and other assets, including futures contracts and related options, that cannot be fair valued using one of the previously mentioned methods are stated at fair value as determined in good faith by or under
        the direction of the Board of Directors of the Fund.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) Foreign Currency Transactions &#8211; Transactions denominated in Japanese Yen (&#8220;Yen&#8221;) are recorded in the Fund&#8217;s records at
        the prevailing exchange rate at the time of the transaction. Asset and liability accounts that are denominated in Yen are adjusted to reflect the current exchange rate at the end of the period. Transaction gains or losses resulting from changes in
        the exchange rate during the reporting period or upon settlement of foreign currency transactions are included in the results of operations for the current period.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The net assets of the Fund are presented at the exchange rates and fair values on February 28, 2019. The Fund does isolate
        that portion of the results of operations arising as a result of changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held at February 28, 2019. Net realized gains or
        losses on investments include gains or losses arising from sales of portfolio securities and sales and maturities of short-term securities. Net realized gains or losses on foreign currency transactions arise from sales of foreign currencies,
        currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund&#8217;s books and the U.S. dollar equivalent
        of the amounts actually received or paid.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c) Security Transactions, Investment Income and Distributions to Shareholders &#8211; Security transactions are accounted for
        on the trade date. Dividend income and distributions are recorded on the ex-dividend dates and interest income is recorded </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">on the accrual basis. Realized
        gains and losses on the sale of investments are calculated on the first in, first out basis.</font></div>
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      <div id="DSPFPageHeader">
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
        <div>&#160;</div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued)</font></div>
        <div>&#160;</div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Distributions from net investment income and net realized capital gains are determined in accordance with Federal income
        tax regulations, which may differ from U.S. GAAP. To the extent these &#8220;book/tax&#8221; differences are permanent in nature (i.e., that they result from other than timing of recognition &#8211; &#8220;temporary&#8221;), such accounts are reclassified within the capital
        accounts based on their Federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net realized capital gains for financial reporting purposes, but not for tax purposes, are reported
        as distributions in excess of net realized capital gains.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to a securities lending agreement with Brown Brothers Harriman &amp; Co., the Fund may lend securities to
        qualified institutions. It<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>is the Fund&#8217;s policy that, at origination, all loans shall be secured by collateral of at least 102% of the value of
        U.S. securities loaned and 105% of the value of foreign securities loaned. It is the Fund&#8217;s policy that collateral equivalent to at least 100% of the fair value of securities on loan must be maintained at all times (when applicable).&#160; Collateral is
        provided in the form of cash, which would be invested in certain money market funds. The Fund is entitled to receive all income on securities loaned, in addition to a portion of the income earned as a result of the lending transaction. Although
        each security loan is fully collateralized, there are certain risks. On November 21, 2008, the Fund suspended its participation in the securities lending program. The Fund may resume its participation in the future. During the fiscal year ended
        February 28, 2019, the Fund did not earn any fees from lending fund portfolio securities, pursuant to the securities lending agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d) Income Taxes &#8211; A provision for U.S. income taxes has not been made since it is the intention of the Fund to continue
        to qualify as a regulated investment company under the Internal Revenue Code and to distribute within the allowable time limit all taxable income to its shareholders.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under Japanese tax laws, a withholding tax is imposed on dividends at a rate of 15.315% and such withholding taxes are
        reflected as a reduction of the related revenue. The withholding tax rate of 15.315% was reduced to 10% upon the submission of Form 17 - Limitation on Benefits Article. There is no withholding tax on realized gains.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed
        the Fund&#8217;s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years), and has concluded that no provision for income tax is required in the Fund&#8217;s
        financial statements. The&#160; Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the statement of operations. During the current year and for the prior three tax years, the Fund did not incur
        any interest or penalties.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Use of Estimates in Financial Statement Preparation &#8211; The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions
        that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.</font></div>
    <div>&#160;</div>
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      <div id="DSPFPageFooter">
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      <div id="DSPFPageHeader">
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
        <div>&#160;</div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued)</font></div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Concentration of Risk &#8211; A significant portion of the Fund&#8217;s net assets consists of Japanese securities which involve certain considerations and risks not typically associated
        with investments in the U.S. In addition to the smaller size, and greater volatility, there is often substantially less publicly available information about Japanese issuers than there is about U.S. issuers. Future economic and political
        developments in Japan could adversely affect the value of securities in which the Fund is invested. Further, the Fund may be exposed to currency devaluation and other exchange rate fluctuations.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indemnifications&#8212;Under the Fund&#8217;s organizational documents, its officers and directors are indemnified against certain liabilities arising from the performance of their duties
        to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund&#8217;s maximum exposure under these agreements is unknown as this
        would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote and as such no additional accruals were recorded on the Statement of Assets and
        Liabilities.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Management Agreement and Transactions With Affiliated Persons</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nomura Asset Management U.S.A. Inc. (&#8220;NAM-USA&#8221; or the &#8220;Manager&#8221;) acts as the Manager of the Fund pursuant to a management
        agreement. Under the management agreement, the Manager provides all office space, facilities and personnel necessary to perform its duties. Pursuant to such management agreement, the Manager has retained its parent company, Nomura Asset Management
        Co., Ltd. (&#8220;NAM&#8221;), as Investment Adviser to the Fund.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As compensation for its services to the Fund, the Manager receives a monthly fee at the annual rate of 1.10% of the value
        of the Fund&#8217;s average weekly net assets not in excess of $50&#160;million, 1.00% of the Fund&#8217;s average weekly net assets in excess of $50 million but not exceeding $100&#160;million, 0.90% of the Fund&#8217;s average weekly net assets in excess of $100 million but
        not exceeding $175 million, 0.80% of the Fund&#8217;s average weekly net assets in excess of $175&#160;million but not exceeding $250 million, 0.70% of the Fund&#8217;s average weekly net assets in excess of $250 million but not exceeding $325 million, 0.60% of the
        Fund&#8217;s average weekly net assets in excess of $325 million but not exceeding $425 million and 0.50% of the Fund&#8217;s average weekly net assets in excess of $425 million. Under the management agreement, the Fund incurred fees to the Manager of
        $3,003,065 for the fiscal year ended February 28, 2019. Under the investment&#160; advisory agreement, NAM earned investment advisory fees of $1,325,488 from the Manager, not the Fund, for the fiscal year ended February 28, 2019. At February 28, 2019,
        the management fee payable to the Manager by the Fund was $196,209.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain officers and/or directors of the Fund are officers and/or directors of the Manager. Affiliates of Nomura Holdings,
        Inc. (the Manager&#8217;s indirect parent) did not earn any fees in commissions on the execution of portfolio security transactions for the year ended February 28, 2019. The Fund pays each Director not affiliated with the Manager an annual fee of
        $30,000. In addition, the Fund pays each Director not affiliated with the Manager $3,000 per meeting attended, $2,000 per telephone meeting attended, and director expenses related to attendance at meetings. The Chairman of the Board, presently
        Rodney A. Buck, is paid an additional annual fee of $8,000. </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The Chairman of the Audit Committee, presently David B. Chemidlin, is paid an additional annual
        fee of $4,000. Such fees and expenses for unaffiliated Directors aggregated $212,972 for the fiscal year ended February 28, 2019.</font></div>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
        <div>&#160;</div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued)</font></div>
        <div>&#160;</div>
      </div>
    </div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Purchases and sales of investments, exclusive of foreign currency and investments in short-term securities, for the fiscal
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of February 28, 2019, net unrealized depreciation on investments, exclusive of foreign currency, for federal income tax
        purposes was $14,578,118, of which $9,912,648 related to appreciated securities and $24,490,766 related to depreciated securities. The cost of investments, exclusive of foreign currency of $1,058,853, at February 28, 2019 for federal income tax
        purposes was $301,794,630.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At February 28, 2019, the components of accumulated earnings on a tax basis consisted of unrealized depreciation on
        investments and foreign currency transactions of $14,585,789, undistributed long-term capital gains of $8,075,431, and undistributed ordinary income of $5,730,335. The differences between book basis and tax basis for unrealized appreciation on
        investments and foreign currency transactions are attributable to the tax deferral of losses on wash sales and the tax treatment of passive foreign investment companies.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Fund paid an ordinary income distribution of $8,647,504, which represents $0.3052 per share and a long-term capital
        gains distributions of $39,792,119, which represents $1.4044 per share to shareholders of record as of December 17, 2018. The distribution was paid on December&#160;27, 2018.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Fund paid an ordinary income distribution of $18,113,858, which represents $0.6393 per share and a long-term capital
        gains distributions of $35,054,692, which represents $1.2372 per share to shareholders of record as of December 15, 2017. The distribution was paid on December&#160;21, 2017.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Fair Value Measurements</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an asset or pay to
        transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency
        of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions
        market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund&#8217;s own assumptions about the assumptions that market participants would use in
        pricing the asset or liability developed based on the best information available in the circumstances. Each </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">investment is assigned a level based upon the
        observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.</font></div>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
        <div>&#160;</div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS &#8211; (Continued)</font></div>
        <div>&#160;</div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd5010427b914c0fa6334ef9748b9c81">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;"><font style="font-family: Times New Roman">&#9679;</font></font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 1 &#8211; quoted prices in active markets for identical investments</font></div>
            </td>
          </tr>

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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7eb46bf48635488f9b9e158b9c1a0d26">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;"><font style="font-family: Times New Roman">&#9679;</font></font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
                  credit risk, etc.)</font></div>
            </td>
          </tr>

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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;"><font style="font-family: Times New Roman">&#9679;</font></font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 3 &#8211; significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments)</font></div>
            </td>
          </tr>

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    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At February 28, 2019, all of the Fund&#8217;s investments were determined to be Level 1 securities.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the fiscal year ended February 28, 2019, the Fund did not hold any instrument which used significant unobservable
        inputs (Level 3) in determining fair value.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Recent Accounting Pronouncements</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In August 2018, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2018-13, Fair Value Measurement (Topic 820):
        Disclosure Framework - <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Disclosure Requirements for Fair Value Measurement </font>(&#8220;ASU 2018-13&#8221;), which adds, modifies, and removes
        certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for the Fund on March&#160;1,&#160;2020. The Fund has early adopted certain disclosures of ASU 2018-13 as permitted by the standard.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On October 17, 2018, the SEC adopted changes to Regulation S-X to simplify the reporting of information by registered
        investment companies in financial statements. The amendments require presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and also require presentation of the total, rather than
        the components, of distributions to shareholders, if any, on the Statements of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statements of Changes in
        Net Assets. These Regulation S-X amendments are reflected in the Fund&#8217;s financial statements for the period ended February 28, 2019. The distributions to shareholders in the February 28, 2018, Statements of Changes in Net Assets presented herein
        have been reclassified to conform to the current year presentation.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">7</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color:
        #FF0066;">.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">Subsequent











        Events</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Fund has evaluated subsequent events through April 26, 2019, the date as of which the financial statements are
        available to be issued.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
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      <div id="DSPFPageFooter">
        <div><br>
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      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">FINANCIAL HIGHLIGHTS</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For a share of common stock outstanding throughout each year:</font></div>
    <div style="text-align: justify;">
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        <div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" id="zac68e7c59a5a44ee93ac050a73b58eed" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td style="width: 34.51%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 65.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="9">
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              <tr>
                <td style="width: 35.02%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.87%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="5"><font style="font-weight: bold;">February 28,</font><br>
                </td>
                <td style="width: 1.71%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 10.62%; vertical-align: middle; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">February 29,</font><br>
                </td>
                <td style="width: 1.77%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.5%; vertical-align: middle; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">February 28,</font><br>
                </td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.87%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2019</font></div>
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                </td>
                <td style="width: 1.9%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 12.31%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
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                </td>
                <td style="width: 1.74%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.55%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
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                </td>
                <td style="width: 1.71%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 10.62%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
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                </td>
                <td style="width: 1.77%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.5%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</font></div>
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                </td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top; padding-bottom: 2px;">
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                <td style="width: 1.9%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                <td style="width: 1.74%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                <td style="width: 1.71%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                <td style="width: 1.77%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$9.85</font></div>
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                <td rowspan="1" style="width: 35.02%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investment operations:</font></div>
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
                  <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net investment income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px;
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.09</font></div>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.09</font></div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.12</font></div>
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                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
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                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
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                </td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top; padding-bottom: 2px;">
                  <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net realized and unrealized gain (loss) on investments and foreign currency</font></div>
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(2.22)</font></div>
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                <td style="width: 1.9%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.71</font></div>
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                <td style="width: 1.74%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.41</font></div>
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                </td>
                <td style="width: 1.71%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.34</font></div>
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                </td>
                <td style="width: 1.77%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.20</font></div>
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              <tr>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.80</font></div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.53</font></div>
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                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.40</font></div>
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                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.26</font></div>
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              <tr>
                <td rowspan="1" style="width: 35.02%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less Distributions:</font></div>
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
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              <tr>
                <td style="width: 35.02%; vertical-align: top;">
                  <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Distributions from ordinary income</font></div>
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.09)</font></div>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.55)</font></div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
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                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.17)</font></div>
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                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
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              <tr>
                <td style="width: 35.02%; vertical-align: top; padding-bottom: 2px;">
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1.62)</font></div>
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                <td style="width: 1.9%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1.33)</font></div>
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                <td style="width: 1.74%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.59)</font></div>
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                <td style="width: 1.71%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.71)</font></div>
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                <td style="width: 1.77%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.01)</font></div>
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              <tr>
                <td style="width: 35.02%; vertical-align: top;">
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1.71)</font></div>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1.88)</font></div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.94)</font></div>
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                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.88)</font></div>
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                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(0.13)</font></div>
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              <tr>
                <td rowspan="1" style="width: 35.02%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
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              <tr>
                <td style="width: 35.02%; vertical-align: top; padding-bottom: 4px;">
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center; border-bottom: 4px double rgb(0, 0, 0);">
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                <td style="width: 1.9%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center; border-bottom: 4px double rgb(0, 0, 0);">
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                <td style="width: 1.74%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center; border-bottom: 4px double rgb(0, 0, 0);">
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                <td style="width: 1.71%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center; border-bottom: 4px double rgb(0, 0, 0);">
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                <td style="width: 1.77%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center; border-bottom: 4px double rgb(0, 0, 0);">
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              <tr>
                <td rowspan="1" style="width: 35.02%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
              </tr>
              <tr>
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$8.92</font></div>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$10.60</font></div>
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                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
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                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
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              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
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                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(13.8%)</font></div>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">36.0%</font></div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">24.9%</font></div>
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                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.7%</font></div>
                </td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">11.2%</font></div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 35.02%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ratio/Supplemental Data:</font></div>
                </td>
                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
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                        font-size: 1px; width: 12pt">&#160;</font></font></div>
                </td>
                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$288,109</font></div>
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                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$397,087</font></div>
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                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$342,513</font></div>
                </td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$297,550</font></div>
                </td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$311,094</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
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                </td>
                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.13%</font></div>
                </td>
                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.05%</font></div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.09%</font></div>
                </td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.11%</font></div>
                </td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.13%</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
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                </td>
                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.67%</font></div>
                </td>
                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.66%</font></div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.99%</font></div>
                </td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.50%</font></div>
                </td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.62%</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 35.02%; vertical-align: top;">
                  <div style="text-align: left; margin-left: 8.05pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Portfolio turnover rate<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
                        1px; width: 12pt">&#160;</font></font></div>
                </td>
                <td style="width: 11.87%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">24%</font></div>
                </td>
                <td style="width: 1.9%; vertical-align: top;">&#160;</td>
                <td style="width: 12.31%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">50%</font></div>
                </td>
                <td style="width: 1.74%; vertical-align: top;">&#160;</td>
                <td style="width: 11.55%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">20%</font></div>
                </td>
                <td style="width: 1.71%; vertical-align: top;">&#160;</td>
                <td style="width: 10.62%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">24%</font></div>
                </td>
                <td style="width: 1.77%; vertical-align: top;">&#160;</td>
                <td style="width: 11.5%; vertical-align: bottom; text-align: center;">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">41%</font></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>&#160;<br>
          </div>
        </div>
        <br>
        <hr noshade="noshade" align="left" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"></div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6aa61cffd9dc4b118193b5a0a08f3b73">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on average shares outstanding.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7702052f7734d58ab24d5a1c017d572">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">**</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on market value per share, adjusted for reinvestment of income dividends, ordinary income distributions, long-term capital gain distributions, and
                    capital share transactions. Total return does not reflect sales commissions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter">
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
        <div>&#160;</div>
      </div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 2018 Annual Meeting of the Shareholders of the Fund was held at the offices of NAM-USA at Worldwide Plaza, 309 West
        49th Street, New York, New York on November 20, 2018. The purpose of the meeting was (1) to elect two Class III Directors to serve for a term to expire in 2021 (2) to consider a shareholder proposal requesting that the Board of Directors take
        action to declassify the Board of Directors and (3) to transact such other business as may properly come before the meeting or any adjournment or postponement thereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At the meeting, Rodney A. Buck and David B. Chemidlin were re-elected to serve as directors of the Fund for a term
        expiring in 2021 and until their successors are duly elected and qualify. The results of the voting at the Annual Meeting were as follows:</font></div>
    <div style="text-align: justify; text-indent: 18pt;"><br>
      <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;">To elect two Class III Directors:</font> <br>
      </div>
    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z12ab689a8044437ba5ae691ee2c57724">

        <tr>
          <td style="width: 24.44%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11.82%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voted For</font></div>
            </div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 12.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">% of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Outstanding </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares</font></div>
            </div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 14.1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares Voted </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Withhold </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authority</font></div>
            </div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 12.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">% of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Outstanding </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares</font></div>
            </div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 11.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Abstained</font></div>
            </div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 11.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Broker</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Non-Vote</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.44%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rodney A. Buck</font></div>
          </td>
          <td style="width: 11.82%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23,129,919</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 12.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">81.63%</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 14.1%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,675,566</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 12.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.97%</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 11.83%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 11.83%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.44%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">David B. Chemidlin</font></div>
          </td>
          <td style="width: 11.82%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23,102,662</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 12.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">81.54%</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 14.1%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,702,822</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 12.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.07%</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 11.83%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 11.83%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
        </tr>

    </table>
    <br>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div style="text-indent: 18pt;">
        <div>
          <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">A Shareholder proposal requesting that the
              Board of Directors take action to declassify the Board of Directors:</font></div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z9407d764fcc84cca8835f4db5a357cbe">

          <tr>
            <td style="width: 14.29%; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;">
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shares Voted </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">For</font></div>
            </td>
            <td style="width: 1%; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 14.29%; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;">
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">% of </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Outstanding </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shares</font></div>
            </td>
            <td style="width: 1%; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 14.29%; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;">
              <div>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shares Voted </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Against</font></div>
            </td>
            <td style="width: 1%; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 14.29%; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;">
              <div>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">% of </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Outstanding </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shares</font></div>
            </td>
            <td style="width: 1%; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shares </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Abstained</font></div>
            </td>
            <td style="width: 1%; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">% of </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Outstanding </font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shares</font></div>
            </td>
            <td style="width: 1%; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Broker Non-</font></div>
              <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vote</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,063,158</font></td>
            <td style="width: 1%; text-align: center;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49.63%</font></td>
            <td style="width: 1%; text-align: center;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,347,476</font></td>
            <td style="width: 1%; text-align: center;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.93%</font> <br>
            </td>
            <td style="width: 1%; text-align: center;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">156,328</font> <br>
            </td>
            <td style="width: 1%; text-align: center;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.55%</font> <br>
            </td>
            <td style="width: 1%; text-align: center;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 14.29%; text-align: center; vertical-align: bottom;" rowspan="1">&#160;-</td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1b6d35428f1648e0bb3d03ce94415252">

        <tr>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.29%; vertical-align: top;"> <br>
          </td>
          <td style="width: 14.29%; vertical-align: top;"> <br>
          </td>
          <td style="width: 14.29%; vertical-align: top;"> <br>
          </td>
          <td style="width: 14.29%; vertical-align: top;"> <br>
          </td>
          <td style="width: 14.29%; vertical-align: top;"> <br>
          </td>
          <td style="width: 14.29%; vertical-align: top;"> <br>
          </td>
          <td style="width: 14.29%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
            <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font> </td>
        </tr>

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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INDEPENDENT DIRECTORS</font></div>
    <div>&#160;</div>
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          <td style="width: 50.96%; vertical-align: top; border-top: #000000 2px double; border-bottom: #000000 2px double;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name, Age, Position(s) Held with the Fund, Length of Service, Other Directorships Held by Director,<font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;"><br>
                </font>Number of Portfolios in Fund Complex/Outside Fund Complexes Currently Overseen by Director</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: left;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Principal Occupation(s) During Past 5 Years:</font></div>
          </td>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za42c1de1526541d2bafde4dbb1938d65">

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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Rodney A. Buck (71)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Class III Director and Chairman of the Board<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director since: 2006<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Chairman of the Board since: 2010<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund Complex</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Owner, Buck Capital Management (private investment management firm) since 2005; Chairman of the Dartmouth-Hitchcock Health Care
                Investment Committee since 2011.</font></div>
          </td>
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          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> E. Han Kim (72)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Class I Director<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director since: 2010<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund Complex</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Everett E. Berg Professor of Business Administration and Director of Mitsui Financial Research Center at Ross Business School,
                University of Michigan since 1980; Advisor to CEO of Taubman Asia from 2009-2016; Non-executive Chair of the Board of Korea Telecom (KT) from 2009-2014.</font></div>
          </td>
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          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> David B. Chemidlin (62)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Class III Director and Chairman of the Audit Committee Director since: 2006<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund Complex</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Owner and President of AbidesWorks LLC (accounting and business support services) since 2016; Corporate Controller, Advance Magazine
                Publishers, Inc. (d/b/a Conde Nast) from 1995-2016.</font></div>
          </td>
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          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Marcia L. MacHarg (70)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Class I Director<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director since: 2013<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund Complex</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Partner, Debevoise &amp; Plimpton LLP from 1987-2012; Of Counsel, Debevoise &amp; Plimpton LLP since 2013; Trustee, Board of Trustees
                of Smith College since 2014 and Chair of the Audit Committee of the Board of Trustees since 2016; Member of the Executive Committee of the Friends of Smith College Libraries from 2013-2015.</font></div>
          </td>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTERESTED DIRECTORS</font></div>
    <div>&#160;</div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name, Age, Position(s) Held with the Fund, Length of Service, Other Directorships Held by Director,<font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;"><br>
                </font>Number of Portfolios in Fund Complex/Outside Fund Complexes Currently Overseen by Director</font></div>
          </td>
          <td style="width: 50%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: left;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Principal Occupation(s) During Past 5 Years:</font></div>
          </td>
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    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1b560f7880be4fd9beac581d2896c21a">

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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yutaka Itabashi (53)*</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>President and Class II Director<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>From 2013 to March 31, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund Complex</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior Managing Director of NAM since 2015; President and Chief Executive Officer of NAM-U.S.A and President of Nomura Global Alpha
                LLC (&#8220;NGA&#8221;) from 2013 to March 31, 2019; Managing Director of NAM from 2012-2013; Senior Managing Director of Nomura Funds Research and Technologies Co., Ltd. (&#8220;NFRT&#8221;) from 2009-2012.</font></div>
          </td>
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          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yuichi Nomoto (47)*</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>President and Class II Director<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Since: April 1, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund complex</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President and Chief Executive Officer of NAM-U.S.A and President of NGA since April 1, 2019; Managing Director of NAM-U.S.A since
                April 2018; Head of Client Services and Marketing of NAM-U.S.A since 2016; Executive Director of NAM-U.S.A from 2016 to April 2018; Senior Manager and Head of the Marketing Planning Team, NISA Project Team in Retail Client Strategy, and the
                Investment Trust Marketing Team of NAM from 2010 to 2016.</font></div>
          </td>
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      <div><br>
      </div>
      <div>&#160;</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbcb89f3e10f84f368c626406b6374f23">

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              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Itabashi and Mr. Nomoto are &#8220;interested persons&#8221; of the Fund based on their positions with NAM-USA and NAM and as defined in the Investment Company Act.</font></div>
              </td>
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      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Committees and Directors&#8217;
          Meetings. </font>The Board of Directors has a standing Audit Committee, a standing Nominating Committee, and a standing Governance and Compliance Committee, each of which consists of the Directors who are not &#8220;interested persons&#8221; of the Fund
        within the meaning of the Investment Company Act and are &#8220;independent&#8221; as defined in the New York Stock Exchange listing standards. Currently, Rodney A. Buck, David B. Chemidlin, E. Han Kim and Marcia L. MacHarg are members of these Committees. The
        Fund has no standing Compensation Committee.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the fiscal year ended February 28, 2019, the Board of Directors (or the Independent Directors of the Fund meeting
        as a group) held six meetings, the Audit Committee held four meetings and the Nominating Committee held one meeting. The Governance and Compliance Committee met as part of each quarterly meeting of the Board of Directors. Each incumbent director
        attended at least 75% of the aggregate number of meetings of the Board of Directors held during the period for which they served and, if a member, of the aggregate number of meetings of the Audit and Nominating Committees held during the period for
        which they served.</font></div>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OFFICERS OF THE FUND</font></div>
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          <td style="width: 50.96%; vertical-align: top; border-top: #000000 2px double; border-bottom: #000000 2px double;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name, Address Age<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: Symbol, serif;">*</font></sup>, Position(s) Held with the Fund,<font style="font-size:
                  10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Term of Office <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: Symbol, serif;">*</font></sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: Symbol, serif;">*</font></sup> and Length of Service</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0); text-align: left;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Principal Occupation(s) During Past 5 Years:</font></div>
          </td>
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    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z28c1b028cdb74afb967b88c08ddcbd1a">

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          <td style="width: 50.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yutaka Itabashi (53)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>President and Class II Director<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>From 2013 to March 31, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund Complex</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior Managing Director of NAM since 2015; President and Chief Executive Officer of NAM-U.S.A and President of NGA from 2013 to
                March 31, 2019; Managing Director of NAM from 2012-2013; Senior Managing Director of NFRT from 2009-2012.</font></div>
          </td>
        </tr>
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          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yuichi Nomoto (47)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>President and Class II Director<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Since: April 1, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Director of one fund in the Fund complex</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President and Chief Executive Officer of NAM-U.S.A and President of NGA since April 1, 2019; Managing Director of NAM-U.S.A since
                April 2018; Head of Client Services and Marketing of NAM-U.S.A since 2016; Executive Director of NAM-U.S.A from 2016 to April 2018; Senior Manager and Head of the Marketing Planning Team, NISA Project Team in Retail Client Strategy, and the
                Investment Trust Marketing Team of NAM from 2010 to 2016.</font></div>
          </td>
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          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Zheng Liu (40)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Vice<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>President<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Vice President since: November 2018</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Administrative Officer of NAM-U.S.A since September 2018; Senior Manager of the Corporate Planning Department of NAM from
                2012-2018; Quantitative Analyst for Quantitative Research and Development Department of NAM from 2007-2012.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maria R. Premole (56)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Vice President<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Vice President since: 2013</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President of NAM-U.S.A. Client Relationship Management since 2017; Vice President and Head of Retail Product Management of
                NAM-U.S.A from 2013 to 2017; Associate of NAM-U.S.A from 2008-2013.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Neil A. Daniele (58)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Secretary and Chief Compliance Officer<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Secretary since: 2002<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Chief Compliance Officer since: 2005</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Compliance Officer of NAM-U.S.A since 2005 and Managing Director of NAM-U.S.A since 2007; Chief Compliance Officer of NGA since
                2008; Chief Compliance Officer of Nomura Corporate Research and Asset Management Inc. and Nomura Funds Research and Technologies America, Inc. since 2009; Corporate Secretary of NAM-U.S.A and NGA since 2013.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amy J. Robles (41)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Treasurer since: 2013<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Assistant Treasurer from 2011 to 2013</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Executive Director of NAM-U.S.A since 2015: Controller and Treasurer of NAM-U.S.A and Treasurer of NGA since 2013; Vice President of
                NAM-U.S.A from 2009-2015.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 49.04%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Kelly S. Lee (36)</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Assistant Treasurer<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Assistant Treasurer since: 2015</font></div>
          </td>
          <td style="width: 49.04%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President of NAM-U.S.A since 2015; Fund Controller at JP Morgan Chase &amp; Co. from 2014- 2015; Financial Services Senior at
                Ernst &amp; Young LLP from 2010-2014.</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
      </font></div>
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      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
      </font></div>
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      <br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: Symbol, serif;">*</font></sup>The address of each officer listed above is Worldwide Plaza, 309 West 49th
          Street, New York, New York 10019.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: Symbol, serif;">**</font></sup> Elected and appointed by the Board of Directors and hold office until they
          resign, are removed or are otherwise disqualified to serve.</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TAX INFORMATION (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are required by subchapter M of the Internal Revenue Code of 1986, as amended, to advise you within 60 days of the
        Fund&#8217;s fiscal year ended February 28, 2019 as to the federal tax status of distributions received by shareholders during such fiscal year. Accordingly, the Fund designates $700,077 as foreign tax credit with the associated foreign gross income of
        $7,000,767.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders should not use the above information to prepare their tax returns. The information necessary to complete your
        income tax returns will be included with your Form 1099 DIV which was sent to you separately in January 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REVIEW OF THE FUND&#8217;S MARKET PRICE COMPARED TO NET ASSET VALUE (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares of closed-end investment companies, including funds focusing on a single country, have at various times traded at
        both premiums and discounts to their net asset value (&#8220;NAV&#8221;). Although the shares of the Fund have traded at such a premium, they also have traded at a discount from NAV.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Since the Fund was established, the Board of Directors on a quarterly basis has reviewed the market price of the Fund&#8217;s
        shares. The purpose of such review has been to determine whether a discount exists and, if so, whether it would be in the shareholders&#8217; overall best interests for the Fund to conduct share repurchases, make an issuer tender offer for shares or
        consider another means of possibly reducing the discount. For example, the Board of Directors has also considered whether it would be in the best interests of the Fund to convert to an open-end fund or to an interval fund, which is a form of
        investment company that makes periodic share repurchases at prices based on NAV.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, on May 26, 2016, the Board of Directors approved a Discount Management Plan. Under the plan, the Fund is
        authorized to make open-market share repurchases on the New York Stock Exchange. Such repurchases may be made from time to time as authorized by the Board of Directors.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To date, the Board of Directors has not authorized open-market share repurchases or a tender offer for shares of the Fund.
        The Board of Directors also has not felt that it would be in the best interests of the Fund or its shareholders to convert to an open-end fund or an interval fund. As a &#8220;country fund&#8221; emphasizing a smaller capitalization segment of the market, the
        Fund&#8217;s NAV is more volatile than might be the case for a fund with a broader investment focus. The Board of Directors believes that converting the Fund to either an open-end or interval fund would subject the Fund to redemptions or repurchases at
        times when liquidation of portfolio securities could disadvantage remaining shareholders, and the Directors believe that the recent volatility of the financial markets in Japan supports their view. Additionally, since an open-end fund has a limited
        ability to invest in illiquid securities, such a conversion could hinder the Fund&#8217;s ability to pursue its investment objectives. The Board of Directors intends to continue to review, on a quarterly basis, the trading market for the Fund&#8217;s shares.</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Review of the Management and Investment Advisory Agreements</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board of Directors of the Fund (the &#8220;Board&#8221;) consists of five directors, four of whom are independent or
        non-interested directors (the &#8220;Independent Directors&#8221;). The Board considers matters relating to the Fund&#8217;s management and investment advisory agreements throughout the year. On an annual basis, the Board specifically considers whether to approve
        the continuance of these agreements for an additional one-year period. The specific agreements (the &#8220;Agreements&#8221;) consist of the Fund&#8217;s management agreement with Nomura Asset Management U.S.A. Inc. (the &#8220;Manager&#8221;) and the investment advisory
        agreement between the Manager and its parent, Nomura Asset Management Co., Ltd. (the &#8220;Investment Adviser&#8221;).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board, including the Independent Directors, most recently approved the continuance of the Agreements at a meeting held
        on November 20, 2018. In connection with their deliberations at that meeting and at a separate meeting of the Independent Directors held on November 13, 2018, the Independent Directors received materials that included, among other items,
        information provided by the Manager regarding (i) the investment performance of the Fund, performance of other investment companies and performance of the Fund&#8217;s benchmark, (ii) expenses of the Fund and the management fee paid by the Fund to the
        Manager and the advisory fee paid by the Manager to the Investment Adviser, (iii) advisory fees charged by the Manager and the Investment Adviser to comparable accounts and (iv) the profitability of the Agreements to the Manager and the Investment
        Adviser. The Independent Directors were advised by, and received materials (including a detailed memorandum reviewing the applicable legal standards and factors taken into account by the Supreme Court and other relevant court decisions) from their
        independent counsel in considering these matters and the continuance of the Agreements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In considering the continuance of the Agreements at the meeting held on November 20, 2018, the Board, including the
        Independent Directors, did not identify any single factor as determinative. Matters considered by the Directors in connection with their review of the Agreements included the following:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The nature, extent and
          quality of the services provided to the Fund under the Agreements. </font>The Board considered the nature, extent and quality of the services provided to the Fund by the Manager and the Investment Adviser and the resources dedicated by the
        Manager and the Investment Adviser. These services included both investment advisory services and related services such as the compliance oversight provided by the Manager. Based on its review of all of the services provided by the Manager and the
        Investment Adviser, the Board, including the Independent Directors, concluded that the nature, extent and quality of these services supported the continuance of the Agreements.</font></div>
    <div>&#160;</div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Review of the Management and Investment Advisory Agreements (Continued)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Investment performance. </font>The











        Board considered performance information provided by the Manager regarding the Fund&#8217;s investment performance over a number of time periods, including the one-year, three-year and five-year periods ended September 30, 2018. In response to requests
        by the Independent Directors, the Manager provided information about the performance of the Fund compared to the Fund&#8217;s benchmark index, data on the Fund&#8217;s expense ratio and components thereof, and comparative fee, expense ratio and performance
        information for other funds investing primarily in Japanese securities.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with their review of investment performance, the Independent Directors noted that, following a series of
        discussions with management in 2012 and 2013 that focused on the Fund&#8217;s performance, the Investment Adviser had installed a new management team as of July&#160;1,&#160;2013. The Independent Directors recognized that, as contemplated at the time of the
        transition, the new portfolio managers had invested in a more diversified portfolio than the Fund had maintained in the past with an increased focus on value characteristics evidenced by financial measurements. The Independent Directors also noted
        the Fund&#8217;s comparative performance since the transition and the Fund&#8217;s performance for the one-year, three-year and five-year periods ended September 30, 2018 amongst six funds (including the Fund) identified by the Manager as having similar
        investment objectives. The Independent Directors discussed with the portfolio managers the relative underperformance of the Fund compared to its peers and benchmark for the year ended September 30, 2018, as well as its comparatively stronger
        performance over longer time periods. Based on their review, the Independent Directors concluded that the Fund&#8217;s performance supported the continuance of the Agreements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The costs of the services
          to be provided and the profits to be realized by the Manager and its affiliates from their advisory relationships with the Fund</font>. The Board considered the fee payable under the Fund&#8217;s management agreement in connection with other
        information provided for the Directors&#8217; consideration. The Board considered information provided by the Manager regarding fees charged by the Manager and its affiliates to institutional accounts and other investment companies having investment
        objectives similar to the Fund&#8217;s investment objective, including Japanese retail unit trusts. The Board recognized that the nature of the services provided by the Manager and the Investment Adviser to other investment vehicles and separate accounts
        differed from the range of services provided to the Fund.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Manager also provided the Board with information prepared by the Manager and the Investment Adviser indicating the
        profitability of the Agreements to these respective advisers. This presentation included information regarding methodologies used to allocate expenses in considering the profitability of the Agreements to the Manager and the Investment Adviser. The
        Independent Directors reviewed this information with the Manager to understand expense allocation methodology utilized by the Investment Adviser.</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Review of the Management and Investment Advisory Agreements (Continued)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After reviewing the information described above, the Independent Directors concluded that the management fee proposed to
        be charged to the Fund was reasonable and the profitability of the Agreements to the Manager and the Investment Adviser supported the continuance of the Agreements. However, the Independent Directors did request the Manager to consider whether the
        multiple breakpoint fee structure in the Agreements could be simplified and to report its conclusions to the Board at a future meeting.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Economies of scale. </font>The











        Board also considered whether the Manager and the Investment Adviser realize economies of scale as the Fund grows larger and the extent to which any economies of scale are shared with the Fund and its shareholders. The Board noted that the
        management agreement contains six separate breakpoints in the management fee for net assets above $50&#160;million, with the last breakpoint applicable to net assets in excess of $425 million.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on an evaluation of all factors deemed relevant, including the factors described above and taking into account
        information received throughout the preceding year, the Board, including each of the Independent Directors, concluded that each of the Agreements should be continued through December 31, 2019.</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DIVIDEND REINVESTMENT PLAN (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The dividend Reinvestment Plan (the &#8220;Plan&#8221;) is available automatically for any holder of Common Stock with shares
        registered in his/her own name who wishes to purchase additional shares with income dividends or long-term capital gain distributions received on shares owned, unless such shareholder elects to receive all dividends and capital gain distributions
        in cash, paid by check and mailed to the shareholder. If a shareholder holds shares in his/her own name, communications regarding the Plan should be addressed to Computershare Trust Company, N.A., (the &#8220;Plan Agent&#8221;), P.O. Box 505000 Louisville, KY
        40233. Under the Plan, shareholders appoint the Plan Agent to reinvest dividends and distributions in shares of the Fund. Such shares will be acquired by the Plan Agent for shareholders either through open market purchases if the Fund is trading at
        a discount or through the issuance of authorized but unissued shares if the Fund is trading at net asset value or a premium. If the market price of a share on the payable date of a dividend or distribution is at or above the Fund&#8217;s net asset value
        per share on such date, the number of shares to be issued by the Fund to each shareholder receiving shares in lieu of cash dividends or distributions will be determined by dividing the amount of the cash dividends or distributions to which such
        shareholder would be entitled by the greater of the net asset value per share on such date or 95% of the market price of a share on such date. if the market price of a share on such distribution date is below the net asset value per share, the
        number of shares to be issued to such shareholders will be determined by dividing such amount, less brokerage commission, by the per share market price.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Purchases will be made by the Plan Agent from time to time on the New York Stock Exchange (the &#8220;Exchange&#8221;) or elsewhere to
        satisfy dividend and distribution investment requirements under the Plan. Purchases will be suspended on any day when the closing price (or the mean between the closing bid and ask prices if there were no sales) of the shares on the Exchange on the
        preceding trading day was higher than the net asset value per share. If on the dividend payable date, purchases by the Fund are insufficient to satisfy dividend or distribution investments and on the last trading day immediately preceding the
        dividend payable date the closing price or the mean between the closing bid and ask prices of the shares is lower than or the same as the net asset value per share, the Plan Agent will continue to purchase shares until all investments by
        shareholders have been completed or the closing price or the mean between the bid and ask prices of the shares becomes higher than the net asset value, in which case the Fund will issue the necessary additional shares from authorized but unissued
        shares. If on the last trading day immediately preceding the dividend payable date, the closing price or the mean between the bid and ask prices of the shares is higher than the net asset value per share and if the number of shares previously
        purchased on the Exchange or elsewhere is insufficient to satisfy dividend investments, the Fund will issue the necessary additional shares from authorized but unissued shares. There will be no brokerage charges with respect to shares issued
        directly by the Fund to satisfy the dividend investment requirements. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Fund&#8217;s open market purchases of shares. In each case, the cost per share
        of shares purchased for each shareholder&#8217;s account will be the average cost, including brokerage commissions, of any shares purchased in the open market plus the cost of any shares issued by the Fund. For the fiscal year ended February 28, 2019,
        the Fund issued no new shares for dividend reinvestment purposes.</font></div>
    <div>&#160;</div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DIVIDEND REINVESTMENT PLAN (Continued) (Unaudited)</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders who elect to hold their shares in the name of a broker or other nominee should contact such broker or other
        nominee to determine whether they may participate in the Plan. To the extent such participation is permitted, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the broker as representing the
        total amount registered in the shareholder&#8217;s name and held for the account of beneficial owners who are participating in such Plan. Shareholders that participate in the Plan holding shares in a brokerage account may not be able to transfer the
        shares to another broker and continue to participate in the Plan. Shareholders who are participating in the Plan may withdraw from the Plan at any time.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There will be no penalty for withdrawal from the Plan, and shareholders who have previously withdrawn from the Plan may
        rejoin it at any time. Changes in participation in the Plan should be made by contacting the Plan Agent if the shares are held in the shareholder&#8217;s own name and must be in writing and should include the shareholder&#8217;s name and address as they appear
        on the account registration. If the shares are held in the name of a broker or other nominee, such person should be contacted regarding changes in participation in the Plan. Upon withdrawal from the Plan, the appropriate number of full shares will
        be reflected in the Fund records and a cash payment for any fractional shares will be issued. The shareholder may also request the Plan Agent to sell part or all of the shareholder&#8217;s shares at the market price and remit the proceeds to the
        shareholder, net of any brokerage commissions. A $2.50 fee plus $0.15 per share sold will be charged by the Plan Agent upon any cash withdrawal or termination. An election to withdraw from the Plan will, until such election is changed, be deemed to
        be an election by a shareholder to take all subsequent distributions in cash. An election will be effective only for a dividend or distribution if it is received by the Plan Agent not less than 10 days prior to such record date.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Plan Agent will maintain all shareholders&#8217; accounts in the Plan, and furnish written confirmation of all transactions
        in such account, including information needed by shareholders for tax records. Shares in the account of each Plan participant may be held by the Plan Agent in non-certificated form in the name of the participant, and each shareholder&#8217;s proxy will
        include those shares purchased or received pursuant to the Plan.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The automatic reinvestment of dividends will not relieve participants of any income taxes that may be payable (or required
        to be withheld) on such dividends. Shareholders receiving dividends or distributions in the form of additional shares pursuant to the Plan should be treated for Federal income tax purposes as receiving a distribution in an amount equal to the
        amount of money that the shareholders receiving cash dividends or distributions will receive and should have a cost basis in the shares received equal to such amount.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Fund reserves the right to amend or terminate the Plan as applied to any dividend paid subsequent to written notice of
        the change sent to participants in the Plan at least 90 days before the record date for such dividend. There is no service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge
        payable by the participants. All correspondence concerning the Plan, including requests for additional information about the Plan, should be directed to the Trust Company, at Computershare Trust Company, N.A. P.O. Box 505000 Louisville, KY 40233.</font></div>
    <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">BOARD OF DIRECTORS</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Rodney A. Buck<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>David B. Chemidlin<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Yutaka Itabashi from 2013 to March 31, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Yuichi Nomoto since April 1, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>E. Han Kim<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Marcia L. MacHarg</font></div>
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            <td rowspan="1" style="width: 48.09%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">OFFICERS</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Yutaka Itabashi, President from 2013 to March 31, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Yuichi Nomoto, President since April 1, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Zheng Liu, Vice President<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Maria R. Premole, Vice President<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Neil A. Daniele, Secretary and Chief Compliance Officer<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Amy J. Robles, Treasurer<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Kelly S. Lee, Assistant Treasurer</font></div>
            </td>
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              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;"> <br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"><font style="font-family: 'Times New Roman', serif; font-size: 24pt;">JAPAN</font><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Smaller Capitalization<font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Fund, Inc.</font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;"> <br>
                </font></div>
              <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ANNUAL REPORT</font></div>
              <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FEBRUARY 28, 2019</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">MANAGER</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nomura Asset Management U.S.A. Inc.</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Worldwide Plaza</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">309 West 49th Street</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York 10019-7316</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Internet Address</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">http://funds.nomura-asset.com/japan-smaller-capitalization</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">INVESTMENT ADVISER</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nomura Asset Management Co., Ltd.</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1-12-1, Nihonbashi, Chuo-ku,</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tokyo 103-8260, Japan</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">DIVIDEND PAYING AGENT, TRANSFER AGENT AND REGISTRAR</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Computershare Trust Company, N.A.</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P. O. Box 505000</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Louisville, KY 40233</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">CUSTODIAN</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Brown Brothers Harriman &amp; Co.</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50 Past Office Square</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Boston, Massachusetts 02110-1548</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">COUNSEL</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sidley Austin LLP</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">787 Seventh Avenue</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York 10019</font></div>
            </td>
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          <tr>
            <td style="width: 51.91%; vertical-align: top;" rowspan="1">&#160;</td>
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          <tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #FF0066;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">RSM US LLP</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80 City Square</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Boston, Massachusetts 02129</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">WORLDWIDE PLAZA</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">309 WEST 49TH STREET</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NEW YORK, NEW YORK 10019-7316</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">__________________________________________</font></div>
              <div style="text-align: justify; margin-right: 7.8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Report, including the Financial Statements, is transmitted to the Shareholders of Japan Smaller
                  Capitalization Fund, Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in the Report.</font></div>
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                <td style="width: 54pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;ITEM 2.</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">CODE OF ETHICS</font></div>
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      <div style="line-height: 1.25">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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      <div style="line-height: 1.25"> <br>
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      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4a7793ea19ef42eeb87c2301fa19ac1a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                <td style="width: 54pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a) and (b)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">As of February 28, 2019, the Registrant had adopted a code of ethics that applies to the Registrant&#8217;s Principal Executive Officer and Principal Financial
                      Officer; the Registrant&#8217;s Principal Financial Officer also serves as the Principal Accounting Officer.</font></div>
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          <div> <br>
          </div>
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                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(c)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">There were no amendments during the fiscal year ended February 28, 2019 to the code of ethics.</font></div>
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      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z61c0746c72cb49818af9168dc0b39f78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(d)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
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          <table cellspacing="0" cellpadding="0" id="zc5279a442d4340a98a51d4533cd03975" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(e)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
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          <div> <br>
          </div>
        </div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="z9055361f09fd4b40a28bc0aee54f58a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(f)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">A copy of the code of ethics will be provided upon request at no charge by contacting the Registrant&#8217;s Chief Compliance Officer at (212) 667-1873 or via
                      post request addressed to: Nomura Asset Management U.S.A. Inc., Worldwide Plaza, 309 West 49th Street, Attn: Chief Compliance Officer, New York, NY 10019.</font></div>
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      </div>
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                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">ITEM 3.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">AUDIT COMMITTEE FINANCIAL EXPERT</font></div>
                </td>
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        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The Registrant&#8217;s Board of Directors has determined that David B. Chemidlin, a member of the Registrant&#8217;s Audit Committee,
          is an &#8220;audit committee financial expert&#8221; and &#8220;independent&#8221; as such terms are defined in this Item.&#160;&#160;This designation will not increase the designee&#8217;s duties, obligations or liability as compared to his duties, obligations and liability as a
          member of the Audit Committee and of the Board of Directors; nor will it reduce the responsibility of the other Audit Committee members.</font></div>
      <div style="line-height: 1.25">&#160;&#160; </div>
      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z683d5c1bd78c493fb3b352636c9948bd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">ITEM 4.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0980cb4b495c49a29e82c5f6a915b71f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">AUDIT FEES</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The aggregate audit fees billed for each of the last two fiscal years for professional services rendered by the
          Registrant&#8217;s principal accountant (the &#8220;Auditor&#8221;) for the audit of the Registrant&#8217;s annual financial statements or services that are normally provided by the Auditor in connection with statutory and regulatory filings or engagements for those
          fiscal years were $51,755 for February 28, 2019 and $49,764 for </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">February 28, </font>2018.</font></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2c1358921a7f48069fa78b4550c62a3b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">AUDIT-RELATED FEES</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The aggregate fees billed in each of the last two fiscal years for assurance and related services by the Registrant&#8217;s
          principal accountant that are reasonably related to the performance of the audit of the Registrant&#8217;s financial statements and are not reported under paragraph (a) of this item were $0 for February 28, 2019 and $0 for February 28, 2018.</font></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z220478176e0a469eae47861be4e6b74c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(c)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">TAX FEES</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">There were no other services performed for each of the two fiscal years by the&#160;Registrant&#8217;s principal accountant for tax
          compliance, tax advice and tax planning services.</font></div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <div></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="ze9163ad94079492b8e95a62913890b6e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(d)</td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">ALL OTHER FEES</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">There were no other services performed for each of the last two fiscal years by the Registrant&#8217;s principal accountant.</font></div>
        <div style="line-height: 1.25">&#160; <br>
        </div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(e)(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The Charter
            for the Audit Committee of the Registrant requires the Audit Committee (a) to pre-approve all auditing services to be provided to the Registrant by the Registrant&#8217;s independent accountants; (b) to pre-approve all non-audit services, including
            tax services, to be provided to the Registrant by the Registrant&#8217;s independent accountants in accordance with the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;); provided, however, that the pre-approval requirement with respect to
            the provision of non-audit services to the Registrant by the Registrant&#8217;s independent accountants may be waived by the Audit Committee under the circumstances described in the 1934 Act; and (c) to pre-approve non-audit services to be provided
            to the Registrant&#8217;s investment adviser (and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant) if the engagement relates directly to the operations and
            financial reporting of the Registrant.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zdd580bd694fa4ab7aad7f2da9815d514" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(e)(2)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zda7cd788e59f4af79d016cb247840bb4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(f)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z8c368d24b61046f3805df6820a3c7e3b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(g)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zd47af50d0a024e09abbe763e1031982c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(h)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <div> <br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z4dea5e87178a4270bbe0e0b76900e932" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">ITEM 5.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">AUDIT COMMITTEE OF LISTED REGISTRANTS</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25"> <br>
        </div>
        <div style="line-height: 1.25">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">&#160;</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="za80e881466604f9da7fedce97a6fa43e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The Registrant&#8217;s Board of Directors has a standing Audit Committee, which consists of the Directors who are not &#8220;interested persons&#8221; of the Registrant
                        within the meaning of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).&#160;Rodney A. Buck,&#160;E. Han Kim, David B. Chemidlin and Marcia L. MacHarg are members of the Audit Committee.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="zc43ed156b4e449288353617b69c1e713" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <div> <br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z7edd4db7ad994b4fb7fdda57b66ae840" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">ITEM 6.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">INVESTMENTS</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z0b3f143e2c314e28afd8ade78d0b0a6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The Registrant&#8217;s investments in securities of unaffiliated issuers as of February 28, 2019 are included in the report to shareholders filed under Item 1
                        of this Form.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z0306659bf337457e87740760a56561ff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">&#160;</font></div>
      </div>
    </div>
  </div>
  <div style="font-size: 10pt; margin-bottom: 3pt; font-family: &quot;Times New Roman&quot;,Times,serif; margin-top: 3pt; text-align: left;">
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb4f86db2857342459d8651a063290fe3">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">ITEM 7.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
        MARGIN-RIGHT: auto"> <br>
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        </div>
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        </div>
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        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: center; line-height: 1.25;"><font style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><u>Global Proxy Voting Policy</u></font></div>
        <div style="line-height: 1.25; text-align: center;">&#160;</div>
        <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">Nomura Asset Management</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">November 1, 2018</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
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          <br style="line-height: 1.25;">
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        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">Global Proxy Voting Policy</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: right; margin-right: 5.4pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">November 1, 2018</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: right; margin-right: 3.6pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Nomura Asset Management</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; margin-right: 14.4pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">This Policy applies to resolutions to be proposed at shareholders&#8217; meetings which are held on or
            after November 1, 2018.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">This Policy applies for investee companies globally.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zfa25fda355f845568b6b451ab0e3c2a7" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">1.</font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">Policy for Proxy Voting</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; margin-right: 7.2pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">NOMURA ASSET MANAGEMENT (&#8220;NAM&#8221; or &#8220;we&#8221; hereafter) has the fiduciary duty (a duty to manage our
            business activities in the best interest of our clients) to do our best to enhance returns for our clients as an investment manager. To fulfill our duties, we will continue to encourage investee companies to adopt appropriate management
            practices, in order to help them to enhance corporate value and achieve sustainable growth. Therefore, we shall exercise our proxy voting rights in a proper manner based on this Policy. We also encourage investee companies to operate their
            businesses in the best interests of their shareholders over the long term through our proper proxy voting activity.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zed5de79d93c64fe6a4d437da0932711d" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">2.</font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">Proxy Voting Guidelines</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; margin-right: 7.2pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">When exercising proxy voting rights, we will vote for resolutions that are deemed to enhance
            shareholder value, while voting against those that are deemed harmful to shareholder value. We do not exercise our proxy voting rights solely as a means to address specific social or political issues, irrespective of the investment returns of
            the company.</font></div>
        <div style="text-align: left; margin-right: 7.2pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">When making a judgment on the exercise of proxy voting rights, we regard any misconduct, violation
            of laws and regulations and rules of stock exchanges, or any act that is deemed questionable in view of efforts directed at ESG issues or social norms, as being harmful to shareholder value.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(Note) ESG refers to environment, social and corporate governance. We place emphasis on ESG issues, as they need to be
            considered in the context of corporate social responsibility and sustainability.</font></div>
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        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We closely examine voting resolutions that meet one or more of the conditions listed below. Where we
            believe that a specific resolution is not in the best interest of shareholders, we will, in principle, decide to vote against the resolution.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">(1)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The company continuously reports sluggish business performance and its management&#8217;s business improvement efforts are considered inadequate. Sluggish
            business performance indicators that are considered when judging the exercise of proxy voting rights, include performance that leads to a significant decline in the investment returns of the company, such as recording a deficit for three
            consecutive years. Business performance is based on consolidated accounts. However, if consolidated accounts are not reported, business performance is based on non-consolidated accounts. (The same shall apply hereafter.)</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">(2)<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The company accumulates a large amount of excess funds that are deemed not to be used effectively and/or are not distributed to shareholders adequately.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">(3)</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The company&#8217;s disclosure is considered inadequate and harmful to shareholder value.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">(4)</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The auditor&#8217;s opinion on the issuer is qualified.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">(5)<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>The
            composition and/or size of the company&#8217;s board of directors, or the composition and/or size of its board of statutory auditors, audit committee or any other committee is deemed to be inadequate and may harm shareholder value.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">(6)<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Extraordinary


















            resolutions that are deemed highly likely to harm shareholder value.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbaf9d5d5497b483a92301083da825da8" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">3.</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Positions on Specific Issues</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zc7436576528b4451babc54c403055533" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="line-height: 1.25;"><font style="line-height: 1.25; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">(1)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="line-height: 1.25;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">Election of Directors</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;"> <br>
        </div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The board of directors is expected to consist of persons who are qualified for the position with
            sufficient skills and experience and the capability to supervise the execution of the business on behalf of shareholders.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">If the company is found to have engaged in any activity that is materially harmful to shareholder value,
            or if the company&#8217;s business performance remains sluggish </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">over a long period and little remedial effort is apparent, or if any similar issue is found with
            regard to the company, we will in principle vote against the election of directors who are deemed to be responsible for such issues/activities. </font></div>
        <div style="text-align: left; line-height: 1.25;">
          <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">In principle, we vote for the election of outside directors. However, we pay special attention to the
              directors&#8217; qualifications, such as their independence. We determine the independence of the outside directors from a comprehensive perspective on whether they are representatives of major shareholders, have received a large amount of income
              other than executive remuneration from the company in question, and are related to other executive members.</font></div>
          <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The number of directors should be adequate and appropriate considering the nature of the company&#8217;s
              business and its scale.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;"> </font></div>
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        <br>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z874b5651ec4941c2ac26657f73d0b869" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">(2)</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">Election of Auditors</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">Auditors are expected to be qualified to audit the business on behalf of shareholders, and are also
            expected to function adequately for that purpose. Where the company is found to have engaged in any activity that is materially harmful to shareholder value or if any similar issue is found with regard to the company in question, and an auditor
            is found responsible for any part thereof, or is deemed to have failed to fully perform his/her duties, we will vote against the reelection of the auditor.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">It is desirable that outside auditors are independent of management. It is not desirable to have a board
            of statutory auditors and an audit committee composed of outside auditors, all of whom lack independence. We determine the independence of the outside auditors from a comprehensive perspective on whether they are representatives of major
            shareholders, have received a large amount of income other than executive remuneration from the company in question, and are related to other executive members.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">Where a reduction in the number of auditors is proposed, there should be proper justification for such a
            reduction.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z1096d893c34d4f2aa38889db20d0f5ef" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">(3)</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #000000;">Election of Accounting Auditors</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">In principle, we will vote for the election of accounting auditors except where it is found that:</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);"> </font></div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1f1f68cd75f462ea03fa71430d457b1">

                <tr>
                  <td style="width: 21.6pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Symbol, serif; color: #000000;">&#183;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">The accounting auditor has an interest in the company and lacks independence.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z045aa8bc67e340aab4cafd1c4c142686">

                <tr>
                  <td style="width: 21.6pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif; color: #000000;">&#183;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Excessive non-audit remuneration has been paid to the accounting auditor by the company.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5258a961bd054dada047165d79fdd18f">

                <tr>
                  <td style="width: 21.6pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif; color: #000000;">&#183;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The accounting auditor has expressed inaccurate opinions on the company&#8217;s financial conditions.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
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          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zc830dbad9d374588a7cc5ee728a0fc94" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(4)</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Executive Remuneration</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">It is desirable that executive remuneration plans are reasonable and are aligned with the long-term
            performance of the company.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We vote against remuneration plans, if the company is found to have engaged in any activity that is
            materially harmful to shareholder value, or the amount of remuneration is inconsistent with or inequitable compared to the company&#8217;s overall financial condition, or plans are deemed to substantially harm shareholder value. In particular, we
            will vote against resolutions on executive bonuses when there is a significant decline in business performance, or when the bonus payment amount is found to be unreasonably large in relation to past achievements and the current financial
            conditions of the company, or as compared with other competitors.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">In particular, we will vote against resolutions on offering company stocks (including stock options)
            when there is a significant decline in business performance, or when the value of stock remuneration is found to be unreasonably high in view of past achievements and the current financial conditions of the company, or as compared with other
            competitors. In principle, we vote for stock remuneration plans when the terms and conditions of the plan, such as eligibility and scale, are properly set forth for the purpose of incentivizing executives. However, we vote against such plans
            when the terms and conditions of the plan, including eligibility and scale, are deemed to be improper.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We will determine whether to vote for or against resolutions on the granting of stock remuneration to
            the company&#8217;s employees or outside parties by applying mutatis mutandis the rules on stock remuneration plans for executives mentioned above. We will require sufficient explanation on stocks offered to outside parties in light of whether it
            leads to the enhancement of shareholder value.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="ze3ba4ffb36ce46b8bc10a1eda8706934" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(5)</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Retirement Bonus for Directors and Auditors</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We will vote against resolutions on retirement bonuses for retiring executives when the company is found
            to have engaged in any activity that is materially </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">harmful to shareholder value, or when there is a significant decline in business
            performance or share price, or when the amount of the retirement bonus payment is found to be unreasonably large considering past achievements and the current financial conditions of the company, or as compared with other competitors.</font></div>
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        <div style="line-height: 1.25">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zacb78ba0d76147d094c76344ad3288e5" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(6)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Allocation of Dividends and Profits</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">In deciding on distributions to its shareholders, the company should ensure that such distributions are
            consistent with its long-term investment plan and capital policies. In principle, it is desirable that excess funds are distributed to shareholders.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">While considering whether the company&#8217;s allocation of dividends and profits is consistent with its
            long-term investment plan and capital policies, we shall vote against allocation policies that are deemed to be significantly inadequate and harmful to shareholder value.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7636e3e5dd2a40f09bf395c4db155122" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(7)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Acquisition of the Company&#8217;s Own Stock</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">While we view the acquisition of the company&#8217;s own stock positively as a means to enhance shareholder
            value, we would oppose such a resolution when it is deemed to be inappropriate for the sake of the company&#8217;s capital structure.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="za4ca27282cf74b099b374f8902fa5549" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(8)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Change in Number of Authorized Shares</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">When said purposes are inappropriate, NAM will in principle vote against a company&#8217;s proposed increase
            in the number of authorized shares.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbc6bfcfefc4e4d0298e53b9158b4048d" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(9)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Issuance of Preferred and Other Classes of Shares</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We will in principle vote for resolutions if the purpose is deemed to be clear and appropriate, and the
            issuance of such shares is deemed not to harm the interests of general shareholders in consideration of appropriate application requirements, the fairness of voting rights, beneficiaries and other relevant matters. Otherwise, we would oppose
            the resolution in principle.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="ze42a46dc109b4955bd6d904c09a9dd8c" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(10)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Corporate Restructuring and Capital Policy (Mergers, Acquisitions, Sale/Transfer
                          of Business, Corporate Separation, Capital Increase, etc.)</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We will vote for proposed corporate restructuring and capital policies, if they are deemed appropriate
            after considering the contents of the respective resolutions, financial conditions (including premiums), effects on shareholder value, basis and rationality of management judgment, fair disclosure, etc., from an overall perspective. Otherwise,
            we would oppose the resolutions. When general shareholders receive a consideration, whether in the form of shares, money or otherwise, in relation to corporate restructuring or capital policy, we would emphasize the appropriateness of the
            consideration when forming a judgment on whether to vote for or against the resolutions.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z5387ba1a102d4dd8a877eeebc57f455b" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(11)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Anti-Takeover Measures</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We individually analyze anti-takeover measures. We would oppose such resolutions unless shareholder
            value is protected.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7ba0b787b7c14d72ba1962c45a72852d" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(12)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Amendment of Articles</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We will determine whether to vote for or against resolutions on amendments to the articles of
            incorporation on a case by case basis from the perspective of the long-term enhancement of shareholder value or the protection of shareholder value from impairment. We will vote for (against) such resolutions if we find them appropriate
            (inappropriate) from these perspectives.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z023f8effcb6f443eb77419d371edc987" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(13)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Shareholder Resolution</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We will determine whether to vote for or against shareholder resolutions on a case by case basis from
            the perspective of long-term enhancement of shareholder value or the protection of shareholder value from impairment. We will vote for (against) such resolutions if we find them appropriate (inappropriate) from these perspectives.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z9634757ebe3a4453881f2c3d5c391b47" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(14)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Other</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">NAM will determine whether to vote for or against resolutions on any other issues on a case by case
            basis from the perspective of the long-term enhancement of shareholder value or the protection of shareholder value from impairment. We will vote for (against) such resolutions if we find them appropriate (inappropriate) from these
            perspectives.</font></div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zc2078a3d296c4d0cbb8f3c0a95ca16de" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">4.</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Conflict-of-Interest Management Policy</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">We conduct business in good faith and consider the fair treatment of our clients, and we appropriately
            manage conflicts of interest based on our &#8220;Conflict-of-Interest Management Policy.&#8221;</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">To manage the risk of a conflict of interest arising, we conduct our business in an appropriate manner
            by giving first priority to the clients&#8217; interests.</font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">With regard to proxy voting, the Responsible Investment Committee which consists of members who are
            independent of the investment division , is in charge of policy-makings and final proxy voting decisions. In cases where we exercise proxy voting rights for securities issued by Group Companies and subsidiaries or affiliates of Nomura Holdings
            Inc., and/or concerning the Group Companies&#8217; interests, after making such facts clear, we refer to opinions from multiple proxy advisors and make decisions at the Responsible Investment Committee to protect the clients&#8217; interests. The
            Responsible Investment Council validates whether such decisions are adequate and if necessary may make a recommendation to the Responsible Investment Committee. When receiving the recommendation, the Responsible Investment Committee reviews the
            related proxy voting decision again and makes the final decision.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z666429619d64456da5f2ae5505e51ed7" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">5.</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Other</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">NAM may be unable to vote or may decide to abstain from voting in certain circumstances. The following
            list, although not exhaustive, highlights some potential instances in which a proxy may not be voted:</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z30d53f990e5a4aad9d110eaf834484f8" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(1)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Securities Lending</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">When securities are offered for loan as of the record date of exercising a proxy vote, they need to be
            collected before exercising the vote. We may not exercise a proxy vote after considering the practical implications of such an exercise and the cost incurred for collecting such securities.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7e5f1eeb875042b3a95f46cf0666d5eb" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(2)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Share Blocking</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);"> <br>
          </font></div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">Some countries and regions require shareholders to deposit their shares with a designated depository
            during a specific period shortly before a shareholders&#8217; meeting as a condition for exercising a proxy vote. Shares cannot be sold during this blocking period. In such a case, we may not exercise the proxy vote due to practical considerations
            and the potential for opportunity loss.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z67b7f647f4d74e86b1fa57927c99d897" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(3)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Re-registration</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">In some countries and regions, re-registration of shares is required to exercise a proxy vote. We may
            choose not to exercise a proxy vote in consideration of the fact that the shares cannot be sold during the re-registration period.</font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z872bed924d35467888c2565bc718663f" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">(4)</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Other</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0);">For example, when we are unable to obtain adequate information, e.g., if the period between receipt of
            the resolutions and the exercise of voting is insufficient. Also, if the cost of voting the proxy outweighs the possible benefit to the client, we may also choose not to exercise the proxy vote.</font></div>
      </div>
      <div><br>
      </div>
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          <div style="text-align: center; line-height: 1.25;"><font style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><u>Proxy Voting Standards for Japanese Companies</u></font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nomura Asset Management</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: center; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">November&#160;1, 2018</font></div>
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          <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Proxy Voting Standards for Japanese Companies</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: right; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">November&#160;1, 2018<font style="font-size: 10pt; font-family: 'Times New Roman';"><br>
              </font>Nomura Asset Management</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">These Proxy Voting Standards apply to resolutions to be proposed at shareholders&#8217; meetings which are held on or after November&#160;1,
              2018.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Based on the &#8220;Global Proxy Voting Policy,&#8221; these Proxy Voting Standards define the proxy voting standards required specifically
              for investee companies that are listed in Japan.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Companies are expected to provide general shareholders with a thorough and easy&#8209;to&#8209;understand explanation in their business
              reports, reference documents for shareholders&#8217; meetings and other materials to allow them to make proper judgments on the exercise of their voting rights with sufficient understanding of the contents of respective issues and management
              status.</font></div>
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                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1.</font></div>
                      </td>
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                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Election of Directors</font></div>
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          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If the company is found to have engaged in any activity that is materially harmful to shareholder value and if an individual person is found to be responsible for such activity, we will vote against the
              election of the relevant person as a director.</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">When making a judgment on the exercise of proxy voting rights, we regard any misconduct, violation of laws and regulations and
              rules of stock exchanges, or any act that is deemed questionable in view of efforts directed at ESG issues or social norms, as being harmful to shareholder value.</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Note) ESG refers to environment, social and corporate governance.&#160; We place emphasis on ESG issues, as these need to be addressed
              in the context of corporate social responsibility and sustainability.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If the return on equity (ROE) of the company in question has been below 5% and below the median value for the industry for the most recent 3 consecutive fiscal years and no efforts for management
              improvement have been demonstrated, we will in principle vote against the re-election of a director who has been in the position of chairperson and president, etc., for the most recent 3 or more consecutive fiscal years.&#160; However, this
              provision does not apply to a company which has not been </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">listed for 5&#160;years as of the last day of the most recent fiscal year. </font></div>
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          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In these Proxy Voting Standards, financial data principally refers to data published on a consolidated basis.&#160; If no
              financial data on a consolidated basis has been published, the data on a non-consolidated basis shall be used (the same applies hereinafter).</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8220;The median value for the industry&#8221; is obtained from the companies listed on the First Section of the Tokyo Stock Exchange, and is
              based on the 33 industrial classifications of the Tokyo Stock Exchange.&#160; If the calculated value is below 0%, the median value is 0%.</font></div>
          <div style="line-height: 1.25;">
            <div style="text-align: justify; line-height: 1.25; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">The phrase &#8220;no efforts for management improvement have been demonstrated&#8221; refers to any case that does not fall under either &#9312; or <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9313;</font> below. However, both <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9312;</font> and <font style="font-size: 10pt; font-family: &quot;Times
                New Roman&quot;;">&#9313;</font>&#160; exclude cases where the total of net profits reported during the most recent&#160; 3 consecutive fiscal years is a negative figure.</div>
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                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9312;</font></font></div>
                    </td>
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                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recurring profit (if no recurring profit is reported, pretax profit; hereinafter the same applies) for the last fiscal
                          year or the net profit has increased compared&#160; with the previous fiscal year.</font></div>
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                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9313;</font></font></div>
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                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recurring profit for the last fiscal year or the net profit has increased compared with 3 fiscal years ago.</font></div>
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          <div style="line-height: 1.25"> </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In these Proxy Voting Standards, &#8220;chairperson and president, etc.&#8221; refers to the chairperson, president, bank president, chief
              executive officer (CEO), chief operating officer (COO) and any person who assumes a position equivalent thereto.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If any inappropriate information disclosure is made, if shareholder value decreases due to management, financial or capital strategies, or if any other conduct that clearly damages shareholder value is
              committed, we will in principle vote against the election of a director who is found to be responsible for the conduct.&#160; If the disclosure of financial information is delayed and it becomes difficult to make a judgment on the exercise of
              proxy voting rights, it will be deemed that the information disclosure was inappropriate.&#160; It is desirable that necessary financial information is disclosed at least 1&#160;month prior to the day of the shareholders&#8217; meeting.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">With regard to the appropriation of surpluses resolved by the board of directors, without being proposed at a shareholders&#8217; meeting, we will in principle vote against the re-election of the director who
              would have been in the position of chairperson and president, etc., in cases where it would have been reasonable for us to object</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> to said appropriation of surpluses
              measures pursuant to these Proxy Voting Standards if such appropriation had been presented at the shareholders&#8217; meeting.</font></div>
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          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">With regard to anti-takeover measures introduced following a decision by the board of directors, without being proposed at a shareholders&#8217; meeting, we will in principle vote against the re-election of
              the director who would have been in the position of chairperson and president, etc., in cases where it would have been reasonable for us to object to the introduction of said anti-takeover measures pursuant to these Proxy Voting Standards, if
              the introduction of such measures had been presented at the shareholders&#8217; meeting.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(6)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If there are fewer than 2 outside directors, we will in principle vote against the re-election of the director who has been in the position of chairperson and president, etc.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(7)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If the number of outside directors is less than one-third of the number of directors in a company with a controlling shareholder and the average ROE for the most recent 3 fiscal years is less than 8%, we
              will in principle vote against the reelection of the director who has been in the position of chairperson and president, etc.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(8)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will request that highly-independent persons should be elected as outside directors.&#160; If it is found that the degree of independence of a candidate is low, we will in principle vote against the
              election of the candidate as an outside director.</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
            </font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As used in these Proxy Voting Standards, &#8220;highly-independent person&#8221; refers to a person who is notified as an independent
              executive to the related stock exchange.&#160; It also includes someone who is stated in a business report or reference document for a shareholders&#8217; meeting as a person expected to be nominated as an independent executive.&#160; In either case, the
              individual must never have served with any company which is a major shareholder of the company in question during the 3-year period immediately prior to the time he/she first assumed the position as an outside director.&#160; &#8220;Major shareholder&#8221;
              refers to a shareholder whose share holdings ratio listed in the &#8220;Top 10 Shareholders&#8221; list in the business report of the company in question for the most recent fiscal year is 10% or more; provided, however, that any person who is clearly
              likely to have a conflict of interest with general shareholders shall be regarded as a person whose degree of independence is low. </font><font style="font-size: 10pt; font-family: 'Times New Roman';">Although a candidate to fill an external
              director vacancy is not subject to the stock exchange notification as an independent director we will request that a statement be included in the reference document for a shareholders&#8217; meeting indicating whether the candidate is expected to
              be notified as an independent director when he/she assumes the office of director.&#160; The statement will allow us to confirm this point.&#160; If such a statement is not contained in the document, we consider that the degree of independence of such
              a candidate is low, and we will vote against the election of the candidate.</font></div>
          <div style="line-height: 1.25">&#160;</div>
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            <div style="page-break-after: always;" id="DSPFPageBreak">
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          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(9)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If it is obvious that outside directors failed to fully fulfill their expected roles during the most recent fiscal year, we will in principle vote against the re-election.&#160; &#8220;Expected roles of outside
              directors&#8221; refers to those described in Principle 4.7 of Japan&#8217;s Corporate Governance Code.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; margin-left: 18pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">[Japan&#8217;s Corporate Governance Code Principle 4.7 Roles and Responsibilities of Independent Directors]</font></div>
          <div style="text-align: justify; margin-left: 18pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Companies should make effective use of independent directors, taking into consideration the expectations listed
              below with respect to their roles and responsibilities:</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zc8f200dd9f704f9e840709db45557853" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">i)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Provision of advice on business policies and business improvement based on their knowledge and experience with the aim to promote sustainable corporate growth and
                          increase corporate value over the mid- to long-term;</font></div>
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          <div style="text-align: justify; line-height: 1.25;">
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                    <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">ii)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Monitoring of management through important decision-making at the board of directors meetings including the appointment and dismissal of senior management;</font></div>
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          <div style="line-height: 1.25">&#160;</div>
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              <table cellspacing="0" cellpadding="0" id="z9f5492ff314c485b867141e3e8719420" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                    <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">iii)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Monitoring of conflicts of interest between the company and management or the controlling shareholders; and</font></div>
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          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z1a65ddabe9d2400597f8b38971a35832" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">iv)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Appropriately representing the views of minority shareholders and other stakeholders at the board of directors meetings from a perspective independent of management
                          and the controlling shareholders.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(10)&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';">In the case of an outside director who is expected to
              be re-elected, if the external director&#8217;s ratio of attendance at the board of directors meetings held over the last fiscal year is less than 75%, we will in principle vote against the re-election.&#160; In the case of a person who is expected to
              be re-elected as an audit committee member for a company with a nominating committee, etc., we will in principle vote </font><font style="font-size: 10pt; font-family: 'Times New Roman';">against the re-election if the person&#8217;s ratio of
              attendance at the audit committee meetings held over the last fiscal year is less than 75%; and in the case of a person who is expected to be re-elected as an audit and supervisory committee member for a company with an audit and supervisory
              committee, we will in principle vote against the re-election, if the person&#8217;s ratio of attendance at the audit and supervisory committee meetings held in the last fiscal year is less than 75%.&#160; If the person who is expected to be re&#8209;elected
              has been elected as an external director mid-way through the last fiscal year, the ratio of attendance at the board of directors meetings, audit committee meetings, and audit and supervisory committee meetings referred to above will be
              calculated with respect to the board of directors meetings, audit committee meetings, and audit and supervisory committee meetings held after the election as an external director in the last fiscal year.&#160; If there is no disclosure of
              information necessary for the calculation of the attendance ratio, we will in principle vote against the re-election.</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
            </font></div>
          <div style="text-align: justify; line-height: 1.25;">
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(11)</font>&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">In cases where there was an issue that was
                materially harmful to shareholder value during the most recent fiscal year, if the total number of auditors and audit committee members elected would be fewer than the number prior to their election, even if all candidates for auditors and
                audit committee members nominated by the board of directors are elected, we will in principle vote against the re-election of the director who was the chairperson and president, etc. during the most recent fiscal year.</font></div>
            <font style="font-size: 10pt; font-family: 'Times New Roman';"> </font></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"></font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z9ca4ae63edc54aefa4744109d2645393" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">2.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Election of Statutory Auditors</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If the company is found to have engaged in any activity that is materially harmful to shareholder value, we will vote against the election of auditors who are deemed to be responsible for such activity.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will request that highly-independent persons (as defined in (8)&#160;under &#8220;1.&#160; Election of Directors&#8221; above) outside auditors should be elected as outside auditors.&#160; If it is found that the degree of
              independence is low, we will in principle vote against the election of such an outside auditor.</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Although a candidate for outside auditor to fill a vacancy is not subject to notification requirements to the stock exchange as an
              independent auditor, we will request that that a statement be included in the reference document for a shareholders&#8217; meeting indicating whether a candidate is expected to be notified as an independent auditor when he/she assumes the office of
              auditor.&#160; The statement will allow us to confirm this point.&#160; If such a statement is not contained in the document, we consider that the degree of independence of such a candidate is low, and we will vote against the election of the
              candidate.</font>
            <div style="line-height: 1.25">&#160;</div>
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><font style="font-size:
                10pt; font-family: 'Times New Roman';">In the case of a person who is expected to be re-elected as an external auditor, we will in principle vote against the re-election, if either the person&#8217;s ratio of attendance at the board of directors
                meetings held during the last fiscal year (or, if the person was elected as an external auditor in the middle of the last fiscal year, the board of directors meetings held after the election as an external auditor during the last fiscal
                year), or the person&#8217;s ratio of attendance at the board of auditors meetings held during the last fiscal year (or, if the person was elected as an external auditor in the middle of the last fiscal year, the board of auditors meeting held
                after the election as an external auditor during the last fiscal year), is less than 75%.&#160; If there is no disclosure of information necessary for the calculation of the attendance ratio, we will in principle vote against the re-election.</font></div>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
            </font></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <br>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zc045e04b811d4cafbfa3ee64ab8c320a" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">3.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Election of Accounting Auditors</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In principle, we will vote for the election of an accounting firm as the company&#8217;s accounting auditor except where it is found
              that:</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;">
            <div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z6b5eee596a9d4c83aaadb0c6188583a5" class="DSPFListTable">

                      <tr style="vertical-align: top;">
                        <td style="vertical-align: top; width: 18pt;">
                          <div>&#8226;</div>
                        </td>
                        <td style="align: left; vertical-align: top; width: auto;">
                          <div><font style="font-size: 10pt; font-family: 'Times New Roman';">The accounting firm has an interest in the company and lacks independence.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;">
            <div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7e2224746fae461f92dc15247dcbb038" class="DSPFListTable">

                      <tr style="vertical-align: top;">
                        <td style="vertical-align: top; width: 18pt;">
                          <div>&#8226;</div>
                        </td>
                        <td style="align: left; vertical-align: top; width: auto;">
                          <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Excessive non-audit remuneration has been paid to the accounting firm by the company.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;">
            <div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z21f5b25fceee4b4a8f039698732681b0" class="DSPFListTable">

                      <tr style="vertical-align: top;">
                        <td style="vertical-align: top; width: 18pt;">
                          <div>&#8226;</div>
                        </td>
                        <td style="align: left; vertical-align: top; width: auto;">
                          <div><font style="font-size: 10pt; font-family: 'Times New Roman';">The accounting firm has expressed inaccurate opinions on the company&#8217;s financial conditions.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zd9264ed6f79f413c997b4bb31e59e697" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">4.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Executive Remuneration</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If the company is found to have engaged in any activity that is materially harmful to shareholder value, or the ROE is below 5% for the most recent 3 consecutive fiscal years, we will in principle vote
              against an increase of executive remuneration and the payment of executive bonuses, unless a satisfactory explanation is made.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against a resolution on executive remuneration at a </font><font style="font-size: 10pt; font-family: 'Times New Roman';">certain level or higher, if outside directors do not
              account for the majority of the board of directors or an independent remuneration committee is not established.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against resolutions on offering company stocks (including stock options) as remuneration, in the following cases:</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25;">
            <div>
              <div>
                <div>
                  <div>
                    <div>
                      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z51b28324c1eb43ee8dbcc541af1e5e2a" class="DSPFListTable">

                          <tr style="vertical-align: top;">
                            <td style="vertical-align: top; width: 18pt;">
                              <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman';">&#9312;</font></div>
                            </td>
                            <td style="align: left; vertical-align: top; width: auto;">
                              <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;">Offering company stocks will result in a 5% or more dilution of the issued shares.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                  </div>
                </div>
              </div>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z2371b42b7fa34723a944ca708ff65094" class="DSPFListTable">

                      <tr style="vertical-align: top;">
                        <td style="vertical-align: top; width: 18pt;">
                          <div style="text-align: left; line-height: 1.25;"><font style="text-align: left; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman';">&#9313;</font></div>
                        </td>
                        <td style="align: left; vertical-align: top; width: auto;">
                          <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Offering company stocks has restrictions on transfer as remuneration, if the period of restriction on transfer is
                              less than 3 years.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="ze6893a53fcf64d0eb1d8c4fd811a5a85" class="DSPFListTable">

                      <tr style="vertical-align: top;">
                        <td style="vertical-align: top; width: 18pt;">
                          <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman';">&#9314;</font></div>
                        </td>
                        <td style="align: left; vertical-align: top; width: auto;">
                          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The persons eligible for receiving company stocks include outside directors, directors who are audit committee
                              members or directors who are audit and supervisory committee members, or any external parties who are found to be inappropriate to receive the stock incentive.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
            <br>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">However, even if company stocks are offered to external parties, we will vote for the resolution, if explanation is
              provided in an appropriate manner and it is found that the offering of company stocks as remuneration to the external parties contributes to the improvement of shareholder value.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In cases other than those referred to above, we will consider an increase of executive remuneration after giving comprehensive consideration to the reason for the change in executive remuneration, and
              the appropriateness of the amount of such executive remuneration, etc. We will in principle vote against the resolution, if the offering of company stocks as remuneration will give an excessive profit to specific eligible persons, or if the
              offering of company stocks is inappropriate or inequitable to a significant degree.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z37370829b6364d288288927cb486da91" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">5.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Retirement Bonus for Directors and Auditors</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will consider resolutions concerning retirement bonuses for directors and auditors, in accordance with the following standards.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against the payment of a retirement bonus to an executive who has been involved in any activity that is materially harmful to shareholder value or who is found to be responsible
              for serious misconduct.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)</font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font class="HorizontalTab" style="width: 9pt; font-size:
                1px; display: inline-block;"> </font>If the ROE is below 5% for the most recent 3 consecutive fiscal years and there is a deficit, or if the total of the current net profits during the most recent 3 fiscal </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">years is a negative figure, we will in principle vote against the resolution.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If the amount is found to be unreasonably large taking into consideration the past business performance or the current financial conditions or in comparison with other companies in the same industry,
              etc., we will in principle vote against the resolution.&#160; We will in principle vote against a resolution on said retirement bonus at a certain level or higher and without the disclosure of the amount thereof, if outside directors do not
              account for the majority of the board of directors or an independent remuneration committee is not established.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against resolutions on payment to an external director or a director of an audit committee member of companies that have a board with an audit committee structure or statutory
              auditors.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z55ee6b0220db4a55942c75404d913944" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">6.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Allocation of Dividends and Profits</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25;">
            <div style="text-align: justify; line-height: 1.25; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">(1)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>We will in principle vote against
              a resolution on the appropriation of surpluses, if all the conditions listed in &#9312;, <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9313;</font> and <font style="font-size: 10pt; font-family: &quot;Times New
                Roman&quot;;">&#9314;</font> below are satisfied for the most recent 2 consecutive fiscal years and the ROE during the most recent fiscal year is below 8% except where the shareholder&#8217;s return ratio is 50% or more. However, this provision does
              not apply to any company which has not been listed for 5 years as of the last day of the most recent fiscal year and where how surplus funds are used is clearly defined.</div>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Note) Net financial assets = Cash and deposits + Long- or short-term securities &#8211; Interest-bearing liabilities (excluding long-
              and short-term securities for companies engaged in Banks, Securities and Commodities Futures, Insurance or Other Financing Business in the 33 industry classifications of the Tokyo Stock Exchange).</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z46030803ab214800b674c7b979039a67" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9312;</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;">Shareholders' equity ratio &gt; 50%</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbf8691819b21429db7f56ee9ca30e307" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9313;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net financial assets / Sales &gt; 30%</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z89d406302f9a4502ad614a63b127679a" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9314;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net financial assets / Total assets &gt; 30%</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Note) Net financial assets = Cash and deposits + Long- or short-term securities</font></div>
            <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8211; Interest-bearing liabilities (excluding long- and short-term securities for companies engaged in Banks, Securities
                and Commodities Futures, Insurance or Other Financing Business in the 33 industry classifications of the Tokyo Stock Exchange).</font></div>
          </div>
          <div style="line-height: 1.25"> <br>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will vote against resolutions on dividend policy or the appropriation of </font><font style="font-size: 10pt; font-family: 'Times New Roman';">surpluses which are found to be harmful to shareholder
              value.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will vote against resolutions on the appropriation of surpluses, in any other cases where it is found that shareholders&#8217; returns are insufficient to a significant degree.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z6378430c5d984bb8b41eb6553c3455a1" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">7.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Acquisition of the Company&#8217;s Own Stock</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will in principle vote for resolutions on the acquisition of the company&#8217;s own stock.&#160; However, we will vote against the
              resolution, if the liquidity of the company&#8217;s stock is low (the ratio of liquid stock is below 10% or the aggregate market price is below 10&#160;billion yen) and an increase in the amount of dividends is considered a more appropriate measure for
              shareholder return than the acquisition of the company&#8217;s own stock; or if it is found that the acquisition of the company&#8217;s own stock is inappropriate from the perspective of capital composition or will materially harm shareholder value.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbbb6f0b9fdd14710b0d129732c485b69" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">8.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Change in Number of Authorized Shares</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">When said purposes are inappropriate, we will in principle vote against a company&#8217;s proposed increase in the number of authorized
              shares.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z3d0aa3299420432b8c25ca228b3ed66e" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">9.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Issuance of Preferred and Other Classes of Shares</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will in principle vote for resolutions if the purpose is deemed to be clear and appropriate, and the issuance of such shares is
              deemed not to harm the interests of general shareholders in consideration of appropriateness of application requirements, the fairness of voting rights, beneficiaries and other relevant matters.&#160; Otherwise, we would oppose the resolution in
              principle.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z53b4dedfc50c4f4b99f5a0c424833c6d" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">10.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Corporate Restructuring and Capital Policy</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Mergers, Acquisitions, Sale/Transfer of Business, Corporate Separation,</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Capital Increase, etc.)</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will vote for proposed corporate restructuring and capital policy, if they are deemed appropriate in consideration of the
              contents of respective resolutions, financial condition (including premiums), effects on shareholder value, basis and </font><font style="font-size: 10pt; font-family: 'Times New Roman';">rationality of management judgment, fair disclosure,
              etc., from an overall perspective.&#160; Otherwise, we would oppose the resolutions.&#160; When general shareholders receive a consideration, whether in the form of shares, money or otherwise, in relation to corporate restructuring or capital policy,
              we would emphasize the appropriateness of the consideration in making a judgment on voting for or against the resolution.</font></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z04d60d7b1aac4dfbb2926d8ac4e7fb5e" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">11.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Anti-Takeover Measures</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will in principle vote against a resolution that is found to set an anti-takeover measure, except when highly-independent
              outside directors account for the majority of the board of directors and no problem is found with respect to the design of the anti-takeover measure from the perspectives of a long-term increase of shareholder value or prevention of harm to
              shareholder value.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z2111cb5b64094aeda2f92afd70e5dbac" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">12.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amendment of Articles</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In the case of a resolution under which the articles of incorporation are to be changed in order to authorize the board of directors to carry out a discretionary distribution of surplus, we will in
              principle vote for the resolution, if the company&#8217;s appropriation of surpluses is appropriate and the company has 2 or more outside directors.&#160; As used in these Proxy Voting Standards, the appropriateness of the appropriation of surpluses
              will be determined in accordance with the standards stipulated in &#8220;6.&#160; Allocation of Dividends and Profits.&#8221;</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against a resolution under which the articles of incorporation are to be changed in order to eliminate the possibility that a dividend of surplus will be decided by a resolution
              at the shareholders&#8217; meeting.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In the case of a resolution under which an anti-takeover measure is to be prescribed in the articles of incorporation, if we should vote against the introduction of the anti-takeover measure in
              accordance with the standards set out in &#8220;11.&#160; Anti-Takeover Measures&#8221; above, we will in principle vote against the resolution.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against a resolution that makes the requirements for </font><font style="font-size: 10pt; font-family: 'Times New Roman';">the dismissal of directors stricter.</font></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote against a resolution that makes the requirements for a resolution on organizational restructuring stricter, or to establish additional requirements for a resolution on
              organizational restructuring.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(6)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In the case of a resolution to change the articles of incorporation in order to authorize the board of directors to add a record date for voting rights by its decision, we will vote for the resolution if
              the purpose of the change is clearly explained and is found to be reasonable.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(7)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In the case of a resolution to change the articles of incorporation in order to increase the total number of authorized shares, we will consider whether to vote for the resolution in accordance with the
              standards set out in &#8220;8.&#160; Change in Number of Authorized Shares&#8221; above.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(8)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In the case of a resolution to change the articles of incorporation in relation to classes of shares, we will consider whether to vote for the resolution in accordance with the standards set out in &#8220;9.&#160;
              Issuance of Preferred and Other Classes of Shares&#8221; above.</font></div>
          <div style="line-height: 1.25">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';"></font></div>
          <div style="line-height: 1.25"><font style="font-size: 10pt; font-family: 'Times New Roman';">(9)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size: 10pt; font-family:
              'Times New Roman';">Regarding the following amendments to the articles of incorporation, we will in principle vote against the resolution of <font style="font-size: 10pt; font-family: 'Times New Roman';">&#9312;,</font> and for the resolution of <font style="font-size: 10pt; font-family: 'Times New Roman';">&#9313;,</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">&#9314;,</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">&#9315;</font> and </font><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9316;</font>:</div>
          <div style="line-height: 1.25;">&#160; <br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z6912522dd8564a79b5f1c298b10abf40" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9312;</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;">To set a substantial limit on the number of outside directors or highly- independent outside directors</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 1.25;">&#160;</div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zedfbce879d2e46a5bc61d4941123503e" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9313;</font></font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To proceed with the &#8220;separation between the chair of the board of directors and the chief executive officer (CEO)&#8221;</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 1.25;">&#160;</div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zdf7feaff87e54b7e8c5c2ef61364efa5" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9314;</font></font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To proceed with the abolition of advisory positions such as &#8220;Sodanyaku&#8221; or &#8220;Komon&#8221; or any other similar position to be
                        assumed by a person who is not a director</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 1.25;">&#160;</div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z190fb2572d8c4afaaed840527a019842" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9315;</font></font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To determine that the director&#8217;s term of office is one year in a company with a board of auditors</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 1.25;">&#160;</div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z4853f1972ba24357ad08abcc95a13fc8" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9316;</font></font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To establish a voluntary nominating/remuneration committee in a company with a board of auditors or a company with an audit
                        and supervisory committee.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zcfc823dbe9fb43b3ac17f9e4a69a6b1a" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">13.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shareholder Resolution</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will individually consider a shareholders&#8217; resolution, from the perspective of improving shareholder value on a long-term basis or preventing any deterioration in shareholder value.&#160; We will in
              principal vote against a resolution in which a potential conflict of interest exists between the company or a shareholder and the proposer, a resolution which is found to restrict the latitude of company management, or a resolution in which
              it is found that the proposer does not provide sufficient explanation about the effect of the resolution.&#160; At the time of the consideration, we will also take into account the opinion of the board of directors.&#160; It is desirable that the
              shareholder proposing a resolution and the board of directors provide general shareholders with easily comprehensible and thorough explanations from their own standpoint through the perspective of shareholder value to enable them to make
              judgments based on proper understanding of the contents of the proposal.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">If a shareholders&#8217; resolution falls under one of the following items, we will in principle vote against the resolution.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z30112cd02f8c4d41bd7eb5eb56245c72" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9312;<br>
                        </font></div>
                    </td>
                    <td style="vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">The resolution is not made from the perspective of shareholder value, and the purpose of the resolution is to make a
                        social or political statement.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="text-align: justify; text-indent: -23.05pt; margin-right: 8.85pt; margin-left: 23.05pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New
                  Roman';"> <br>
                </font></font></div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zd9dcb0d767bc44b497e61d4e204ec3f6" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9313;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; text-indent: -23.05pt; margin-right: 8.85pt; margin-left: 23.05pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">A resolution on amendments to the articles of
                          incorporation, when the amendments include any content related to individual and specific business execution.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z5ae6147735084323a4c9160fe65e0f43" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9314;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; text-indent: -23.05pt; margin-right: 8.85pt; margin-left: 23.05pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The contents of the resolution are ambiguous and
                          lacking concrete information, and the resolution does not satisfy the requirements for a resolution.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <br>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Therefore, on the part of a shareholder proposing a resolution, it is desirable that he/she submits a proposal with clear and
              specific contents which satisfy the requirements for a resolution.</font></div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On the part of the board of directors, if the contents of the resolution are ambiguous and lack concrete information and the
              resolution does not satisfy the requirements for a resolution, it is desirable that the board clearly indicates such facts in the reference document for the shareholders&#8217; meeting.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-size:
              10pt; font-family: 'Times New Roman';">We will in principle vote for a shareholder resolution on amendments to the articles of incorporation which fall under any of the following items and are deemed to be clear and concrete.&#160; A resolution
              requesting amendments:</font></div>
          <div style="line-height: 1.25;">
            <div style="line-height: 1.25">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zd52b6f828606460eba2e4c3f8a50f491" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9312;</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;">to disclose important information concerning a resolution for the election of directors and auditors;</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7ec19f09bd3a421cb45a76c25ee68940" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9313;</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to seek two or more independent outside directors;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zeb29c2d9f395489c96769865067215e7" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9314;</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to seek an external director to serve as the chair of the board of directors;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z266fba4e1e3c486e9d99a82ddffa578d" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9315;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to prohibit or remove the chief executive officer from serving as the chair of the board of directors;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z8be8f32660ba4113a6cdb2bc1679cd96" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9316;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to abolish the position of &#8220;Sodanyaku&#8221; or &#8220;Komon&#8221; to be assumed by a person who is not a director;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z0946a0a321374a7183d3ae7824bb5de9" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9317;</font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to disclose remuneration for an individual director or auditor;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbd5d37cb8fa045f29e43e1f8713558b3" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9318;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to abolish the provisions of the articles of incorporation which prohibit the payment of dividends by resolution of
                          the shareholders' meeting (if the company's appropriation of surpluses for the most recent fiscal year is inappropriate or the company does not have 2 or more outside directors), or to abolish the provisions of the articles of
                          incorporation which authorize the board of directors to make a decision on the payment of dividends;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z3938cd385397425687f3c41affee7e19" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9319;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to sell stocks held by the company that are deemed to be problematic in light of the improvement of corporate value
                          and sustainable growth;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z83c8381e0643443a842253cf22d46c86" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9320;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to formulate or disclose the basic policy on the exercise of voting rights related to strategically held stocks, and
                          to disclose the results of the exercise of voting rights;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zc641729860ed42ccb8f1a848555ce1f6" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9321;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to determine that the director&#8217;s term of office is one year in a company with a board of auditors; or</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div>
              <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z4107ef41f1d441f9b5c291faa7eec781" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9322;</font></font></div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">to establish a voluntary nominating/remuneration committee in a company with a board of auditors or a company with an
                          audit and supervisory committee.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
              <div style="page-break-after: always;" id="DSPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <div>
              <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(4)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In the case of a shareholders' resolution requesting the election of directors, if a director candidate designated by the board of directors is found to be suitable in
                  light of the standards set out in &#8220;1. Election of Directors&#8221; above, we will in principle respect the opinion of the board of directors. In any other cases, we will examine whether the director candidate proposed by a shareholder satisfies
                  all the requirements listed in <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9312;</font> to <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9314;,</font> and consider the appropriateness of
                  the candidate and carefully determine whether we should vote for or against the resolution.</font></div>
              <div style="line-height: 1.25;">&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z119fb9a40ed54e6da536f7e6f3ff60a9" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9312;</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;">The candidate has experience in corporate management or any experience equivalent thereto, and is found to be sufficiently capable
                          of corporate management.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="line-height: 1.25;">&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbeefee1aa0b44c65b5717b9f7426eb94" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9313;</font></font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The candidate does not have a potential conflict of interest with general </font><font style="font-size: 10pt;
                            font-family: 'Times New Roman';">shareholders.</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="line-height: 1.25;">
                <div>
                  <div> <br>
                  </div>
                  <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z711264bc4b0248148d934ab3775e3dae" class="DSPFListTable">

                      <tr style="vertical-align: top;">
                        <td style="vertical-align: top; width: 18pt;">
                          <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9314;</font></div>
                        </td>
                        <td style="align: left; vertical-align: top; width: auto;">
                          <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman'; font-size: 10pt;">The candidate is expected to contribute to the improvement of shareholder value.</div>
                        </td>
                      </tr>

                  </table>
                </div>
                &#160;</div>
            </div>
          </div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><font style="font-size:
              10pt; font-family: 'Times New Roman';">In the case of a shareholders&#8217; resolution concerning the appropriation of surplus, we will consider the resolution in comparison with the company resolution, in accordance with the standards set out in
              &#8220;6.&#160; Allocation of Dividends and Profits&#8221; by taking into account the reason for the proposal, the effect on share price formation and corporate governance status.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z12ffb3a8ccee423c90a86bb5018ea5b9" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">14.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will vote for any other resolution that is found to be appropriate from the perspective of improving shareholder value on a
              long-term basis or preventing any deterioration of shareholder value; and we will vote against any other resolution that is found to be inappropriate from the same perspective.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25">&#160;</div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z615de31a5ed94f30a5e917bf03054396" class="DSPFListTable">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">15.</font></div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Waiver of Rights</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="text-align: justify; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In principle, we will not waive the rights in the shareholders&#8217; meeting where we possess voting rights.&#160; However, the voting
              rights may be waived if the waiver is found to be appropriate.</font></div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <div style="text-align: left; line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z60ea9ed973ce40f79ece4fd73e538f2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">ITEM 8.</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a)&#160;(1) As of February 28, 2019, Mr. Hiromitsu Daimon acts as the Registrant&#8217;s lead portfolio manager. Mr. Daimon leads the Japan Small Cap
        Team of Nomura Asset Management Co., Ltd., the Registrant&#8217;s Investment Adviser. He has been a member of the Japan Small/Mid Cap Team and has been managing Japan Small Cap Funds for Japanese retail clients since 2003 and has served as the portfolio
        manager of the Registrant since 2013. The portfolio manager is primarily responsible for the day-to-day portfolio management for the Registrant. He oversees investment decisions and activities and reviews research analysis.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 13.5pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(2) As of&#160;February 28, 2019, the portfolio manager was primarily responsible for the day-to-day
        portfolio management for the Registrant and <font style="font-size: 10pt; font-family: 'Times New Roman';">for two </font>other pooled investment vehicles that&#160;are not&#160;registered investment companies under the 1940 Act (with total assets of <font style="font-size: 10pt; font-family: 'Times New Roman';">$140 million </font>as of February 28, 2019). None of the investment advisory fees with respect to these accounts is based on the performance of the account. Real, potential or apparent
        conflicts of interest may arise where a portfolio manager has day-to-day responsibilities with respect to more than one account. These conflicts include the following: (i) the process for allocation of investments among multiple accounts for which
        a particular investment may be appropriate, (ii) allocation of a portfolio manager&#8217;s time and attention among relevant accounts and (iii) circumstances where the Registrant&#8217;s investment adviser has an incentive fee arrangement or other interest
        with respect to one account that does not exist with respect to other accounts.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: left; text-indent: 13.5pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(3) As of February 28, 2019, the portfolio manager receives a combination of base compensation and
        discretionary compensation consisting of a cash bonus. The methodology used to determine the portfolio manager&#8217;s compensation is applied across all accounts managed by the portfolio manager. Generally, the portfolio manager receives fixed salary
        compensation based on his duties and performance. The amount of base salary is reviewed annually after completion of the formal performance appraisal process. In order to appraise the portfolio manager&#8217;s performance, certain measures are used, such
        as a review of his specialties and expertise, a review of his capabilities to achieve assigned duties and a review of his management and communication skills. In addition to base compensation, the portfolio manager may receive discretionary
        compensation in the form of a cash bonus. The bonus, which is paid annually, is based on both quantitative and qualitative scores. The quantitative score is determined prior to payment based on the performance of the portfolio manager&#8217;s accounts,
        measured on a pre-tax basis for rolling three-year periods against the Russell / Nomura Small Cap&#160;Tm&#160;Index. The quantitative scoring for purposes of the bonus comprises 60 percent of the performance appraisal measurement. The qualitative score is
        determined by analyzing the quality of the portfolio manager&#8217;s contribution to the Registrant&#8217;s investment adviser. While the bonus can range up to 100 percent or more of base salary, the Registrant&#8217;s investment adviser has indicated that cash
        bonuses typically represent approximately 20 to 40 percent of its portfolio managers&#8217; aggregate cash compensation.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 13.5pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(4) As of February 28, 2019, the portfolio manager did not own beneficially any securities issued
        by the Registrant.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: left; line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z31e22361218d45a4812bb9918d00b77a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zbb34836534f14345969b893a3b89a13b">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">ITEM 9.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
        MARGIN-RIGHT: auto"> <br>
      <br>
      <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z7f5acc44b0224ff89e9dd3ac2da39569">

            <tr>
              <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; width: 27pt; vertical-align: top;">(a)&#160;</td>
              <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Not applicable.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left">&#160;</div>
      <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zaa8dc8347f3241afb0d98db278f58e6c">

            <tr>
              <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; width: 27pt; vertical-align: top;">(b)&#160;</td>
              <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Not applicable.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left">&#160;</div>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z5c7374ec58b944c1910c2744b38ef314">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">ITEM 10.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
        MARGIN-RIGHT: auto"> </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left"><br>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left">There were no changes to the procedures by which shareholders may recommend nominees to the Registrant&#8217;s Board of
        Directors made or implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.&#160;</div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left"> <br>
      </div>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zadd3a58343784cc3afa0da1c5ec88f48">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">ITEM 11.</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">CONTROLS AND PROCEDURES</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
        MARGIN-RIGHT: auto"> </div>
    <div style="TEXT-ALIGN: left">&#160;</div>
    <div style="TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z8e3d9fb6b0a64266b581c2daabc4eef9">

          <tr>
            <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; width: 27pt; vertical-align: top;">(a)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Registrant&#8217;s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant&#8217;s disclosure controls and procedures (as defined in
                Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z828349e3aff34f8ca96f9c6548eff877">

          <tr>
            <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; width: 27pt; vertical-align: top;">(b)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">There was no change in the Registrant&#8217;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred
                during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting.</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zdfb7d29201f8463fa8328aaf9b63cc2c">

          <tr>
            <td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">ITEM 12.</font></td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR&#160;CLOSED-END
                  MANAGEMENT INVESTMENT COMPANIES</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; TEXT-ALIGN: left">
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
        MARGIN-RIGHT: auto"> </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb11754340ffc431c9717195de6761662">

          <tr>
            <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; width: 27pt; vertical-align: top;">(a)&#160;</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Not applicable.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left">&#160;</div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ze2cd38836e9042c381313bf41dddbd8e">

          <tr>
            <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; width: 27pt; vertical-align: top;">(b)&#160;</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Not applicable.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
      <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      </div>
      <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt; TEXT-ALIGN: left">
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z139b22b1b101463eba835c19d9745570">

            <tr>
              <td style="width: 54pt; vertical-align: top;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">ITEM 13.</font></td>
              <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">EXHIBITS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt"><br>
      <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
        MARGIN-RIGHT: auto"> </div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6889f340518848f3822816542c577f5d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 49.5pt; vertical-align: top; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-size: 10pt;">(a) (1)</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">See Item (2)</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4406496f15764191a953565165357d87" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 49.5pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a) (2)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Certifications&#160;required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).&#160; See EX&#8209;99.CERT attached hereto.</font></div>
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                <td style="width: 49.5pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a) (3)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
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                <td style="width: 49.5pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a) (4)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Not applicable.</font></div>
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                <td style="width: 49.5pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(b)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a&#8209;14(b) or Rule15d-14(b) under the Exchange Act (17 CFR
                      240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). See EX&#8209;99.906 CERT attached hereto.</font></div>
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  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>SIGNATURES</u></div>
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  <div style="LINE-HEIGHT: 1.25">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
    authorized.</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
  <div style="LINE-HEIGHT: 1.25">&#160;<br>
    <br>
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  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
  </div>
  <div style="LINE-HEIGHT: 1.25">By: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>/s/ Yuichi Nomoto &#160; &#160; &#160; &#160; </u></font></div>
  <div style="LINE-HEIGHT: 1.25">Yuichi Nomoto<br>
  </div>
  <div style="LINE-HEIGHT: 1.25">Principal Executive Officer</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">Date:&#160; 5/3/2019<br>
  </div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on
    the dates indicated.</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25"> <br>
  </div>
  <div style="LINE-HEIGHT: 1.25">
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman';">By:&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>/s/ Yuichi Nomoto&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </u></font></div>
    <div style="LINE-HEIGHT: 1.25">Yuichi Nomoto</div>
    <div style="LINE-HEIGHT: 1.25">Principal Executive Officer</div>
  </div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Date:&#160; 5/3/2019<br>
  </div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">By: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>/s/ Amy J. Robles&#160; &#160; &#160; &#160;&#160; </u></font></div>
  <div style="LINE-HEIGHT: 1.25">Amy J. Robles</div>
  <div style="LINE-HEIGHT: 1.25">Principal Financial Officer</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Date:&#160; 5/3/2019<br>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>efc19-328_ex99cert.htm
<TEXT>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Exhibit (a)(2)</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Worldwide Plaza</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">309 West 49th Street</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">New York, New York 10019</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>CERTIFICATIONS</u></div>
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      <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">I, Yuichi Nomoto, certify that:</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z94191cc26a7745f4959e0398d32a2dcb">

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            <td style="width: 7.68%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.</font></div>
            </td>
            <td style="width: 92.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">I have reviewed this report on Form N-CSR of Japan Smaller Capitalization Fund, Inc. (the &#8220;Registrant&#8221;);</font></div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 7.68%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.</font></div>
            </td>
            <td style="width: 92.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
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      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z398373e68ed34d0a9b1be2e0e020591a">

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            <td style="width: 7.68%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3.</font></div>
            </td>
            <td style="width: 92.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly
                  present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
                  periods presented in this report;</font></div>
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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4.</font></div>
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            <td style="width: 92.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
                  have:</font></div>
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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">a.</font></div>
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            <td style="width: 86.56%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
                  under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
                  being prepared;</font></div>
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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">b.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Designed such internal control over financial reporting, or caused such internal control over financial reporting
                  to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
                  principles;</font></div>
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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">c.</font></div>
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            <td style="width: 86.56%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Evaluated the effectiveness of the Registrant&#8217;s disclosure controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></div>
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      </table>
      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
            </td>
            <td style="width: 5.76%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">d.</font></div>
            </td>
            <td style="width: 86.56%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Disclosed in this report any change in the Registrant&#8217;s internal control over financial reporting that occurred
                  during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting; and</font></div>
            </td>
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      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd2bcb664a1ce4deb8ebba57db83c7162">

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            <td style="width: 7.68%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5.</font></div>
            </td>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Registrant&#8217;s other certifying officer and I have disclosed to the Registrant&#8217;s auditors and the audit committee
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            </td>
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      </table>
      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">a.</font></div>
            </td>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial
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            </td>
          </tr>

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            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">b.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the
                  Registrant&#8217;s internal control over financial reporting.</font></div>
            </td>
          </tr>

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    Date:&#160; 5/3/2019<br>
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          <td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center">/s/ Yuichi Nomoto<br>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Principal Executive Officer</div>
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    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Worldwide Plaza</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">309 West 49th Street</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>CERTIFICATIONS</u></div>
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      <div style="text-align: justify;">I, Amy J. Robles, certify that:<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> <br>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">I have reviewed this report on Form N-CSR of Japan Smaller Capitalization Fund, Inc. (the &#8220;Registrant&#8221;);</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
            </td>
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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly
                  present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
                  periods presented in this report;</font></div>
            </td>
          </tr>

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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
                  have:</font></div>
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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">a.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
                  under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
                  being prepared;</font></div>
            </td>
          </tr>

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      <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">b.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Designed such internal control over financial reporting, or caused such internal control over financial reporting
                  to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
                  principles;</font></div>
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      <div>&#160;</div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Evaluated the effectiveness of the Registrant&#8217;s disclosure controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">d.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Disclosed in this report any change in the Registrant&#8217;s internal control over financial reporting that occurred
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Registrant&#8217;s other certifying officer and I have disclosed to the Registrant&#8217;s auditors and the audit committee
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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            <td style="width: 5.76%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">a.</font></div>
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            <td style="width: 86.56%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial
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            </td>
          </tr>

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      <div>&#160;</div>
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            <td style="width: 5.76%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">b.</font></div>
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            <td style="width: 86.56%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the
                  Registrant&#8217;s internal control over financial reporting.</font></div>
            </td>
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;Date:&#160; 5/3/2019<br>
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      &#160;<br>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Amy J. Robles</div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>efc19-328_ex99906cert.htm
<TEXT>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Exhibit (b)</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Worldwide Plaza</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">309 West 49th Street</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">New York, New York 10019</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act</u></div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The undersigned officers of Japan Smaller Capitalization Fund, Inc. (the &#8220;Registrant&#8221;) do hereby certify that, to the best of each such
      officer&#8217;s knowledge:</div>
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      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1.&#160;&#160;</font></div>
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            <td style="width: 92.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Form N-CSR of the Registrant for the period ended February 28, 2019 (the &#8220;Report&#8221;) fully complies with the
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
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    <div style="LINE-HEIGHT: 1.25">&#160;</div>
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                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; 5/3/2019<br>
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                  <div style="display: block; font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">Date:&#160; 5/3/2019<br>
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                  <div>/s/ Amy J. Robles<br>
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                <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 64%; BORDER-BOTTOM: 4px; BORDER-LEFT: medium none">&#160; </td>
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                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Amy J. Robles<br>
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      <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
        the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Japan Smaller Capitalization Fund, Inc. and will be retained by Japan Smaller Capitalization Fund, Inc.
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