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<SEC-DOCUMENT>0000897204-06-000101.txt : 20060706
<SEC-HEADER>0000897204-06-000101.hdr.sgml : 20060706
<ACCEPTANCE-DATETIME>20060706165652
ACCESSION NUMBER:		0000897204-06-000101
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20060706
DATE AS OF CHANGE:		20060706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN EQUITY FUND INC
		CENTRAL INDEX KEY:			0000866095
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		06948600

	BUSINESS ADDRESS:	
		STREET 1:		ONE EVERTRUST PLAZA
		STREET 2:		C/O DAIWA SECURITIES TRUST CO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302
		BUSINESS PHONE:		2019153054

	MAIL ADDRESS:	
		STREET 1:		DAIWA SECURITIES TRUST CO
		STREET 2:		ONE EVERTRUST PLAZA
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>jefn2.htm
<DESCRIPTION>JAPEN EQUITY FUND N-2
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>As filed with the Securities and Exchange Commission on July 6, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="289" nowrap valign=top style='padding:0cm 0cm 0cm 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investment Company Act File No. 811-06142</font></p> </td> </tr></table>


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<p>&nbsp;</p></div></div><BR>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>U.S. SECURITIES AND EXCHANGE COMMISSION</font><br> <font size=2>Washington, D.C. 20549</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>______________________</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt'><font SIZE=2>FORM N-2</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>REGISTRATION STATEMENT</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>UNDER THE SECURITIES ACT OF 1933</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2><font face=Wingdings>o</font></font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-Effective Amendment No.</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2><font face=Wingdings>o</font></font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Post-Effective Amendment No.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>and/or</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2><font face=Wingdings>o</font></font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>REGISTRATION STATEMENT</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>UNDER THE INVESTMENT COMPANY ACT OF 1940</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2><font face=Wingdings>o</font></font></p> </td> </tr>
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        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment No. 14</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>x</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:0pt'><font size=2>(Check appropriate box or boxes.)</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>______________________</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>THE JAPAN EQUITY FUND, INC.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>c/o Daiwa Securities Trust Company</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>One Evertrust Plaza</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Jersey City, New Jersey  07302-3501</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of Principal Executive Offices)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant&#146;s Telephone Number, including Area Code: (201) 915-3054</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>______________________</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>John O&#146;Keefe</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>The Japan Equity Fund, Inc.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>c/o Daiwa Securities Trust Company</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>One Evertrust Plaza</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Jersey City, New Jersey  07302-3501</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Name and Address of Agent for Service)</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:4.0pt'><font size=2>______________________</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0cm;text-indent:0pt;text-align:center;margin-top:3.0pt;margin-bottom:6.0pt'><font SIZE=2>WITH COPIES TO:</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Leonard B. Mackey, Jr., Esq.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Clifford Chance US LLP</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>31 West 52<sup>nd</sup> Street</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>New York, New York  10019</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(212) 878-8000</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="91" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="468" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>______________________</font></p> </td>
        <td width="79" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
</p>

<p style=' margin-bottom:12pt; margin-top:24pt;text-align:center;'><B><font SIZE=2>EXPLANATORY NOTE</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This filing is made solely for the purpose of filing as an exhibit the Dividend Reinvestment and Cash Purchase Plan of The Japan Equity Fund, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>PART C &#151; OTHER INFORMATION</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="401" style='border-collapse:collapse'>
    <tr >
        <td  nowrap colspan="2" valign=top style='padding:0cm 0cm 12.0pt 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ITEM 24.</font></p> </td>
        <td  nowrap colspan="2" valign=top style='padding:0cm 0cm 12.0pt 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>FINANCIAL STATEMENTS AND EXHIBITS</font></p> </td> </tr>
    <tr >
        <td width="48" nowrap valign=top style='padding:0cm 0cm 12.0pt 0cm; '>
            <p style='margin-left:0pt;text-indent:0cm;text-align:justify;margin-top:0pt;margin-bottom:12pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0cm 0cm 12.0pt 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="68" nowrap valign=top style='padding:0cm 0cm 12.0pt 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td>
        <td style='padding:0cm 0cm 0cm 0cm' width="237">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="48" ></td>

        <td width="48" ></td>

        <td width="68" ></td>

        <td width="237" ></td> </tr> </table>

<table border="0" cellspacing=0 cellpadding=0 width="589" style='margin-left:36.9pt;border-collapse:collapse;  '>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Articles of Incorporation<sup>1</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Articles of Amendment and Restatement<sup>2</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Articles Supplementary<sup>3</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended and Restated By-Laws<sup>4</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment to Amended and Restated By-Laws<sup>5</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment to Amended and Restated By-Laws<sup>3</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Copies of instruments defining the rights of shareholders, including the relevant portions of the Articles of Amendment and Restatement and the Amended and Restated By-Laws of the Registrant<sup>6</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Subscription Certificate<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Notice of Guaranteed Delivery<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Nominee Holder Oversubscription Exercise Form<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(5)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Certificate and Request for Additional Rights<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(6)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Information Agent Agreement<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(e)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dividend Reinvestment and Cash Purchase Plan*</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(f)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(g)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Investment Management Agreement<sup>4</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Investment Advisory Agreement<sup>4</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(h)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Dealer Manager Agreement<sup>8</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Soliciting Dealer Agreement<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(i)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(j)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Custodial Services Agreement<sup>9</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Japanese Custody Contract<sup>4</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(k)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Agreement for Stock Transfer Services<sup>4</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Addendum to Agreement for Stock Transfer Services<sup>8</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Administration Agreement<sup>2</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(l)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Opinion and consent of Clifford Chance US LLP<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Opinion and consent of Piper &amp; Marbury L.L.P.<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Opinion and consent of Hamada &amp; Matsumoto<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(m)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(n)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of Price Waterhouse LLP<sup>7</sup></font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(o)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(p)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(q)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr >
        <td width="54" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(r)</font></p> </td>
        <td width="36" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="433" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="6" valign=top style=' padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>_________________________</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>1</sup></font></p> </td>
        <td  colspan="4" valign=top style=' padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to the Fund&#146;s Registration Statement on Form N-2 on July 23, 1990 (File Nos. 33-35932; 811-06142).</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>2</sup></font></p> </td>
        <td  colspan="4" valign=top style=' padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Pre-Effective Amendment No. 2 to the Fund&#146;s Registration Statement on Form N-2 on April 6, 1992 (File Nos. 33-35932; 811-06142).</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>3</sup></font></p> </td>
        <td  colspan="4" valign=top style=' padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Amendment No. 11 the Fund&#146;s Registration Statement on Form N-2 on April 26, 2002 (File Nos. 33-96822; 811-06142).</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="2" valign=top style='padding: 0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>4</sup></font></p> </td>
        <td  colspan="4" valign=top style=' padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Pre-Effective Amendment No. 5 to the Fund&#146;s Registration Statement on Form N-2 on July 19, 1992 (File Nos. 33-35932; 811-06142).</font></p> </td> </tr>
    <tr>
        <td width="54" ></td>

        <td width="18" ></td>

        <td width="18" ></td>

        <td width="36" ></td>

        <td width="30" ></td>

        <td width="433" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>C-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="589" style='margin-left:36.9pt;border-collapse:collapse;  '>
    <tr style='page-break-inside:avoid'>
        <td width="72" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>5</sup></font></p> </td>
        <td width="517" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Pre-Effective Amendment No. 10 to the Fund&#146;s Registration Statement on Form N-2 on March 20, 1998 (File No. 811-06142).</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="72" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>6</sup></font></p> </td>
        <td width="517" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Reference is made to Articles II (Section 3), V, VI, VII, VIII, X, XI, and XII of the Registrant&#146;s Articles of Amendment and Restatement, previously filed as Exhibit (a)(2) to the Registration Statement; Articles I, IV, VII and VIII of the Amended and Restated By-Laws, previously filed as Exhibit (b) to the Registration Statement; and the Amendment to Amended and Restated By-Laws filed herewith.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="72" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>7</sup></font></p> </td>
        <td width="517" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Amendment No. 13 to the Fund&#146;s Registration Statement on Form N-2 on December 3, 2003 (File Nos. 333-109328; 811-06142</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="72" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>8</sup></font></p> </td>
        <td width="517" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Amendment No. 12 to the Fund&#146;s Registration Statement on Form N-2 on September&nbsp;30, 2003 (File Nos. 333-109328; 811-06142</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="72" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>9</sup></font></p> </td>
        <td width="517" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed as an exhibit to Pre-Effective Amendment No. 3 to the Fund&#146;s Registration Statement on Form N-2 on June 5, 1992 (File Nos. 33-35932; 811-06142).</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="72" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2><sup>*</sup></font></p> </td>
        <td width="517" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filed herewith.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>C-2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 6<sup>th</sup> day of July, 2006.</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:3in;text-align:justify;'><font SIZE=2>THE JAPAN EQUITY FUND, INC.</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="581" style='border-collapse:collapse'>
    <tr >
        <td width="288" nowrap valign=top style='padding:0cm 0cm 0cm 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0cm 0cm 0cm 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>By</font></p> </td>
        <td width="245" nowrap valign=top style='padding:0cm 0cm 0cm 0cm; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ John O&#146;Keefe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>John O&#146;Keefe</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:3.5in;text-align:justify;'><font size=2>Vice President and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>C-3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>EXHIBIT INDEX</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr >
        <td width="213" valign=bottom style='padding:0cm 5.4pt 0cm 5.4pt'>
            <div style='border-bottom:solid black 1.0pt; padding:0cm 0cm 1.0pt 0cm'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibit Number</font></b></p> </div> </td>
        <td width="425" valign=bottom style='padding:0cm 5.4pt 0cm 5.4pt'>
            <div style='border-bottom:solid black 1.0pt; padding:0cm 0cm 1.0pt 0cm'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Description of Document</font></b></p> </div> </td> </tr>
    <tr >
        <td width="213" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0cm;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=2>(e)</font></p> </td>
        <td width="425" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0cm;text-indent:0pt;text-align:center;margin-top:6.0pt;margin-bottom:6.0pt'><font size=2>Dividend Reinvestment and Cash Purchase Plan</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>C-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<DOCUMENT>
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<FILENAME>japan-br.htm
<DESCRIPTION>JAPAN EQUITY FUND
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
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        <td width="340" valign=top style='padding:0cm 5.4pt 0cm 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom:0pt'><b><font size=5>Dividend</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=5>Reinvestment</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=5>and Cash</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=5>Purchase</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:9.0pt'><b><font size=5>Plan</font></b></p>
<p style='margin-left:2.2pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 23.4pt;line-height:88.02%'><img src="img1.jpg"><br> </p>
<p style='margin-left:0cm;text-indent:26.25pt;text-align:justify;margin-top:0cm;margin-bottom: 5.4pt'><img
src="img2.jpg"><br> </p>
<p style='margin-left:0cm;text-indent:43.5pt;text-align:justify;margin-top:3.6pt;margin-bottom: 16.2pt'><i><b><font size=5>Common Stock</font></b></i></p>
<p style='margin-left:2.2pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 9.0pt;line-height:88.02%'><img src="img3.jpg"><br> </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>THE JAPAN EQUITY FUND, INC.</font></B></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>c/o Daiwa Securities Trust Company</font></b><br> <b><font size=2>One Evertrust Plaza</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><b><font size=2>Jersey City, New Jersey 07302-3051</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>INVESTMENT
MANAGER</font></B></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><b><font size=2>Daiwa SB Investments (U.S.A.) Ltd.</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><B><font SIZE=2>INVESTMENT ADVISER </font></B><br> <b><font size=2>Daiwa SB Investments Ltd</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom:0pt'><B><font SIZE=2>SHAREHOLDER INQUIRIES TO:</font></B></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>The Japan Equity Fund, Inc.</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>c/o American Stock Transfer &amp; Trust Company</font></b><br> <b><font size=2>59</font></b><font size=2>&nbsp;</font><b><font size=2>Maiden Lane</font></b></p>
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style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>New York, NY 10038</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Telephone: (866) 669-9904</font></b></p> </td> </tr></table>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt;line-height:114.48%'><font size=2>Dear Shareholder:</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt;line-height:108%'><font size=2>We are pleased that you have chosen to invest in The Japan Equity Fund and are sending you this brochure to provide you with additional informa&#173;tion and to answer questions which you may have about the Fund&#146;s Dividend Reinvestment and Cash Purchase Plan.</font></p>
<p style='margin-left:0cm;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 6.0pt;line-height:108%'><b><font size=2>If you hold shares of the Fund in your own name, you are an automatic participant in this Plan. </font></b><font size=2>American Stock Transfer &amp; Trust Com&#173;pany, as the Plan Agent, will automatically invest your dividends and capital gain
distributions in additional shares of the Fund. The Plan also allows you to make additional cash investments in Fund shares semi-annually through the Plan Agent. The features of the Plan are described in this brochure.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt;line-height:107.46%'><font size=2>Your participation in the Plan is entirely voluntary and, subject to the terms of the Plan, you may withdraw and re-join at any time.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt;line-height:108%'><font size=2>We invite you to review the Plan. If you do not wish to participate and your shares are held in your own name, simply complete and mail the attached withdrawal form. </font><b><font size=2>If your shares are held in the name of a financial institution, you should contact your financial institution to see if they will participate in the Plan on your behalf. If your
financial institution is able to participate in the Plan on your behalf, dividend and capital gain distributions will be reinvested in additional shares of the Fund and credited to your account. If your financial institution is unable to participate in the Plan on your behalf, you may want to request that your shares be registered in your name so that you can participate in the Plan.</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=2>We hope that you find the information in this brochure helpful and that it answers any ques&#173;tions you may have concerning the Fund&#146;s Divi&#173;dend Reinvestment and Cash Purchase Plan.</font></p>
<p style='margin-left:43.1pt;text-indent:0pt;text-align:justify;margin-top:12.0pt;margin-bottom: 1.8pt;line-height:132.3%'><font size=2>Sincerely,</font></p>
<p style='margin-left:49.25pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 3.6pt'><img
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<p style='margin-left:43.2pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm'><b><font size=2>Hiroshi Kimura</font></b></p>
<p style='margin-left:43.2pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm'><i><font size=2>Chairman of the Board</font></i></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>What is the Dividend Reinvestment and Cash Purchase Plan?</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=2>The Fund intends to distribute to shareholders, at least annually, substantially all of its after-tax net investment income and net realized capital gains.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:3.0pt'><font size=2>The Dividend Reinvestment and Cash Purchase Plan offers shareholders in The Japan Equity Fund an efficient and simple way to reinvest dividends and capital gain distributions in shares of the Fund. The Plan also allows you to make optional semi-annual cash investments in Fund shares through the Plan Agent.</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=2>American Stock Transfer &amp; Trust Company acts as Plan Agent for shareholders in administering the Plan. The complete Terms and Conditions of the Plan appear later in this brochure.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3.0pt;margin-bottom:0pt'><b><font size=2>Who can participate in the Plan?</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=2>If you own shares in your own name, you will automatically be a direct participant in the Plan. </font><b><font size=2>If you own shares that are held in the name of a financial institution and you wish to partici&#173;pate in the Plan, you should contact your fi&#173;nancial institution to ask it to participate in the Plan on your behalf. If your financial insti&#173;tution is unable to participate in the Plan, you may want to request
your financial institution to re-register the shares in your own name so that you may take advantage of the Plan.</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3.0pt;margin-bottom:0pt'><b><font size=2>What does the Plan offer?</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=2>The Plan has two components: reinvestment of div&#173;idends and capital gain distributions, and an op&#173;tional cash purchase feature.</font></p>
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            <p style='margin-left:7.2pt;text-indent: -7.2pt;text-align:justify;margin-top:0cm;margin-bottom: 0cm'><b><font size=1>&#149;</font></b><font size=1>&nbsp;&nbsp;</font><b><font size=2>Reinvestment of income dividends and capital gain distributions</font></b></p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt'><font size=2>If you are a participant in the Plan, your dividends and capital gain distributions will be reinvested au&#173;tomatically for you, increasing your holdings in the Fund. If the Fund declares a dividend or capital gain distribution payable either in cash or in shares of the Fund, you will automatically receive shares of the Fund. If the market price of shares on the relevant date, normally the payment date, should equal or exceed their net asset value, the Fund will issue new shares to you at net asset value, pro&#173;vided that the Fund will not issue new shares at
a discount of more than 5% from the then-current market price. If the market price is lower than net asset value, new shares will be issued by the Fund, valued at the market price. If dividends or capital gain distributions are payable only in cash, then you will receive shares purchased for you by the Plan Agent on the New York Stock Exchange or otherwise on the open market to the extent available. If the market price should exceed net asset value before the Plan Agent has completed its pur&#173;chases, the average purchase price paid by the Plan Agent may exceed net asset value, resulting in fewer shares being acquired than if the Fund had issued new shares. All reinvestments are in full and fractional shares, carried to three decimal places.</font></p>
<p style='margin-left:7.2pt;text-indent: -7.2pt;text-align:justify;margin-top:0cm;margin-bottom: 0cm'><b><font size=1>&#149;</font></b><font size=1>&nbsp;&nbsp;</font><b><font size=2>Voluntary cash purchase</font></b></p>
<p
style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt'><font size=2>Plan participants have the option of making semi-annual investments in Fund shares through the Plan Agent. You may invest any amount from $100 to $5,000 semi-annually. The Plan Agent will pur&#173;chase shares for you on the New York Stock Exchange or otherwise on the open market on or about February 15<sup>th</sup> and August 15<sup>th</sup> of each year. Plan participants should send in voluntary cash payments to be received by the Plan Agent ap&#173;proximately ten days before the applicable purchase date. If you hold shares in your own name, you should deal directly with the Plan Agent. Please send your check to the following address:</font></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>The Japan Equity Fund, Inc.</font></p>
<p
style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 0cm'><font face="Arial" size=2>c/o American Stock Transfer &amp; Trust Company</font><br> <font face="Arial" size=2>P.O. Box 922</font></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Wall Street Station</font></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>New York, NY 10269-0560</font></p> </td> </tr></table>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=2>The Plan Agent will return any cash payments re&#173;ceived more than thirty days prior to February 15th and August 15th, and you will not receive interest on uninvested cash payments. You may withdraw a voluntary cash payment by written notice, if the notice is received by the Plan Agent not less than two business days before the investment date.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:3.0pt;margin-bottom:0pt'><b><font size=2>Is there a cost to participate?</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>There is no direct charge to participants for reinvesting dividends and capital gain distributions, since the Plan Agent&#146;s fees are paid by the Fund. There are no brokerage charges for shares
issued directly by the Fund. Whenever shares are pur&#173;chased on the New York Stock Exchange or otherwise on the open market in connection with the reinvestment of dividends or capital gain distribu&#173;tions payable only in cash, each participant will pay a pro rata portion of brokerage commissions. Brokerage charges for purchasing shares through the Plan are expected to be less than the usual brokerage charges for individual transactions, because the Plan Agent will purchase shares for all participants in blocks, resulting in lower commis&#173;sions for each individual participant.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=2>For purchases from voluntary cash payments, par&#173;ticipants must pay a service fee of $2.50 for each investment and a pro rata portion of the brokerage commissions.</font></p>
<p style='margin-left:0cm;text-indent:0pt;text-align:justify;margin-top:3.0pt;margin-bottom: 0cm'><b><font size=2>What are
the tax implications for participants?</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:3.0pt'><font size=2>You will receive tax information annually for your personal records and to help you prepare your fed&#173;eral income tax return. The automatic reinvestment of dividends and capital gain distributions does not relieve you of any income tax which may be payable (or required to be withheld) on dividends or distributions.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><i><font size=2>In the case of foreign participants whose divi&#173;dends are subject to United States income tax withholding and in the case of any participants subject to 20% federal backup withholding, the Plan Agent will reinvest dividends after deduction of the amount required to be withheld.</font></i></p>
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            <p style='margin-left:10.8pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 0cm'><b><font size=2>May I withdraw from the Plan?</font></b></p>
<p style='margin-left:10.75pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 6.0pt'><font size=2>If your shares are held in your own name, you may withdraw from the Plan without penalty at any time by completing and signing the withdrawal form on the back cover of this brochure and send&#173;ing it to the Plan Agent. If your shares are held in financial institution name, you should be able to withdraw from the Plan without penalty at any time by written notice to your financial institution. Your withdrawal will be effective as specified in Paragraph 11 of the Terms and Conditions which appear later in this brochure.</font></p>
<p style='margin-left:10.8pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 0cm'><font size=2>If you
withdraw, you will receive without charge a share certificate issued in your name for all full shares, or, if you wish, the Plan Agent will sell your shares and send you the proceeds, less brokerage commissions of $15.00. The Plan Agent will con&#173;vert any fractional shares you hold at the time of your withdrawal to cash at the current market price and send you a check for the proceeds.</font></p>
<p style='margin-left:10.75pt;text-indent:0pt;text-align:justify;margin-top:0cm;margin-bottom: 6.0pt'><font size=2>If you withdraw from the Plan and later decide that you want to participate in the Plan, you should contact the Plan Agent (or your financial institution, if your shares are held in financial institution name) regarding re-enrollment.</font></p>
<p style='margin-left:10.75pt;text-indent:0pt;text-align:justify;margin-top:3.0pt;margin-bottom: 0cm'><b><font size=2>How do participating shareholders benefit?</font></b></p>
<p
style='margin-left:10.5pt;text-indent:-10.5pt;text-align:justify;margin-top:0cm;margin-bottom: 3.0pt'><b><font size=1>&#149;</font></b><font size=1>&nbsp;&nbsp;&nbsp;</font><font size=2>You will build holdings in the Fund easily and au&#173;tomatically, at little or no cost.</font></p>
<p style='margin-left:10.5pt;text-indent:-10.5pt;text-align:justify;margin-top:0cm;margin-bottom: 3.0pt'><b><font size=1>&#149;</font></b><font size=1>&nbsp;&nbsp;&nbsp;</font><font size=2>You will receive a detailed year-to-date account statement from the Plan Agent, showing total divi&#173;dends and distributions, additional cash payments, date of investment, shares acquired and price per share, and total shares of record held by you and by the Plan Agent for you. The proxy you receive in connection with the Fund&#146;s shareholder meet&#173;ings will include shares purchased for you by the Plan Agent according to the Plan.</font></p>
<p
style='margin-left:10.5pt;text-indent:-10.5pt;text-align:justify;margin-top:0cm;margin-bottom: 3.0pt'><b><font size=1>&#149;</font></b><font size=1>&nbsp;&nbsp;&nbsp;</font><font size=2>As long as you participate in the Plan, American Stock Transfer &amp; Trust Company, as your Plan Agent, will hold the shares it has acquired for you in non-certificated form. This convenience pro&#173;vides added protection against loss, theft, or inad&#173;vertent destruction of certificates.</font></p>
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            <p style='margin-left:0cm;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm'><b><font size=2>Whom should I contact for additional information or to process a transaction?</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>If you hold shares in your own name, please address all inquiries regarding the Plan to:</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom:0pt'><font face="Arial" size=2>The Japan Equity Fund, Inc.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>c/o American Stock Transfer &amp; Trust Company</font><br> <font face="Arial" size=2>59 Maiden Lane</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom:0pt'><font face="Arial" size=2>New
York, NY 10038</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom:0pt'><font size=2>For transaction processing please address your transaction to:</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom:0pt'><font face="Arial" size=2>The Japan Equity Fund, Inc.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>c/o American Stock Transfer &amp; Trust Company</font><br> <font face="Arial" size=2>P.O. Box 922</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom:0pt'><font face="Arial" size=2>Wall Street Station</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>New York, NY 10269-0560</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Telephone: (866) 669-9904</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom:0pt'><font size=2>You may also process transactions online at </font><font color="#0000FF"><u><b><font size=2>www.amstock.com</font></b></u></font><b><font size=2>. </font></b><font size=2>To gain access to your account you will need your ten digit American Stock Transfer &amp; Trust Company account number and your Social Security number.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=2>If your shares are not held in your name, you should contact your financial institution for more information.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><font size=2>Experience under the Plan may indicate that changes are
desirable. Accordingly, either the Fund or the Plan Agent may amend or terminate the Plan. Participants will receive written notice at least 30 days before the effective date of any amendment. In the case of termination, partici&#173;pants will receive written notice at least 30 days before the record date of any dividend or capital gain distribution by the Fund.</font></i></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.62in;text-align:left;'><font size=2>7</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:12.0pt;margin-bottom: 0cm'><b><font size=2>Terms and Conditions of Dividend Reinvestment and Cash Purchase Plan</font></b></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:3.6pt;margin-bottom: 0cm;line-height:86.4%'><font size=2>1.&nbsp;&nbsp;Each shareholder (&#147;Shareholder&#148;) holding shares of com&#173;mon stock of The Japan Equity Fund, Inc. (the &#147;Fund&#148;) will au&#173;tomatically be a participant in the Dividend Reinvestment and Cash Purchase Plan (the &#147;Plan&#148;), unless American Stock Trans&#173;fer &amp; Trust Co., the plan agent (the &#147;Plan Agent&#148;), is otherwise instructed by the Shareholder, in writing, to have all distributions, net of any applicable U.S. withholding tax, paid in cash. A Shareholder who does not wish to participate in the
Plan will receive all distributions in cash and will be paid by check mailed directly to such Shareholder by the Plan Agent. The Plan Agent will act as agent for individual Shareholders and will open an account for each Shareholder under the Plan in the same name as her or his present shares of common stock are registered.</font></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>2.&nbsp;&nbsp;Whenever the directors of the Fund declare a capital gain distribution or an income dividend payable in shares of common stock or cash, participating Shareholders will take such distribu&#173;tion or dividend entirely in shares of common stock to be issued by the Fund and the Plan Agent shall automatically receive such shares of common stock, including fractions, for the Share&#173;holder&#146;s account, except in the circumstances described in para&#173;graph 3 below.</font></p>
<p
style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:86.4%'><font size=2>3.&nbsp;&nbsp;&nbsp;Whenever the market price per share of common stock equals or exceeds the net asset value per share at the time the shares of common stock are valued for the purpose of determin&#173;ing the number of shares of common stock equivalent to the div&#173;idend or distribution (the &#147;Valuation Date&#148;), participants will be issued shares of common stock by the Fund valued at net asset value or, if the net asset value is less than 95% of the market price on the Valuation Date, then participants will be issued shares valued at 95% of the market price. If the net asset value per share of the common stock on the Valuation Date exceeds the market price of a share of common stock on the Valuation Date, partic&#173;ipants will be issued shares of common stock valued at the mar&#173;ket price. If the Fund should declare an income dividend or capital gain
distribution payable only in cash, the Plan Agent will, as purchasing agent for the participants, buy shares of common stock in the open market, on the New York Stock Exchange (the &#147;Exchange&#148;) or elsewhere, for the participants&#146; accounts on, or shortly after, the payment date. To the extent the Plan Agent is unable to do so and, before the Plan Agent has completed its pur&#173;chases, the market price exceeds the net asset value of the com&#173;mon stock, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the common stock, resulting in the acquisition of fewer shares of common stock than if the income dividend or capital gain distribution had been paid in common stock issued by the Fund. The Plan Agent will apply all cash received as an income dividend or capital gain distribu&#173;tion to purchase shares of common stock on the open market as soon as practicable after the payment date of such dividend or capital gain distribution, but in no
event later than 30 days after such date, except where necessary to comply with applicable provisions of the federal securities laws.</font></p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:86.4%'><font size=2>4.&nbsp;&nbsp;&nbsp;Participants in the Plan have the option of making addi&#173;tional cash payments to the Plan Agent, semi-annually, in any amount from $100 to $5,000, for investment in shares of common stock of the Fund. The Plan Agent will use all funds received from participants to purchase shares of common stock in the open market on or about February 15 and August 15 of each year. Any voluntary cash payments received more than 30 days prior to these dates will be returned by the Plan Agent and</font>  </p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0cm;line-height:85.86%'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.62in;text-align:left;'><font size=2>8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr style=' height:540.0pt'>
        <td width="416" valign=top style='border:solid black 1.0pt;border-color:gray; padding:0cm 5.4pt 0cm 5.4pt;height:540.0pt'>
            <p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>interest will not be paid on any such amounts. To avoid unnec&#173;essary cash accumulations, and also to allow ample time for re&#173;ceipt and processing by the Plan Agent, participants should send in voluntary cash payments to be received by the Plan Agent ap&#173;proximately ten days before February 15 or August&nbsp;15, as the case may be. Optional cash payments may also be made online at </font><font color="#0000FF"><u><font size=2>www.amstock.com</font></u></font><font size=2>. A participant may withdraw a voluntary cash payment by written notice, if the notice is received by the Plan Agent not less than two business days before the payment is to be invested.</font></p>
<p
style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:86.4%'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of the Plan: (a) the market price of shares of common stock of the Fund on a particular date shall be the last sales price on the Exchange on the close of the previous trading day or, if there is no sale on the Exchange on that date, then the mean between the closing bid and asked quotations for such stock on the Exchange on such date, (b) Valuation Date shall be the dividend or distribution payment date or, if that date is not an Exchange trading day, the next preceding trading day and (c) net asset value per share of common stock on a partic&#173;ular date shall be as determined by or on behalf of the Fund.</font></p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:86.4%'><font
size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The open-market purchases provided for above may be made on any securities exchange where the shares of common stock of the Fund are traded, in the over-the-counter market or in negotiated transactions, and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Funds held by the Plan Agent will not bear interest. In addition, it is un&#173;derstood that the Plan Agent shall have no liability (other than as provided in paragraph 13 hereof) in connection with any inabil&#173;ity to purchase shares of common stock within 30 days after the payment date of any dividend or distribution as herein provided or with the timing of any purchases effected. The Plan Agent shall have no responsibility as to the value of the shares of com&#173;mon stock of the Fund acquired for any Shareholder&#146;s account.</font></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom:
0cm;line-height:85.86%'><font size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan Agent will hold shares of common stock acquired pursuant to the Plan in noncertificated form in the name of the Shareholder for whom such shares are being held. The Plan Agent will forward to each Shareholder participating in the Plan any proxy solicitation material received by it and will vote any shares of common stock so held for any such Shareholder only in accordance with the proxy returned by her or him to the Fund. In the case of Shareholders, such as banks, brokers or nominees, that hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by such Shareholders as representing the total amount registered in the name of such Shareholders and held for the account of beneficial own&#173;ers who participate in the Plan. Upon a Shareholder&#146;s written request, the Plan Agent will deliver to
her or him, without charge, a certificate or certificates representing all full shares of common stock held by the Plan Agent pursuant to the Plan for the bene&#173;fit of such Shareholder.</font></p>
<p style='margin-left:7.2pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan Agent will mail a year-to-date summary statement for each acquisition made for the account of a Shareholder as soon as practicable but in any event not later than 60 days after the date thereof. Although a Shareholder may from time to time have an undivided fractional interest (computed to three decimal places) in a share of common stock of the Fund, no certificates for fractional shares will be issued. However, dividends and dis&#173;tributions on fractional shares of common stock will be credited to each Shareholder&#146;s account. In the event termination of a Shareholder&#146;s account under the
Plan, the Plan Agent will adjust for any such undivided fractional interest in cash at the market value of the shares of common stock at the time of termination.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.62in;text-align:left;'><font size=2>9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>9.&nbsp;&nbsp;&nbsp;Any stock dividends or split shares distributed by the Fund on shares of common stock held by the Plan Agent for a Shareholder will be credited to the Shareholder&#146;s account. In the event that the Fund makes available to Shareholders rights to purchase additional shares of common stock or other securities, the Plan Agent will sell such rights and apply the proceeds of the sale to the purchase of additional shares of common stock of the Fund. Transaction processing may be curtailed or suspended until the completion of any stock dividend, stock split or corporate action.</font></p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:85.86%'><font
size=2>10.&nbsp;Shareholders will not be charged for reinvesting dividends or capital gains distributions. The Plan Agent&#146;s fees for the han&#173;dling of reinvestment of dividends and distributions will be paid by the Fund. Shareholders will be charged a pro rata share of brokerage commission on all open market purchases. A Share&#173;holder&#146;s account will also be charged brokerage commissions in&#173;curred in purchases from voluntary cash payments made by the Shareholder. The Plan Agent will charge $2.50 for such pur&#173;chases, plus a pro rata share of the brokerage commissions.</font></p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>11.&nbsp;A Shareholder may terminate her or his participation in the Plan by notifying the Plan Agent. Such termination will be effec&#173;tive immediately if notice is received by the Plan Agent two days prior to any dividend or distribution payment date; that divi&#173;dend will be
paid in cash. If your request is received less than two days before a payment date then that dividend will be reinvested and all subsequent dividends will be paid in cash. The Plan may be terminated by the Plan Agent or the Fund with re&#173;spect to any voluntary cash payments made or any dividend or distributions paid subsequent to the notice of termination in writing mailed to the Shareholders at least 30 days prior to the semi-annual contribution date, in the case of voluntary cash pay&#173;ments, or the record date for the payment of any dividend or dis&#173;tribution by the Fund. Upon any termination, the Plan Agent will cause a certificate or certificates for the full shares held for a shareholder under the Plan and cash adjustment for any frac&#173;tion to be delivered to her or him or, if the Shareholder elects, the Plan Agent will liquidate all full and fractional shares held for the Shareholder and deliver the proceeds to her or him. If the Shareholder elects to have the Plan Agent sell part
of or all of her or his shares and remit the proceeds to the Shareholder, the Plan Agent is authorized to deduct the brokerage commission of $15.00 for this transaction from the proceeds.</font></p>
<p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:1.8pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>12.&nbsp;&nbsp;These terms and conditions may be amended or supple&#173;mented by the Plan Agent or the Fund at any time or times but, except when necessary or appropriate to comply with applica&#173;ble law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to the Shareholders appropriate written notice at least 30 days prior to the effective date thereof. The amendment or supple&#173;ment shall be deemed to be accepted by the Shareholders un&#173;less, prior to the effective date thereof, the Plan Agent receives written notice of the termination of a Shareholder&#146;s account un&#173;der the Plan. Any such amendment
may include an appoint&#173;ment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and au&#173;thority to perform all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such ap&#173;pointment of a Plan Agent for the purpose of receiving divdends and distributions, the Fund will be authorized to pay to such suc&#173;cessor Plan Agent, for the Shareholders&#146; accounts, all dividends and distributions payable on the shares of common stock held in the Shareholders&#146; name or under the Plan for retention or ap&#173;plication by such successor Plan Agent as provided in these terms and conditions.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.62in;text-align:left;'><font size=2>10</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<table border="0" cellspacing=0 cellpadding=0 width="416" style='border-collapse:collapse; '>
    <tr style=' height:540.0pt'>
        <td width="416" valign=top style='border:solid black 1.0pt;border-color:gray; padding:0cm 5.4pt 0cm 5.4pt;height:540.0pt'>
            <p style='margin-left:7.1pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 0cm;line-height:85.86%'><font size=2>13.&nbsp;&nbsp;The Plan Agent shall at all times act in good faith and agree to use its best efforts to purchase or sell shares within reasonable limits to ensure the accuracy of all services performed under this Plan and to comply with applicable law, but assumes no re&#173;sponsibility and shall not be liable for loss or damage due to er&#173;rors unless such error is caused by its negligence, bad faith or willful misconduct or that of its employees.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.62in;text-align:left;'><font size=2>11</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><img src="img5.gif"><br> <i></i><i></i></p> </td>
        <td width="36" valign=top style='border-right:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0cm 4.25pt 0cm 4.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>If you wish to withdraw from the Plan and your shares are held in your own name, you should complete and sign this form, as indicated below. Do not mail this form if you wish to remain in the Plan. If you wish to withdraw from the Plan and your Shares are held through a financial institution that participates in the Plan on your behalf, you should send a written withdrawal request to such nominee.</font></b></p> </td> </tr>
    <tr >
        <td  colspan="3" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="8" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I (we) wish to withdraw from the Plan and hereby authorize the termination of my (our) account under the Plan. Please (check one):</font></p> </td> </tr>
    <tr >
        <td width="67" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings><font size=2>o</font></font></p> </td>
        <td width="16" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Issue a certificate for all full shares and sell any fractional shares remaining in my (our) account.</font></p> </td> </tr>
    <tr >
        <td width="67" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings><font size=2>o</font></font></p> </td>
        <td width="16" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Sell all shares currently being held in my (our) account, and remit a check for the proceeds.</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Shareholder Signature</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Shareholder Signature</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='border-bottom:solid black 1.0pt; padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style=' padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Tax Identification Number</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Please PRINT name(s) and address in the space provided above.</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Please sign exactly as your shares are registered. All persons in whose names the shares are registered must sign.</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>This withdrawal form, when signed, should be mailed to:</font></b></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>The Japan Equity Fund, Inc.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>c/o American Stock Transfer &amp; Trust Company</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>P.O. Box 922</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>Wall Street Station</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=1>New York, NY 10269-0560</font><font size=2>  </font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="6" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="67" ></td>

        <td width="16" ></td>

        <td width="104" ></td>

        <td width="36" ></td>

        <td width="48" ></td>

        <td width="29" ></td>

        <td width="12" ></td>

        <td width="292" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="154" style='border-collapse:collapse'>
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        <td width="16" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="139" valign=top style='padding:0cm 0cm 0cm 0cm'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1></font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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-----END PRIVACY-ENHANCED MESSAGE-----
