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<SEC-DOCUMENT>0001104659-10-020978.txt : 20100421
<SEC-HEADER>0001104659-10-020978.hdr.sgml : 20100421
<ACCEPTANCE-DATETIME>20100421144412
ACCESSION NUMBER:		0001104659-10-020978
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20100602
FILED AS OF DATE:		20100421
DATE AS OF CHANGE:		20100421
EFFECTIVENESS DATE:		20100421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THAI CAPITAL FUND INC
		CENTRAL INDEX KEY:			0000861865
		IRS NUMBER:				223046513
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06062
		FILM NUMBER:		10761521

	BUSINESS ADDRESS:	
		STREET 1:		ONE EVERTRUST PLAZA- 9TH FL
		STREET 2:		DAIWA SECURITIES TRUST CO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302-3051
		BUSINESS PHONE:		201-915-3054

	MAIL ADDRESS:	
		STREET 1:		ONE EVERTRUST PLAZA - 9TH FLOOR
		STREET 2:		C/O DAIWA SECURITIES TRUST CO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302-3051

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		10761522

	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>DEF 14A
<SEQUENCE>1
<FILENAME>a10-6954_2def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">SCHEDULE 14A</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy
  Statement Pursuant to Section 14(a) of<br>
  the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by the Registrant&nbsp;&nbsp;</font><font face="Wingdings">x</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by a Party other than the
  Registrant</font>&nbsp;&nbsp;<font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Proxy Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential, for
  Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Proxy Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Additional Materials</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material Pursuant to
  &#167;240.14a-12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE
  JAPAN EQUITY FUND, INC.<br>
  THE THAI CAPITAL FUND, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name
  of Registrant as Specified In Its Charter)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name
  of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of Filing Fee (Check the
  appropriate box):</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fee required.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on table below per
  Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title of each class of securities to
  which transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate number of securities to which
  transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per unit price or other underlying
  value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth
  the amount on which the filing fee is calculated and state how it was
  determined):</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate value of
  transaction:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee paid previously with preliminary
  materials.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check box if any part of the fee is
  offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing
  for which the offsetting fee was paid previously. Identify the previous
  filing by registration statement number, or the Form or Schedule and the date
  of its filing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously Paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or Registration
  Statement No.:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="38" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="675" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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</div>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3"><b><i>The Japan Equity Fund, Inc.<BR>The Thai Capital Fund, Inc.</i></b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>c/o Daiwa Securities Trust Company<BR>One Evertrust Plaza<BR>Jersey City, New Jersey 07302-3051<BR>(201) 915-3054</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">April 21, 2010</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Dear Stockholders:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Annual Meetings of Stockholders of The Japan Equity Fund, Inc. and The Thai Capital Fund, Inc. (each a "Fund," and collectively, the "Funds") will be held on Wednesday, June 2, 2010, at the offices of Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, at 10:45 a.m., New York time, for The Japan Equity Fund, Inc., and at 11:00 a.m., New York time, for The Thai Capital Fund, Inc. A Notice and Joint Proxy Statement regarding the Meetings and proxy card(s) for your vote at the Meetings are available over the Internet at http://www.amstock.com/ProxyServices/ViewMaterials.asp.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">At the Annual Meetings, each Fund's stockholders will elect Directors of the Fund. In addition, the stockholders who are present at the Annual Meeting of a Fund will hear an investment report on each Fund and will have an opportunity to discuss matters of interest to them.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">If you will not be able to attend the Annual Meetings in person, please take the time now to review the accompanying materials and vote your shares by proxy. Your vote is important.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board has recommended that the stockholders vote in favor of the foregoing matter.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Respectfully,</font></p>
<p align="left"><img src="j1069541_ba001.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Masaaki Goto</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Chairman of the Board of The Thai Capital Fund, Inc.</i></font></p>
<p align="left"><img src="j1069541_ba002.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Yoshihiro Fujisawa</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Chairman of the Board of The Japan Equity Fund, Inc.</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>STOCKHOLDERS ARE STRONGLY URGED TO VOTE THEIR SHARES OVER THE INTERNET OR VIA THE TOLL-FREE TELEPHONE NUMBER, AS DESCRIBED IN THE ACCOMPANYING MATERIALS. AS AN ALTERNATIVE, IF YOU REQUESTED AND RECEIVED A PAPER COPY OF THE PROXY CARD(S) BY MAIL, PLEASE PROMPTLY SIGN AND MAIL THE PROXY CARD(S) IN THE ENCLOSED RETURN ENVELOPE TO ENSURE A QUORUM AT THE MEETING.</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>YOUR VOTE IS IMPORTANT.</b></font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="4"><b><i>The Japan Equity Fund, Inc.<BR>The Thai Capital Fund, Inc.</i></b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTICE OF THE ANNUAL MEETINGS OF STOCKHOLDERS<BR>JUNE 2, 2010</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">To the Stockholders of<BR>The Japan Equity Fund, Inc. and<BR>The Thai Capital Fund, Inc.:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTICE IS HEREBY GIVEN that the Annual Meetings of Stockholders of The Japan Equity Fund, Inc. and The Thai Capital Fund, Inc. (each a "Fund," and collectively, the "Funds") will be held at the offices of Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on Wednesday, June 2, 2010, at 10:45 a.m., New York time, for The Japan Equity Fund, Inc., and at 11:00 a.m., New York time, for The Thai Capital Fund, Inc., for the following purposes:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;To elect Directors of each Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;To transact such other business as may properly come before the Meeting or any adjournments thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">On or about April 21, 2010, the Funds mailed stockholders a notice containing instructions on how to access the Joint Proxy Statement and proxy card(s) (the "Notice of Internet Availability of Proxy Materials"). As of the date of mailing of the Notice of Internet Availability of Proxy Materials, all stockholders have the ability to access the proxy materials on the website referred to in the Notice of Internet Availability of Proxy Materials. These proxy materials will be available free of charge.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Notice of Internet Availability of Proxy Materials also included instructions on how to receive a paper copy of the proxy materials by mail or an electronic copy of the materials by e-mail. The proxy materials sent to you will include the proxy card(s), which you may complete, sign and return by mail. The proxy materials will also provide you with instructions on how to cast your vote over the Internet and a telephone number you may call to cast your vote.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's Board of Directors has fixed the close of business on March 17, 2010 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting or any adjournments thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">You are cordially invited to attend the Meeting for the Fund(s) you own shares in. Any stockholder who does not expect to attend his or her Meeting(s) in person is requested to vote over the Internet, by telephone or by completing, dating and signing the requested proxy card(s) and returning them promptly. You may nevertheless vote in person at the Meeting(s) if you choose to attend. Your vote is important. The proxy for each Fund is being solicited by the Board of Directors of that Fund.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">By order of the Boards of Directors,</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">/s/ Yuko Tatezawa</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Yuko Tatezawa</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Secretary</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">April 21, 2010</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3"><b><i>The Japan Equity Fund, Inc.<BR>The Thai Capital Fund, Inc.</i></b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>JOINT PROXY STATEMENT</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INTRODUCTION</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This Joint Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors of THE JAPAN EQUITY FUND, INC. and THE THAI CAPITAL FUND, INC. (each a "Fund," and collectively, the "Funds") for use at the Annual Meetings of Stockholders, to be held at the principal office of Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on Wednesday, June 2, 2010, at 10:45 a.m., New York time, for The Japan Equity Fund, Inc., and at 11:00 a.m., New York time, for The Thai Capital Fund, Inc. and at any adjournments thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This Joint Proxy Statement and proxy card(s) are first being made available to stockholders on or about April 21, 2010. Any stockholder giving a proxy in advance of the Annual Meeting of a Fund has the power to revoke it by mail (addressed to the Secretary of such Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051) or in person at the Meeting of such Fund, by executing a superseding proxy or by submitting a notice of revocation to the Fund. All properly executed proxy cards received in time for a Meeting will be voted as specified in the proxy card or, if no specification is made, for each proposal referred to in this Joint Proxy Statement. Shares owned by any stockholder who attends a Meeting but does not cast a vote are included in the determination of the number of shares present at such Meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Under rules and regulations of the U.S. Securities and Exchange Commission, instead of mailing a printed copy of the proxy materials to each stockholder of record, the Funds are furnishing proxy materials, which include the Joint Proxy Statement, over the Internet and providing a Notice of Internet Availability of Proxy Materials by mail. You will not receive a printed copy of the proxy materials unless you request to receive these materials in hard copy by following the instructions provided in the Notice of Internet Availability of Proxy Materials. Instead, the Notice of Internet Availability of Proxy Materials will instruct how you may access and review the important information contained in the proxy materials. The Notice of Internet Availability of Proxy Materials also instructs how you may submit your proxy card via the Internet. You may also vote your shares via touchtone telephone by dialing 1-800-PROXIES (please call 1-718-921-8500 
for calls from outside the United States). If you received a Notice of Internet Availability of Proxy Materials by mail and would like to receive a printed copy of the proxy materials, you should follow the instructions for requesting such materials included in the Notice of Internet Availability of Proxy Materials. It is expected that the Notice of Internet Availability of Proxy Materials will first be mailed to stockholders on or about April 21, 2010.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Each Fund will furnish, without charge, a copy of its Annual Report for its most recent fiscal year to any stockholder requesting such report or any stockholder requesting a paper copy of the proxy materials. Requests for the Annual Report should be made by writing to the respective Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051, attention: Shareholder Relations, or by calling collect at (201) 915-3054.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board of Directors of each Fund has fixed the close of business on March 17, 2010 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting for that Fund and at any adjournments thereof. Stockholders on the record date will be entitled to one vote for each share held, with no shares </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">having cumulative voting rights. As of the record date, The Japan Equity Fund, Inc. had outstanding 14,446,336 shares of common stock and The Thai Capital Fund, Inc. had outstanding 3,172,313 shares of common stock.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Management of each Fund knows of no business other than that mentioned in the Notice of Meetings, which will be presented for consideration at the Meetings. If any other matter is properly presented, it is the intention of the persons named in the proxy card to vote in accordance with their best judgment.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This Joint Proxy Statement is being used in order to reduce the preparation, printing, handling and postage expenses that would result from the use of a separate proxy statement for each Fund and, because stockholders may own shares of more than one Fund, to potentially avoid burdening stockholders with more than one proxy statement. To the extent information relating to common ownership is available to the Funds, a stockholder that owns shares at the record date in two or more of the Funds will receive only one copy of the Notice of Internet Availability for the Funds in which such stockholder is a record owner. If the information relating to common ownership is not available to the Funds, a stockholder that beneficially owns shares in two or more Funds may receive two or more copies of the Notice of Internet Availability for each Fund in which such stockholder is a beneficial owner.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">It is essential that stockholders vote their shares over the Internet, by telephone or by completing, dating, signing and returning each requested paper proxy card as indicated in each Fund's proxy card. Stockholders are able to vote their shares over the Internet at </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>www.proxyvote.com</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2">. The Internet procedures are designed to authenticate a stockholder's identity to allow stockholders to vote their shares and confirm that their instructions have been properly recorded. Stockholders will also be able to obtain the toll free number to vote their shares via touchtone telephone after viewing the proxy materials over the Internet at </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>https://secure.amstock.com/voteproxy/login2.asp</b></font><font face="Times New Roman PS, Time
s New Roman, Times" size="2">. The Notice of Internet Availability of Proxy Materials includes instructions on how to request paper copies of proxy materials. If you received printed proxy materials, you may submit your proxy by mail by signing your proxy card and mailing it in the enclosed envelope.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>EACH FUND'S BOARD UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE IN FAVOR OF THE MATTER MENTIONED IN THE NOTICE OF MEETINGS.</b></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Proposal 1: ELECTION OF DIRECTORS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Persons named in the proxy card(s) intend, in the absence of contrary instructions, to vote all proxies for the election of the nominees listed below as Directors of such Fund listed below:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(i)&nbsp;&nbsp;David G. Harmer and Rahn K. Porter as Class II Directors for a term expiring in 2013 for The Japan Equity Fund, Inc.; and</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(ii)&nbsp;&nbsp;Martin J. Gruber and David G. Harmer as Class I Directors for a term expiring in 2013 for The Thai Capital Fund, Inc.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The terms of all nominees for Director will expire on the date on which Directors are elected at the Annual Meetings of Stockholders of the relevant Fund in the years stated above or the date that their successors are elected and qualified. If any such nominee should be unable to serve due to an event that is not now anticipated, the proxies will be voted for such person, if any, as shall be designated by the relevant Fund's Board of Directors to replace any such nominee. The election of each nominee as a Director of a Fund will require the affirmative vote of a majority of the votes cast at the Fund's Meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each of the nominees for Director of a Fund has consented to be named in this Joint Proxy Statement and to serve as a Director of the Fund if elected. The Board of Directors of each Fund has no reason to believe that any of the nominees named above will become unavailable for election as a Director, but if that should occur before the meeting for that Fund, the persons named as proxies in the proxy cards will vote for such persons as the Board of Directors of the Fund may recommend.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Information Concerning Directors and Nominees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table sets forth information concerning each of the nominees as a Director of one or more of the Funds, as well as the other current Directors of the Funds, and includes the experiences, qualifications, attributes and skills that led to the conclusion that each individual Director should serve as a Director of one or more of the Funds. In the table, The Japan Equity Fund, Inc. is sometimes abbreviated with the initials "JEQ" and The Thai Capital Fund, Inc. is sometimes abbreviated with the initials "TF."</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name (Age) and Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Nominees/Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>or Employment and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships During <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dollar Range <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>each Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in all <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Funds Overseen <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>or to be <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director or <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nominee in Family <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Companies(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>in Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="2367" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interested Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Yoshihiro Fujisawa (57)*<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">One Evertrust Plaza<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Jersey City, NJ 07302-3051</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman and President, Daiwa Securities Trust Company, since May 2008; General Manager, Daiwa Investor Relations Co. Ltd., from October 2006 to April 2008; General Manager, Daiwa Securities SMBC Principal Investments Co. Ltd., from October 2005 to October 2006; Managing Director, Daiwa Europe Property Plc., from August 2004 to October 2005; Deputy Chief Executive, Daiwa Securities Trust and Banking (Europe) Plc., from August 2001 to August 2004.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Masaaki Goto (50)* <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Daiwa Capital Markets <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">America Holdings Inc. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Financial Square <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">32 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Old Slip <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10005</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1946" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman and Corporate Executive Officer, Daiwa Capital Markets America Holdings Inc. (formerly Daiwa America Corporation), since April 2009; Head of Corporate Communication Department, Daiwa Securities Group Inc., from April 2006 to April 2009; Corporate Executive Officer and Chief Legal Officer, Daiwa Securities Group Inc., from April 2007 to April 2009; General Manager, Daiwa Securities Group Inc., from October 2006 to April 2007; General Manager and Head of Structured Finance Department, Daiwa Securities SMBC Co. Ltd., from October 2005 to October 2006.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="45" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="69" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="112" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name (Age) and Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Nominees/Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>or Employment and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships During <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dollar Range <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>each Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in all <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Funds Overseen <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>or to be <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director or <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nominee in Family <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Companies(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>in Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="2367" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Austin C. Dowling (78) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">672 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Medford Leas <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Medford, NJ 08055</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Retired. Director, Federal Home Loan Bank System, from 1984 to 1991; President, The Financing Corporation, from 1987 to 1991; President, The Resolution Funding Corporation, from 1989 to 1991.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1990 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1992</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">1-10,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">50,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Martin J. Gruber (72)&#134; <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">229 South Irving Street <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ridgewood, NJ 07450</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1946" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Professor of Finance, Leonard N. Stern School of Business, New York University, since 1965; Trustee, DWS Scudder Mutual Funds, from 1992 to 2008; Trustee, C.R.E.F., from 2001 to 2005 and Chairman from December 2003 to 2005; Trustee, National Bureau of Economic Research, since August 2005.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="45" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2000 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1992</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="69" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001- 50,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">50,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">50,001-100,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">David G. Harmer (66)&#134; <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">10911 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ashurst Way <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Highlands Ranch, CO 80130</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Retired; Director of Community and Economic Development, City of Ogden, from July 2005 to October 2008; Public Services Department Director, City of Ogden, from February 2005 to July 2005; Executive Director, Department of Community and Economic Development for the State of Utah, from May 2002 to January 2005.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2000 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1997</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">None<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">50,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Richard J. Herring (63) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">327 South Roberts Road <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Bryn Mawr, PA 19010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1946" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania, since July 1972; Co-Director, Wharton Financial Institutions Center, since July 2000; Director, Lauder Institute of International Management Studies, from July 2000 to June 2006; Trustee, DWS Scudder Mutual Funds (and certain predecessor funds), since 1990; Co-chair of the Shadow Financial Regulatory Committee, since 2000; Executive Director of the Financial Economists Roundtable, since 2008.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="45" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2007 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="69" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001- 50,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">50,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-50,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<tr>
<td colspan="3" width="111" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name (Age) and Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Nominees/Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>or Employment and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships During <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dollar Range <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>each Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in all <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Funds Overseen <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>or to be <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director or <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nominee in Family <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Companies(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>in Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
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<tr>
<td colspan="23" width="2367" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent Directors (continued)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Rahn K. Porter (55)&#134; <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">944 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">E. Rim Road <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Franktown, CO 80116</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1946" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President and Treasurer, Qwest Communications International Inc., since June 2008; Director, BlackRidge Financial, Inc., since March 2005; Senior Vice President of Investor Relations, Qwest Communications International Inc., from September 2007 to June 2008; Vice President of Finance, Qwest Communications International Inc., from March 2003 to September 2007.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="45" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2007 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TF:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">1- 10,000 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">JEQ: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1">10,001- <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">50,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,001-50,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
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<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Each director serves for a three year term.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;The information as to beneficial ownership is based on statements furnished to the Funds by the Directors. The dollar value of shares is based upon the market price as of April 1, 2010.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(3)&nbsp;&nbsp;"Fund Complex" includes the Funds and other registered investment companies advised by SCB Asset Management Co., Ltd., Daiwa SB Investments (Singapore) Ltd., Daiwa SB Investments (USA) Ltd., Daiwa SB Investments Ltd. or their respective affiliates.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Directors so noted are deemed by the Funds' counsel to be "interested persons" (as defined in the U.S. Investment Company Act of 1940, as amended (the "1940 Act")). Mr. Fujisawa is an interested person because of his affiliation with The Japan Equity Fund, Inc.'s former investment adviser (Daiwa Securities Trust Company ("DSTC")), which is an affiliate of The Japan Equity Fund, Inc.'s current investment manager and investment adviser and the administrator and custodian of the Fund. Mr. Goto is deemed an interested person of The Thai Capital Fund, Inc. because of his affiliation with Daiwa Securities Group Inc., an affiliate of the Fund's investment adviser, Daiwa SB Investments (Singapore) Ltd.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#134;&nbsp;&nbsp;Nominees for Director.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Based on the information furnished by each of the Directors as of March 17, 2010, neither any of the Directors nor any immediate family member of the Directors owned any securities of the investment manager or investment adviser, or any of their respective affiliates, of any Fund as of such date.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.'s Board of Directors held four regular meetings during its fiscal year ended October 31, 2009, and The Thai Capital Fund, Inc.'s Board of Directors held four regular meetings during its fiscal year ended December 31, 2009. Each current Director attended at least seventy-five percent of the aggregate number of meetings of the respective Board of Directors and any Committee of which he was a member. For annual or special stockholder meetings, Directors may but are not required to attend the meetings; and for the Fund's last annual stockholder meeting, each Director attended the meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's Board of Directors has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, which is responsible for reviewing financial and accounting matters. The members of each Fund's Audit Committee are independent as defined in Sections 303A.02 and 303A.07(a) of the New York Stock Exchange's Listed Company Manual, as may be modified </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">or supplemented. Each Fund has adopted a formal, written Audit Committee Charter, a copy of which is available at www.daiwast.com. The current members of The Japan Equity Fund, Inc.'s and The Thai Capital Fund, Inc.'s Audit Committees are Messrs. Dowling, Gruber, Harmer, Herring and Porter.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.'s Audit Committees met two times during its fiscal year and The Thai Capital Fund, Inc.'s Audit Committee met four times during its fiscal year. The report of the Funds' Audit Committees, along with certain disclosures regarding fees paid to the Fund's independent registered public accounting firm, are set forth on pages 10 and 11 of this Joint Proxy Statement.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's Board of Directors has a Nominating and Compensation Committee, which is responsible for recommending individuals to the Board for nomination as members of the Board and its Committees. Each Fund's Nominating and Compensation Committee is composed of Directors who are not interested persons of the Fund and comply with the independence requirements of the New York Stock Exchange listing standards for Nominating and Compensation Committee members. Each Fund's Nominating and Compensation Committee's actions are governed by the Fund's Nominating and Compensation Committee Charter, a copy of which is available at www.daiwast.com. The current members of each Fund's Nominating and Compensation Committee are Messrs. Dowling, Gruber, Harmer, Herring and Porter. Each Fund's Nominating and Compensation Committee did not meet during its last fiscal year.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Process of Evaluation of Independent Director Candidates</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's Nominating and Compensation Committee identifies individuals qualified to serve as Independent Directors on each Fund's Board and on committees of such Board and recommends such qualified individuals for nomination by the Fund's Independent Directors as candidates for election as Independent Directors, advises each Fund's Board with respect to Board composition, procedures and committees, monitors and makes recommendations on corporate governance matters and policies and procedures of the Fund's Board of Directors and any Board committees and oversees periodic evaluations of the Fund's Board and its committees. Persons recommended by each Fund's Nominating and Compensation Committee as candidates for nomination as Independent Directors are required to possess such knowledge, experience, skills, expertise and diversity so as to enhance the Board's ability to manage and direct the affairs and business of the Fund, including, when a
pplicable, to enhance the ability of committees of the Board to fulfill their duties and/or to satisfy any independence requirements imposed by law, regulation or any listing requirements of the New York Stock Exchange. While the Independent Directors of each of the Funds expect to be able to continue to identify from their own resources an ample number of qualified candidates for each Fund's Board as they deem appropriate, they will consider nominations from stockholders to the Board. Nominations from stockholders should be in writing and sent to the Independent Directors as described herein.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Diversity Policy</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's policy on Board diversity provides that while diversity and variety of experiences and viewpoints represented on the Board should always be considered, a nominee for Director should not be chosen nor excluded solely or largely because of race, color, gender, national origin or sexual orientation or identity. In selecting a nominee for Director, each Fund's Nominating and Compensation Committee focuses on skills, expertise or background that would complement the existing Board, recognizing that the Fund's business and operations are diverse and global in nature.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Leadership Structure and Risk Oversight</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund is focused on its corporate governance practices and values independent Board oversight as an essential component of strong corporate performance to enhance stockholder value. Each Fund's commitment to independent oversight is demonstrated by the fact that all of its Directors, except the Chairman, are independent. </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition, all of the members of each Board's committees are independent. Each Board acts independently of management and regularly holds independent director sessions of the Board without members of management present. The Funds do not have a lead independent director because each Board believes that the current Board leadership structure is well suited for the Fund and its stockholders at this time.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Funds are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Boards' general oversight of the Funds and is addressed as part of various Board and committee activities. The Funds' investment advisers and investment managers and other service providers also employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. In addition, the Funds' Chief Compliance Officer compiles risk assessments for the Funds which are reviewed by the Boards. The Boards recognize that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of t
he Funds, the Boards interact with and review reports from, among others, the Funds' investment advisers and investment managers, the Funds' Chief Compliance Officer, the Funds' independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Funds and applicable risk controls. In addition, DSTC prepares an operations memorandum for each Fund which is distributed to the Boards prior to each quarterly meeting. The Boards may, at any time and in its discretion, change the manner in which they conduct risk oversight.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Stockholder Communications</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Stockholders may send communications to each Fund's Board of Directors. Stockholders should send communications intended for each Fund's Board by addressing the communication directly to that Board (or individual Board members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board members) and by sending the communication to either the Fund's office or directly to such Board member(s) at the address specified for each Director above. Other stockholder communications received by the Funds not directly addressed and sent to the Boards will be reviewed and generally responded to by management, and will be forwarded to the Board only at management's discretion based on the matters contained therein.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Officers of the Funds</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Yoshiaki Uematsu (age 52) has been President of JEQ since April 2009 and worked as Managing Director and Chief Compliance Officer of Daiwa SB Investments (USA) Ltd. from 2002 to 2009. Mr. Uematsu's address is 32 Old Slip, New York, New York 10005.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">John J. O'Keefe (age 51) has been Vice President and Treasurer of the Funds since June 2000 and Vice President of the Fund Accounting Department of DSTC since June 2000. Mr. O'Keefe's address is One Evertrust Plaza, Jersey City, New Jersey 07302-3051.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Yuko Tatezawa (age 31) has been Secretary of the Funds since March 2004, Vice President of DSTC since October 2008 and worked in the Client Reporting Department of DSTC from 2002 to 2008. Ms. Tatezawa's address is One Evertrust Plaza, Jersey City, New Jersey 07302-3051.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Anthony Cambria (age 55) has been the Chief Compliance Officer of the Funds since September 2004 and Director and Executive Vice President of DSTC since 1999. Mr. Cambria's address is One Evertrust Plaza, Jersey City, New Jersey 07302-3051.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Leonard B. Mackey, Jr. (age 59) has been Assistant Secretary of the Funds since September 2004 and has been a consultant since 2007 and was a partner in the law firm of Clifford Chance US LLP from 1983 to 2007. Mr. Mackey's address is 31 West 52nd Street, New York, New York 10019.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Transactions with and Remuneration of Officers and Directors</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The aggregate fee remuneration for Directors of each Fund not affiliated with such Fund's investment manager or the investment adviser was $53,250.00 and $53,250.00 for the fiscal years ended October 31, 2009 and 2008, respectively, for The Japan Equity Fund, Inc., and $44,650 and $45,125.00 for the fiscal years ended December 31, 2009 and 2008, respectively, for The Thai Capital Fund, Inc. Each such non-affiliated Director currently receives fees, paid by each Fund, of $750 for The Japan Equity Fund, Inc. and $650 for The Thai Capital Fund, Inc. for each Directors' meeting attended in person or by telephone, $575 for The Japan Equity Fund, Inc. and $475 for The Thai Capital Fund, Inc. for each audit committee meeting attended in person or by telephone and an annual fee of $6,500 for The Japan Equity Fund, Inc. and $5,000 for The Thai Capital Fund, Inc.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The officers and interested Directors of each Fund received no compensation from the Funds. DSTC, which pays the compensation and certain expenses of the officers of DSTC who serve as officers of the Funds, receives administration and custodian fees from the Funds.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Set forth below is a chart showing the aggregate fee compensation paid by the Funds (in U.S. dollars) to each of its Directors during each Fund's most recent fiscal year, as well as the total fee compensation paid to each Director of the Funds by such Fund and by other registered investment companies advised by SCB Asset Management Co., Ltd., Daiwa SB Investments (Singapore) Ltd., Daiwa SB Investments (USA) Ltd., Daiwa SB Investments Ltd. or their respective affiliates (collectively, the "Fund Complex") for their services as Directors of such investment companies during their respective fiscal years. In all cases, there were no pension or retirement benefits accrued as part of any Fund's expenses.</font></p>
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<tr>
<td colspan="3" width="108" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name of Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Compensation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>From The Japan <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Equity Fund, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Compensation<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>From The Thai <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Capital Fund, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Compensation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>From Fund and Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex Paid <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>to Directors</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="468" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interested Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Yoshihiro Fujisawa(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="81" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="96" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Masaaki Goto(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="96" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="468" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent Directors</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Austin C. Dowling</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,025</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="96" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30,325</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Martin J. Gruber</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="81" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,025</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="96" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">David G. Harmer</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8,550</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="96" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">29,850</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Richard J. Herring</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="81" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,025</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="96" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Rahn K. Porter</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,025</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="96" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30,325</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(1)&nbsp;&nbsp;"Interested person" of the Funds within the meaning of the 1940 Act.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INVESTMENT MANAGER AND INVESTMENT ADVISER OF EACH FUND</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Daiwa SB Investments (USA) Ltd. serves as the investment manager to The Japan Equity Fund, Inc. and its principal office is located at 32 Old Slip, 11th Floor, New York, New York 10005. Daiwa SB Investments Ltd. serves as the investment adviser to The Japan Equity Fund, Inc. and its principal office is located at Kasumigaseki </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Common Gate West Tower, 2-1 Kasumigaseki 3-Chrome, Chiyoda-ku, Tokyo 100-0013, Japan. SCB Asset Management Co., Ltd. serves as the investment manager to The Thai Capital Fund, Inc. and its principal office is located at Sindhorn Building, Tower 3, 23rd Floor, 130-132 Wireless Road, Phatumwan, Bangkok 10330, Thailand. Daiwa SB Investments (Singapore) Ltd. serves as the investment adviser to The Thai Capital Fund, Inc. and its principal office is located at 152 Beach Road, #06-01/02 The Gateway East, Singapore 189721.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended, requires each Fund's officers and Directors, and persons who own more than ten percent of a registered class of such Fund's equity securities, to file reports of ownership and changes in ownership with the Commission and the New York Stock Exchange (for JEQ only) or the NYSE Alternext US LLC, formerly the American Stock Exchange (for TF only). Each Fund believes that its officers and Directors have complied with all applicable filing requirements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>REPORTS OF THE AUDIT COMMITTEES</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">At a meeting held on March 2, 2010, the Board of Directors of each Fund, including a majority of the Directors who are not "interested persons," as defined under the 1940 Act, selected PricewaterhouseCoopers LLP to act as the independent registered public accounting firm for The Japan Equity Fund, Inc. for the fiscal year ending October 31, 2010 and for the Thai Capital Fund, Inc. for the fiscal year ending December 31, 2010. Although it is not expected that a representative of PricewaterhouseCoopers LLP will attend the Meetings, a representative will be available by telephone to respond to stockholder questions, if any.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The financial statements of The Japan Equity Fund, Inc. for the fiscal year ended October 31, 2009 and of The Thai Capital Fund, Inc. for the fiscal year ended December 31, 2009 were audited by PricewaterhouseCoopers LLP. The Audit Committee of each Fund has reviewed and discussed the audited financial statements of the Fund with management of the Fund. The Audit Committee of each Fund has received the written disclosures and the letter from PricewaterhouseCoopers LLP required by Independence Standards Board Standard No. 1 (Independence Standards Board Standard No. 1, Independence Discussions with Audit Committee), as may be modified or supplemented, and have discussed with PricewaterhouseCoopers LLP their independence with respect to each Fund. Each Fund knows of no direct financial or material indirect financial interest of PricewaterhouseCoopers LLP in the Fund. The Audit Committee has discussed with PricewaterhouseCoopers LLP the matters
 required to be discussed by SAS 61 and SAS 114 (Codification of Statements on Auditing Standards, AU Section 380), as may be modified or supplemented. Based on the foregoing review and discussions, the Audit Committee of each Fund has recommended to the Board of Directors of the Fund that the audited financial statements of The Japan Equity Fund, Inc. for the fiscal year ended October 31, 2009 and of The Thai Capital Fund, Inc. for the fiscal year ended December 31, 2009 be included in the Fund's most recent annual report filed with the Securities and Exchange Commission.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Rahn K. Porter, Chairman of the Audit Committees <BR>Austin C. Dowling, Member of the Audit Committees <BR>Martin J. Gruber, Member of the Audit Committees <BR>David G. Harmer, Member of the Audit Committees <BR>Richard J. Herring, Member of the Audit Committees</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='10',FILE='10-6954-1.ba',USER='pvangb',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Audit Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The aggregate fees billed by PricewaterhouseCoopers LLP for professional services rendered in connection with the annual audit and review of the financial statements of The Japan Equity Fund, Inc. for the fiscal years ended October 31, 2009 and 2008 and of The Thai Capital Fund, Inc. for the fiscal years ended December 31, 2009 and 2008 are set forth below:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="133" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2009</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">79,800</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">74,550</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Thai Capital Fund, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">67,100</font></td>
<td colspan="1" width="27" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(2)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">61,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(1)&nbsp;&nbsp;Includes $5,250 related to reports on compliance with Rule 17f-2.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(2)&nbsp;&nbsp;Includes $5,250 related to reports on compliance with Rule 17f-2.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Audit-Related Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The aggregate fees billed by PricewaterhouseCoopers LLP for assurance-related services related to the performance of the audit or review of the financial statements of The Japan Equity Fund, Inc. for the fiscal years ended October 31, 2009 and 2008 and of The Thai Capital Fund, Inc. for the fiscal years ended December 31, 2009 and 2008 are set forth below:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="133" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2009</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,250</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Thai Capital Fund, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8,000</font></td>
<td colspan="1" width="27" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(1)&nbsp;&nbsp;For the audit of the Thai Investment Plan performed by PwC Bangkok.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Tax Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The aggregate fees billed by PricewaterhouseCoopers LLP for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning (consisting of a review of each Fund's income tax returns and tax distribution requirements) for the fiscal years ended October 31, 2009 and 2008 (for The Japan Equity Fund, Inc.) and December 31, 2009 and 2008 (for The Thai Capital Fund, Inc.) are set forth below:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="133" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2009</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Thai Capital Fund, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8,400</font></td>
<td colspan="1" width="27" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8,400</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">There were no other fees billed by PricewaterhouseCoopers LLP for services rendered to the Funds for the fiscal years ended October 31, 2009 and 2008 (for The Japan Equity Fund, Inc.) and December 31, 2009 and 2008 (for The Thai Capital Fund, Inc.).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Audit Committee Pre-approval</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's Audit Committee's policy is to pre-approve all auditing and non-auditing services to be provided to the Fund by the Fund's registered public accounting firm. All of the audit and the tax services described above for which PricewaterhouseCoopers LLP billed each Fund fees for the fiscal years ended October 31, 2009 and 2008 (for The Japan Equity Fund, Inc.) and December 31, 2009 and 2008 (for The Thai Capital Fund, Inc.) were pre-approved by each Fund's Audit Committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The aggregate fees billed for all other non-audit services, including fees for tax-related services, rendered by PricewaterhouseCoopers LLP to the investment manager or investment adviser for each Fund, and entities controlling, controlled by or under common control with the investment manager or investment adviser for each </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Fund that provide ongoing services to such Fund for the fiscal years ended October 31, 2009 and 2008 (for The Japan Equity Fund, Inc.) and December 31, 2009 and 2008 (for The Thai Capital Fund, Inc.) were $2,000 and $2,000 respectively.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Audit Committee of each Fund has considered whether the provision of non-audit services rendered to affiliates of the investment advisers and investment managers of the Funds is compatible with maintaining the independence of PricewaterhouseCoopers LLP.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Set forth below is information with respect to persons who, to the knowledge of the management of each Fund, owned beneficially more than 5% of the Fund's outstanding shares as of March 17, 2010. The information is based on publicly available Schedule 13D and 13G disclosures filed with the Commission.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="133" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="195" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name and Address of Beneficial Owner</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Amount and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nature of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Beneficial<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ownership</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Percent of Class</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="195" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1607 Capital Partners, LLC <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">4991 Lake Brook Dr., Suite 125 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Glen Allen, VA 23060</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,684,999</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">11.67</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Japan Equity Fund, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="195" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Shufro Rose &amp; Co., LLC <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">745 </font><font face="Times New Roman PS, Times New Roman, Times" size="2">Fifth Avenue, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Suite 2600 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">New York, NY 10151</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">941,700</font></td>
<td colspan="1" width="27" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(2)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6.52</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Thai Capital Fund, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="195" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">City of London Investment Group PLC<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">77 Gracechurch Street <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">London, England EC3V 0AS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">790,898</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(3)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">24.97</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="133" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">The Thai Capital Fund, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="195" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">First Wilshire Securities Management, Inc. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">1224 East Green Street, Suite 200 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Pasadena, CA 91106</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">212,022</font></td>
<td colspan="1" width="27" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(4)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6.69</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(1)&nbsp;&nbsp;The above information is based on a Schedule 13G filed with the Commission on February 16, 2010, which indicates that 1607 Capital Partners, LLC has sole voting power and sole dispositive power with respect to its 1,684,999 shares.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(2)&nbsp;&nbsp;The above information is based on a Schedule 13G filed with the Commission on February 12, 2010, which indicates that Shufro Rose &amp; Co., LLC has sole voting power with respect to 59,000 shares and sole dispositive power with respect to all 941,700 shares.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(3)&nbsp;&nbsp;The above information is based on a Schedule 13G filed with the Commission on February 9, 2010, which indicates that City of London Investment Group PLC has sole voting power and sole dispositive power with respect to its 790,898 shares.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(4)&nbsp;&nbsp;The above information is based on a Schedule 13G filed with the Commission on February 17, 2010, which indicates that First Wilshire Securities Management, Inc. has sole voting power and sole dispositive power with respect to its 212,022 shares.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>MISCELLANEOUS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Proxies will be solicited by mail and may be solicited in person or by telephone or telegraph by officers of the Funds or personnel of DSTC. Each Fund has retained The Altman Group, Inc. to assist in the proxy solicitation. The fee for such services is estimated at $3,500 for each of the Funds, plus reimbursement of expenses. The expenses connected with the solicitation of these proxies and with any further proxies which may be solicited by the Funds' officers or agents in person or by telephone will be borne by each Fund. Each Fund will reimburse banks, brokers and other persons holding such Fund's shares registered in their names or in the names of their nominees for their expenses incurred in sending proxy material to and obtaining proxies from the beneficial owners of such shares.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">It is important that you promptly submit your vote as a stockholder of the Fund(s). In the event that sufficient votes in favor of the proposal set forth in the Notice of the Meeting for a Fund are not received by June 2, 2010, the persons named as attorneys in the proxy card may propose one or more adjournments of such Fund's Meeting to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of the holders of a majority of the shares present in person or by proxy at the session of such Fund's Meeting to be adjourned. The persons named as attorneys in the proxy card will vote in favor of such adjournment those proxies which they are entitled to vote in favor of the proposal for which further solicitation of proxies is to be made. They will vote against any such adjournment those proxies required to be voted against such proposal. The costs of any such additional solicitation and of any adjourned session
 will be borne by the Fund that adjourns its Meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>STOCKHOLDER PROPOSALS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Any proposal by a stockholder of a Fund intended to be included in the proxy materials for the year 2011 annual meeting of stockholders of such Fund must be received by such Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051, not later than December 22, 2010.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Fund's By-laws require that any proposal by a stockholder of such Fund intended to be presented at a meeting of stockholders must be received by such Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051, not earlier than 90 days prior and not later than 60 days prior to such meeting of stockholders.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">By order of the Board of Directors,</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">/s/ Yuko Tatezawa</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Yuko Tatezawa</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Secretary</i></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">One Evertrust Plaza <BR>Jersey City, New Jersey 07302-3051<BR>April 21, 2010</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">THE THAI
CAPITAL FUND, INC.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;">c/o Daiwa
Securities Trust Company, One Evertrust Plaza, Jersey City, New Jersey
07302-3051</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;">Proxy Solicited on
Behalf of the Board of Directors for the<br>
Annual Meeting of Stockholders on<br>
June&nbsp;2, 2010</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The
undersigned stockholder of The Thai Capital Fund,&nbsp;Inc. (the &#147;Fund&#148;) hereby
appoints John J. O&#146;Keefe and Yuko Tatezawa, or either of them, proxies of the
undersigned, with full power of substitution, to vote and act for and in the
name and stead of the undersigned at the Annual Meeting of Stockholders of the
Fund, to be held at the offices of Daiwa Capital Markets America Inc.,
Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on June&nbsp;2,
2010 at 11:00&nbsp;a.m., New York time, and at any and all adjournments thereof,
according to the number of votes the undersigned would be entitled to cast if
personally present.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">The
shares represented by this proxy card will be voted in accordance with the
instructions given by the undersigned stockholder, but if no instructions are
given, this proxy card will be voted IN FAVOR OF Proposal 1 as set forth in
this proxy card.&#160; In addition, this proxy
card will be voted, in the discretion of such proxies, upon such other business
as may properly come before the Meeting or any adjournment thereof.&#160; The undersigned hereby revokes any and all
proxies with respect to such Shares heretofore given by the undersigned.&#160; The undersigned acknowledges receipt of the
Joint Proxy Statement dated April&nbsp;21, 2010.</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONTINUED
AND TO BE SIGNED AND DATED ON REVERSE SIDE</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="5" face="Times New Roman"><img width="36" height="32" src="g69542bei001.jpg"></font></p>
  </td>
  <td width="93%" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Please mark votes as in this
  example.</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" rowspan="2" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">THE
  THAI CAPITAL FUND, INC. </font></b></p>
  </td>
  <td width="65%" colspan="5" valign="bottom" style="padding:0in 0in 0.5625pt 0in;width:65.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">The
  Board of Directors recommends a vote FOR Proposal 1 below.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:65.56%;">
  <p style="margin:6.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp; To elect Directors of the Fund for a term
  expiring on the date on which Directors are elected at the Annual Meeting of Stockholders
  of the Fund in 2013 or the date on which their successors are elected and
  qualified.</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:65.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:65.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">NOMINEES</font></b><font size="1" style="font-size:9.0pt;">:</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:4.46%;">
  <p align="left" style="margin:0in 0in .0001pt .2in;text-align:left;text-indent:-.2in;text-justify:inter-ideograph;"><b><font size="5" face="Wingdings" style="font-size:18.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="23%" style="padding:0in 0in 0in 0in;width:23.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">FOR
  ALL NOMINEES</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:4.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:9.0pt;">&#161;</font><font size="1" style="font-size:9.0pt;">&nbsp;
  Martin J. Gruber</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Class&nbsp;I</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:4.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" colspan="2" style="padding:0in 0in 0in 0in;width:4.46%;">
  <p align="left" style="margin:0in 0in .0001pt .2in;text-align:left;text-indent:-.2in;text-justify:inter-ideograph;"><b><font size="5" face="Wingdings" style="font-size:18.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="23%" style="padding:0in 0in 0in 0in;width:23.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">WITHHOLD
  AUTHORITY <br>
  FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:9.0pt;">&#161;</font><font size="1" style="font-size:9.0pt;">&nbsp;
  David G. Harmer</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Class&nbsp;I</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:4.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="4%" colspan="2" style="padding:0in 0in 0in 0in;width:4.46%;">
  <p align="left" style="margin:0in 0in .0001pt .2in;text-align:left;text-indent:-.2in;text-justify:inter-ideograph;"><b><font size="5" face="Wingdings" style="font-size:18.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="23%" style="padding:0in 0in 0in 0in;width:23.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">FOR
  ALL EXCEPT<br>
  </font></b><font size="1" style="font-size:9.0pt;">(See instructions
  below)</font></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:27.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:65.56%;">
  <p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-1.05in;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">INSTRUCTIONS:</font></b><font size="1" style="font-size:9.0pt;"> To withhold
  authority to vote for an individual nominee, mark &#147;<b>FOR ALL
  EXCEPT</b>&#148; and fill in the circle next to the nominee you wish to
  withhold, as shown here:&nbsp; </font><font size="5"><img width="12" height="10" src="g69542bei002.jpg"></font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="258" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="172" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="134" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105568\10-6954-2\task4048751\6954-2-be.htm',USER='105568',CD='Apr 15 22:37 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;">THE JAPAN EQUITY FUND, INC.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;">c/o Daiwa Securities Trust Company, One Evertrust
Plaza, Jersey City, New Jersey 07302-3051</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;">Proxy Solicited on Behalf of the Board of Directors
for the<br>
Annual Meeting of Stockholders on<br>
June&nbsp;2, 2010</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The
undersigned stockholder of The Japan Equity Fund,&nbsp;Inc. (the &#147;Fund&#148;) hereby
appoints John J. O&#146;Keefe and Yuko Tatezawa, or either of them, proxies of the
undersigned, with full power of substitution, to vote and act for and in the
name and stead of the undersigned at the Annual Meeting of Stockholders of the
Fund, to be held at the offices of Daiwa Capital Markets America Inc.,
Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on June&nbsp;2,
2010 at 10:45&nbsp;a.m., New York time, and at any and all adjournments thereof,
according to the number of votes the undersigned would be entitled to cast if
personally present.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">The
shares represented by this proxy card will be voted in accordance with the
instructions given by the undersigned stockholder, but if no instructions are
given, this proxy card will be voted IN FAVOR OF Proposal 1 as set forth in
this proxy card.&#160; In addition, this proxy
card will be voted, in the discretion of such proxies, upon such other business
as may properly come before the Meeting or any adjournment thereof.&#160; The undersigned hereby revokes any and all
proxies with respect to such Shares heretofore given by the undersigned.&#160; The undersigned acknowledges receipt of the
Joint Proxy Statement dated April&nbsp;21, 2010.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONTINUED AND TO BE SIGNED AND DATED ON REVERSE
SIDE</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">X</font></p>
  </td>
  <td width="35%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Please
  mark votes as in this example.</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">THE
  JAPAN EQUITY FUND, INC.</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="12" valign="top" style="padding:0in 0in 0.5625pt 0in;width:59.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">The
  Board of Directors recommends a vote FOR Proposal 1 below.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp; To elect Directors of the Fund for a term
  expiring on the date on which Directors are elected at the Annual Meeting of
  Stockholders of the Fund in 2013 or the date on which their successors are
  elected and qualified.</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="59%" colspan="12" valign="bottom" style="padding:0in 0in 0in 0in;width:59.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">NOMINEES</font></b><font size="1" style="font-size:9.0pt;">:</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="5" face="Wingdings" style="font-size:18.0pt;">o</font></p>
  </td>
  <td width="22%" colspan="5" style="padding:0in 0in 0in 0in;width:22.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp; FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:9.0pt;">&#161;</font><font size="1" style="font-size:9.0pt;">&nbsp;
  David G. Harmer</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Class&nbsp;II</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:22.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="5" face="Wingdings" style="font-size:18.0pt;">o</font></p>
  </td>
  <td width="22%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:22.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp; WITHHOLD AUTHORITY </font></b></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp; FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:9.0pt;">&#161;</font><font size="1" style="font-size:9.0pt;">&nbsp;
  Rahn K. Porter</font></p>
  </td>
  <td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Class&nbsp;II</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:22.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Wingdings" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="5" face="Wingdings" style="font-size:18.0pt;">o</font></p>
  </td>
  <td width="22%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:22.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp; FOR ALL EXCEPT<br> &nbsp; </font></b><font size="1" style="font-size:9.0pt;">(See instructions below)</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:17.88%;">
  <p align="left" style="margin:0in 0in .0001pt 17.3pt;text-align:left;text-indent:-10.1pt;text-justify:inter-ideograph;"><b><u><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">INSTRUCTIONS</font></u></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">:</font></b></p>
  </td>
  <td width="41%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:41.96%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">To withhold authority to
  vote for an individual nominee, mark &#147;<b>FOR ALL EXCEPT</b>&#148;
  and fill in the circle next to the nominee you wish to withhold, as shown
  here:&nbsp; </font><font size="5"><img width="12" height="10" src="g69542bii001.jpg"></font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" colspan="5" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="10" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.04%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">To change the address on your account, please check
  the box at right and indicate your new address in the address space to the
  left.&nbsp; Please note that changes to the
  registered name(s)&nbsp;on the account may not be submitted via this method.</font></p>
  </td>
  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="5" face="Wingdings" style="font-size:18.0pt;">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.62%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note:</font></b></p>
  </td>
  <td width="52%" colspan="9" valign="bottom" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Please sign exactly as
  your name or names appear on this Proxy.&nbsp;
  When shares are held jointly, each holder should sign.&nbsp; When signing as executor, administrator,
  attorney, trustee or guardian, please give full title as such.&nbsp; If the signer is a corporation, please sign
  full corporate name by duly authorized officer, giving full title as
  such.&nbsp; If signer is a partnership,
  please sign in partnership name by authorized person.</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:26.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Signature:</font></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0.375pt 0in;width:5.18%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;Date:</font></p>
  </td>
  <td width="15%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.38%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:8.96%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;Signature:</font></p>
  </td>
  <td width="17%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.16%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0.375pt 0in;width:5.32%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;Date:</font></p>
  </td>
  <td width="14%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.14%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.36%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="37" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="128" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="62" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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