<SEC-DOCUMENT>0001104659-12-026656.txt : 20120420
<SEC-HEADER>0001104659-12-026656.hdr.sgml : 20120420
<ACCEPTANCE-DATETIME>20120420083224
ACCESSION NUMBER:		0001104659-12-026656
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20120604
FILED AS OF DATE:		20120420
DATE AS OF CHANGE:		20120420
EFFECTIVENESS DATE:		20120420

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:		12769590

	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>a12-9003_5def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>


<html>
<head>

  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<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.</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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105538\12-9003-5\task5263455\9003-5-ba.htm',USER='105538',CD='Apr 16 13:18 2012' -->


<br clear="all" style="page-break-before:always;">
<!-- Document name: 12-9003-6.ba-->
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:18pt;"><b><i>The Japan Equity Fund, Inc.</i></b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><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" style="font-size:10pt;">April 20, 2012</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dear Stockholders:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Annual Meeting of Stockholders (the "Meeting") of The Japan Equity Fund, Inc., a Maryland corporation (the "Fund"), will be held on Monday, June 4, 2012, at the offices of Daiwa Capital Markets America Holdings Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, at 3:45 p.m., New York time. A Notice and Proxy Statement regarding the Meeting 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" style="font-size:10pt;">At the Meeting, the Fund's stockholders will elect Directors of the Fund. In addition, the stockholders who are present at the Meeting will hear an investment report on the 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" style="font-size:10pt;">If you will not be able to attend the Meeting in person, please take the time now to review the accompanying materials and authorize your proxy to vote your shares. Your vote is important.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board of Directors 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" style="font-size:10pt;">Respectfully,</font></p>
<p align="left"><img src="j1290036_ba001.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Yoshihiro Fujisawa</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Chairman of the Board of Directors of The Japan Equity Fund, Inc.</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>YOU ARE STRONGLY URGED TO AUTHORIZE YOUR PROXY TO VOTE YOUR 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 BY MAIL, PLEASE PROMPTLY SIGN AND MAIL THE PROXY CARD IN THE RETURN ENVELOPE PROVIDED TO ENSURE A QUORUM AT THE MEETING.</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>YOUR VOTE IS IMPORTANT.</b></font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:22pt;"><b><i>The Japan Equity Fund, Inc.</i></b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>NOTICE OF THE ANNUAL MEETING OF STOCKHOLDERS <BR>JUNE 4, 2012</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">To the Stockholders of <BR>The Japan Equity Fund, Inc.:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of The Japan Equity Fund, Inc., A Maryland corporation (the "Fund") will be held at the offices of Daiwa Capital Markets America Holdings Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on Monday, June 4, 2012, at 3:45 p.m., New York time, for the following purposes:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.&nbsp;&nbsp;To consider and vote upon the election of Directors of the Fund, each to serve until the 2015 Annual Meeting of Stockholders and until each such Director's successor is duly elected and qualifies.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.&nbsp;&nbsp;To transact such other business as may properly come before the Meeting or any adjournments or postponements thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On or about April 20, 2012, the Fund mailed stockholders a notice containing instructions on how to access the Proxy Statement and proxy card (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" style="font-size:10pt;">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, 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" style="font-size:10pt;">The Fund's Board of Directors has fixed the close of business on March 19, 2012 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting or any adjournments or postponements thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">You are cordially invited to attend the Meeting. Any stockholder who does not expect to attend the Meeting in person is requested to authorize your proxy to vote over the internet, by telephone or by completing, dating and signing the requested proxy card and returning it promptly. You may nevertheless vote in person at the Meeting if you choose to attend. Your vote is important. The proxy is being solicited by the Board of Directors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">By order of the Board of Directors,</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">/s/ John J. O'Keefe</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">John J. O'Keefe</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Vice President, Secretary and Treasurer</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">April 20, 2012</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=2,FOLIO='',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:18pt;"><b><i>The Japan Equity Fund, Inc.</i></b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>PROXY STATEMENT</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>INTRODUCTION</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors (the "Board") of THE JAPAN EQUITY FUND, INC., a Maryland corporation (the "Fund") for use at the Annual Meeting of Stockholders (the "Meeting"), to be held at the offices of Daiwa Capital Markets America Holdings Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on Monday, June 4, 2012, at 3:45 p.m., New York time and at any adjournments thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">This Proxy Statement and proxy card are first being made available to stockholders on or about April 20, 2012. Any stockholder giving a proxy in advance of the Meeting has the power to revoke it by mail (addressed to the Secretary of the Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051), by executing a superseding proxy, by attending the Meeting in person and voting at the Meeting or by submitting a notice of revocation to the Fund. All properly executed proxy cards received in time for the Meeting will be voted as specified in the proxy card or, if no specification is made, FOR Proposal 1. Shares owned by any stockholder who attends the Meeting but does not cast a vote are included in the determination of the number of shares present at the Meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 Fund is furnishing proxy materials, which include the 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 authorize your proxy to 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 20, 2012.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>The Fund will furnish, without charge, a copy of its Annual Report for its most recent fiscal year to any stockholder requesting such report. Requests for the Annual Report should be made by writing to the Fund at the Fund's principal executive offices, 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" style="font-size:10pt;">The Board has fixed the close of business on March 19, 2012 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting and at any adjournments thereof. Stockholders on the record date will be entitled to one vote for each share held, with no shares having cumulative voting rights. As of the record date, the Fund had outstanding 14,481,811 shares of common stock.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='3',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's management knows of no business other than that mentioned in the Notice of Meeting, which will be presented for consideration at the Meeting. 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 discretion.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">It is essential that stockholders authorize their proxies to vote their shares over the internet, by telephone or by completing, dating, signing and returning each requested paper proxy card as indicated in the Fund's proxy card. Stockholders are able to authorize their proxies to vote their shares over the internet at </font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>www.proxyvote.com</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">. 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 authorize their proxies 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" style="font-size:10pt;"><b>https://secure.amstock.com/voteproxy/login2.asp</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">. 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" style="font-size:10pt;"><b>THE FUND'S BOARD UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE IN FAVOR OF THE MATTER MENTIONED IN THE NOTICE OF MEETING.</b></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='4',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>Proposal 1: ELECTION OF DIRECTORS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Persons named in the proxy card intend, in the absence of contrary instructions, to vote all proxies FOR the election of the nominees listed below as Directors of the Fund:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(i)&nbsp;&nbsp;Yoshihiro Fujisawa, as a Class I Director, will serve until the 2015 Annual Meeting of Stockholders and until his successor is duly elected and qualifies; and</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(ii)&nbsp;&nbsp;Martin J. Gruber, as a Class I Director, will serve until the 2015 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The terms of all nominees for Director will expire on the date on which Directors are elected at the Annual Meeting of Stockholders of the Fund in the year 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 Board to replace any such nominee. The election of each nominee as a Director of the Fund will require the affirmative vote of a majority of the votes cast at the Meeting at which a quorum is present. A majority of the Fund's outstanding shares as of the record date, represented in person or represented by proxy, will constitute a quorum of stockholders at the Meeting. For purposes of Proposal 1, abstentions will be counted in determining whether a quorum is present at the Meeting, but will not be counted as votes cast at the Meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Each of the nominees for Director of the Fund has consented to be named in this Proxy Statement and to serve as a Director of the Fund if elected. The Board has no reason to believe that either of the nominees named above will become unavailable for election as a Director, but if that should occur before the meeting for the Fund, the persons named as proxies in the proxy cards will vote for such persons as the Board of the Fund may recommend.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='5',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Information Concerning Directors and Nominees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following table sets forth information concerning each of the nominees for Director of the Fund, as well as the other current Directors of the Fund.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name (Age) and Address <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Nominees/Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or Employment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in the <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in all <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Funds Overseen <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or to be <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominee in Family <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Companies(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Portfolios <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="947" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3039" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Interested Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Yoshihiro Fujisawa (59)*&dagger;<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">One Evertrust Plaza<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Jersey City, NJ 07302-3051</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Chairman and President, Daiwa Securities Trust Company ("DSTC"), 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="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2008</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">None</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="84" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">None</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="947" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3039" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Independent Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Martin J. Gruber (74)&dagger; <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">229 South Irving Street <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Ridgewood, NJ 07450</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Professor Emeritus and Scholar in Residence, Leonard N. Stern School of Business, New York University, since 2010; previously Professor of Finance, from 1965 to 2010.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1992</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="84" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">50,001-100,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="947" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director, The Singapore Fund, Inc., since 2000; Director, The Thai Capital Fund, Inc., since 2000; Trustee, DWS Scudder Mutual Funds, from 1992 to 2008; Trustee, National Bureau of Economic Research, since August 2005.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='6',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name (Age) and Address <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Nominees/Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or Employment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in the <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in all <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Funds Overseen <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or to be <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominee in Family <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Companies(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Portfolios <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="947" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3039" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><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" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">David G. Harmer (68) <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10911 </font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Ashurst Way <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Highlands Ranch, CO 80130</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">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="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1997</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1-10,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="84" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1-10,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="947" align="left" valign="bottom" style="padding:6pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director, The Singapore Fund, Inc., since 1996; Director, The Thai Capital Fund, Inc., since 2000.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Richard J. Herring (66) <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">327 South Roberts Road <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Bryn Mawr, PA 19010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1608" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania, since July 1972; Founding Director, Wharton Financial Institutions Center, since July 1994; Director, Lauder Institute of International Management Studies, from July 2000 to June 2006; 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="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2007</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="84" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="947" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Trustee, DWS Scudder Mutual Funds (and certain predecessor funds), since 1990; Independent Director of Barclays Bank, Delaware, since 2010; Director, The Singapore Fund, Inc., since 2007; Director, The Thai Capital Fund, Inc., since 2007.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='7',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name (Age) and Address <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Nominees/Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or Employment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in the <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in all <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Funds Overseen <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or to be <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominee in Family <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Companies(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Portfolios <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="947" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3039" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><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" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Rahn K. Porter (57) <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">944 E. Rim Road <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Franktown, CO 80116</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1608" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Senior Vice President and Treasurer, Qwest Communications International Inc., from June 2008 to April 2011; 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="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2007</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001- 50,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></td>
<td colspan="1" width="84" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="947" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director, CenturyLink Investment Management Company (formerly known as Qwest Asset Management Company), since 2006; Director, BlackRidge Financial, Inc., since March 2005; Director, The Singapore Fund, Inc., since 2007; Director, The Thai Capital Fund, Inc., since 2007.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(1)&nbsp;&nbsp;Each director serves for a three year term.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(2)&nbsp;&nbsp;The information as to beneficial ownership is based on statements furnished to the Fund by the Directors. The dollar value of shares is based upon the market price as of April 16, 2012.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(3)&nbsp;&nbsp;The Fund is considered part of the same Fund Complex as The Thai Capital Fund, Inc. The term "Fund Complex" means two or more U.S. registered investment companies that share the same investment adviser or principal underwriter or hold themselves out to investors as related companies for purposes of investment and investor services. There are no other U.S. registered investment companies advised by Daiwa SB Investments Ltd., Daiwa SB Investments (USA) Ltd., or their affiliates. The Fund and The Thai Capital Fund, Inc. share an administrator and have a common website and thus may be deemed to hold themselves out to investors as related companies. Additionally, Messrs. Gruber, Harmer, Herring and Porter serve as Directors of one other registered investment company that is not considered part of the same Fund Complex as the Fund, despite having a common administrator, because they do not hold themselves out to investors as related companies.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">*&nbsp;&nbsp;Directors so noted are deemed by the Fund's 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 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 and The Thai Capital Fund, Inc.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&dagger;&nbsp;&nbsp;Nominees for Director.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='8',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board believes that each Director's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Directors lead to the conclusion that each Director should serve in such capacity. Among other attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the investment manager, other service providers, counsel and the independent registered public accounting firm, to exercise effective business judgment in the performance of their duties, and to represent the interests of all of the Fund's stockholders. A Director's ability to perform his duties effectively may have been attained through his educational background or professional training; business, consulting or academic positions; experience from service as a Director, or in various roles at public companies, private entities or other organizations; and/or other life experiences. In addition to these shared characteristics, set forth below is a brief discussion of the specific qualifications, attributes or skills of each Director of the Fund that support the conclusion that each person should serve as a Director.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><u>Interested Directors:</u></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Yoshihiro Fujisawa</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> has served as a Director since 2008. His relevant experience includes various positions within one of the largest Japanese financial institutions including being chairman and president of the financial institution's U.S. trust and custodial services entity, general manager of the financial institution's investor relations entity and general manager of the financial institution's private equity management entity.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><u>Independent Directors</u></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Martin J. Gruber</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> has served as a Director, Audit Committee member and Nominating and Compensation Committee member since 2000. His relevant experience includes various academic positions, including his current appointment as Professor Emeritus and Scholar in Residence at the Leonard N. Stern School of Business, New York University, with research focuses in portfolio theory and management and fund structure and performance. Mr. Gruber also received a PhD in Finance and Economics from Columbia University in 1966.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>David G. Harmer</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> has served as a Director, Audit Committee member and Nominating and Compensation Committee member since 2000. His relevant experience includes being a chairman, president, chief financial officer, corporate controller and director of various private and governmental entities.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Richard J. Herring</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> has served as a Director, Audit Committee member and Nominating and Compensation Committee member since 2007. His relevant experience includes various academic positions, including his current appointment as Jacob Safra Professor of International Banking and Professor, Finance Department at The Wharton School, University of Pennsylvania, with research focuses in international banking and finance. Mr. Herring also received a PhD from Princeton University.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Rahn K. Porter</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> has served as a Director, Chairman of the Audit Committee and Nominating and Compensation Committee member since 2007. His relevant experience includes being a vice president and treasurer of a public telecommunications company and serving as a director of a commercial banking organization and an investment management company.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Based on the information furnished by each of the Directors as of March 19, 2012, 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 the Fund as of such date.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Board held four regular meetings during its fiscal year ended October 31, 2011. Each current Director attended at least seventy-five percent of the aggregate number of meetings of the Board 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 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">
<!-- SEQ.=9,FOLIO='9',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which is responsible for reviewing financial and accounting matters. The members of the 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 or supplemented. The Fund has adopted a formal, written Audit Committee Charter, a copy of which is available at www.daiwast.com. The current members of the Fund's Audit Committee are Messrs. Gruber, Harmer, Herring and Porter. Mr. Porter has been designated as the Fund's "audit committee financial expert," as defined in Item 3 of Form N-CSR, and is presumed to be financially sophisticated for purposes of Section 802B(2) of the NYSE Amex US LLC Company Guide.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Audit Committee met two times during its fiscal year. The report of the Fund's Audit Committee, along with certain disclosures regarding fees paid to the Fund's independent registered public accounting firm, are set forth on pages 13 and 14 of this Proxy Statement.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board 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. The 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. The 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 the Fund's Nominating and Compensation Committee are Messrs. Gruber, Harmer, Herring and Porter. The 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" style="font-size:10pt;"><b>Process of Evaluation of Independent Director Candidates</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Nominating and Compensation Committee identifies individuals qualified to serve as Independent Directors on the Board and on committees of the Board and recommends such qualified individuals for nomination by the Fund's Independent Directors as candidates for election as Independent Directors, advises the 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 and any Board committees and oversees periodic evaluations of the Board and its committees. Persons recommended by the 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 applicable, 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 the Fund expect to be able to continue to identify from their own resources an ample number of qualified candidates for the 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. Assuming that appropriate biographical and background material is provided for Independent Director candidates recommended by stockholders, the Board will evaluate those candidates by following substantially the same process, and applying substantially the same criteria, as for candidates identified by the Independent Directors of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Diversity Policy</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The 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, the Fund's Nominating and Compensation Committee focuses on skills, expertise or </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.=10,FOLIO='10',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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" style="font-size:10pt;"><b>Board Leadership Structure and Risk Oversight</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The 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. The Fund's commitment to independent oversight is demonstrated by the fact that all of its Directors, except the Chairman, are independent. In addition, all of the members of the Board's committees are independent. The Board acts independently of management and regularly holds independent director sessions of the Board without members of management present.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. The Fund's investment adviser and investment manager 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 Fund's Chief Compliance Officer compiles a risk assessment for the Fund which is reviewed by the Board. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board interacts with and reviews reports from, among others, the Fund's investment adviser and investment manager, the Fund's Chief Compliance Officer, the Fund's independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Fund and applicable risk controls. In addition, DSTC prepares an operations memorandum for the Fund which is distributed to the Board prior to each quarterly meeting. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Stockholder Communications</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Stockholders may send communications to the Board. Stockholders should send communications intended for the Board by addressing the communication directly to the 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 Fund not directly addressed and sent to the Board 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" style="font-size:10pt;"><b>Officers of the Fund</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Yoshiaki Uematsu (age 54) has been President of the Fund since April 2009 and worked as Managing Director of Daiwa SB Investments (USA) Ltd. from 2002 to 2009 and as President and Chief Executive Officer from 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" style="font-size:10pt;">John J. O'Keefe (age 53) has been Vice President and Treasurer of the Fund since June 2000, Secretary of the Fund since March 10, 2011 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" style="font-size:10pt;">Anthony Cambria (age 57) has been the Chief Compliance Officer of the Fund 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>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='11',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Leonard B. Mackey, Jr. (age 61) has been Assistant Secretary of the Fund 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" style="font-size:10pt;"><b>Transactions with and Remuneration of Officers and Directors</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fee remuneration for Directors of the Fund not affiliated with the Fund's investment manager or investment adviser was $52,500 and $53,250 for the fiscal years ended October 31, 2011 and 2010, respectively. Each such non-affiliated Director currently receives fees, paid by the Fund, of $750 for each Directors' meeting attended in person or by telephone, $575 for each audit committee meeting attended in person or by telephone and an annual fee of $6,500.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The officers and interested Directors of the Fund did not receive any compensation from the Fund. DSTC, which pays the compensation and certain expenses of the officers of DSTC who serve as officers of the Fund, receives administration and custodian fees from the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Set forth below is a chart showing the aggregate fee compensation paid by the Fund (in U.S. dollars) to each of its Directors during the Fund's most recent fiscal year, as well as the total fee compensation paid to each Director by the Fund and by other registered investment companies in 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 the Fund's expenses.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name of Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Compensation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>From The Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Total <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Compensation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>From The Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>and Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex Paid to <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directors</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="322" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Interested Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Yoshihiro Fujisawa(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="72" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="322" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Independent Directors</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Martin J. Gruber</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,650</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,675</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">David G. Harmer</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,275</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Richard J. Herring</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,650</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,675</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rahn K. Porter</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,650</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,675</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1)&nbsp;&nbsp;"Interested person" of the Fund within the meaning of the 1940 Act.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>INVESTMENT MANAGER, INVESTMENT ADVISER AND ADMINISTRATOR OF THE FUND</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Daiwa SB Investments (USA) Ltd. serves as the investment manager to the Fund 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 Fund and its principal office is located at Kasumigaseki Common Gate West Tower, 2-1, Kasumigaseki 3-Chome, Chiyoda-ku, Tokyo 100-0013, Japan. DSTC serves as the administrator to the Fund and its principal office is located at One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Section 16(a) of the Exchange Act, requires the Fund's officers and Directors, and persons who own more than ten percent of a registered class of the Fund's equity securities, to file reports of ownership and changes in </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='12',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ownership with the Commission and the New York Stock Exchange. The Fund believes that its officers and Directors have complied with all applicable filing requirements.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>REPORT OF THE AUDIT COMMITTEE</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At a meeting held on February 27, 2012, the Board of Directors (the "Board") of the Japan Equity Fund, Inc., a Maryland corporation (the "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 Fund for the fiscal year ending October 31, 2012. Although it is not expected that a representative of PricewaterhouseCoopers LLP will attend the Meeting, a representative will be available by telephone to make a statement to the stockholders, if the representative wishes to do so, and to respond to stockholder questions, if any.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's financial statements for the fiscal year ended October 31, 2011 were audited by PricewaterhouseCoopers LLP. The Audit Committee of the Fund has reviewed and discussed the audited financial statements of the Fund with management of the Fund. The Audit Committee of the 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 its independence with respect to the Fund. The 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 the Fund has recommended to the Board that the audited financial statements of the Fund for the fiscal year ended October 31, 2011 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" style="font-size:10pt;">Rahn K. Porter, Chairman of the Audit Committee<BR>Martin J. Gruber, Member of the Audit Committee<BR>David G. Harmer, Member of the Audit Committee<BR>Richard J. Herring, Member of the Audit Committee</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Audit Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fees billed by PricewaterhouseCoopers LLP for professional services rendered in connection with the annual audit and review of the Fund's financial statements for the fiscal years ended October 31, 2011 and 2010 were $84,670 and $82,200, respectively. The fees billed for the fiscal year ended October 31, 2011 and 2010 included $5,570 and $5,400, respectively, related to reports on compliance with Rule 17f-2 under the Investment Company Act of 1940, which permits an affiliated person to act as custodian to the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Audit-Related Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fees billed by PricewaterhouseCoopers LLP for assurance-related services related to the performance of the audit or review of the financial statements for the fiscal years ended October 31, 2011 and 2010 were $0 and $0, respectively.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Tax Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 the Fund's income tax returns and tax distribution requirements) for the fiscal years ended October 31, 2011 and 2010 were $11,300 and $10,970, respectively.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='13',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Other Fees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">There were no other fees billed by PricewaterhouseCoopers LLP for services rendered to the Fund for the fiscal years ended October 31, 2011 and 2010.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Audit Committee Pre-approval</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The 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 the Fund fees for the fiscal years ended October 31, 2011 and 2010 were pre-approved by the Fund's Audit Committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 the Fund, and entities controlling, controlled by or under common control with the investment manager or investment adviser for the Fund that provide ongoing services to the Fund for the fiscal years ended October 31, 2011 and 2010 were each $0.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Audit Committee of the Fund has considered whether the provision of non-audit services rendered to affiliates of the investment adviser and investment manager of the Fund is compatible with maintaining the independence of PricewaterhouseCoopers LLP.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Principal Holders.</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Set forth below is information with respect to persons who, to the knowledge of the management of the Fund, owned beneficially more than 5% of the Fund's outstanding shares of Common Stock as of March 19, 2012. 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="152" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name and Address of Beneficial Owner</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number of Shares of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Common Stock and Nature <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Beneficial Ownership</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="118" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Percent of Common <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Stock Outstanding</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1607 Capital Partners, LLC <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4991 Lake Brook Dr., Suite 125 <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Glen Allen, VA 23060</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
&nbsp;</td>
<td colspan="1" width="112" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,075,509</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14.33</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Lazard Asset Management LLC <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30 Rockefeller Plaza <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">New York, NY 100112</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
&nbsp;</td>
<td colspan="1" width="112" align="right" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,917,494</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13.24</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1)&nbsp;&nbsp;The above information is based on a Schedule 13G filed with the Commission on February 14, 2012, which indicates that 1607 Capital Partners, LLC has sole dispositive power with respect to its 2,075,509 shares of common stock.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2)&nbsp;&nbsp;The above information is based on a Schedule 13G filed with the Commission on February 8, 2012, which indicates that Lazard Asset Management LLC has sole voting power and sole dispositive power with respect to its 1,917,494 shares of common stock.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Security Ownership of Management.</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> As of the record date, the Fund's Directors and officers owned, in the aggregate, less than 1% of the Fund's outstanding shares of common stock.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='14',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>MISCELLANEOUS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Proxies will be solicited by mail and may be solicited in person or by telephone or telegraph by officers of the Fund or personnel of DSTC. The Fund has retained AST Fund Solutions, LLC to assist in the proxy solicitation. The fee for such services is estimated at $3,500, plus reimbursement of expenses. The expenses connected with the solicitation of these proxies and with any further proxies which may be solicited by the Fund's officers or agents in person or by telephone will be borne by the Fund. The Fund will reimburse banks, brokers and other persons holding the 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" style="font-size:10pt;">It is important that you promptly submit your vote as a stockholder of the Fund. In the event that sufficient votes in favor of the proposal set forth in the Notice of the Meeting for the Fund are not received by June 4, 2012, the chairman of the Meeting or the persons named as proxies in the proxy card may propose one or more adjournments of the Meeting to permit further solicitation of proxies. If submitted to a vote of stockholders, 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 the Meeting and voting on that proposal. 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.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>STOCKHOLDER PROPOSALS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Any proposal by a stockholder of the Fund intended to be included in the proxy materials for the year 2013 annual meeting of stockholders of the Fund must be received by the Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051, not later than December 21, 2012.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's By-laws require that any proposal by a stockholder of the Fund intended to be presented at a meeting of stockholders must be received by the 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 June 5, 2013.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">By order of the Board of Directors,</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">/s/ John J. O'Keefe</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">John J. O'Keefe</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Vice President, Secretary and Treasurer</i></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">One Evertrust Plaza <BR>Jersey City, New Jersey 07302-3051<BR>April 20, 2012</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='15',FILE='12-9003-6.ba',USER='106516',CD='Apr 17 18:47 2012' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><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="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">0</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="17" height="13" src="g90035bci001.jpg"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">THE JAPAN EQUITY FUND, INC.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">c/o Daiwa Securities Trust Company, One Evertrust Plaza, Jersey City, New Jersey 07302-3051</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Proxy Solicited on Behalf of the Board of Directors for the <br> Annual Meeting of Stockholders on <br> June&nbsp;4, 2012</font></b></p>
<p align="center" 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 .25in .0001pt;text-align:justify;"><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 Anthony Cambria, or either of them, as proxies of the undersigned, with full power of substitution, to attend the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of the Fund, to be held at the offices of Daiwa Capital Markets America Holdings Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005, on June&nbsp;4, 2012 at 3:45&nbsp;p.m., New York time, and any and all adjournments or postponements thereof, to cast on behalf of the undersigned all the votes that the undersigned is entitled to cast at the Meeting and otherwise to represent the undersigned at the Meeting with all powers possessed by the undersigned if personally present at the Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">The votes entitled to be cast by the undersigned will be cast in accordance with the instructions given by the undersigned stockholder, but if this proxy is executed and no instructions are given, the votes entitled to be cast by the undersigned will be cast IN FAVOR OF Proposal 1 as set forth in this proxy card. In addition, the votes entitled to be cast by the undersigned will be cast, in the discretion of the proxy holder on such other business as may properly come before the Meeting or any adjournment or postponement thereof.&#160; The undersigned hereby revokes any and all proxies with respect to such Shares heretofore given by the undersigned. The undersigned acknowledges receipt of the Notice of Annual Meeting of Stockholders and the accompanying Proxy Statement, the terms of which are incorporated by reference.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="17" height="13" src="g90035bci001.jpg"></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CONTINUED   AND TO BE SIGNED AND DATED ON REVERSE SIDE</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">14475&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="17" height="13" src="g90035bci001.jpg"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105733\12-9003-5\task5269836\9003-5-bc.htm',USER='105733',CD='Apr 18 09:58 2012' -->


<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><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;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNUAL MEETING OF STOCKHOLDERS OF</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="6" face="Times New Roman" style="font-size:24.0pt;font-weight:bold;">THE JAPAN EQUITY FUND, INC.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">June 4, 2012</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INTERNET AVAILABILITY OF PROXY MATERIAL</font></u></b><font size="2" style="font-size:10.0pt;">:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notice of Meeting and Proxy Statement</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">are available at http://www.amstock.com/proxyservices/viewmaterial.asp?CoNumber=14192</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">Please sign, date and mail</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">your proxy card in the</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">envelope provided as soon</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">as possible.</font></p>
<p style="margin:0in 0in .0001pt;"><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="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="11" height="24" src="g90035bei001.jpg"></font></p>    </td>
<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Please detach   along perforated line and mail in the envelope provided.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="11" height="24" src="g90035bei001.jpg"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-10.1pt;"><font size="3" face="Times New Roman"><img width="13" height="11" src="g90035bei002.jpg"></font></p>    </td>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.18%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">00003300000000000000 1</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.48%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">060412</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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="100%" colspan="8" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">THE   BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 1 BELOW.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">PLEASE   SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR   VOTE IN BLUE OR BLACK INK AS SHOWN HERE </font></b><b><font size="1" face="Wingdings" style="font-size:7.0pt;font-weight:bold;">x</font></b></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-8.65pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">1. &nbsp;To elect Directors of the Fund, each to   serve until the 2015 Annual Meeting of Stockholders and until his successor   is duly elected and qualifies.</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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 0in 0in;width:5.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">FOR</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">AGAINST</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">ABSTAIN</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Martin J. Gruber</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Class I</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:15.0pt;">o</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:15.0pt;">o</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:15.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" style="border:none;padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Yoshihiro Fujisawa</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Class I</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:15.0pt;">o</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:15.0pt;">o</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Wingdings" style="font-size:15.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" 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:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" colspan="2" 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:52.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.84%;">
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">To   change the address on your account, please check the box at right and indicate   your new address in the address space above. Please note that changes to the   registered name(s) on the account may not be submitted via this method.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="7%" 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:7.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" face="Wingdings" style="font-size:16.0pt;">o</font></p>    </td>
<td width="47%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="335" style="border:none;"></td>
<td width="58" style="border:none;"></td>
<td width="110" style="border:none;"></td>
<td width="110" style="border:none;"></td>
<td width="34" style="border:none;"></td>
<td width="43" style="border:none;"></td>
<td width="44" style="border:none;"></td>
<td width="13" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:10.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">Signature of Stockholder</font></p>    </td>
<td width="23%" valign="bottom" 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:23.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 1pt 0in;width:3.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">Date:</font></p>    </td>
<td width="10%" valign="bottom" 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:10.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 1pt 0in;width:12.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp; </font><font size="1" style="font-size:6.0pt;">Signature of Stockholder</font></p>    </td>
<td width="23%" valign="bottom" 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:23.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;padding:0in 0in 1pt 0in;width:3.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">Date:</font></p>    </td>
<td width="10%" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.18%;">
<tr>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><img width="13" height="11" src="g90035bei002.jpg"></font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">Note:</font></b></p>    </td>
<td width="90%" valign="bottom" style="padding:0in 0in 0in 0in;width:90.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">Please</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">sign</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">exactly</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">as</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">your</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">name</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">or</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">names</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">appear</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">on</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">this</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">Proxy.</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">When</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">shares</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">are</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">held</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">jointly,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">each</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">holder</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">should</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">sign.</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">When</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">signing</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">as</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">executor,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">administrator,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">attorney,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">trustee</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">or</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">guardian,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">please</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">give</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">full</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">title</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">as</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">such.</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">If</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">the</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">signer</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">is</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">a</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">corporation,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">please</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">sign</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">full</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">corporate</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">name</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">by</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">duly</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">authorized</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">officer,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">giving</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">full</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">title</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">as</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">such.</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">If</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">signer</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">is</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">a</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">partnership,</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">please</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">sign</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">in</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">partnership</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">name</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">by</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">authorized</font><font size="1" style="font-size:5.5pt;">  </font><font size="1" style="font-size:6.0pt;">person.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman"><img width="13" height="11" src="g90035bei002.jpg"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105733\12-9003-5\task5269836\9003-5-be.htm',USER='105733',CD='Apr 18 10:10 2012' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>j1290036_ba001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j1290036_ba001.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`-P"5`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M``P#`0`"$0,1`#\`W^/?NO=>]^Z]T7SY+?(3"?'#KJ#==3MW,=@;YW;N3&=<
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M7R^1JGXBI:&BIW=K`L;64$D`^Z]T3OXR;8W]W5O&I^9W=V#WALFLW5AY\+\;
M/C]O:GDQN0Z$Z=JY9?#N[>NUYXHVP_R+[KHO'D=QI.OWFUL1-2[95O)292IR
M/NO='R]^Z]U[W[KW7O?NO=>]^Z]TE=[;PQ>P-JYK>.;H=U9'$X"E6MKZ+9.R
M-X]D;JGIS/%`PPNQNOL%N;>NY:I#,&--C<?5U)1698R%/OW7NDUU?W3U1W31
M;@K>K=_;;WH=G[@GVCO?&8FO3^\>P-XTM'1Y"LV7V%M6J%-N78.]*&@R%/-4
M8C,4E%DH(IXVDA574GW7NA/]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW586&BR?S_P"^*G=%?592B^#_`,6^S*G$[.VV
MD<M%1_+;Y1=6;IDBR_86X)VC9<[\>/C?O7!QTVV::GD%/N7?]!69"J5J+!8H
MU_NO=6)[XWQLWK+9NZ.Q.Q-T8'9&Q-D8'*;HWAO#=&4H\)MS;6W,)1RY#+YO
M-Y?(2P46.QN.HH'EEEE=41%))]^Z]U3!U=_LW7\R_P"1/6GR8JMQ=L?$7^7#
MTGOC;N_N@>M*3);LZQ[X^;^<VT*^OQO:W<F#H:C$U^T_BWNJ?(4$N#VEG`]=
MG\?CY9\GC8HLE2/2^Z]U>3[]U[KWOW7NO>_=>Z][]U[JMOYL8R+XX;BVO_,#
MZZQ6-I]X['RW6W4WR.Q0JJW'+W3\8MZ]A8S:M5BJJ"FK*;#9+LKI/<^\8]T;
M-K\A#/-#%'E\'!+2P;AJIX_=>ZLD]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U7C\T=_\`8V^M]=2?!;HG>&0Z_P"QOD7A]Y[Q
M[@[9VU54\6\NAOB=U_-@<-V9O?9$LHE3$=L=B[EWCB=G;-KI8Y/X76Y.MSD4
M52<%+`WNO="-O#N3HCX8;/ZA^.6PMN9;<F]:;9.!V+\=_BSU13_WF[/W'M/9
M>.H=IX0T=!D,A#1[0ZYVU3TE/393>>Z<ABMKXCTMD<G%)(@D]U[JJ?975W:W
M\V_Y"T>ZODAOO%YSX'_%/LBHJ_\`0KU"U7CNA>^?EEUWNC%U&,VGE=TY[#/N
M?Y1=/_&VKI<A1;ESDS8+:.[=\)3TN.P4%-@,I-F?=>ZV(/?NO=>]^Z]U[W[K
MW19.ROE!MO:64J=F]:;'[`^1O:5-62XRKZ]Z4QV'RJ;8R,<=0YB[.['W-F]L
M=2=2Z/MV84^X<[0Y2KC5S0T=8Z-'[]U[HE/;WS%^1/6F<VK0=H[\^'GQLW'N
MC(3Q;2^-F$PG;WSL^5G:L#8]JB@PNS=A=:[H^-]1AMT3N`:B>DQN[<%CRZ":
ML:)ON![KW06T'PY^9WSAJWS/R\^2?R2Z&^-IRW7F\ML_%/"0_$C$]D;FWWUG
MO_;/9NRM^=C;NZXZ6W5E.I=NXC=&U:6>+8M#OW?<U68X9<AG(3'/BW]U[H$/
MD'5[0FW9O#IKXK[Y^?'RQ[+ZHI:D=Y]K?\.2]M_';XC?&!\.AKL^OR/^1>W]
MW46)HM[8-(VRN3V?MC![BW+C\8Y-91XO'-2>_=>ZK`Z=^-7\VGY?=,=F;8VE
M\P_F3GO@)W-V3L;;6'[`@W7A(.S>^MB=Q;QVKM'L?LWX_9OY)9S=?R*ZV^$7
M3/6-=ELOCFSV]<IG^UZ>DHZFDH:"BS%;!%[KW5TFU/Y`?Q2QF[]M;][$^1'S
M[[OW;L6GV]2]:Y'?7RJSNR,?U/!M"DGQNSX^I-J?'?;O1VS.KH]GXBH-+ATP
M6.H$Q*#R4@AJ&>9O=>Z-_/\`RJ_@YE8'@WIUCOSMHRU$-34U7?'R2^3_`,@<
ME7/3Y#^*019'*]V=R[^R>2HXJ^T@IYYI(+JHT:54#W7NN,G\H[^5Y592#,Y?
M^7]\1=SY&FI7HJ>;>?0_7F]HH:61FD:&.DW;@LU1JHD<LO[=T9B5L23[]U[K
MAD/Y1/\`*PR#*X_EU?"S$.*/(XZ5]K?&SJ79S5F/RT4<&1H<DVT]JX4Y2CJH
M(PC15/E0(S``!WU>Z]U&J?Y0_P#+-GQ='A:?X6=&X7&XYJ=J"#:VV7V>]$M(
MK)3PTM3M6LP]5!2Q*W$*N(K@'3=5M[KW6:;^5)\(165.1PVQ>W-DY"KCHHY<
MAUC\N/E_U37(,?4)5T<E-6=:]\;4J**HAJ(PXEA:.0D<L;GW[KW335_RQMEX
M.JPU;TG\O_YCG0$^%H5H(:?;WS=[A[[P%3%3JJ8PS;,^;F1^5>QZ9<3&NF*&
MEQM-32)9)XYE5`ONO='X_NMG/]'?]RO])&]/[R_W+_NM_I>^QZ[_`-(G\<_@
M?\)_TD?PS^X7^B?^^GW_`/N3\']U_P"[OWWH_A?V?^2>_=>Z*?W1\/MY[_[_
M`'^0?5'R<[&^.^Z=R=-;?Z&[&.S-E]7[WK,WL/:.]=X[YVM7;*G[4VOO'`[`
MWMB\MV)FEDR+8K+4]9'+2B>D?[*(-[KW16.Q^N=OUF^LU\`/A\V6VQO?L/$[
M9W=_,+^6E+NW*9KO/872F<%;1XS"9SNG(9*N['S/RE[]P5'7X?94]36M)L3:
M\=5FJ0445%M^BK?=>ZM?V)L3975^S-K]==<;4V_L;86R<'CMM;0V=M3$T6"V
MWMK;^(IHZ/&8?"XC'0T]%C\?14T2I'%&BJH'OW7NN>VMHT&U:G=-1C\CN:M7
M=NYJK==92[AW1GMS4F*R-=08ZAJZ/:\6?K\B=K[=E.-6H7%4)AQL%5-/+#!&
MTTFKW7NE3[]U[I&]B[,B[&Z^WWU[4;DWELV#?FS=S[,FW?UUN2MV;V#M6+=&
M$KL))N38F[\;_N1VKO+!I7&JQ>2I_P!^AK8HID]2#W[KW5?/6?\`*SZNZ[QN
M$VS4_)+YN[IV!MBA^RVSUEC?DCF_C]U_AVDKILE75DN!^'>&^-IW+59BMJ))
M*X9J7)PULDDCS1N\LK/[KW1S>I?C;\?NAI\_6]+]*]7]7Y3=M0U;O#/;)V3M
M[`;EWG7R3&HER6]-S4%!#G]WY2:H8R2562J:JHD<ZF<GGW[KW0OY#(8_$8^N
MRV6KJ/&8O&4=3D,EDLA4PT6/Q^/HH7J:RNKJRI>*GI*.DIXFDEED94C12S$`
M$^_=>ZI,ZMZVZ7_F6XC$;;ZVVGA=E?R@NELT<%UWU!L#94/5W67SE[$VOF*]
M\QGJK`8.DPV'W!\&NO\`*"*'#XJGIHL7V+NF*MK*R.;"8O'',>Z]U=GC\?C\
M1CZ'$XFAH\9B\91TV/QN-Q]-#18_'X^BA2FHZ&AHZ9(J>DHZ2GB6.**-52-%
M"J``![]U[J9[]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NF'=-9
MG\=MC<>0VIA:7<FZ:'`Y>LVUMVNRRX&BS^?I<?43X?"UF<>DKTPU+E<BD<$E
M68)A3I(9#&^G2?=>Z+5\,^ALQT;T_%5=BQ8NJ^17=&8;O#Y5[FQ&5R&<Q6Y/
MD-OC#89=\P;9RF5CAR!ZWV''C*7:^SZ21(_X=M'!XVE(+Q.[^Z]T;/W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]UK[?-S>.[/YI_R?WC_`"C>B=X;@V5\;>HJ
M/:>Z?YJ/>NT)WH\ADMI[D$>4VE\&^MMT4L-1_#]\=N4:?=[OJXGA7'[=IJBA
MDDF:2MQ=3[KW5\>R]F;4ZYV?M7K_`&)M[$[2V3L?;N&VEM#:V!HX<=A-N;9V
M[CJ?$8+!XB@IU2"BQN*QE)%!!$@"I&@`^GOW7NE-[]U[KWOW7NO>_=>Z][]U
M[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>
M_=>Z][]U[IAW3CLSE]L;CQ.W<^VU-P93`Y?'8+="8VGS#;;S-;CZBFQF?7$5
M<D-)E6P];*E0*:5TCG,>AB`Q/OW7NB;_`,OCI_XB]!=$5O4'Q`[#VGVS@-C=
MB;TQ/='9>,[$VIVKV-O?Y&-7QU?;FX_D%OK:TTC9?OC)YJI63/)7I3UE(3#3
MBGIZ>*G@C]U[H\WOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z]
*[]U[KWOW7NO_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g90035bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g90035bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MP``+"``-`!$!`1$`_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+
M_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
5^/GZ_]H`"`$!```_`/&:*****__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g90035bei001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g90035bei001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``8``L#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V?6;ZXM-5
M\/0P2;([O4'AG&T'>@M9Y`.>GS(IX]/3-;%>.?%?X@:GX/\`%^B0KI4=Y;QM
M]MM6WE2TABF@:,X!SCS5;].^1ZW8_:?[/MC>%3=>4OG%!@;\?-@=AG-`'(>/
@/!J^*-8\*77EY_L_4A),?^F6TN1]"T:#\:[>BB@#_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g90035bei002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g90035bei002.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MP``+"``+``T!`1$`_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+
M_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H`"`$!```_`/+O^$J\1?\`0?U/_P`#)/\`&C_A*O$7_0?U/_P,D_QK
$*HK_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
