<SEC-DOCUMENT>0001104659-12-026659.txt : 20120420
<SEC-HEADER>0001104659-12-026659.hdr.sgml : 20120420
<ACCEPTANCE-DATETIME>20120420083454
ACCESSION NUMBER:		0001104659-12-026659
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		12769591

	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>DEFA14A
<SEQUENCE>1
<FILENAME>a12-9003_9defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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 Proxy Statement</font></p>    </td>   </tr>
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<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 Additional Materials</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.5pt;font-weight:bold;">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders of</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="6" face="Arial" style="font-size:24.0pt;font-weight:bold;">THE JAPAN EQUITY FUND,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">To Be Held On:</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">June&nbsp;4, 2012 at 3:45&nbsp;p.m.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Daiwa Capital Markets America Holdings Inc., Financial Square,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">32 Old Slip, 14th Floor, New York, New York 10005</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;width:96.68%;">
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">COMPANY NUMBER</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:22.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ACCOUNT NUMBER</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:22.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CONTROL NUMBER</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="22%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:22.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:23.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">If you want to receive a paper or e-mail copy of the proxy materials you must request one. There is no charge to you for requesting a copy. To facilitate timely delivery please make the request as instructed below before May&nbsp;24, 2012.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Please visit http://www.amstock.com/proxyservices/viewmaterial.asp?CoNumber=14192, where the following materials are available for view: </font></b></p>
<p style="margin:0in 0in .0001pt 1.7in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;"> Notice of Annual Meeting of Stockholders</font></p>
<p style="margin:0in 0in .0001pt 1.7in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:9.0pt;"> Proxy Statement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TO REQUEST   MATERIAL:</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TELEPHONE:   888-Proxy-NA (888-776-9962) and 718-921-8562 (for international callers)</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">E-MAIL: info@amstock.com</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">WEBSITE: http://www.amstock.com/proxyservices/requestmaterials.asp</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TO VOTE:</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:2.0pt 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">ONLINE: </font></b><font size="1" face="Arial" style="font-size:9.0pt;">To access your online proxy card,   please visit <b><u style="font-weight:bold;">www.voteproxy.com</u>    </b>and follow the on-screen instructions. You may enter your voting   instructions at www.voteproxy.com up until 11:59 PM Eastern Time the day   before the cut-off or meeting date.</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:2.0pt 0in .0001pt 2.2in;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">- OR -</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">IN PERSON: </font></b><font size="1" face="Arial" style="font-size:9.0pt;">You may vote your shares in person   by attending the Annual Meeting. Directions to the Annual Meeting can be   obtained by calling 201-915-3054.</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:2.0pt 0in .0001pt 2.2in;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">- OR -</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TELEPHONE: </font></b><font size="1" face="Arial" style="font-size:9.0pt;">To vote by telephone, please visit <b>https://secure.amstock.com/voteproxy/login2.asp </b>to   view the materials and to obtain the toll free number to call.</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:2.0pt 0in .0001pt 2.2in;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">- OR -</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.76%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
<p style="margin:1.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">MAIL: </font></b><font size="1" face="Arial" style="font-size:9.0pt;">You may request a card by following the instructions   above.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="49%" colspan="3" valign="top" 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:49.0%;">
<p style="margin:1.0pt 0in .0001pt .15in;text-indent:-.15in;"><font size="1" face="Arial" 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>
<td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .15in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">NOMINEES:</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Martin   J. Gruber</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Class&nbsp;I</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Yoshihiro   Fujisawa</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Class&nbsp;I</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.0%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Please note that you cannot use this notice to vote   by mail.</font></b></p>    </td>
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