For filings with the FCA include the annex                                                         
                                                                                                       
    For filings with issuer exclude the annex                                                          
                                                                                                       
    TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                                    
                                                                                                       
    1. Identity of the issuer or the underlying issuer                      Prospect Japan Fund Limited
    of existing shares to which voting rights are                                                      
    attached: ii                                                                                       
                                                                                                       
    2 Reason for the notification (please tick the appropriate box or boxes):                          
                                                                                                       
    An acquisition or disposal of voting rights                                                  X     
                                                                                                       
    An acquisition or disposal of qualifying financial instruments which may result                    
    in the acquisition of shares already issued to which voting rights are attached                    
                                                                                                       
    An acquisition or disposal of instruments with similar economic effect to                          
    qualifying financial instruments                                                                   
                                                                                                       
    An event changing the breakdown of voting rights                                                   
                                                                                                       
    Other (please                                                                                      
    specify):                                                                                          
                                                                                                       
    3. Full name of person(s) subject to the                             Wells Capital Management, Inc.
    notification obligation: iii                                                                       
                                                                                                       
    4. Full name of shareholder(s)                                                                     
     (if different from 3.):iv                                                                         
                                                                                                       
    5. Date of the transaction and date on                                            February 23, 2017
    which the threshold is crossed or                                                                  
    reached: v                                                                                         
                                                                                                       
    6. Date on which issuer notified:                                                 February 24, 2017
                                                                                                       
    7. Threshold(s) that is/are crossed or                                                           5%
    reached: vi, vii                                                                                   
                                                                                                       

       

    8. Notified details:                                                                                   
                                                                                                           
    A: Voting rights attached to shares viii, ix                                                           
                                                                                                           
    Class/type of    Situation previous            Resulting situation after the triggering transaction    
    shares           to the triggering                                                                     
                     transaction                                                                           
    if possible                                                                                            
    using            Number          Number        Number         Number of voting     % of  voting rights 
    the ISIN CODE    of              of            of shares      rights               x                   
                     Shares          Voting                                                                
                                     Rights        Direct         Direct Indirect xii  Direct    Indirect  
                                                                  xi                                       
                                                                                                           
                     4,798,680       4,798,680     4,534,889             4,534,889               4.91%     
    GB00B011QL44                                                                                           
                                                                                                           
    B: Qualifying Financial Instruments                                                                    
                                                                                                           
    Resulting situation after the triggering transaction                                                   
                                                                                                           
    Type of financial        Expiration  Exercise/             Number of voting          % of voting       
    instrument               date xiii   Conversion Period xiv rights that may be        rights            
                                                               acquired if the                             
                                                               instrument is                               
                                                               exercised/ converted.                       
                                                                                                           
    C: Financial Instruments with similar economic effect to Qualifying Financial                          
    Instruments xv, xvi                                                                                    
                                                                                                           
    Resulting situation after the triggering transaction                                                   
                                                                                                           
    Type of financial   Exercise    Expiration  Exercise/    Number of voting   % of voting rights xix, xx 
    instrument          price       date xvii   Conversion   rights instrument                             
                                                period xviii refers to                                     
                                                                                                           
                                                                                Nominal            Delta   
                                                                                                           
    Total (A+B+C)                                                                                          
                                                                                                           
    Number of voting rights                             Percentage of voting rights                        
                                                                                                           
    4,534,889                                           4.91%                                              
                                                                                                           

       

    9. Chain of controlled undertakings through which the voting rights and/or the              
    financial instruments are effectively held, if applicable: xxi                              
                                                                                                
    Proxy Voting:                                                                               
                                                                                                
    10. Name of the proxy holder:                                  Wells Capital Management Inc.
                                                                                                
    11. Number of voting rights proxy holder dispose:                                    263,791
                                                                                                
    12. Date on which proxy holder will dispose voting                         February 23, 2017
    rights:                                                                                     
                                                                                                
                                                                                                
    13. Additional information:                                                                 
                                                                                                
    14. Contact name:                                                                 Hannah Kim
                                                                                                
    15. Contact telephone number:                                                 1-415-222-5030