Korea Equity Fund, Inc. Reports Shareholder Proposal

NEW YORK, NY--(Marketwire - Apr 8, 2011) - Korea Equity Fund, Inc. (NYSE: KEF) (the "Fund"), a closed-end equity fund, reported that it received a shareholder proposal in connection with the Fund's annual meeting of shareholders scheduled to be held on August 18, 2011. The proposal requests that the Board of Directors of the Fund take necessary action to convert the Fund from a closed-end fund to an interval fund structure pursuant to which the Fund would make specified periodic repurchase offers for shares of its outstanding common stock. The Board of Directors is reviewing the shareholder proposal.

The Fund invests primarily in equity securities of companies domiciled in Korea and is designed for investors seeking long-term capital appreciation. The manager of the Fund is Nomura Asset Management U.S.A. Inc., which is based in New York. Nomura Asset Management U.S.A. Inc. is a subsidiary of Nomura Asset Management Co., Ltd., which is one of the largest investment advisory companies in Japan in terms of assets under management and which serves as the investment adviser to the Fund.