Privacy

Version 5 Privacy Policy

PRIVACY POLICY FOR NOMURA ASSET MANAGEMENT U.S.A. INC.
JAPAN SMALLER CAPITALIZATION FUND, INC.
KOREA EQUITY FUND, INC.

Japan Smaller Capitalization Fund, Inc., (formerly Japan OTC Equity Fund, Inc.), Korea
Equity Fund, Inc. and Nomura Asset Management U.S.A. Inc., as manager of each of
these funds, recognize that protecting your privacy is important to us. We want our
customers to understand what information we collect and how we use it.

Information We Collect

We may collect the following types of nonpublic, personal information* about you:

• Information about your identity such as your name, address and social security
  number;
• Information about your transactions with us and/or our affiliates; and
• If you visit our website, information we collect about you via a web server, often
  referred to as a "cookie." "Cookies" indicate where a site visitor has been online and
  what has been viewed.

*Nonpublic, personal information is nonpublic information about you that we obtain in
connection with providing a financial product or service to you.

Confidentiality and Security

We restrict access to nonpublic, personal information about you to those employees who
need to know that information to provide services to you. We also educate our
employees about safeguarding customer information and preventing its unauthorized
access, disclosure and/or use. We maintain physical, electronic and procedural safeguards
to protect your nonpublic, personal information.

What Information We Disclose

We share nonpublic, personal information with our affiliates and other third parties who
perform administrative services on our behalf, such as transfer agents and printers to
assist us in the distribution of investor materials. These companies will use the
information only for the services for which we hired them and are not permitted to use or
share this information for any other purpose. We understand that the third parties who
perform administrative services on our behalf have each adopted policies to safeguard
your personal information that comply with federal standards.

We are also permitted by law to disclose nonpublic, personal information about you to
other third parties in certain circumstances. For example, we may be required to disclose
nonpublic, personal information about you to government entities such as the IRS for tax
purposes.

If you decide at some point either to sell your shares or become an inactive customer, we
will continue to adhere to the privacy policies and practices described in this notice.

For questions about our policy, or for additional copies of this notice, please contact our
Fund Administration Department at 1-800-833-0018.