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Korea Equity Fund, Inc.


Fund Highlights - January 31, 2010
(Unaudited)

Key Statistics

Net Assets   $110,836,576
Net Asset Value per Share   $9.89
Closing NYSE Market Price   $8.68
Percentage Change in Net Asset Value per Share*   (6.3%)
Percentage Change in NYSE Market Price*   (6.2%)

*From January 1, 2010 to January 31, 2010. Includes reinvestment of any income dividends and capital gain distributions. Changes in currency rates have influenced the Fund's performance. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.


Market Index**

    Won
  U.S. $
Korea Composite Stock Price Index   (4.8%)   (4.2%)

**From January 1, 2010 to January 31, 2010.


Average Annual Total Return***

    Return
One Year Ending 1/31/10   65.4%
Three Years Ending 1/31/10   (4.3%)
Five Years Ending 1/31/10   7.2%
Ten Years Ending 1/31/10   4.0%
Since Inception (12/03/93 to 1/31/10)   (0.5%)
   

***Reflects the percentage change in net asset value per share and includes reinvestment of any income dividends and capital gain distributions. Changes in currency rates have influenced the Fund's performance. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.


Asset Allocation

Korea Stocks 98.6
Other Assets Less Liabilities, Net   1.4
   
Total Investments   100
 
   
TOTAL   100
 

The asset allocation reflects the Fund's investments on the date indicated, and may not be representative of the Fund's current or future holdings.


Industry Diversification

    % of
Net Assets

Consumer Electronics   20.6
Services   19.4
Automotive Equipment and Parts   13.3
Banking and Financial Services   12.2
Iron and Steel   8.5
Miscellaneous Manufacturing   7.2
Food and Beverages   4.2
 
    % of
Net Assets

Retail   3.9
Chemicals and Pharmaceuticals   3.7
Electric   2.5
Wholesale   2.4
Oil and Gas   0.7
 
 

The industry diversification reflects the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.


Ten Largest Equity Holdings By Market Value

    Market
Value

  % of
Net Assets

Samsung Electronics Co., Ltd.   $ 18,071,440   16.3
POSCO   9,417,116   8.5
Hyundai Mobis   8,904,009   8.0
Shinhan Financial Group Co., Ltd.   5,086,597   4.6
Samsung Engineering Co., Ltd.   5,039,384   4.6
Hyundai Motor Company   3,547,278   3.2
NHN Corp.   3,278,775   3.0
Samsung Card Co., Ltd.   2,873,014   2.6
Korea Electric Power Corporation   2,799,560   2.5
LG Electronics Inc.   2,754,016   2.5
         

The ten largest equity holdings by market value reflect the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.

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