Korea Equity Fund, Inc. (NYSE: KEF) announced that the Board of Directors of the Fund, after considering alternative options for the Fund, has determined to approve the liquidation of the Fund as being in the best interests of the Fund and its stockholders. The Board intends to adopt a plan of liquidation at the next quarterly meeting of the Board, which is currently scheduled for February 21, 2017, and thereafter to submit a proposal to liquidate the Fund to a vote of stockholders. The Board expects to provide additional information regarding the liquidation as soon as reasonably practicable after such quarterly meeting.

About the Fund The Fund primarily invests in the securities of companies domiciled in Korea. Nomura Asset Management U.S.A. Inc. ("NAM USA") acts as the Manager of the Fund pursuant to a management agreement. Pursuant to such management agreement, NAM USA has retained its parent company, Nomura Asset Management Co., Ltd., to act as investment adviser to the Fund, and Nomura Asset Management Hong Kong Limited and Nomura Asset Management Singapore Limited, as investment sub-advisers to the Fund.