NEW YORK, NY -- (Marketwire) -- 05/20/09 -- Korea Equity Fund, Inc. (NYSE: KEF) (the "Fund") announced that it will hold its 2009 Annual Meeting of Shareholders (the "Meeting") at the offices of Nomura Asset Management U.S.A. Inc., 2 World Financial Center - Building B, New York, New York, on Wednesday, August 19, 2009, at 10:30 A.M. The record date for this meeting is June 29, 2009. The items to be considered at the meeting are:

a.  To elect two Directors to serve as Class III Directors, each to serve
    for a term to expire in 2012.
b.  Consideration of an amendment of the Fund's investment restriction
    regarding investments in other investment companies.

The Fund invests primarily in the 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.