Edgar Filing: THAI CAPITAL FUND INC

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant /X/
Filed by a party other than the Registrant / /

Check the appropriate box:
/ / Preliminary Proxy Statement
/ / CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE
14a-6(e)(2))
/X/ Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12

THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.
THE JAPAN EQUITY FUND, INC.
--------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)

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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

/X/ No fee required.

/ / Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.

(1) Title of each class of securities to which transaction applies:

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/ / Fee paid previously with preliminary materials.

/ / Check box if any part of the fee is offset as provided by Exchange Act Rule
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previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.

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THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.
THE JAPAN EQUITY FUND, INC.

C/O DAIWA SECURITIES TRUST COMPANY
ONE EVERTRUST PLAZA
JERSEY CITY, NEW JERSEY 07302-3051
(201) 915-3650

April 22, 2003

Dear Stockholders:

The Annual Meetings of Stockholders of The Thai Capital Fund, Inc., The
Singapore Fund, Inc. and The Japan Equity Fund, Inc. (each a "Fund," and
collectively, the "Funds") will be held on Monday, June 2, 2003, at the offices
of Daiwa Securities America Inc., Financial Square, 32 Old Slip, 14th Floor, New
York, New York 10005, at 10:30 a.m., New York time, for The Thai Capital Fund,
at 11:15 a.m., New York time, for The Singapore Fund, and at 12:00 p.m., New
York time, for The Japan Equity Fund. A Notice and Joint Proxy Statement
regarding the Meetings, proxy card(s) for your vote at the Meetings, and a
postage prepaid envelope in which to return your proxy(s) are enclosed.

At the Annual Meetings, each Fund's stockholders will elect Directors of the
Fund. In addition, the stockholders who are present at the Annual Meeting of a
Fund will hear an investment report on the Fund and will have an opportunity to
discuss matters of interest to them.

If you will not be able to attend the Annual Meetings in person, please take
the time now to review the enclosed materials and vote your shares by proxy.
YOUR VOTE IS IMPORTANT.

The Board has recommended that the stockholders vote in favor of each of the
foregoing matters.

Respectfully,

/s/ IKUO MORI

Ikuo Mori
CHAIRMAN OF THE BOARD OF THE THAI CAPITAL FUND
AND
THE SINGAPORE FUND

/s/ HIROSHI KIMURA

Hiroshi Kimura
CHAIRMAN OF THE BOARD OF THE JAPAN EQUITY FUND

STOCKHOLDERS ARE STRONGLY URGED TO PROMPTLY SIGN AND MAIL THE ACCOMPANYING
PROXY(S) IN THE ENCLOSED RETURN ENVELOPE TO ENSURE A QUORUM AT THE MEETING.
YOUR VOTE IS IMPORTANT.

THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.
THE JAPAN EQUITY FUND, INC.
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NOTICE OF THE ANNUAL MEETINGS OF STOCKHOLDERS

JUNE 2, 2003
------------------------

To the Stockholders of
The Thai Capital Fund, Inc.,
The Singapore Fund, Inc. and
The Japan Equity Fund, Inc.:

NOTICE IS HEREBY GIVEN that the Annual Meetings of Stockholders of The Thai
Capital Fund, Inc., The Singapore Fund, Inc. and The Japan Equity Fund, Inc.
(each a Fund, and collectively, the "Funds") will be held at the offices of
Daiwa Securities America Inc., Financial Square, 32 Old Slip, 14th Floor, New
York, New York 10005, on Monday, June 2, 2003, at 10:30 a.m., New York time, for
The Thai Capital Fund, at 11:15 a.m., New York time, for The Singapore Fund, and
at 12:00 p.m., New York time, for The Japan Equity Fund, for the following
purposes:

1. To elect Directors of each Fund.

2. To transact such other business as may properly come before the Meeting
or any adjournments thereof.

Each Fund's Board of Directors has fixed the close of business on March 17,
2003 as the record date for the determination of stockholders entitled to notice
of and to vote at the Meeting or any adjournments thereof.

You are cordially invited to attend the Meetings. Stockholders who do not
expect to attend the Meetings in person are requested to complete, date and sign
the enclosed proxy card(s) and return them promptly in the envelope provided for
that purpose. You may nevertheless vote in person at the Meetings if you choose
to attend. Your vote is important. The enclosed proxy card for each Fund is
being solicited by the Board of Directors of each Fund.

By order of the Board of Directors,

Judy R.T. Kushner
SECRETARY
April 22, 2003

THE THAI CAPITAL FUND, INC.
THE SINGAPORE FUND, INC.
THE JAPAN EQUITY FUND, INC.
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JOINT PROXY STATEMENT
------------------------

INTRODUCTION

This Joint Proxy Statement is furnished in connection with the solicitation
of proxies by the Board of Directors of THE THAI CAPITAL FUND, INC., THE
SINGAPORE FUND, INC. and THE JAPAN EQUITY FUND, INC. (each a "Fund," and
collectively, the "Funds") for use at the Annual Meetings of Stockholders, to be
held at the principal office of Daiwa Securities America Inc., Financial Square,
32 Old Slip, 14th Floor, New York, New York 10005, on Monday, June 2, 2003, at
10:30 a.m., New York time, for The Thai Capital Fund, at 11:15 a.m., New York
Time, for The Singapore Fund, and at 12:00 p.m., New York time, for The Japan
Equity Fund, and at any adjournments thereof.

This Joint Proxy Statement and enclosed proxy card(s) are being mailed to
stockholders on or about April 22, 2003. Any stockholder giving a proxy in
advance of the Annual Meeting of a Fund has the power to revoke it by mail
(addressed to the Secretary of such Fund, c/o Daiwa Securities Trust Company,
One Evertrust Plaza, 9th Floor, Jersey City, New Jersey 07302-3051) or in person
at the Meeting of such Fund, by executing a superseding proxy or by submitting a
notice of revocation to the Fund. All properly executed proxies received in time
for a Meeting will be voted as specified in the proxy or, if no specification is
made, for each proposal referred to in this Joint Proxy Statement. Abstentions
and broker non-votes are each included in the determination of the number of
shares present at each Meeting.

EACH FUND WILL FURNISH, WITHOUT CHARGE, A COPY OF ITS ANNUAL REPORT FOR ITS
MOST RECENT FISCAL YEAR TO ANY STOCKHOLDER REQUESTING SUCH REPORT. REQUESTS FOR
THE ANNUAL REPORT SHOULD BE MADE BY WRITING TO THE RESPECTIVE FUND, C/O DAIWA
SECURITIES TRUST COMPANY, ONE EVERTRUST PLAZA, 9TH FLOOR, JERSEY CITY, NEW
JERSEY 07302-3051, ATTENTION: SHAREHOLDER RELATIONS OR BY CALLING COLLECT AT
(201) 915-3650.

The Board of Directors of each Fund has fixed the close of business on
March 17, 2003 as the record date for the determination of stockholders entitled
to notice of and to vote at the Meetings and at any adjournments thereof.
Stockholders on the record date will be entitled to one vote for each share
held, with no shares having cumulative voting rights. As of the record date, The
Thai Capital Fund had outstanding 3,319,294 shares of common stock, The
Singapore Fund had outstanding 9,205,304 shares of common stock and The Japan
Equity Fund had outstanding 10,815,688 shares of common stock.

Management of each Fund knows of no business other than that mentioned in
Item 1 of the Notice of Meetings which will be presented for consideration at
the Meetings. If any other matter is properly presented, it is the intention of
the persons named in the enclosed proxy to vote in accordance with their best
judgment.

EACH FUND'S BOARD UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE IN FAVOR
OF THE MATTERS MENTIONED IN ITEM 1 OF THE NOTICE OF MEETINGS.

(1) ELECTION OF DIRECTORS

Persons named in the accompanying proxy card(s) intend in the absence of
contrary instructions to vote all proxies for the election of the nominees
listed below as directors of such Fund listed below:

FOR THE THAI CAPITAL FUND

CLASS III
---------------------
Ikuo Mori

FOR THE SINGAPORE FUND

CLASS III
---------------------
Austin C. Dowling
Ikuo Mori

FOR THE JAPAN EQUITY FUND

CLASS I
---------------------
Hiroshi Kimura
Martin J. Gruber

to serve for terms expiring on the date of subsequent Annual Meetings of
Stockholders in the year 2006 for each Class of Directors of each Fund, or until
their successors are elected and qualified. If any such nominee should be unable
to serve, an event that is not now anticipated, the proxies will be voted for
such person, if any, as shall be designated by each Fund's Board of Directors to
replace any such nominee. The election of each nominee as a director of a Fund
will require the affirmative vote of a majority of the votes cast at the Fund's
Meeting. For this purpose, abstentions and broker non-votes will not be counted
as votes cast at the Meetings.

INFORMATION CONCERNING NOMINEES AND DIRECTORS

The following table sets forth information concerning each of the nominees
as a director of one or more of the Funds, as well as the other current
directors of the Funds. Each of the nominees has consented to be named in this
Joint Proxy Statement and to serve as a director of each of the Funds if
elected. In the table, The Thai Capital Fund is sometimes abbreviated with the
initials "TF," The Singapore Fund is sometimes abbreviated with the initials
"SGF" and The Japan Equity Fund is sometimes abbreviated with the initials
"JEQ."

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES IN ALL
FUNDS OVERSEEN NUMBER OF
OR TO BE PORTFOLIOS
PRINCIPAL OCCUPATION DOLLAR RANGE OVERSEEN IN FUND
OR EMPLOYMENT DURING PAST OF EQUITY IN FAMILY OF COMPLEX
NAME (AGE) AND ADDRESS FIVE YEARS AND OTHER DIRECTOR SECURITIES IN INVESTMENT OVERSEEN BY
OF NOMINEES/DIRECTORS DIRECTORSHIPS SINCE EACH FUND(1) COMPANIES(1) DIRECTOR
----------------------------- ------------------------- -------- ------------- ----------------- -----------

NOMINEES
INTERESTED DIRECTORS
Hiroshi Kimura (50)* Chairman and President, JEQ: JEQ: -- None
One Evertrust Plaza Daiwa Securities Trust 2001 None
Jersey City, NJ 07302-3051 Company, since July 2001;
Director and Senior Vice
President of Daiwa
Securities Trust Company,
from April 1999 to June
2001; Associate Director
of Daiwa Europe Bank,
from April 1996 to March
1999.

Ikuo Mori (54)* Chairman and CEO, Daiwa TF: TF: -- None
Daiwa Securities America Securities 2001 None
Inc. America, Inc., since SGF: SGF:
Financial Square 2001; Executive Officer, 2001 None
32 Old Slip Daiwa Securities Group
New York, NY 10005 Inc., since 2001;
President and COO, Daiwa
Securities America Inc.,
from 1996 to 2001.
INDEPENDENT DIRECTORS
Martin J. Gruber (65) Professor of Finance, TF: TF: $10,001-50,000 None
229 South Irving Street Leonard N. Stern School 2000 $1-10,000
Ridgewood, NJ 07450 of Business, New York SGF: SGF:
University, since 1965; 2000 $10,001-
Trustee, Deutsche Asset JEQ: 50,000
Management BT Family of 1992 JEQ:
Funds, since 1992; $10,001-
Trustee, C.R.E.F., since 50,000
2001; Trustee, T.I.A.A.,
from 1996 to 2000;
Director, SG Cowen
Income & Growth
Fund, Inc., from 1986 to
2001; Director, SG Cowen
Opportunity Fund, from
1987 to 2001; Director,
SG Cowen Standby Reserve
Fund Inc., from 1985 to
2001; Director, SG Cowen
Standby Tax Exempt
Reserve Fund Inc., from
1986 to 2001.

INDEPENDENT DIRECTORS
(CONTINUED)

Austin C. Dowling (71) Retired. TF: TF: $10,001-50,000 None
1002 E Long Beach Boulevard 1990 $1-10,000
North Beach, NJ 08008 SGF: SGF:
2000 $1-10,000
JEQ: JEQ:
1992 $10,001-
50,000
OTHER CURRENT DIRECTORS
David G. Harmer (60) Executive Director, TF: TF: $1-10,000 None
4337 Bobwhite Court Department of Community 2000 None
Ogden, UT 84403 and Economic Development SGF: SGF:
for the State of Utah, 1996 $1-10,000
since May 2002; Chairman, JEQ: JEQ:
2K2 Hosting Corporation, 1997 $1-10,000
from April 2001 to April
2002; President, Jetway
Systems, a division of
FMC Corporation, from
January 1997 to 2001.

Oren G. Shaffer (60) Vice Chairman and Chief TF: TF: $10,001-50,000 None
2409 5th Street Financial Officer of 2000 None
Boulder, CO 80304 Qwest Communications SGF: SGF:
International Inc., since 1997 $10,001-
July 2002; Executive Vice JEQ: 50,000
President and Chief 2000 JEQ:
Financial Officer of None
Ameritech Corporation,
from 1994 to 2000.

------------------------------

(1) The information as to beneficial ownership is based on statements
furnished to the Funds by the directors. The dollar value of shares is
based upon the market price as of March 17, 2003.
* Directors so noted are deemed by the Funds' counsel to be "interested
persons" (as defined in the U.S. Investment Company Act of 1940, as
amended (the "1940 Act")). Mr. Mori is deemed an interested person of
each Fund because of his affiliation with Daiwa Securities America Inc.,
an affiliate of each Fund's investment adviser, Daiwa SB Investments
(H.K.) Ltd. for The Thai Capital Fund and Daiwa SB Investments
(Singapore) Ltd. for The Singapore Fund. Mr. Kimura is an interested
person because of his affiliation with The Japan Equity Fund's former
investment adviser (Daiwa Securities Trust Company ("DSTC")), which is
an affiliate of The Japan Equity Fund's current investment manager and
investment adviser.

Based on the information furnished by each Independent Director as of
March 17, 2003, neither any Independent Director nor any immediate family member
of any Independent Director owned any securities of the investment manager, or
any of its affiliates, of any Fund as of such date.

The Singapore Fund's Board of Directors held four regular meetings during
its fiscal year ended October 31, 2002, The Thai Capital Fund held four regular
meetings during its fiscal year ended December 31, 2002 and The Japan Equity
Fund held four regular meetings and one special meeting during its fiscal year
ended October 31, 2002. Each current Director attended at least seventy-five
percent of the aggregate number of meetings of the respective Board of Directors
and any Committee of which he was a member, except Messrs. Gruber and Shaffer.

Each Fund's Board of Directors has an Audit Committee which is responsible
for reviewing financial and accounting matters. Each Fund has adopted a formal,
written Audit Committee Charter. The current members of The Singapore Fund's,
The Thai Capital Fund's and The Japan Equity Fund's Audit Committee are
Messrs. Shaffer, Harmer, Dowling and Gruber. The Thai Capital Fund's Audit
Committee met three times during its fiscal year, and the Audit Committee of
each of The Singapore Fund and The Japan Equity Fund met twice during the
respective fiscal years of the Funds. The report of the Funds' Audit Committees,
along with certain disclosures regarding fees paid to the Fund's auditors, is
set forth on page 7 of this Joint Proxy Statement. None of the Funds has a
compensation or a nominating committee.

Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended,
requires each Fund's officers and directors, and persons who own more than ten
percent of a registered class of such Fund's equity securities, to file reports
of ownership and changes in ownership with the Securities and Exchange
Commission (the "Commission") and the New York Stock Exchange, Inc. Each Fund
believes that its officers and directors have complied with all applicable
filing requirements.

OFFICERS OF THE FUNDS

Shunsuke Ichijo (age 50) has been President of The Japan Equity Fund since
February 2000. Mr. Ichijo's address is 7-9, Nihonbashi 2-chome, Chuo-ku, Tokyo,
103-0027 Japan.

John J. O'Keefe (age 44) has been Vice President and Treasurer of the Funds
since June 2000; Vice President of the Fund Accounting Department of DSTC since
June 2000; Assistant Controller for Reserve Management Corporation from
September 1999 to June 2000; Accounting Manager for Prudential Investments from
January 1998 to September 1999; and Assistant Vice President DSTC from July 1990
to January 1998. Mr. O'Keefe's address is One Evertrust Plaza, Jersey City, New
Jersey 07302-3051.

Judy R.T. Kushner (age 37) has been Secretary of the Funds since April 2000;
Vice President of DSTC since March 2000; Assistant Vice President of DSTC since
March 1998; Assistant Secretary of the Funds from 1999 to 2000; Financial
Analyst of Canon USA from 1997 to 1998. Ms. Kushner's address is One Evertrust
Plaza, Jersey City, New Jersey 07302-3051.

Laurence E. Cranch (age 56), has been Assistant Secretary of the Funds since
July 1992 and has been a partner in the law firm of Clifford Chance US LLP since
1980. Mr. Cranch's address is 200 Park Avenue, New York, New York 10166-0153.

TRANSACTIONS WITH AND REMUNERATION OF OFFICERS AND DIRECTORS

The aggregate fee remuneration for directors of each Fund not affiliated
with such Fund's investment manager or the investment adviser was $30,381 during
the fiscal year ended October 31, 2002 for The Singapore Fund, $26,970 for the
fiscal year ended December 31, 2002 for The Thai Capital Fund and $31,433 for
the fiscal year ended October 31, 2002 for The Japan Equity Fund. Each such
non-affiliated director currently receives fees, paid by each Fund, of $448 for
The Thai Capital

Fund, $526 for The Singapore Fund and $526 for The Japan Equity Fund for each
directors' meeting attended in person or by telephone, $358 for The Thai Capital
Fund, $421 for The Singapore Fund and $421 for The Japan Equity Fund for each
audit committee meeting attended in person or by telephone and an annual fee of
$2,984 for The Thai Capital Fund, $3,508 for The Singapore Fund and $3,508 for
The Japan Equity Fund. The officers and interested directors of each Fund
received no compensation from the Funds.

DSTC, which pays the compensation and certain expenses of the officers of
DSTC who serve as officers of the Funds, receives administration and custodian
fees from the Funds.

Set forth below is a chart showing the aggregate fee compensation paid by
the Funds (in U.S. dollars) to each of its directors during each Fund's fiscal
year ended, as well as the total fee compensation paid to each director of the
Funds by such Fund and by other investment companies advised by DBS Asset
Management (United States) Pte. Ltd., Daiwa SB Investments (Singapore) Ltd.,
Daiwa SB Investments (H.K.) Ltd., Daiwa SB Investments (USA) Ltd., Daiwa SB
Investments Ltd. or their respective affiliates (collectively, the "Fund
Complex") for their services as directors of such investment companies during
their respective fiscal years. In all cases, there were no pension or retirement
benefits accrued as part of any Fund's expenses.

TOTAL
AGGREGATE COMPENSATION
AGGREGATE COMPENSATION AGGREGATE FROM FUND AND
COMPENSATION FROM THE COMPENSATION FUND COMPLEX
FROM THE THAI SINGAPORE FROM THE JAPAN PAID
NAME OF DIRECTOR CAPITAL FUND FUND EQUITY FUND TO DIRECTORS
---------------------- ------------- ------------ -------------- -------------

Austin C. Dowling 5,132 6,455 6,981 18,568
Martin J. Gruber 4,237 5,508 6,034 15,778
David G. Harmer 5,489 6,455 6,455 18,399
Hiroshi Kimura(1) 0 0 0 0
Alfred C. Morley* 4,684 6,455 6,981 18,120
Ikuo Mori(1) 0 0 0 0
Virabongsa Ramangkura# 1,940 0 0 1,940
Oren G. Shaffer 5,489 5,508 4,982 15,978

------------------------

(1) "Interested person" of the Funds within the meaning of the 1940 Act.

* Alfred C. Morley served as a director of the Funds until he passed away
in October 2002.

# Virabongsa Ramangkura served as a director of The Thai Capital Fund
until his term expired in June 2002.

INVESTMENT MANAGER AND INVESTMENT ADVISER OF EACH FUND

SCB Asset Management Co., Ltd. serves as the investment manager to The Thai
Capital Fund and its principal office is located at Sindhorn Building, Tower 3,
23rd Floor, 130-132 Wireless Road, Phatumwan, Bangkok 10330, Thailand. Daiwa SB
Investments (H.K.) Ltd. serves as the investment adviser to The Thai Capital
Fund and its principal office is located at Level 26, One Pacific Place, 88
Queensway, Hong Kong. DBS Asset Management (United States) Pte. Ltd. serves as
the investment manager to The Singapore Fund and its principal office is located
at 8 Cross Street, #27-01, PWC

Building, Singapore 048424. Daiwa SB Investments (Singapore) Ltd. serves as the
investment adviser to The Singapore Fund and its principal office is located at
152 Beach Road, #06-01/02 The Gateway East, Singapore 189721. Daiwa SB
Investments (USA) Ltd. serves as the investment manager to The Japan Equity Fund
and its principal office is located at 32 Old Slip, 11th Floor, New York, New
York 10005. Daiwa SB Investments Ltd. serves as the investment adviser to The
Japan Equity Fund and its principal office is located at 7-9 Nihonbashi 2-chome,
Chuo-Ku, Tokyo 103-0027, Japan.

REPORTS OF THE AUDIT COMMITTEES

At meetings held in March 2003, the Board of Directors of each Fund,
including a majority of the directors who are not "interested persons," as
defined under the 1940 Act, acting on the recommendation of the Audit Committee
of each Fund, selected PricewaterhouseCoopers LLP to act as independent
accountants for each Fund for the fiscal year ending October 31, 2003
(December 31, 2003 for The Thai Capital Fund). The Audit Committee of each Fund
has received the written disclosures and the letter from PricewaterhouseCoopers
LLP required by Independence Standards Board Standard No. 1 and have discussed
with PricewaterhouseCoopers LLP their independence with respect to each Fund.
Each Fund knows of no direct financial or material indirect financial interest
of PricewaterhouseCoopers LLP in the Fund. Although it is not expected that a
representative of PricewaterhouseCoopers LLP will attend the Meetings, a
representative will be available by telephone to respond to stockholder
questions, if any.

Each Fund's financial statements for the fiscal year ended October 31, 2002
(December 31, 2002 for The Thai Capital Fund) were audited by
PricewaterhouseCoopers LLP. The Audit Committee of each Fund has reviewed and
discussed the audited financial statements of the Fund with management of the
Fund. The Audit Committee of each Fund has further discussed with
PricewaterhouseCoopers LLP the matters required to be discussed by Statement on
Auditing Standards No. 61. Based on the foregoing review and discussions, the
Audit Committee of each Fund has recommended to the Board of Directors of the
Fund that the audited financial statements of the Fund for the fiscal year ended
October 31, 2002 (December 31, 2002 for The Thai Capital Fund) be included in
the Fund's most recent annual report.

Oren G. Shaffer, Chairman of the Audit
Committees
Austin C. Dowling, Member of the Audit
Committees
Martin J. Gruber, Member of the Audit
Committees
David G. Harmer, Member of the Audit
Committees

AUDIT FEES

The aggregate fees paid to PricewaterhouseCoopers LLP in connection with the
annual audit of each Fund's financial statements for the fiscal year ended
October 31, 2002 (December 31, 2002 for The Thai Capital Fund), are set forth
below:

The Thai Capital Fund $44,500
The Singapore Fund $57,000
The Japan Equity Fund $62,500

FINANCIAL INFORMATION SYSTEMS DESIGN AND IMPLEMENTATION FEES

There were no fees billed for financial information systems design and
implementation services rendered by PricewaterhouseCoopers LLP to the investment
manager or investment adviser for each Fund, and entities controlling,
controlled by or under common control with the investment manager

or investment adviser for each Fund for the fiscal year ended October 31, 2002
(December 31, 2002 for The Thai Capital Fund). No such services were performed
for any of the Funds.

ALL OTHER FEES

The aggregate fees billed for all other services rendered by
PricewaterhouseCoopers LLP to the Funds, the investment manager or investment
adviser for each Fund, and entities controlling, controlled by or under common
control with the investment manager or investment adviser for each Fund for the
fiscal year ended October 31, 2002 (December 31, 2002 for The Thai Capital
Fund), which includes (1) audit related fees and (2) non-audit fees for
tax-related services, was $65,900.

The Audit Committee of each Fund has considered whether the provision of
non-audit services and the provision of services to affiliates of the investment
managers of the Funds is compatible with maintaining the independence of
PricewaterhouseCoopers LLP.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

To the knowledge of the management of each Fund, the following persons owned
beneficially more than 5% of the noted Fund's outstanding shares at March 17,
2003:

AMOUNT OF
BENEFICIAL
FUND NAME AND ADDRESS OF BENEFICIAL OWNER OWNERSHIP PERCENT OF CLASS
-------------------- ------------------------------------ ---------- ----------------

The Singapore Fund Wachovia Corporation 1,263,362(1) 13.72%
One Wachovia Center
Charlotte, NC 28288-0137
The Singapore Fund Lazard Freres & Co. LLC 580,800(2) 6.31%
30 Rockefeller Plaza
New York, NY 10020

------------------------

(1) The above information is based on a Schedule 13G filed with the
Commission on February 13, 2003, which indicates that Wachovia
Corporation has sole voting and dispositive power with respect to all
1,263,362 shares.
(2) The above information is based on a Schedule 13G filed with the
Commission on February 18, 2003, which indicates that Lazard Freres &
Co. LLC has sole voting power and dispositive power with respect to all
580,800 shares.

To the knowledge of management for each of The Thai Capital Fund and The
Japan Equity Fund, no person owned beneficially more than 5% of such Funds'
outstanding shares as of March 17, 2003.

MISCELLANEOUS

Proxies will be solicited by mail and may be solicited in person or by
telephone or telegraph by officers of the Funds or personnel of DSTC. Each Fund
has retained The Altman Group, Inc. to assist in the proxy solicitation. The fee
for such services is estimated at $3,500 for each of The Thai Capital Fund, The
Singapore Fund and The Japan Equity Fund, plus reimbursement of expenses. The
expenses connected with the solicitation of these proxies and with any further
proxies which may be solicited by the Funds' officers or agents in person, by
telephone or by telegraph will be borne by each Fund. Each Fund will reimburse
banks, brokers and other persons holding such Fund's shares registered in their
names or in the names of their nominees for their expenses incurred in sending
proxy material to and obtaining proxies from the beneficial owners of such
shares.

It is important that you promptly submit your vote as a stockholder of the
Fund(s). In the event that sufficient votes in favor of the proposal set forth
in the Notice of the Meeting for a Fund are not received by June 2, 2003, the
persons named as attorneys in the enclosed proxy may propose one or more
adjournments of such Fund's Meeting to permit further solicitation of proxies.
Any such adjournment will require the affirmative vote of the holders of a
majority of the shares present in person or by proxy at the session of such
Fund's Meeting to be adjourned. The persons named as attorneys in the enclosed
proxy will vote in favor of such adjournment those proxies which they are
entitled to vote in favor of the proposal for which further solicitation of
proxies is to be made. They will vote against any such adjournment those proxies
required to be voted against such proposal. The costs of any such additional
solicitation and of any adjourned session will be borne by the Fund that
adjourns its Meeting.

STOCKHOLDER PROPOSALS

Any proposal by a stockholder of a Fund intended to be included in the proxy
materials for the year 2004 annual meeting of stockholders of the Fund must be
received by the Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza,
9th Floor, Jersey City, New Jersey 07302-3051, not later than December 24, 2003.

Each Fund's By-laws require that any proposal by a stockholder of such Fund
intended to be presented at a meeting of stockholders must be received by such
Fund, c/o Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey
City, New Jersey 07302-3051, not earlier than 90 days prior and not later than
60 days prior to such meeting of stockholders.

By order of the Board of Directors,

Judy R.T. Kushner
SECRETARY

One Evertrust Plaza
Jersey City, New Jersey 07302-3051
April 22, 2003

THE THAI CAPITAL FUND, INC.

C/O DAIWA SECURITIES TRUST COMPANY, ONE EVERTRUST PLAZA,
JERSEY CITY, NEW JERSEY 07302-3051

PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE
ANNUAL MEETING OF STOCKHOLDERS ON
JUNE 2, 2003

The undersigned stockholder of The Thai Capital Fund, Inc. (the "Fund") hereby
appoints John J. O'Keefe and Judy R.T. Kushner, or either of them, proxies of
the undersigned, with full power of substitution, to vote and act for and in the
name and stead of the undersigned at the Annual Meeting of Stockholders of the
Fund, to be held at the offices of Daiwa Securities America, Inc., Financial
Square, 32 Old Slip, 14th Floor, New York, New York 10005, on June 2, 2003 at
10:30 a.m., New York time, and at any and all adjournments thereof, according to
the number of votes the undersigned would be entitled to cast if personally
present.

The shares represented by this proxy card will be voted in accordance with the
instructions given by the undersigned stockholder, but if no instructions are
given, this proxy card will be voted in favor of proposal 1 as set forth in this
proxy card. In addition, this proxy card will be voted, in the discretion of
such proxies, upon such other business as may properly come before the Meeting
or any adjournment thereof. The undersigned hereby revokes any and all proxies
with respect to such Shares heretofore given by the undersigned. The undersigned
acknowledges receipt of the Joint Proxy Statement dated April 22, 2003.

PLEASE VOTE, DATE AND SIGN ON REVERSE AND PROMPTLY RETURN THIS PROXY CARD IN THE
ENCLOSED ENVELOPE.

Please sign exactly as your name(s) appear(s) on the books of the Fund. Joint
owners should each sign. Trustees and other fiduciaries should indicate the
capacity in which they sign, and where more than one name appears, a majority
must sign. If a corporation, this signature should be that of an authorized
officer who should indicate his or her title.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

_______________________________ ___________________________________

/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE

THE THAI CAPITAL FUND, INC.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR PROPOSAL 1 BELOW.

1. To elect a Director of the Fund. NOMINEE:

For With-
hold

Class III: (01) Ikuo Mori / / / /

Please be sure to sign and date this Proxy Card. Date

Stockholder sign here Co-owner sign here

Mark box at right if an address change or comment has been noted on the reverse
side of this Proxy Card. / /

THE SINGAPORE FUND, INC.

C/O DAIWA SECURITIES TRUST COMPANY, ONE EVERTRUST PLAZA,
JERSEY CITY, NEW JERSEY 07302-3051

PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE
ANNUAL MEETING OF STOCKHOLDERS ON
JUNE 2, 2003

The undersigned stockholder of The Singapore Fund, Inc. (the "Fund") hereby
appoints John J. O'Keefe and Judy R.T. Kushner, or either of them, proxies of
the undersigned, with full power of substitution, to vote and act for and in the
name and stead of the undersigned at the Annual Meeting of Stockholders of the
Fund, to be held at the offices of Daiwa Securities America, Inc., Financial
Square, 32 Old Slip, 14th Floor, New York, New York 10005, on June 2, 2003 at
11:15 a.m., New York time, and at any and all adjournments thereof, according to
the number of votes the undersigned would be entitled to cast if personally
present.

PLEASE VOTE, DATE AND SIGN ON REVERSE AND PROMPTLY RETURN THIS PROXY CARD IN THE
ENCLOSED ENVELOPE.

HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?

____________________________________ ______________________________________

/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE

THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR PROPOSAL 1 BELOW.

THE SINGAPORE FUND, INC.

1. To elect Directors of the Fund. NOMINEES:

For All With- For All
Nominees hold Except

Class III: (01) Austin C. Dowling / / / / / /
(02) Ikuo Mori

NOTE: If you do not wish your shares voted "For" a particular nominee, mark the
"For All Except" box and strike a line through the name of the nominee in the
list above.

Please be sure to sign and date this Proxy Card. Date

Stockholder sign here Co-owner sign here

Mark box at right if an address change or comment has been noted on the reverse
side of this Proxy Card. / /

THE JAPAN EQUITY FUND, INC.

C/O DAIWA SECURITIES TRUST COMPANY, ONE EVERTRUST PLAZA,
JERSEY CITY, NEW JERSEY 07302-3051

PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE
ANNUAL MEETING OF STOCKHOLDERS ON
JUNE 2, 2003

The undersigned stockholder of The Japan Equity Fund, Inc. (the "Fund") hereby
appoints John J. O'Keefe and Judy R.T. Kushner, or either of them, proxies of
the undersigned, with full power of substitution, to vote and act for and in the
name and stead of the undersigned at the Annual Meeting of Stockholders of the
Fund, to be held at the offices of Daiwa Securities America, Inc., Financial
Square, 32 Old Slip, 14th Floor, New York, New York 10005, on June 2, 2003 at
12:00 p.m., New York time, and at any and all adjournments thereof, according to
the number of votes the undersigned would be entitled to cast if personally
present.

CONTINUED AND TO BE SIGNED AND DATED ON REVERSE SIDE

(SEE REVERSE SIDE)

/X/ PLEASE MARK VOTES
AS IN THIS EXAMPLE

THE JAPAN EQUITY FUND, INC.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR PROPOSAL 1.

1. To elect Directors of the Fund. NOMINEES:

For All With- For All
Nominees hold Except
Class I: (01) Hiroshi Kimura / / / / / /
(02) Martin J. Gruber

-------------------------------------------------------------
(Instruction: To withhold authority to vote for any individual nominee, write
that nominee's name in the space provided above.)

Mark here for address change and note at left. / /

Please sign exactly as your name(s) appears hereon. All holders must sign. When
signing in a fiduciary capacity, please indicate full title as such. If a
corporation or partnership, please sign in full corporate or partnership name by
authorized person.

Signature:_______________ Date:______ Signature:_______________ Date:_______