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1 EDGAR Submission Header Summary Submission Type N-PX Live File on Return Copy on Submission Contact Edgar Filing Center Submission Contact Phone Number Exchange NYSE Confirming Copy off Filer CIK Filer CCC Period of Report 06/30/12 Filer Investment Company Type N-2 Notify via Filing website Only off s Documents N-PX efc12-649_fmnpx.htm Module and Segment References

2 Filer: Korea Equity Fund, Inc. Form Type: N-PX Period: 06/30/12 Job Number: efc Rev: / Marianne Bellucci / Sequence: 1 Submission: Document Name: efc12-649_fmnpx.htm Saved: 8/21/ :47:48 Printed: 8/21/ :48:05 Description: -NOT DEFINED- Created using EDGARizer Investment Company Act file number Registrant's telephone number, including area code: (800) Date of fiscal year end: October 31 Date of reporting period: July 1, 2011 June 30, 2012 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY Korea Equity Fund, Inc. (Exact name of registrant as specified in charter) Two World Financial Center, Building B, New York, New York (Address of principal executive offices) (Zip code) Mr. Masashi Terachi Korea Equity Fund, Inc. Two World Financial Center, Building B New York, New York (Name and address of agent for service)

3 Filer: Korea Equity Fund, Inc. Form Type: N-PX Period: 06/30/12 Job Number: efc Rev: / Marianne Bellucci / Sequence: 2 Submission: Document Name: efc12-649_fmnpx.htm Saved: 8/21/ :47:48 Printed: 8/21/ :48:05 Description: -NOT DEFINED- Created using EDGARizer PROXY VOTING REPORT FOR THE PERIOD JULY 1, 2011 TO JUNE 30, 2012 KOREA EQUITY FUND (A/C ) SEC. ID COMPANY NAME MTG DATE DETAILS PROPOSED BY VOTE CAST WITH/AGAINST MGMT SHARES SAMSUNG CARD CO LTD 11-Aug-11 EGM Vote For the Proposal 89,224 1 Election of inside director Hyeon Seong Cheol KOREA AEROSPACE INDS LTD 17-Aug-11 EGM Vote For All Proposals 5,230 1 Amendment of incorp. 2 Election of director Gim Hong Gyeo Ng, Gim Byeon Gil, Gu Yeong Bo, Gwon O Hyeong, I Hyeon Cheol 3 Grant of stock option HANATOUR SVC INC 01-Sep-11 EGM Vote For the Proposal 40,192 1 Approval of conditional delisting from Kosdaq 2 Approval of the stock purchase option HIMART CO LTD 30-Nov-11 EGM Vote For the Proposal 25,858 1 Election of director (inside director): You Kyung Sun SAMSUNG FIRE & MAR INS 07-Feb-12 EGM Vote Against the Proposal 13,206 1 Election of director Gim Chang Su, Jeon Yong Bae KT & G CORP 24-Feb-12 AGM Vote For All Proposals 32,616 2 Election of Outside Directors: Wonyong Kim, Inho Kim and Wonik Son 3 Election of Audit Committee Member: Wonik Son 4 Approval of remuneration for Director GS RETAIL CO LTD 16-Mar-12 AGM Vote For All Proposals 26,220 2 Amendment of Incorp. 3 Election of director: Jo Yoon Seong 4 Approval of remuneration for director HOTEL SHILLA LTD. 16-Mar-12 AGM Vote For All Proposals 55,890 2 Election of directors: Internal Candidate: Han In Gyu, External Candidates: Mo Cheol Min, Choi Hyun Cheol 3 Approval of remuneration for director 4 Approval of remuneration for auditor HYUNDAI MOBIS 16-Mar-12 AGM Vote For All except Vote Against 3, 4 57,675 1 Approval of financial statement Amendment of the 2 incorporation 3 Election of director Choi Byeong Cheol election of outside directors Lee Woo Il, Gim Gi Chan 4 Election of the members of audit committee Lee Woo Il, Gim Gi Chan Approval of remuneration limit of 5 directors HYUNDAI MOTOR CO 16-Mar-12 AGM Vote For All Proposals 17,356 1 Approve appropriation of income and dividends of KRW 1,750 per Common Share, KRW 1,800 per Preferred Share 1, KRW 1,850 per Preferred Share 2, and KRW 1,800 per Preferred Share 3 2 Election of director: Gim Chung Ho, Yun Gap Han, Gang Il Hyeong, Im Yeong Cheol 3 Election of audit committee member: Gang Il Hyeong, Im Yeong Cheol 4 Amendment of incorp 5 Approval of remuneration for director KT SKYLIFE CO LTD 16-Mar-12 AGM Vote For All Proposals 48,210 1 Approval of financial statement 2 Approval of partial amendment to

4 incorporation 3 Election of inside directors: Mun Jae Cheol and Nam Gyu Taek. Election of outside directors: Gang Sin Cheol and I Jun Sam 4 directors 5 auditors 6 Approval of stock option LG CHEM LTD 16-Mar-12 AGM Vote For All except Vote Against 2 15,715 1 Approve Appropriation of Income and Dividends of KRW 4,000 per Common Share and KRW 4,050 per Preferred Share 2 Amend Articles of Incorporation 3 Elect Four Inside Directors, One Non- Independent Non-Executive Director, and Two Outside Directors: Gim Ban Seok, Bak Jin Su, Bak Yeong Gi, Gwon Yeong Su, Jo Jun Ho, Gim Jang Ju, Gim Jin Gon 4 Approve Total Remuneration of Inside Directors and Outside Directors MANDO CORP 16-Mar-12 AGM Vote For All Proposals 11,312 1 Approval of financial statement 2 Approval of partial amendment to incorporation 3 Election of directors.(2 inside directors: Mong Won Jung, Il Mo Sung, 5 outside directors: in Chul Kim, Sung Pil Hong, Wan Ju, Young Soo Kim, Myung Ho Sunwoo) 4 Election of audit committee members.(3 outside directors: in Chul Kim, Wan Ju, Myung Ho Sunwoo) 5 directors SAMSUNG C&T CORP 16-Mar-12 AGM Vote For All Proposals 27,062 2 Election of directors: I Jong Uk, I Hyeon Su, Jeong Gyu Jae, Yun Chang Hyeon, Sang Yeong Jo 3 Election of audit committee members: I Jong Uk, Jeong Gyu Jae, Yun Chang Hyeon 4 Approval of remuneration for director SAMSUNG CARD CO LTD 16-Mar-12 AGM Vote For All Proposals 106,040 2 Election of director Song Seung Hwan 3 Election of audit committee member Cha Eun Yeong 4 Approval of remuneration for director SAMSUNG ELECTRONICS CO LTD 16-Mar-12 AGM Vote For All Proposals 22, Election of outside directors: Mr. Dong Min Yoon, Dr. Han-joong Kim, and Dr. Byeong Gi Lee 2.2 Election of inside directors: Mr. Geesung Choi, Dr. Oh-Hyun Kwon, and Mr. Juhwa Yoon 2.3 Election of the members of audit committee: Mr. Dong-Min Yoon and Dr. Han-joong Kim 3 Approval of remuneration for director 4 Approval of split-off approval of physical division SAMSUNG ENG CO LTD 16-Mar-12 AGM Vote For All Proposals 38,646 1 Approval of financial statement 2 Election of director Jang Ji Jong 3 Election of the member of audit committee Gim Sang Hoon Approval of remuneration limit for 4 directors FINETEC CORP 22-Mar-12 AGM Vote For All except Vote Against 2, 6 171,087 2 Amendment of incorporation 3.1 Election of director Baek Jeong Ho 3.2 Election of director U Yong Hwan Election of outside director Gim Yeong 3.3 Gyun 4 Approval of remuneration for director 5 Approval of remuneration for auditor 6 Amendment of articles on retirement allowance for director

5 CELLTRION INC 23-Mar-12 AGM Vote For All Proposals 71,392 2 Amendment of incorp. 3.1 Election of inside director: Jungjin Seo 3.2 Election of other non-executive director: Kyungho Lee 3.3 Election of outside director: Dongil Kim 3.4 Election of outside director: Yosep Lee Election of outside director: Kyunsuk 3.5 Cho 4 Election of audit committee member Gim Dong Il, I Yo Seb, Jo Gyun Seok 5 Approval of remuneration for director 6 Grant of stock option CRUCIALTEC CO LTD 23-Mar-12 AGM Vote For All Except Vote Against 2 187,513 2 Amendment of incorp 3 Election of director Jeong Byeong Cheol 4 Approval of remuneration for director 5 Approval of remuneration for auditor DUK SAN HI METAL CO 23-Mar-12 AGM Vote For All Except Vote Against 1, 2, 7 46,988 1 Approval of financial statements 2 Amendment of incorp 3.1 Election of inside director I Jun Ho Election of inside director Gang Byeong Ju Election of inside director I Su Hun 3.4 Election of outside director Gim Yun Hui 4 Approval of remuneration for director 5 Approval of remuneration for auditor 6 Grant of stock option 7 Amendment of articles on retirement allowance for director FILA KOREA LTD 23-Mar-12 AGM Vote For All except Vote Against 3, 5, 7 43,693 2 Amendment of incorporation 3 Election of internal director candidate: Kiho Lee, Sanghak Han, Sunghoon Lee; election of external director candidate: Youngwoo Jung, Jungil Choi Election of auditor candidate: Kangyoun 4 Lee 5 Approval of remuneration for director 6 Approval of remuneration for auditor 7 Amendment of articles on retirement allowance for director HANA FINANCIAL GRP 23-Mar-12 AGM Vote For All Proposals 22,280 2 Approval of statement of appropriation of retained earnings 3 Amendment of incorp 4.1 Election of director Gim Jeong Tae, Choe Heung Sik, Gim Jong Jun, Yu Byeong Taek, I Gu Taek, Gim Gyeong Seop, Heo No Jung, Choe Gyeong Gyu, I Sang Bin, Bak Bong Su, Hwang Deoknam 4.2 Election of audit committee member who is an outside director Gim Gyeong Seop, Choe Gyeong Gyu, Igu Taek, Bak Bong Su, Hwang Deok Nam 5 Approval of remuneration for director HITE JINRO CO 23-Mar-12 AGM Vote For All Proposals 22,360 1 Approval of financial statement 2 Approval of partial amendment to incorporation 3 Approval of limit of remuneration and bonus for directors HYUNDAI HSN CORP 23-Mar-12 AGM Vote For All Proposals 9,840 1 Approval of financial statement 2 Election of directors: Gim In Gwon and Gim Jeong Min 3 Election of audit committee member: Gim Jeong Min 4 directors KOREA ZINC CO LTD 23-Mar-12 AGM Vote For All Proposals 16,661 1 Approval of financial statement 2 Election of Directors Choe Chang Geol, Jang Hyeong Jin, Bak Cheong Bu, Song Jeong Ho, Gim Jong Sun 3 Election of Audit Committee Member

6 Bak Cheong Bu, Gim Jong Sun 4 directors LOTTE SHOPPING CO 23-Mar-12 AGM Vote For All except Vote Against 3.1, 3.3 7,755 1 Approval of financial statement 2 Amendment of incorp 3.1 Election of outside director Gim Se Ho, I Hong Ro, Min Sang Gi, Gim Won Hui, Gim Tae Hyeon 3.2 Election of inside director Sin Dong Bin, I In Won, Sin Yeong Ja, Sin Heon 3.3 Election of audit committee member I Hong Ro, Min Sang Gi, Gim Won Hui 4 Approval of remuneration for director SK C&C CO LTD 23-Mar-12 AGM Vote For All except Vote Against 5 7,377 2 Amendment of incorp 3.1 Election of outside director (candidate: Hwan Kyun Lee) 3.2 Election of outside director (candidate: Soon Sik Joo) 4.1 Election of audit committee member as an outside director(candidate: Hwan Kyun Lee) 4.2 Election of audit committee member as an outside director (candidate: Young Seok Han) 5 Approval of remuneration for director 6 Amendment of articles on retirement allowance for director YG ENTERTAINMENT 23-Mar-12 AGM Vote For All Proposals 6, Election of inside director O Dong Won 2.2 Election of inside director Hwang Bo Gyeong 3 Election of outside director I Ho Sang 4 Approval of remuneration for director 5 Approval of remuneration for auditor BS FINANCIAL GRP 27-Mar-12 AGM Vote For All Proposals 232,450 2 Amendment of incorp. 3 Election of directors: O Geo Don, Im Yeong Rok 4 Election of audit committee member O Geo Don 5 Approval of remuneration for director HANATOUR SVC INC 27-Mar-12 AGM Vote For All except Vote Against 2 40,192 1 Approval of financial statement 2 Approval of partial amendment to incorporation 3 Election of an outside director (candidate: Sang Tae Kim) 4 Election of an audit committee member (candidate: Sang Tae Kim) 5 directors KEPCO ENG & CONTRUCTION 28-Mar-12 AGM Vote For All Proposals 5,934 2 Election of Directors I Deok Gyu, Gang Gyeong Seong 3 Approval of remuneration for director 4 Approval of remuneration for auditor LOCK&LOCK CO LTD 28-Mar-12 AGM Vote For All Proposals 98,863 2 Election of director Gim Seong Tae 3 Approval of remuneration for director GRAND KOREA LEISURE CO LTD 29-Mar-12 AGM Vote For All Proposals 77,880 1 Approval of financial statement 2 Election of director: Na Sang Hun 3 directors 4 auditors NCSOFT CORP 29-Mar-12 AGM Vote For All Proposals 13,894 (Expected dividend : KRW 600 per share) 2 Amendment of Incorporation

7 3 Election of inside director Gim Taek Jin Election of outside director Bak Byeong 4 Mu 5 Election of audit committee Member Bak Byeong Mu 6 Approval of remuneration for director SHINHAN FINANCIAL GRP 29-Mar-12 AGM Vote For All Proposals 82,820 1 Approval of financial statement 2.1 Approval of partial amendment to incorporation: Reflection of amended commercial law and external rules 2.2 Approval of partial amendment to incorporation: Establishing the committee of governance structure and recommending of candidate for chairman 3.1 Election of director: Mr. Jin Won Suh (other non executive director) 3.2 Election of director: Mr. Ke Sop Yun (outside director) 3.3 Election of director: Mr. Sang-Kyeong Lee (outside director) 3.4 Election of director: Mr. Jung Il Lee (outside director) 3.5 Election of director: Mr. Haruki Hirakawa (outside director) 3.6 Election of director: Mr. Philippe Aguignier (outside director) 4.1 Election of audit committee member: Mr. Taeeun Kwon 4.2 Election of audit committee member: Mr. Seok Won Kim 4.3 Election of audit committee member: Mr. Ke Sop Yun 4.4 Election of audit committee member: Mr. Sang-Kyeong Lee 5 directors CJ CGV CO LTD 30-Mar-12 AGM Vote For All except Vote Against 2 65,730 2 Amendment of incorp. 3 Election of Directors internal candidate: Seo Jeong, Yoon Kyung Lim, Imm Sang Yeop outside candidate: Gim Guk Jin Election of Auditors candidate: Gim Guk 4 Jin 5 Approval of remuneration for director DAEWOO SHIPBLDG & MAR 30-Mar-12 AGM Vote For All Proposals 73,220 1 Approve Financial Statements, Appropriation of Income and Dividend of KRW 500 per Share 2 Amend Articles of Incorporation Elect Ko Jae-Ho as Inside Director Elect Kim Kab-Joong as Inside Director Elect Park Dong-Hyuk as Inside Director 3.2 Elect Kwon Young-Min as Non Independent Non-Executive Director Elect Han Kyung-Taek as Outside Director Elect Yoon Chang-Joong as Outside Director 4.1 Elect Han Kyung-Taek as Member of Audit Committee 4.2 Elect Yoon Chang-Joong as Member of Audit Committee 5 Approve Total Remuneration of Inside Directors and Outside Directors INFRAWARE INC 30-Mar-12 AGM Vote For All except Vote Against 6 42,520 2 Election of director Gang Gwan Hui 3 Election of auditor Gwak Min Cheol 4 Approval of remuneration for director 5 Approval of remuneration for auditor 6 Amendment of incorp PARADISE CO LTD 30-Mar-12 AGM Vote For All Proposals 282,590 Election of inside director: I Hyeok 2.1 Byeong Election of inside director: Choe Jong

8 Hwan Election of outside director: Choe Yeong 2.3 Il 3 Approval of remuneration for director 4 Approval of remuneration for auditor 5 Amendment of incorporation SAMSUNG FIRE & MAR INS 05-Jun-12 AGM Vote For All Proposals 10,602 2 Amendment of incorp. 3 Election of director Mun Hyo Nam, Son Byeon G Jo, Yun Yeong Cheol 4 Election of audit committee member Son Byeong Jo, Yun Yeong Cheol 5 Approval of remuneration for director DONGBU INS CO LTD 13-Jun-12 AGM Vote For All Proposals 78,480 2 Amendment of incorporation 3 Election of director Gim Jeong Nam, I Geun Yeong, Gim Seon Jeong, I Su Hyu 4 Election of audit committee member who is an out side director I Geun Yeong, Gim Seon Jeong 5 Approval of remuneration for director KOREAN REINSURANCE CO 13-Jun-12 AGM Vote For All except Vote Against ,646 2 Amendment of incorp. 3 Election of director Won Jong Gyu, Choe Yong Su, Ga Jae Hwan, Jang Byeong Gu, Yang Hui San 4.1 Election of audit committee member who is an outside director Ga Jae Hwan 4.2 Election of audit committee member who is not an outside director Choe Yong Su 5 Approval of remuneration for director

9 Filer: Korea Equity Fund, Inc. Form Type: N-PX Period: 06/30/12 Job Number: efc Rev: / Marianne Bellucci / Sequence: 3 Submission: Document Name: efc12-649_fmnpx.htm Saved: 8/21/ :47:48 Printed: 8/21/ :48:05 Description: -NOT DEFINED- Created using EDGARizer SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Korea Equity Fund, Inc. By: Masashi Terachi, President (Principal Executive Officer) Date: August, 2012