Report of Independent Registered Public
Accounting Firm

To the Shareholders and Board of
Directors of
Korea Equity Fund, Inc.

In planning and performing our audit of
the financial statements of Korea Equity
Fund, Inc. (the Fund as of and for the
year ended October 31, 2005, in
accordance with the standards of the
Public Company Accounting Oversight
Board (United States, we considered its
internal control over financial reporting,
including control activities for
safeguarding securities, as a basis for
designing our auditing procedures for
the purpose of expressing our opinion on
the financial statements and to comply
with the requirements of Form N-SAR,
but not for the purpose of expressing an
opinion on the effectiveness of the
Funds internal control over financial
reporting.  Accordingly, we express no
such opinion.

The management of the Fund is
responsible for establishing and
maintaining effective internal control
over financial reporting. In fulfilling
this responsibility, estimates and
judgments by management are required
to assess the expected benefits and
related costs of controls. A companys
internal control over financial reporting
is a process designed to provide
reasonable assurance regarding the
reliability of financial reporting and the
preparation of financial statements for
external purposes in accordance with
generally accepted accounting
principles. Such internal control
includes policies and procedures that
provide reasonable assurance regarding
prevention or timely detection of
unauthorized acquisition, use or
disposition of a companys assets that
could have a material effect on the
financial statements.

Because of its inherent limitations,
internal control over financial
reporting may not prevent or detect
misstatements. Also, projections of any
evaluation of effectiveness to future
periods are subject to the risk that
controls may become inadequate
because of changes in conditions, or
that the degree of compliance with the
policies or procedures may deteriorate.

A control deficiency exists when the
design or operation of a control does
not allow management or employees, in
the normal course of performing their
assigned functions, to prevent or detect
misstatements on a timely basis. A
significant deficiency is a control
deficiency, or combination of control
deficiencies, that adversely affects the
companys ability to initiate, authorize,
record, process or report financial data
reliably in accordance with generally
accepted accounting principles such
that there is more than a remote
likelihood that a misstatement of the
companys annual or interim financial
statements that is more than
inconsequential will not be prevented
or detected. A material weakness is a
significant deficiency, or combination
of significant deficiencies, that results
in more than a remote likelihood that a
material misstatement of the annual or
interim financial statements will not be
prevented or detected.
Our consideration of the Funds
internal control over financial
reporting was for the limited purpose
described in the first paragraph and
would not necessarily disclose all
deficiencies in internal control that
might be significant deficiencies or
material weaknesses under standards
established by the Public Company
Accounting Oversight Board (United
States). However, we noted no
deficiencies in the Funds internal
control over financial reporting and its
operation, including controls for
safeguarding securities, that we
consider to be a material weakness as
defined above as of October 31, 2005.

This report is intended solely for the
information and use of management
and the Board of Directors of the
Korea Equity Fund, Inc. and the
Securities and Exchange Commission
and is not intended to be and should
not be used by anyone other than
these specified parties.



ERNST & YOUNG
LLP

New York, New York
December 13, 2005