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<TYPE>EX-99.1
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<FILENAME>c33804_ex99-1.txt
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                                                                    EXHIBIT 99.1




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SOWOOD                            500 BOYLSTON ST., 17TH FLOOR, BOSTON, MA 02116
Capital Management LP             Phone: 617-603-3400           Fax:617-603-3401
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September 23, 2004



Mr. Robert J. Callander
Chairman of the Korea Fund Board
And the Members of the Board
c/o Deutsche Investment Management
Americas Inc. 345 Park Avenue
New York, NY 10154

Dear Members of the Board,

On Monday,  September 13, we met with two  representatives of ING Barings in our
capacity as advisors to President and Fellows of Harvard College.  ING presented
an  unsolicited  proposal  regarding  the  Korea  Fund.  ING has  identified  an
alternative  manager experienced both in the Korean markets and in management of
closed end funds.  In their opinion,  the alternative  manager has  demonstrated
superior investment capability and a strong focus on shareholder value.

We have  informed ING that,  although  their  proposal  presents a very credible
alternative to the existing management, it is the responsibility of the Board to
select the Fund's manager. We suggested that they contact the Board directly and
we encourage the Board to consider their proposal.  The contact  information for
Mr. Nicholas R. Gold, Managing Director, is included below.

Sincerely,

/s/ Jeff Larson

Jeff Larson
Principal
Sowood Capital Management LP


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Detail:  Nicholas R Gold, Managing Director
         ING Investment Banking
         Direct Dial:  +44 20 7767 1697
         Fax:  +44 20 7767 7222
         Email:  Nicholas.gold@ing-barrings.com

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