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<SEC-DOCUMENT>0000950123-06-011394.txt : 20060908
<SEC-HEADER>0000950123-06-011394.hdr.sgml : 20060908
<ACCEPTANCE-DATETIME>20060908141045
ACCESSION NUMBER:		0000950123-06-011394
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20061025
FILED AS OF DATE:		20060908
DATE AS OF CHANGE:		20060908
EFFECTIVENESS DATE:		20060908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA FUND INC
		CENTRAL INDEX KEY:			0000748691
		IRS NUMBER:				133226146
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		061081393

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVE
		STREET 2:		C/O DEUTSCHE ASSET MANAGEMENT
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		617-295-3986

	MAIL ADDRESS:	
		STREET 1:		DEUTSCHE ASSET MANAGEMENT
		STREET 2:		TWO INTERNATIONAL FUND
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y24739def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(RULE 14A-101)<BR>
INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Proxy Statement Pursuant to Section&nbsp;14(A) of the Securities<BR>
Exchange Act of 1934 (Amendment No.___ )
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="Wingdings">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive additional materials</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-11(c) or Rule&nbsp;14a-12</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE KOREA FUND, INC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Name of Registrant as Specified in Its Charter)<BR>
(Name of Person(s) Filing Proxy Statement,<BR>
if other than the Registrant)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of filing fee (Check the appropriate box):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identity the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount previously paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement no.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<IMG src="y24739y2473900.gif" alt="(THE KOREA FUND, INC. LETTERHEAD)">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>To the Stockholders:</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Annual Meeting of Stockholders (the &#147;Annual
Meeting&#148;) of The Korea Fund, Inc. (the &#147;Fund&#148;) is
to be held at 4:00&nbsp;p.m., Eastern time, on October&nbsp;25,
2006, at the offices of Deutsche Asset Management, 345&nbsp;Park
Avenue (at 51st-52nd&nbsp;Streets), New York, New York 10154.
Stockholders who are unable to attend the Annual Meeting are
strongly encouraged to vote by proxy, which is customary in
corporate meetings of this kind. A Proxy Statement regarding the
Annual Meeting, a proxy card for your vote at the Annual
Meeting, and an envelope&nbsp;&#151; postage-prepaid&nbsp;&#151;
in which to return your proxy card are enclosed. You may also
vote by touch-tone telephone or through the internet by
following the instructions on the enclosed proxy card.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
At the Annual Meeting, the stockholders will elect two
Class&nbsp;III Directors. In addition, the stockholders present
will hear a report on the Fund. There will be an opportunity to
discuss matters of interest to you as a stockholder. All of our
independent Directors plan to attend this meeting and look
forward to meeting interested stockholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Your Fund&#146;s Directors recommend that you vote in favor of
the nominees for Class&nbsp;III Director.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Respectfully,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="y24739y2473901.gif" alt="-s- Julian Reid">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Julian Reid
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Chairman of the Board,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
on behalf of the full Board
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 4px;">

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>STOCKHOLDERS ARE URGED TO SIGN AND DATE THE ENCLOSED PROXY
CARD AND MAIL IT IN THE ENCLOSED POSTAGE-PREPAID ENVELOPE SO AS
TO ENSURE A QUORUM AT THE MEETING. THIS IS IMPORTANT WHETHER YOU
OWN FEW OR MANY SHARES.</B>
</DIV>
</DIV>

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<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
THE KOREA FUND, INC.
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Notice of Annual Meeting of Stockholders
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>To the Stockholders of</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Korea Fund, Inc.:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Please take notice that the Annual Meeting of Stockholders (the
&#147;Annual Meeting&#148;) of The Korea Fund, Inc. (the
&#147;Fund&#148;) has been called to be held at the offices of
Deutsche Asset Management, 345 Park Avenue (at
51st-52nd&nbsp;Streets), New York, New York 10154, on
October&nbsp;25, 2006 at 4:00&nbsp;p.m., Eastern time, to elect
two Class&nbsp;III Directors of the Fund, each to hold office
for a term of three years and until his successor shall have
been duly elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The appointed proxies will vote in their discretion on any other
business as may properly come before the Annual Meeting or any
adjournments or postponements thereof.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Holders of record of the shares of common stock of the Fund at
the close of business on August&nbsp;11, 2006 are entitled to
vote at the Annual Meeting or any adjournments or postponements
thereof.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
By order of the Board of Directors,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="y24739y2473903.gif" alt="-s- John Millette">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
John Millette, <I>Secretary</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
September&nbsp;8, 2006
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 4px;">

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IMPORTANT&nbsp;&#151; We urge you to sign and date the
enclosed proxy card and mail it in the enclosed postage-prepaid
envelope or vote by touch-tone telephone or through the
internet, so as to ensure a quorum at the Annual Meeting. This
is important whether you own few or many shares. Your prompt
voting may save the Fund the necessity and expense of further
solicitations to ensure a quorum at the Annual Meeting. If you
can attend the Annual Meeting and wish to vote your shares in
person at that time, you will be able to do so.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>If you have any questions concerning the procedures to be
followed to vote your shares, please contact Georgeson, Inc. at
800-843-0369.</B>
</DIV>
</DIV>

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<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROXY STATEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>GENERAL</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This Proxy Statement is furnished in connection with the
solicitation of proxies by the Board of Directors of The Korea
Fund, Inc., a Maryland corporation (the &#147;Fund&#148;), for
use at the Annual Meeting of Stockholders, to be held at the
offices Deutsche Asset Management, 345 Park Avenue (at
51st-52nd&nbsp;Streets), New York, New York 10154, on
October&nbsp;25, 2006 at 4:00&nbsp;p.m., Eastern time, and at
any adjournments or postponements thereof (collectively, the
&#147;Meeting&#148;).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This Proxy Statement, the Notice of Annual Meeting, and the
proxy card are first being mailed to stockholders on or about
September&nbsp;8, 2006 or as soon as practicable thereafter. If
the enclosed proxy is executed and returned, or an internet or
telephonic vote is delivered, that vote may nevertheless be
revoked at any time prior to its use by written notification
received by the Fund (addressed to the Fund&#146;s Secretary at
the Fund&#146;s principal executive offices, 345 Park Avenue,
New York, New York 10154), by the execution of a later-dated
proxy, by the Fund&#146;s receipt of a subsequent valid internet
or telephonic vote, or by attending the Meeting and voting in
person. Proxies voted by telephone or through the internet may
be revoked at any time before they are voted in the same manner
that proxies voted by mail may be revoked. All properly executed
proxies received in time for the Meeting will be voted as
specified in the proxy or, if no specification is made, for the
nominees for Class&nbsp;III Director named in the Proxy
Statement and in the discretion of the proxy holders on any
other matter that may properly come before the Meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The presence at any Fund stockholders&#146; meeting, in person
or by proxy, of stockholders entitled to cast a majority of the
votes entitled to be cast shall be necessary and sufficient to
constitute a quorum for the transaction of business. For
purposes of determining the presence of a quorum for transacting
business at the Meeting, abstentions and broker
&#147;non-votes&#148; will be treated as shares that are
present, but which have not been voted. Broker non-votes are
proxies received by the Fund from brokers or nominees when the
broker or nominee has neither received instructions from the
beneficial owner or other persons entitled to vote nor has
discretionary power to vote on a particular matter. Accordingly,
stockholders are urged to forward their voting instructions
promptly.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
With respect to the election of Director nominees, abstentions
and broker-non-votes will have the same effect as a vote not to
elect the nominees, because election of a nominee requires the
affirmative vote of a majority of the shares present in person
or by proxy and entitled to vote. See &#147;Proposal: Election
of Directors&nbsp;&#150; Required Vote.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Holders of record of the common stock of the Fund at the close
of business on August&nbsp;11, 2006 (the &#147;Record
Date&#148;) will be entitled to one vote per share on all
business of the Meeting and any adjournments or postponements.
There were 26,967,347&nbsp;shares of common stock outstanding on
the Record Date.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>The Fund provides periodic reports to all stockholders, which
highlight relevant information, including investment results and
a review of portfolio changes. You may receive an additional
copy of the Fund&#146;s annual report for its fiscal year ended
June&nbsp;30, 2006 and a copy of the Fund&#146;s semi-annual
report for the six-month period ended December&nbsp;31, 2005,
without charge, by calling (800)&nbsp;349-4281 or writing the
Fund at 345 Park Avenue, New&nbsp;York, New&nbsp;York 10154.</I>
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 1</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROPOSAL: ELECTION OF DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors is divided into three classes, with each
Director serving for a term of three years. Only Class&nbsp;III
Directors are up for election at the Meeting. The terms of the
Class&nbsp;I and Class&nbsp;II Directors do not expire this year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Persons named in the accompanying proxy card intend, in the
absence of contrary instructions, to vote all proxies in favor
of the election of each of the nominees listed below as a
Class&nbsp;III Director of the Fund, each such nominee to serve
for a term of three years and until his successor is duly
elected and qualifies. Ronaldo A. da Frota Nogueira and Richard
A. Silver are both currently Class&nbsp;III Directors. The Board
appointed Mr.&nbsp;Silver as a new Class&nbsp;III Director at
its July&nbsp;12, 2006 meeting, filling the vacancy created by
the resignation of Mr.&nbsp;Kenneth C. Froewiss. Each nominee
has consented to stand for election and to serve if elected. If
any nominee should be unable to serve, an event not now
anticipated, the proxies will be voted for such person, if any,
as shall be designated by the Board of Directors to replace that
nominee. For election of Class&nbsp;III Directors at the
Meeting, the Board of Directors has approved the nomination of
the individuals listed below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Information Concerning the Nominees</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following table sets forth certain information concerning
the nominees for Class&nbsp;III Directors of the Fund. Unless
otherwise noted, the nominees have engaged in the principal
occupation listed in the following table for more than five
years, but not necessarily in the same capacity.
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;III&nbsp;&#151; Nominees to Serve until 2009
Annual Meeting of Stockholders</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Dollar Range of Equity</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Securities in All Registered</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Investment Companies</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name (Age)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Present Office with the Fund;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Overseen by Director in</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Principal Occupation or</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Year First</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Family of Investment</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Independent</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Employment and Directorships in</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Became a</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>in the Fund as of</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Companies as of</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Directors*<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Publicly Held Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>June&nbsp;30, 2006**</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>December&nbsp;31, 2005**</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="11" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B>Ronaldo A. da Frota Nogueira </B>(68)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director of the Fund; Director and Chief Executive Officer, IMF
    Editora Ltd. (financial publisher); Chairman of the
    Certification Committee and Director, APIMEC Nacional (Brazilian
    Association of Investment Professionals and Analysts); Member,
    Board of the Association of Certified International Investment
    Analysts (ACIIA). Formerly, Director of DWS Global Commodities
    Stock Fund, Inc. (2004-2005) and DWS Global High Income Fund,
    Inc. (1992-2005).</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Over $100,000</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Over $100,000</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B>Richard A. Silver </B>(59)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director of the Fund; Retired. Formerly, Executive Vice
    President, Fidelity Investments (2000-2005);
    Treasurer&nbsp;&#38; CFO, Fidelity Investments (1997-2000).</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    None</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    None</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="11" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 2</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Information Concerning Continuing Directors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following table sets forth certain information regarding the
Fund&#146;s Class&nbsp;I and Class&nbsp;II Directors. As
mentioned, these Directors are not up for election this year.
Unless otherwise noted, each Director has engaged in the
principal occupation listed in the following table for more than
five years, but not necessarily in the same capacity.
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;I&nbsp;&#151; Directors Serving until 2007 Annual
Meeting of Stockholders</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Dollar Range of Equity</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Securities in All</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Registered Investment</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Companies Overseen</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name (Age)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Present Office with the Fund; Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>by Director in Family</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Occupation or Employment and</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Year First</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>of Investment</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Independent</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Directorships in Publicly Held</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Became a</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>in the Fund as of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Companies as of</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Directors*<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>June&nbsp;30, 2006**</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>December&nbsp;31, 2005**</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="15" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Julian Reid </B>(62)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director and Chairman of the Fund; Director and Chief Executive
    Officer of 3a Asset Management Limited (since 1998); Director
    and Chairman 3a Funds Group (since 1998); President of the
    Saffron Fund, Inc. (1994-1998, 2004); Director and Chairman of
    the Saffron Fund, Inc. (1994-2004, Chairman since 1998);
    Director and Chairman of Morgan&#146;s Walk Properties Ltd.
    (2002-2006); Director of JF China Region Fund, Inc. (since
    1997); and Director and Chairman of Prosperity Voskhod Fund Ltd.
    (since 2006).</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>None</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <B>Christopher Russell </B>(57)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director of the Fund; Consultant at GaveKal Research (since
    2001) (economic and asset strategy research). Director of each
    of British Airways Pension Investment Management Company Ltd.
    (since 2005); Candover plc (since 2004); Salters Management
    Company Ltd. (since 2003); LIM Japan Fund (since 2002); Enhanced
    Index Funds (since 2002); Investec High Income Trust plc (since
    2001); JP Morgan Fleming Japanese Smaller Companies Investment
    Trust plc (since 2006); and Gartmore Investment Management plc
    (1997-2001).</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>None</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 3</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;II&nbsp;&#151; Directors Serving until 2008 Annual
Meeting of Stockholders</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Dollar Range of Equity</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Securities in All</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Registered Investment</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Companies Overseen</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name (Age)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Present Office with the Fund; Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>by Director in Family</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Occupation or Employment and</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Year First</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>of Investment</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Independent</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Directorships in Publicly Held</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Became a</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>in the Fund as of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Companies as of</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Directors*<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>June&nbsp;30, 2006**</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>December&nbsp;31, 2005**</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="15" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Kesop Yun </B>(61)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director of the Fund; Professor (formerly Dean, 1999-2001),
    College of Business Administration, Seoul National University,
    Seoul, Korea; Director, The Korea Liberalisation Fund, Inc.
    (U.K.) (1996-1999); Visiting Professor of London Business School
    (1997-1998); President, Korea Securities&nbsp;&#38; Economy
    Institute (1994-1995) and Korea Tax Association (1994-1995).
    Formerly, Director of DWS Global Commodities Stock Fund, Inc.
    (2004-2005) and DWS Global High Income Fund, Inc. (2001-2005).</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1999***</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>None</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <BR>
    <B>All Directors and Officers as a Group</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><BR>4,000&nbsp;shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Less than 1% of shares of the Fund</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="15" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    Directors considered by the Fund and its counsel not to be
    &#147;interested persons&#148; of the Fund, or the Fund&#146;s
    investment manager, Deutsche Investment Management Americas,
    Inc., or the Fund&#146;s subadvisor, Deutsche Investment
    Trust&nbsp;Management Company Limited.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>**&nbsp;</TD>
    <TD align="left">
    The information as to beneficial ownership is based on
    statements furnished to the Fund by the Directors. Unless
    otherwise noted, beneficial ownership is based on sole voting
    and investment power. Equity security holdings were valued as of
    June&nbsp;30, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>***&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Yun previously served on the Board of the Fund from
    1984 to 1988.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&nbsp;</TD>
    <TD align="left">
    For purposes of Fund business, all Directors may be contacted at
    the following address: c/o&nbsp;Deutsche Investment Management
    Americas, Inc., 345 Park Avenue, New York, NY 10154.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 4</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Section&nbsp;16(a) Beneficial Ownership Reporting
Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Section&nbsp;16(a) of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), and Section&nbsp;30(h)
of the Investment Company Act of 1940, as amended (the
&#147;1940 Act&#148;), as applied to a closed-end management
investment company, require the Fund&#146;s Directors and
executive officers, Deutsche Investment Management Americas,
Inc. (&#147;DeIM&#148;), the Fund&#146;s investment manager,
affiliates of the Fund&#146;s investment manager, and persons
who beneficially own more than ten percent of a registered class
of the Fund&#146;s outstanding securities (all such persons
collectively, &#147;Reporting Persons&#148;) to file reports of
ownership of the Fund&#146;s securities and changes in such
ownership with the Securities and Exchange Commission (the
&#147;SEC&#148;). Such persons are required by SEC regulations
to furnish the Fund with copies of all such filings.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Based on a review of reports filed by the Fund&#146;s Directors
and executive officers, the Fund&#146;s investment manager,
officers and Directors of the investment manager, affiliated
persons of the Fund&#146;s investment manager, and beneficial
holders of 10% or more of the Fund&#146;s outstanding stock, and
written representations by the Reporting Persons that no
year-end reports were required for such persons, all filings
required by Section&nbsp;16(a) of the Exchange Act for the
Fund&#146;s fiscal year ended June&nbsp;30, 2006 were timely,
except that John Robbins, an officer of the Fund&#146;s
investment manager, filed a Form&nbsp;3 twenty-seven days late.
As a convenience to the Directors, the Fund&#146;s investment
manager assists the Directors in making their Section&nbsp;16
filings.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
According to a Schedule&nbsp;13F filing made with the SEC on
June&nbsp;30, 2006, the following shareholder owned beneficially
more than 5% of the Fund&#146;s outstanding common stock:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 22pt; ">

<TR style="font-size: 1pt;">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap>&nbsp;<B>Title of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Beneficial Ownership</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Percent of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    City of London Investment Group, PLC<BR>
    c/o&nbsp;City of London Investment Management<BR>
    Company, Limited, 10 Eastcheap,<BR>
    London, EC3M ILX, England</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    6,527,452&nbsp;shares<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    24.21%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>1&nbsp;</TD>
    <TD align="left">
    City of London Investment Group, PLC held sole voting power and
    sole investment power with respect to the above number of
    shares. City of London Investment Group, PLC held
    6,527,452&nbsp;shares, or 24.21%of the Fund&#146;s outstanding
    stock, through its control of City of London Investment
    Management Company Limited.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 30pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Except as noted above, to the best of the Fund&#146;s knowledge,
as of July&nbsp;31, 2006, no other person owned beneficially
more than 5% of the Fund&#146;s outstanding stock.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 5</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Committees of the Board&nbsp;- Board Meetings</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors of the Fund met six times during the
fiscal year ended June&nbsp;30, 2006. Each Director attended at
least 75% of the total number of meetings of the Board of
Directors and of all committees of the Board on which he served
as a regular member.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors seeks to have at least a majority of its
members present at annual stockholder meetings. At the
Fund&#146;s most recent annual stockholder meeting on
December&nbsp;14, 2005, a majority of the Board attended either
in person or via telephone.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors, in addition to an Executive Committee,
has an Audit Committee, a Valuation Committee, and a Nominating
and Governance Committee (formerly the Committee on Independent
Directors).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Audit Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board has an Audit Committee consisting of those Directors
who are not interested persons of the Fund or of DeIM
(&#147;Independent Directors&#148;), as defined in the 1940 Act,
the Committee being established in accordance with
Section&nbsp;3(a)(58) of the Exchange Act. The Audit Committee
met five times during the fiscal year ended June&nbsp;30, 2006.
The members of the Audit Committee are independent, as
independence is defined in the listing standards of the New York
Stock Exchange, Inc. applicable to closed-end funds. The Audit
Committee&#146;s purposes are (i)&nbsp;to oversee the
Fund&#146;s accounting and financial reporting policies and
practices, the Fund&#146;s internal controls (including
disclosure controls and procedures), and, as appropriate, the
internal controls of certain Fund service providers;
(ii)&nbsp;to oversee the quality and objectivity of the
Fund&#146;s financial statements and the independent audit
thereof; (iii)&nbsp;to exercise direct responsibility for the
appointment, compensation, retention and oversight of the work
performed by the Fund&#146;s independent auditors for the
purpose of preparing or issuing an audit report or performing
other audit, review or attest services for the Fund;
(iv)&nbsp;to act as a liaison between the Fund&#146;s
independent registered public accounting firm and the Board;
(v)&nbsp;to oversee the Fund&#146;s compliance with legal and
regulatory requirements; and (vi)&nbsp;to prepare an audit
committee report as required by Item&nbsp;306 of
Regulation&nbsp;S-K to be included in the Fund&#146;s annual
proxy statement relating to the election of Directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Audit Committee&#146;s Pre-Approval Policies and
Procedures.</I></B> The Audit Committee must approve in advance
the engagement of the Fund&#146;s independent registered public
accounting firm (i)&nbsp;to provide audit or non-audit services
to the Fund; and (ii)&nbsp;non-audit services to DeIM or its
control affiliates that relate directly to the Fund&#146;s
operations and financial reporting. In addition, the Fund&#146;s
independent registered public accounting firm must notify the
Fund&#146;s Audit Committee not later than the Audit
Committee&#146;s next meeting if the independent registered
public accounting firm enters into an engagement with DeIM or
its control affiliates for any other services with projected
fees in excess of $25,000. Such notification must include a
general description of the services awarded, the entity that is
to be the recipient of such services, the timing of the
engagement, the entity&#146;s reason for selecting the
Fund&#146;s independent accountants, and the projected fees.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Audit Committee&#146;s duties are described in the Audit
Committee&#146;s charter, which was adopted by the Board of
Directors and is attached to this Proxy Statement as
<I>Appendix&nbsp;A</I>.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
At a meeting held on July&nbsp;12, 2006, the Audit Committee and
the Board of Directors of the Fund, including a majority of the
Independent Directors, selected PricewaterhouseCoopers LLP
(&#147;PWC&#148;) to act as the independent registered public
accounting firm for the Fund for the fiscal year ending
June&nbsp;30, 2007. The
</DIV>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 6</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Fund&#146;s financial statements for the fiscal years ended
June&nbsp;30, 2006 and June&nbsp;30, 2005 were audited by PWC.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Services Billed by PWC to the Fund.</I></B> The following
table sets forth the aggregate fees that PWC billed to the Fund
during the Fund&#146;s last two fiscal years for professional
services rendered by PricewaterhouseCoopers&nbsp;LLP.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 24pt; ">

<TR style="font-size: 1pt;">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>


<TR>
    <TD align="center" nowrap><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Audit-Related Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Tax Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>All Other Fees</B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Billed to the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Billed to the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Billed to the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Billed to the Fund</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June&nbsp;30, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $65,150</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June&nbsp;30, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $106,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $225</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $20,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The fees disclosed in the table above under the caption
&#147;Audit Fees&#148; are the fees billed for professional
services rendered for the audits of the Fund&#146;s annual
financial statements and review of financial statements included
in the Fund&#146;s
Form&nbsp;<FONT style="white-space: nowrap">N-CSRs</FONT> and
for services that are normally provided by the independent
registered public accounting firm in connection with statutory
and regulatory filings or engagements. The fees disclosed under
the caption &#147;Audit-Related Fees&#148; are the fees billed
for assurance and related services that are reasonably related
to the performance of the audit or review of the Fund&#146;s
financial statements and are not reported under &#147;Audit
Fees,&#148; and include fees billed for agreed-upon procedures
performed by PWC. &#147;Tax Fees&#148; are the fees billed for
professional services rendered for tax compliance and tax return
preparation. &#147;All Other Fees&#148; are the fees billed for
products and services provided, other than the services
described above.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Services Billed by PWC to DeIM and Affiliated
Fund&nbsp;Service Providers.</I></B> The following table sets
forth the aggregate fees that PWC billed to the DeIM and any
entity controlling, controlled by or under common control with
DeIM (&#147;Control Affiliate&#148;) that provides ongoing
services to the Fund (&#147;Affiliated Fund&nbsp;Service
Provider&#148;) for engagements directly related to the
Fund&#146;s operations and financial reporting, during the
Fund&#146;s last two fiscal years.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 24pt; ">

<TR style="font-size: 1pt;">
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>


<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Audit-Related Fees Billed to</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Tax Fees Billed to DeIM and</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>All Other Fees Billed to DeIM</B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>DeIM and Affiliated Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Affiliated Fund Service</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>and Affiliated Fund Service</B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Service Providers</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Providers</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Providers</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June&nbsp;30, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $45,200</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $197,605</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June&nbsp;30, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $264,200</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    $0</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The fees disclosed in the table above under the caption
&#147;Audit-Related Fees&#148; are the fees billed for services
in connection with the assessment of internal controls,
agreed-upon procedures and additional related procedures
performed by PWC. The fees disclosed in the table above under
the caption &#147;Tax Fees&#148; are the fees billed for
consultation services and agreed-upon procedures performed by
PWC.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 7</B>
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Non-Audit Services.</I></B> The following table sets forth
the aggregate fees that PWC billed during the Fund&#146;s last
two fiscal years for non-audit services.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="16" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total Non-Audit Fees Billed to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total Non-Audit Fees</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adviser and Affiliated Fund Service</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Billed to Adviser and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Providers (engagements related to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Affiliated Fund Service</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total Non-Audit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fund operations and financial</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Providers (all other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD align="center" nowrap><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fees Billed to Fund</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>reporting)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>engagements)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total of Columns</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD align="center" nowrap><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(A)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(B)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(C)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>A, B, and C</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="16" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June&nbsp;30, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$197,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$212,605</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    June&nbsp;30, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$89,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$109,635</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The fees disclosed in the table above under the caption
&#147;Total Non-Audit Fees Billed to Adviser and Affiliated
Fund&nbsp;Service Providers (all other engagements)&#148; are
the fees billed for services in connection with risk management,
tax services, and process improvement/integration initiatives
for DeIM and other related entities that provide support for the
operations of the Fund.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Fund&#146;s Audit Committee gave careful consideration to
the non-audit related services provided by PWC to the Fund, DeIM
and Affiliated Fund&nbsp;Service Providers, and, based in part
on certain representations and information provided by PWC,
determined that the provision of these services was compatible
with maintaining PWC&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Representatives of PWC are not expected to be present at the
Meeting, but will be available by telephone to respond to
appropriate questions and to make a statement if they wish to do
so.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Audit Committee Report</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In connection with the audited financial statements as of and
for the fiscal year ended June&nbsp;30, 2006 included in the
Fund&#146;s Annual Report for the fiscal year ended
June&nbsp;30, 2006 (the &#147;Annual Report&#148;), at a meeting
held on August&nbsp;22, 2006, the Audit Committee considered and
discussed the audited financial statements with management and
the independent registered public accounting firm, and discussed
the audit of such financial statements with the independent
registered public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Audit Committee also discussed with the independent
registered public accounting firm the matters required to be
discussed by Statement on Auditing Standards No.&nbsp;61
<I>(Communications with Audit Committees)</I>. The independent
registered public accounting firm provided to the Committee the
written disclosure and the letter required by Independence
Standards Board Standard No.&nbsp;1 <I>(Independence Discussions
with Audit Committees)</I>, and the Audit Committee discussed
with representatives of the independent registered public
accounting firm their firm&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The members of the Audit Committee are not professionally
engaged in the practice of auditing or accounting and are not
employed by the Fund for accounting, financial management or
internal control. Moreover, the Audit Committee relies on and
makes no independent verification of the facts presented to it
or representations made by management or the independent
accountants. Accordingly, the Audit Committee&#146;s oversight
does not provide an independent basis to determine that
management has maintained appropriate accounting and financial
reporting principles or policies, or internal controls and
procedures, designed to assure compliance with accounting
standards and applicable laws and regulations. Furthermore, the
Audit Committee&#146;s considerations and discussions referred
to above do not provide assurance that the audit of the
Fund&#146;s financial statements has been carried out in
accordance with the auditing standards of the
</DIV>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 8</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Public Company Accounting Oversight Board (United States)
generally accepted in the United States of America or that the
financial statements are presented in accordance with accounting
principles generally accepted in the United States of America.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Based on its consideration of the audited financial statements
and the discussions referred to above with management and the
independent registered public accounting firm and subject to the
limitation on the responsibilities and role of the Audit
Committee set forth in the Audit Committee&#146;s Charter and
those discussed above, the Audit Committee of the Fund
recommended to the Fund&#146;s Board of Directors that the
audited financial statements be included in the Fund&#146;s
Annual Report.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Audit Committee currently consists of Messrs.&nbsp;Silver
(Chair), Nogueira, Reid, Russell, and Yun.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Nominating and Governance Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Nominating and Governance Committee is comprised of
Independent Directors. The members of the Committee are
independent, as independence is defined in the listing standards
of the New York Stock Exchange, Inc. applicable to closed-end
funds. The Committee met once during the fiscal year ended
June&nbsp;30, 2006 and held a subsequent meeting on
July&nbsp;12, 2006 to recommend Mr.&nbsp;Silver as a nominee for
Independent Director.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The primary purposes and responsibilities of the Committee are
(i)&nbsp;to identify individuals qualified to become members of
the Board in the event that a position is vacated or created;
(ii)&nbsp;to recommend for the Board&#146;s selection the
Director nominees for the next annual meeting of stockholders;
(iii)&nbsp;to set any necessary standards or qualifications for
service on the Board; (iv)&nbsp;to review and evaluate the
compensation practices of the Independent Directors and to
recommend any changes thereto to the Board; (v)&nbsp;to
determine the policies governing retirement of all Independent
Directors; (vi)&nbsp;to perform periodic evaluations of the
effectiveness of the Independent Directors; and (vii)&nbsp;to
consider such other matters of special relevance to the
Independent Directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee requires that Director candidates have a college
degree or equivalent business experience. The Committee may take
into account a wide variety of factors in considering Director
candidates, including (but not limited to) (i)&nbsp;availability
and commitment of a candidate to attend meetings and perform his
or her responsibilities on the Board; (ii)&nbsp;relevant
industry and related experience; (iii)&nbsp;educational
background; (iv)&nbsp;financial expertise; (v)&nbsp;an
assessment of the candidate&#146;s ability, judgment and
expertise; and (vi)&nbsp;overall diversity of the Board&#146;s
composition.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors has adopted a written charter for the
Nominating and Governance Committee, which is attached to this
Proxy Statement as <I>Appendix&nbsp;B</I>. The Nominating and
Governance Committee&#146;s Charter is not available on the
Fund&#146;s website.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Committee will consider and evaluate nominee candidates
properly submitted by stockholders on the same basis as it
considers and evaluates candidates recommended by other sources.
<I>Appendix&nbsp;A </I>to the charter (which is part of
<I>Appendix&nbsp;B </I>hereto), as it may be amended from time
to time by the Committee, sets forth procedures that must be
followed by stockholders to properly submit a nominee candidate
to the Committee. Recommendations not properly submitted in
accordance with <I>Appendix&nbsp;A </I>to the charter will not
be considered by the Committee.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 9</B>
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Executive Committee is empowered with, and the Directors
have delegated to such Committee, all of the powers of the
Directors that are not otherwise delegated and that may lawfully
be exercised by an executive committee. The Executive Committee
is authorized to act when the full Board of Directors is not in
session. Mr.&nbsp;Reid serves on the Executive Committee.
Messrs.&nbsp;Nogueira, Russell, and Yun serve as alternate
members on the Executive Committee. The Executive Committee did
not meet during the Fund&#146;s fiscal year ended June&nbsp;30,
2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Valuation Committee</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Valuation Committee monitors the valuation of portfolio
securities and other investments and, as required by the
Fund&#146;s valuation policies when the full Board is not in
session, determines the fair value of certain illiquid and other
portfolio holdings after consideration of all relevant factors,
which determinations are reported to the full Board.
Messrs.&nbsp;Nogueira and Russell serve as members of the
Valuation Committee, with Mr.&nbsp;Reid serving as an alternate.
The Valuation Committee met twice during the fiscal year ended
June&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Stockholder Communications with Directors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Fund has established procedures for stockholders to send
communications to the Board of Directors. Communications should
be sent in writing to the Board of Directors of The Korea Fund,
Inc., c/o, John Millette, Secretary to the Fund, 345 Park
Avenue, New York, New York 10154. The Secretary of the Fund will
promptly forward copies of all written correspondence to the
Directors.
</DIV>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 10</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The name, age, present Fund office, and principal occupation of
each of the Fund&#146;s principal executive officers are set
forth below. Unless otherwise noted, the address of each such
person is c/o&nbsp;the Fund, 345 Park Avenue, New York, New York
10154.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Present Office with the Fund;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year First Became</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Name (Age)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Principal Occupation or Employment<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>an Officer<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Michael G. Clark (41)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    President of the Fund; Managing Director, Deutsche Asset
    Management (2006&#150; present); President, The Central Europe
    and Russia Fund, Inc. (since June 2006), The European Equity
    Fund, Inc. (since June 2006), The New Germany Fund, Inc. (since
    June 2006), DWS&nbsp;Global High Income Fund, Inc. (since June
    2006), DWS&nbsp;Global Commodities Stock Fund, Inc. (since June
    2006), DWS&nbsp;RREEF Real Estate Fund, Inc. (since June 2006),
    DWS&nbsp;RREEF Real Estate Fund&nbsp;II, Inc. (since June 2006);
    formerly, Director of Fund Board Relations (2004&#150; 2006) and
    Director of Product Development (2000&#150; 2004), Merrill Lynch
    Investment Managers; Senior Vice President Operations, Merrill
    Lynch Asset Management (1999&#150; 2000).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2006</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Terrence S. Gray (36)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President of the Fund; Managing Director of Deutsche Asset
    Management</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Paul H. Schubert (43)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Treasurer and Chief Financial Officer of the Fund; Managing
    Director, Deutsche Asset Management (since July 2004); formerly,
    Executive Director, Head of Mutual Fund Services and Treasurer
    for UBS Family of Funds at UBS Global Asset Management
    (1994&#150; 2004).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Elisa Metzger (43)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chief Legal Officer of the Fund; Director of Deutsche Asset
    Management (since 2005). Formerly, Counsel, Morrison and
    Foerster, LLP (1999&#150; 2005).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Philip W. Gallo (44)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chief Compliance Officer of the Fund; Managing Director of
    Deutsche Asset Management (since 2003). Formerly, Co-Head of
    Goldman Sachs Asset Management Legal (1994&#150; 2003).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Millette (44)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Secretary of the Fund; Director of Deutsche Asset Management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Scott M. McHugh (34)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assistant Treasurer of the Fund; Director of Deutsche Asset
    Management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2005</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 11</B>
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Present Office with the Fund;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year First Became</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Name (Age)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Principal Occupation or Employment<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>an Officer<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Kathleen Sullivan D&#146;Eramo (47)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assistant Treasurer of the Fund; Director of Deutsche Asset
    Management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Caroline Pearson (44)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assistant Secretary of the Fund; Managing Director of Deutsche
    Asset Management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="7" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&nbsp;</TD>
    <TD align="left">
    Unless otherwise stated, all executive officers have been
    associated with DeIM, Deutsche Asset Management, or predecessor
    organizations for more than five years, although not necessarily
    in the same capacity. Messrs.&nbsp;Gray, Schubert, and Millette
    and Mses. D&#146;Eramo and Pearson own securities of Deutsche
    Bank AG.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><SUP style="font-size: 85%; vertical-align: text-top">2</SUP>&nbsp;</TD>
    <TD align="left">
    The President, Treasurer, and Secretary each hold office until
    the next annual meeting of the Board of Directors and until his
    successor has been duly elected and qualifies. All other
    officers hold office in accordance with the Fund&#146;s By-Laws.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 12</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transactions with and Remuneration of Directors and
Officers</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The aggregate direct remuneration incurred by the Fund for
payment to Independent Directors was $150,962, including
expenses, for the fiscal year ended June&nbsp;30, 2006. Each
such Independent Director currently receives fees, paid by the
Fund, of $3,000&nbsp;per Directors&#146; meeting attended and an
annual Director&#146;s fee of $14,000, except the Chairman of
the Board, who receives an additional $12,000 annual fee. The
Chairman of the Audit Committee receives an additional $7,000
annual fee for serving in that capacity. Each Independent
Director also receives $3,000&nbsp;per committee meeting
attended. In addition, each Independent Director is eligible to
receive a full-day per diem fee of $1,500 or a half-day per diem
fee of $750 as compensation for taking on special assignments at
the request of the Board. DeIM supervises the Fund&#146;s
investments, pays the compensation and certain expenses of its
personnel who serve as officers of the Fund, and receives a
management fee for its services. Several of the Fund&#146;s
officers are also officers, Directors, employees, or
stockholders of DeIM and participate in the fees paid to that
firm, although the Fund makes no direct payments to them.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following Compensation Table provides, in tabular form, the
following data:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Column (1):</I> All Directors who received compensation from
the Fund during the period.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Column (2):</I> Aggregate compensation received by a Director
from the Fund.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Columns (3)&nbsp;and (4):</I> Pension or retirement benefits
accrued or proposed to be paid by the Fund. The Fund does not
pay such benefits to its Directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Column (5):</I> Total compensation received by a Director
from the Fund, plus compensation received from all funds managed
by DeIM for which a Director served during the period. The total
number of funds from which the Director received such
compensation is also provided in column (5). Generally,
compensation received by a Director for serving on the Board of
a closed-end fund is greater than the compensation received by a
Director for serving on the Board of an open-end fund.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 13</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Compensation Table for the Fiscal Year ended June&nbsp;30,
2006</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="17" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" nowrap><B>(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>(5)</B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Aggregate Compensation</B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Pension or Retirement</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Estimated Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>as a Director/Trustee</B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Name of Person,</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Benefits Accrued as</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Benefits Upon</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>of the Fund and Other</B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>from the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Part of Fund Expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>Retirement</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>DWS Scudder Funds<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="17" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert J. Callander,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$9,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$196,356</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director<SUP style="font-size: 85%; vertical-align: text-top">*</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(5&nbsp;funds)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Kenneth C. Froewiss,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$16,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$129,687</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director<SUP style="font-size: 85%; vertical-align: text-top">**</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(48&nbsp;funds)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    William H. Luers,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$6,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$82,656</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director<SUP style="font-size: 85%; vertical-align: text-top">***</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(5&nbsp;funds)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ronaldo A. da Frota</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$27,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$108,238</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Nogueira, Director</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(5&nbsp;funds)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Julian Reid, Director</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$45,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$16,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(1&nbsp;fund)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Christopher Russell,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$26,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$15,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(1&nbsp;fund)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Richard A. Silver,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director<SUP style="font-size: 85%; vertical-align: text-top">****</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Kesop Yun,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$18,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$96,732</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>(5&nbsp;funds)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Callander was a Director of the Fund until
    October&nbsp;12, 2005.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Froewiss was a Director of the Fund until
    March&nbsp;31, 2006.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>***&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Luers was a Director of the Fund until
    December&nbsp;14, 2005.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>****&nbsp;</TD>
    <TD align="left">
    Mr.&nbsp;Silver was appointed as a Director on July&nbsp;12,
    2006.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left">
    Aggregate compensation information is as of December&nbsp;31,
    2005.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Required Vote</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Election of the listed nominees for Class&nbsp;III Director
requires the affirmative vote of the holders of a majority of
the shares present in person or by proxy and entitled to vote
thereon. If a nominee does not receive the required vote, the
Director holding over shall continue as a Director until his
successor is elected and qualifies. <B>Your Fund&#146;s
Directors recommend that stockholders vote&nbsp;FOR the listed
nominees.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The Investment Manager</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Under the supervision of the Board of Directors of the Fund,
DeIM, with headquarters at 345 Park Avenue, New York, New York,
makes the Fund&#146;s investment decisions, buys and sells
securities for the Fund, and conducts research that leads to
these purchase and sales decisions. DeIM and its predecessors
have more than 80&nbsp;years of experience managing mutual
funds. DeIM provides a full range of investment advisory
services to institutional and retail clients. The Fund&#146;s
investment advisor is also responsible for selecting brokers and
dealers and for negotiating brokerage commissions and dealer
charges.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Deutsche Asset Management is the marketing name in the
U.S.&nbsp;for the asset management activities of Deutsche Bank
AG, DeIM, Deutsche Asset Management Inc., Deutsche Asset
Management Investment Services Ltd., Deutsche Bank Trust Company
Americas and Scudder Trust Company. Deutsche Asset Management is
a global asset management organization that offers a wide range
of investing expertise and
</DIV>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 14</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
resources, including hundreds of portfolio managers and analysts
and an office network that reaches the world&#146;s major
investment centers. DeIM is an indirect wholly owned subsidiary
of Deutsche Bank AG. Deutsche Bank AG is a major global banking
institution that is engaged in a wide range of financial
services, including investment management, mutual fund, retail,
private and commercial banking, investment banking, and
insurance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Appendix&nbsp;C </I>contains information regarding each
Director and principal executive officer of DeIM.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>The Subadvisor</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
On April&nbsp;3, 2002, the Directors of the Fund approved a
Research and Advisory Agreement between DeIM and Deutsche
Investment Trust&nbsp;Management Company Limited (the
&#147;Korean Advisor&#148;), a wholly owned subsidiary of
Deutsche Bank, which serves as subadvisor to the Fund. The
address of the Korean Advisor and the principal business address
of each Director and principal officer, as it relates to his or
her duties at the Korean Advisor, is 19F, Youngpoong Building,
33, <FONT style="white-space: nowrap">Seorin-Dong,</FONT>
<FONT style="white-space: nowrap">Chongro-ku,</FONT> Seoul,
Korea <FONT style="white-space: nowrap">110-752.</FONT> The
Korean Advisor is registered with the Securities and Exchange
Commission as an investment advisor under the Investment
Advisers Act of 1940, as amended, and began serving as
subadvisor to the Fund on July&nbsp;9, 2002. The Korean Advisor
renders investment advisory and management services with regards
to that portion of the Fund&#146;s portfolio allocated to the
Korean Advisor by DeIM.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The principal occupations of each Director and principal
executive officer of the Korean Advisor as of July&nbsp;31, 2006
are set forth below. No Directors or officers of the Fund are
employees, officers, Directors, or shareholders of the Korean
Advisor.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position with the Korean Advisor and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Yong-Il Shin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jae-Heon Lee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director and Head of Fixed Income Investment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Chong-Soo Lee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director and Head of Marketing&nbsp;&#38; Sales</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jin-Kwon Chung</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director and Head of Compliance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Other Matters</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Board of Directors does not know of any matters to be
brought before the Meeting other than those mentioned in this
Proxy Statement. The appointed proxies will vote on any other
business that comes before the Meeting or any adjournment or
postponement thereof in their discretion.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Miscellaneous</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Proxies will be solicited by mail and may be solicited in person
or by telephone by officers of the Fund or personnel of Deutsche
Asset Management. The Fund has retained Georgeson, Inc.
(&#147;Georgeson&#148;), 17 State Street, New York, New York
10004 to assist in the proxy solicitation. Georgeson will be
paid a fee not to exceed $1,500 plus expenses. The costs and
expenses connected with the solicitation of proxies by the
Fund&#146;s officers or Georgeson, in person or by telephone,
will be borne by the Fund. The Fund will reimburse banks,
brokers, and other persons holding the Fund&#146;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.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 15</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Solicitation of proxies is being made primarily by the mailing
of this Proxy Statement with its enclosures on or about
September&nbsp;8, 2006. As mentioned above, Georgeson will
assist in the solicitation of proxies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
As the meeting date approaches, certain stockholders may receive
telephone calls from representatives of Georgeson if their votes
have not been received. Authorization to permit Georgeson to
execute proxies may be obtained by telephonic instructions or
electronically transmitted instructions from stockholders of the
Fund. If proxies are obtained telephonically, they will be
recorded in accordance with procedures that are consistent with
applicable law and that the Fund believes are reasonably
designed to ensure that both the identity of the stockholder
casting the vote and the voting instructions of the stockholder
are accurately determined.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If a stockholder wishes to participate in a meeting, but does
not wish to give a proxy by telephone, the stockholder may still
submit the proxy card originally sent with this Proxy Statement.
Should stockholders require additional information regarding the
proxy or a replacement proxy card, they may contact Georgeson
toll-free at
<FONT style="white-space: nowrap">1-800-843-0369.</FONT> Any
proxy given by a stockholder is revocable until voted at a
meeting. See &#147;Proxy Statement-General.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In the event that sufficient votes in favor of any proposal set
forth in the Notice of this Meeting are not received by
October&nbsp;25, 2006, the persons named as appointed proxies on
the enclosed proxy card may propose one or more adjournments of
the Meeting to permit further solicitation of proxies. Any such
adjournment will require the affirmative vote of a majority of
the votes entitled to be cast at the session of the meeting to
be adjourned. The persons named as appointed proxies on the
enclosed proxy card will vote in favor of such adjournment those
proxies that 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.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Stockholder Proposals</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Stockholders wishing to submit proposals pursuant to
Rule&nbsp;<FONT style="white-space: nowrap">14a-8</FONT> under
the Exchange Act for inclusion in the proxy statement for the
Fund&#146;s 2007 annual meeting of stockholders should send
their written proposals to the Secretary of the Fund,
c/o&nbsp;Deutsche Investment Management Americas Inc., at 345
Park Avenue, New York, New York 10154 by May&nbsp;11, 2007. The
timely submission of a proposal does not guarantee its inclusion.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For nominations of candidates for election as Directors (other
than nominations made by or at the recommendation of the
Directors) or other business to be properly brought before the
annual meeting by a stockholder, the stockholder must comply
with the Fund&#146;s By-Laws, which, among other things, require
that the stockholder must give timely notice thereof in writing
to the Secretary of the Fund, the stockholder must be a
stockholder of record, and the notice must contain the
information about the nomination or other business that is
required by the Fund&#146;s By-Laws. To be timely, any such
notice must be delivered to or mailed by certified mail, return
receipt requested, and received at the principal executive
offices of the Fund not later than 90&nbsp;days nor more than
120&nbsp;days prior to the date of the meeting; provided,
however, that if less than 100&nbsp;days&#146; notice or prior
public disclosure is given or made to stockholders, any such
notice by a stockholder to be timely must be so received not
later than the close of business on the 10th&nbsp;day following
the earlier of the day on which such notice of the date of the
annual or special meeting was given or such public disclosure
was made.
</DIV>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B> 16</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Fund may exercise discretionary voting authority with
respect to stockholder proposals for the 2007 meeting of
stockholders that are not included in the proxy statement and
form of proxy, if notice of such proposals is not received by
the Fund at the above address within the time frame indicated
above. Even if timely notice is received, the Fund may exercise
discretionary voting authority in certain other circumstances.
Discretionary voting authority is the ability to vote proxies
that stockholders have executed and returned to the Fund on
matters not specifically reflected on the form of proxy.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
By order of the Board of Directors,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="y24739y2473903.gif" alt="-s- John Millette">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
John Millette
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<I>Secretary</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
345 Park Avenue
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
New York, New York 10154
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
September&nbsp;8, 2006
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B> 17</B>
</DIV>

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<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>APPENDIX&nbsp;A</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>THE KOREA FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 5pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>AUDIT COMMITTEE CHARTER</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>ADOPTED APRIL&nbsp;7, 2004 (AND REVISED AS OF APRIL 2005)</B>
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This document constitutes the Charter of the Audit Committee
(the &#147;Committee&#148;) of the Board of Directors of The
Korea Fund, Inc. (the &#147;Fund&#148;). The Board of Directors
of the Fund (the &#147;Board&#148;) established the Committee to
provide oversight with respect to the Fund&#146;s accounting and
financial reporting policies and practices.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    <U>Organization.</U> The Committee shall be composed of three or
    more members of the Board who are not &#147;interested
    persons&#148; (as defined in the Investment Company Act of 1940)
    of the Fund, who do not directly or indirectly receive
    consulting, advisory or other compensatory fees from the Fund or
    from the Fund&#146;s investment adviser or its affiliates,
    except fees from the Fund for services as a Director, and who
    satisfy any independence or expertise requirements of the
    exchange(s) on which the Fund&#146;s shares are traded.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    <U>Meetings.</U> The Committee shall meet on a regular basis as
    necessary or appropriate, and is empowered to hold special
    meetings as circumstances warrant.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee Purposes.</U> The
purposes of the Committee are as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (a)</TD>
    <TD align="left">
    To oversee the Fund&#146;s accounting and financial reporting
    policies and practices, the Fund&#146;s internal controls
    (including disclosure controls and procedures) and, as
    appropriate, the internal controls of certain Fund service
    providers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (b)</TD>
    <TD align="left">
    To oversee the quality and objectivity of the Fund&#146;s
    financial statements and the independent audit thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (c)</TD>
    <TD align="left">
    To exercise direct responsibility for the appointment,
    compensation, retention and oversight of the work performed by
    the Fund&#146;s independent auditors for the purpose of
    preparing or issuing an audit report or performing other audit,
    review or attest services for the Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (d)</TD>
    <TD align="left">
    To act as a liaison between the Fund&#146;s independent auditors
    and the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (e)</TD>
    <TD align="left">
    To oversee the Fund&#146;s compliance with legal and regulatory
    requirements;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (f)</TD>
    <TD align="left">
    To prepare an audit committee report as required by
    Item&nbsp;306 of Regulation&nbsp;S-K to be included in the
    Fund&#146;s annual proxy statement relating to the election of
    directors, or, if the Fund does not file a proxy statement, in
    the Fund&#146;s annual report filed with the Securities and
    Exchange Commission.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The function of the Audit Committee is oversight; it is
management&#146;s responsibility to maintain or arrange for the
maintenance of appropriate systems for accounting and internal
controls (including disclosure controls and procedures), and the
auditor&#146;s responsibility to plan and carry out a proper
audit.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B>A- 1</B>
</DIV>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    <U>Duties and Powers.</U> To carry out the purposes specified in
    Paragraph&nbsp;3 above, the Committee shall have the following
    duties and powers:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (a)</TD>
    <TD align="left">
    To approve the selection, retention, compensation and
    termination of the Fund&#146;s independent auditors, and, in
    connection therewith, to evaluate and determine the terms of any
    engagement of the auditors (including fees) by or on behalf of
    the Fund, as well as to set clear hiring policies relating to
    the hiring by entities within the Fund&#146;s investment
    complex<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
    of employees or former employees of the independent auditors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (b)</TD>
    <TD align="left">
    To consider whether the provision of non-audit services rendered
    by the independent auditors to the Fund and the Fund&#146;s
    investment adviser and its affiliates, or any other
    circumstances which may arise, impair the independence of
    independent auditors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (c)</TD>
    <TD align="left">
    To: (i)&nbsp;at least annually, obtain and review a report by
    the independent auditor describing: the firm&#146;s internal
    quality-control procedures; any material issues raised by the
    most recent internal quality-control review, or peer review, of
    the firm, or by any inquiry or investigation by governmental or
    professional authorities, within the preceding five years,
    respecting one or more independent audits carried out by the
    firm, and any steps taken to deal with any such issues; and (to
    assess the auditor&#146;s independence) all relationships
    between the independent auditor and the Fund; (ii)&nbsp;discuss
    the annual audited financial statements with management and the
    independent auditor, including the Fund&#146;s disclosures under
    &#147;Portfolio Management Review;&#148; and review any interim
    financial statements;&nbsp;and (iii)&nbsp;discuss policies with
    respect to risk assessment and risk management;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (d)</TD>
    <TD align="left">
    To meet with the Fund&#146;s independent auditors, including
    private meetings as necessary or appropriate: (i)&nbsp;to review
    the arrangements for and scope of the Fund&#146;s annual audit
    and any special audits; (ii)&nbsp;to discuss any matters of
    concern relating to the Fund&#146;s financial statements,
    including any adjustments to such statements recommended by the
    auditors, regulatory and tax compliance matters considered in
    the preparation of the financial statements, or other results of
    said audit(s); (iii)&nbsp;to consider the auditors&#146;
    comments with respect to the Fund&#146;s financial policies and
    procedures, internal accounting controls and disclosure controls
    and procedures, and management&#146;s responses thereto;
    (iv)&nbsp;to review the form of the opinion the auditors propose
    to render to the Board and Fund stockholders; and (v)&nbsp;to
    review any other reports, representations or communications from
    the auditors regarding matters within the Committee&#146;s scope
    of responsibilities under this Charter;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 16%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&nbsp;&nbsp;&#147;Investment
company complex&#148; includes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;&nbsp;&nbsp;-</TD>
    <TD align="left">
    the Fund and its investment adviser or sponsor;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;&nbsp;&nbsp;-</TD>
    <TD align="left">
    any entity controlling, controlled by or under common control
    with the investment adviser or sponsor, if the entity
    (i)&nbsp;is an investment adviser or sponsor or (ii)&nbsp;is
    engaged in the business of providing administrative, custodian,
    underwriting or transfer agent services to any investment
    company, investment adviser or sponsor; and</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;&nbsp;&nbsp;-</TD>
    <TD align="left">
    any investment company, hedge fund or unregistered fund that has
    an investment adviser included in the definition set forth in
    either of the sections above.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B>A- 2</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (e)</TD>
    <TD align="left">
    To meet regularly with the Fund&#146;s chief financial and
    accounting officers, the Fund&#146;s Treasurer and the
    Fund&#146;s investment adviser&#146;s internal auditors, in each
    case to discuss any matters the Committee or such parties
    believe necessary or appropriate to raise, and to review and
    consider any reports or communications from any such parties
    relating to the operations of the Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (f)</TD>
    <TD align="left">
    To review such other matters or information that the Committee
    believes may be relevant to the auditors, the audit engagement,
    or the Fund&#146;s financial policies and procedures, internal
    accounting controls or disclosure controls and procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (g)</TD>
    <TD align="left">
    To establish procedures for the receipt, retention and treatment
    of complaints that the Fund receives regarding Fund accounting,
    internal accounting controls or auditing matters, and for the
    confidential, anonymous submissions by Fund officers or
    employees of Fund service providers of concerns regarding
    suspected fraud of any type related to the Fund, including
    without limitation questionable accounting or auditing matters;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (h)</TD>
    <TD align="left">
    To establish procedures for the prospective approval of the
    engagement of the independent auditors to provide:
    (i)&nbsp;audit or permissible non-audit services to the Fund,
    and (ii)&nbsp;non-audit services to the Fund&#146;s investment
    advisers (or any entity controlling, controlled by or under
    common control with a Fund investment adviser that provides
    ongoing services to the Fund) that relate directly to the
    Fund&#146;s operations and financial reporting;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (i)</TD>
    <TD align="left">
    To establish guidelines pursuant to which the independent
    auditors are required to keep the Committee apprised of any
    proposed new relationships between the independent auditors and
    the Fund&#146;s investment adviser (and its affiliates);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (j)</TD>
    <TD align="left">
    To report its activities to the Board on a regular basis and to
    make such recommendations with respect to the above and other
    matters as the Committee may deem necessary or appropriate.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>5.</TD>
    <TD align="left">
    <U>Role of Independent Auditors.</U> The Fund&#146;s independent
    auditors are ultimately accountable to the Committee, and must
    report directly to the Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>6.</TD>
    <TD align="left">
    <U>Resources and Authority.</U> The Committee shall have the
    resources and authority necessary or appropriate for purposes of
    discharging its responsibilities under this Charter, including
    the authority to consult with counsel and/or to retain, at the
    Fund&#146;s expense, such other experts or consultants as the
    Committee deems necessary or appropriate to fulfill its
    responsibilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>7.</TD>
    <TD align="left">
    <U>Periodic Review of Charter.</U> The Committee shall review
    this Charter at least annually and recommend any changes to the
    Board.</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B>A- 3</B>
</DIV>

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<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>APPENDIX&nbsp;B</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>THE KOREA FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 5pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOMINATING AND GOVERNANCE COMMITTEE CHARTER</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>ADOPTED APRIL&nbsp;7, 2004 (AND REVISED AS OF APRIL 2005)</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This document constitutes the Charter of the Nominating and
Governance Committee (the &#147;Committee&#148;) of the Board of
Directors of the above-referenced Fund. The Board of Directors
of the Fund (the &#147;Board&#148;) has adopted this Charter to
govern the activities of the Committee.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    <U>Statement of Purposes and Responsibilities</U>. The primary
    purposes and responsibilities of the Committee are: (i)&nbsp;to
    identify individuals qualified to become members of the Board in
    the event that a position is vacated or created; (ii)&nbsp;to
    recommend for the Board&#146;s selection the Director nominees
    for the next annual meeting of shareholders if any is to be
    held; (iii)&nbsp;to set any necessary standards or
    qualifications for service on the Board; (iv)&nbsp;to review and
    evaluate the compensation practices of the Directors who are not
    &#147;interested persons&#148; of the Fund, as defined in
    Section&nbsp;2(a)(19) of the Investment Company Act of 1940, as
    amended (&#147;Independent Directors&#148;), and to recommend
    any changes thereto to the Board; (v)&nbsp;to determine the
    policies governing retirement of all Independent Directors;
    (vi)&nbsp;to perform periodic evaluations of the effectiveness
    of the Independent Directors; and (vii)&nbsp;to consider such
    other matters of special relevance to Independent Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    <U>Organization and Governance</U>. The Committee shall be
    comprised of all of the Independent Directors and shall not
    include any members who are not Independent Directors.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT style="font-size: 11.0pt">A member of the Committee may be
    designated by the Board as the Committee&#146;s chair (the
    &#147;Lead Independent Director&#148;). The Committee may
    delegate any portion of its authority or responsibilities to a
    sub-committee of one or more members.
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT style="font-size: 11.0pt">The Committee will not have
    regularly scheduled meetings. Committee meetings shall be held
    as and when the Committee or the Board determines necessary or
    appropriate in accordance with the Fund&#146;s By-Laws. The
    Chair of the Board, the Lead Independent Director or a majority
    of the members of the Committee are authorized to call a meeting
    of the Committee and send notice thereof.
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT style="font-size: 11.0pt">A majority of the members of the
    Committee shall constitute a quorum for the transaction of
    business at any meeting of the Committee. The action of a
    majority of the members of the Committee present at a meeting at
    which a quorum is present shall be the action of the Committee.
    The Committee may also take action by written consent of a
    majority of the Committee members. The Committee may meet by
    means of a telephone conference circuit or similar
    communications equipment by means of which all persons
    participating in the meeting can hear each other.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    <U>Qualifications for Director Nominees</U>. The Committee
    requires that Director candidates have a college degree or
    equivalent business experience. The Committee may take into
    account a wide</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B>B- 1</B>
</DIV>

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    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT style="font-size: 11.0pt">variety of factors in
    considering Director candidates, including (but not limited to):
    (i)&nbsp;availability and commitment of a candidate to attend
    meetings and perform his or her responsibilities on the Board,
    (ii)&nbsp;relevant industry and related experience,
    (iii)&nbsp;educational background, (iv)&nbsp;financial
    expertise, (v)&nbsp;an assessment of the candidate&#146;s
    ability, judgment and expertise and (v)&nbsp;overall diversity
    of the Board&#146;s composition.
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT style="font-size: 11.0pt">4.</FONT></TD>
    <TD align="left">
    <U><FONT style="font-size: 11.0pt">Identification of
    Nominees</FONT></U><FONT style="font-size: 11.0pt">. In
    identifying potential nominees for the Board, the Committee may
    consider candidates recommended by one or more of the following
    sources: (i)&nbsp;the Fund&#146;s current Directors,
    (ii)&nbsp;the Fund&#146;s officers, (iii)&nbsp;the Fund&#146;s
    investment adviser(s), (iv)&nbsp;the Fund&#146;s shareholders
    (see below) and (v)&nbsp;any other source the Committee deems to
    be appropriate. The Committee may, but is not required to,
    retain a third party search firm at the Fund&#146;s expense to
    identify potential candidates.
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT style="font-size: 11.0pt">5.</FONT></TD>
    <TD align="left">
    <U><FONT style="font-size: 11.0pt">Consideration of Candidates
    Recommended By
    Shareholders</FONT></U><FONT style="font-size: 11.0pt">. The
    Committee will consider and evaluate nominee candidates properly
    submitted by shareholders on the same basis as it considers and
    evaluates candidates recommended by other sources.
    Appendix&nbsp;A to this Charter, as it may be amended from time
    to time by the Committee, sets forth procedures that must be
    followed by shareholders to properly submit a nominee candidate
    to the Committee (recommendations not properly submitted in
    accordance with Appendix&nbsp;A will not be considered by the
    Committee).
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B>B- 2</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

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<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Appendix&nbsp;A</I>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B>Procedures for Shareholders to Submit Nominee Candidates</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B>Adopted April&nbsp;7, 2004 (and revised as of April 2005)</B>
</DIV>

<DIV align="left" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
A Fund shareholder must follow the following procedures in order
to properly submit a nominee recommendation for the
Committee&#146;s consideration.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    The shareholder must submit any such recommendation (a
    &#147;Shareholder Recommendation&#148;) in writing to the
    relevant Fund, to the attention of the Secretary, at the address
    of the principal executive offices of the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    Shareholder Recommendations must be delivered to, or mailed by
    certified mail, return receipt requested to and received at, the
    principal executive offices of the Fund at least one hundred
    twenty (120)&nbsp;calendar days before the anniversary of the
    date that the Fund&#146;s proxy statement was released to
    shareholders in connection with the previous year&#146;s annual
    meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    The Shareholder Recommendation must include:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    a statement in writing setting forth (i)&nbsp;the name, age,
    date of birth, business address, residence address, principal
    occupation or employment, and nationality of the person
    recommended by the shareholder (the &#147;candidate&#148;);
    (ii)&nbsp;the class or series and number of all shares of the
    Fund owned of record or beneficially by the candidate, as
    reported to such shareholder by the candidate; (iii)&nbsp;any
    other information regarding the candidate called for with
    respect to director nominees by paragraphs&nbsp;(a), (d),
    (e)&nbsp;and (f)&nbsp;of Item&nbsp;401 of
    Regulation&nbsp;<FONT style="white-space: nowrap">S-K</FONT> or
    paragraph&nbsp;(b)&nbsp;of Item&nbsp;22 of
    Rule&nbsp;<FONT style="white-space: nowrap">14a-101</FONT>
    (Schedule&nbsp;14A) under the Securities Exchange Act of 1934,
    as amended (the &#147;Exchange Act&#148;), adopted by the
    Securities and Exchange Commission (or the corresponding
    provisions of any regulation or rule subsequently adopted by the
    Securities and Exchange Commission or any successor agency
    applicable to the Fund); (iv)&nbsp;any other information
    regarding the candidate that would be required to be disclosed
    if the candidate were a nominee in a proxy statement or other
    filing required to be made in connection with solicitation of
    proxies for election of directors pursuant to Section&nbsp;14 of
    the Exchange Act and the rules and regulations promulgated
    thereunder; and (v)&nbsp;whether the recommending shareholder
    believes that the candidate is or will be an &#147;interested
    person&#148; of the Fund (as defined in the Investment Company
    Act of 1940, as amended) and, if not an &#147;interested
    person,&#148; information regarding the candidate that will be
    sufficient for the Fund to make such determination;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    the written and signed consent of the candidate to be named as a
    nominee and to serve as a Director if elected;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    the recommending shareholder&#146;s name and address as they
    appear on the Fund&#146;s books;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    the class or series and number of all shares of the Fund owned
    beneficially and of record by the recommending
    shareholder;&nbsp;and</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B>B- 3</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD align="left">
    a description of all arrangements or understandings between the
    recommending shareholder and the candidate and any other person
    or persons (including their names) pursuant to which the
    recommendation is being made by the recommending shareholder. In
    addition, the Committee may require the candidate to furnish
    such other information as it may reasonably require or deem
    necessary to determine the eligibility of such candidate to
    serve on the Board.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
<B>B- 4</B>&nbsp;&nbsp;&nbsp;&nbsp;THE KOREA FUND, INC.
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>APPENDIX&nbsp;C</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B>DIRECTORS AND PRINCIPAL EXECUTIVE OFFICERS</B>
</DIV>

<DIV align="center" style="font-size: 11.0pt;color: #000000; background: #ffffff;">
<B>DEUTSCHE INVESTMENT MANAGEMENT AMERICAS, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The name, address and principal occupation of each director and
principal executive officer of Deutsche Investment Management
Americas, Inc. is set forth below.
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Axel Schwarzer, President, Chief Executive Officer and Director
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Michael Colon, Chief Operating Officer and Director
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Jennifer Birmingham, Chief Financial Officer and Treasurer
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
A. Thomas Smith, Secretary and Chief Legal Officer
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Mark Cullen, Executive Vice President
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Patrick Campion, Executive Vice President
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
John Robbins, Chief Compliance Officer
</DIV>

<DIV align="left" style="font-size: 10.5pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The address of all directors and officers is 345 Park Avenue,
New York, New York 10154.
</DIV>

<DIV align="right" style="font-size: 7.0pt;color: #000000; background: #ffffff;">
THE KOREA FUND, INC.&nbsp;&nbsp;&nbsp;&nbsp;<B>C- 1</B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TO VOTE BY MAIL, PLEASE DETACH PROXY CARD HERE<BR>
<DIV style="width: 100%; border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt">&nbsp;
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>THE KOREA FUND, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Annual Meeting of Stockholders &#151; October&nbsp;25, 2006</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 5%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y24739y2473996.gif" alt="(PROXY)">

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 93%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby appoints David Goldman, John Millette and Elisa Metzger, and each of
them, the proxies of the undersigned, with full power of substitution in each of them, to represent
the undersigned and to vote all shares of The Korea Fund, Inc. that the undersigned is entitled
to vote at the Annual Meeting of Stockholders of The Korea Fund, Inc. to be held at the offices of
Deutsche Asset Management, 345 Park Avenue (at 51st &#151; 52nd Streets), New York, New York 10154, on
Wednesday, October&nbsp;25, 2006 at 4:00 p.m., Eastern time, and at any adjournment or postponement
thereof. The undersigned acknowledges receipt of the Notice of Annual Meeting of Stockholders
and accompanying Proxy Statement and revokes any proxy previously given with respect to the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED. IF NO INSTRUCTIONS
ARE INDICATED ON A PROPERLY EXECUTED PROXY, THE UNDERSIGNED&#146;S VOTE WILL BE CAST &#147;FOR&#148;
PROPOSAL ONE.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PLEASE SIGN AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.<BR>
NO POSTAGE IS REQUIRED.
</DIV>

</DIV>
<BR clear="all"><BR>
<P><DIV style="position: relative; float: left; width: 78%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 17%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><B>SEE REVERSE SIDE</B>
</DIV>
</DIV>

</DIV>
<BR clear="all"><BR>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE KOREA FUND, INC. OFFERS STOCKHOLDERS OF RECORD<BR>
THREE WAYS TO VOTE YOUR PROXY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Your telephone or Internet vote authorizes the named proxies to vote your shares in the
same manner as if you had returned your proxy card. We encourage you to use these cost
effective and convenient ways of voting, 24 hours a day, 7&nbsp;days a week.</B>
</DIV>
<P><DIV style="position: relative; float: left; width: 30%">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TELEPHONE VOTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; text-align: justify; margin-top: 6pt">This method of voting is available for residents of the U.S. and Canada. On a touch tone telephone,
call <B><I>TOLL FREE </I></B><I>1-877-816-0834, </I>24 hours a day, 7&nbsp;days a week. You will be asked to enter ONLY the
CONTROL NUMBER shown below. Have your voting instruction card ready, then follow the prerecorded
instructions. Your vote will be confirmed and cast as you direct. Available until 4:00 p.m. Eastern
time on October&nbsp;24, 2006.
</DIV>
</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 35%">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTERNET VOTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; text-align: justify; margin-top: 6pt">Visit the Internet voting Web site at <B>http://proxy.georgeson.com. </B>Enter the <B>COMPANY NUMBER AND
CONTROL NUMBER </B>shown below and follow the instructions on your screen. You will incur only your usual Internet
charges. Available until 4:00 p.m. Eastern time on October&nbsp;24, 2006.
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 30%">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VOTING BY MAIL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; text-align: justify; margin-top: 6pt">Simply sign and date your proxy card and return it in the postage-paid envelope to Georgeson Inc.,
Wall Street Station, P.O. Box 1100, New York, NY 10269-0646. If you are voting by telephone or the
Internet, please do not mail your proxy card.
</DIV>
</DIV>
<BR clear="all"><BR>
<P><DIV style="position: relative; float: left; width: 40%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COMPANY NUMBER
</DIV>

</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 40%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CONTROL NUMBER
</DIV>

</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT face="Webdings">&#054;</FONT>&nbsp;&nbsp;<B>DETACH BELOW AND RETURN USING THE ENVELOPE PROVIDED ONLY IF YOU ARE VOTING BY MAIL</B>&nbsp;&nbsp;<FONT face="Webdings">&#054;</FONT>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px dashed #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="y24739y2473997.gif" alt="(X MARK)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="y24739y2473998.gif" alt="(RIGHT ANGLE)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Board of Directors of the Fund recommends that Stockholders vote &#147;FOR&#148; Proposal 1.</B><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">THE ELECTION OF TWO DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR ALL</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOMINEE: CLASS III:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(except as marked to</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>WITHHELD</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>the contrary below)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ALL</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">RONALDO A. DA FROTA NOGUERIA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">RICHARD A. SILVER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(INSTRUCTION: To withhold authority to vote for any individual nominee,
write that nominee&#146;s name on the space provided below.)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The Proxies are authorized to vote in their
discretion on any other business which may properly
come before the meeting and any adjournments or
postponements thereof.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">, 2006</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="center">Signature(s)<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="center">Signature(s)<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><IMG src="y24739y2473999.gif" alt="(LEFT ANGLE)"></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">PLEASE SIGN EXACTLY AS YOUR NAME OR NAMES
APPEAR. WHEN SIGNING AS ATTORNEY, EXECUTOR,
ADMINISTRATOR, TRUSTEE OR GUARDIAN, PLEASE
GIVE YOUR FULL TITLE AS SUCH.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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<DOCUMENT>
<TYPE>GRAPHIC
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<DOCUMENT>
<TYPE>GRAPHIC
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-----END PRIVACY-ENHANCED MESSAGE-----
