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<SEC-DOCUMENT>0000950123-07-003124.txt : 20070302
<SEC-HEADER>0000950123-07-003124.hdr.sgml : 20070302
<ACCEPTANCE-DATETIME>20070302162155
ACCESSION NUMBER:		0000950123-07-003124
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20070411
FILED AS OF DATE:		20070302
DATE AS OF CHANGE:		20070302
EFFECTIVENESS DATE:		20070302

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:		07667991

	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>y31290dpdef14a.htm
<DESCRIPTION>NOTICE OF STOCKHOLDER MEETING
<TEXT>
<HTML>
<HEAD>
<TITLE>NOTICE OF STOCKHOLDER MEETING</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<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>

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

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y31290dpy3129000.gif" alt="" >
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Dear Stockholders:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are pleased to enclose the notice of and proxy statement for
    a Special Meeting of Stockholders of The Korea Fund, Inc. (NYSE:
    KF; the &#147;Fund&#148;) to be held at 4:00&#160;p.m., Eastern
    time, on April&#160;11, 2007, at the offices of Ropes&#160;&#38;
    Gray LLP, 1211 Avenue of the Americas, New York, New York (the
    &#147;Meeting&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are asking for your vote on the following matters:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    To approve a new investment management agreement for the Fund
    with RCM Capital Management LLC (&#147;RCM SF&#148;);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    To approve a new
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM Asia Pacific Limited (&#147;RCM
    AP&#148;); and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    To approve the issuance of Fund shares at a price below net
    asset value in connection with a capital gains distribution
    payable in Fund shares (valued at the lower of market price or
    net asset value) or, at the election of the stockholder, in cash.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We would like to provide you with some background information on
    the issues we are proposing to stockholders and ask for your
    vote on these important proposals affecting the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: Arial, Helvetica">Proposed
    Manager Change</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On my assuming the position of chairman of your Fund&#146;s
    board of directors (the &#147;Board&#148;), following the Annual
    Stockholders Meeting in 2005, the Board clarified that the
    Fund&#146;s investment policy is to &#145;seek long term capital
    growth through seeking to outperform the Fund&#146;s benchmark
    by active management across the large-, medium- and small-cap
    sectors of the Korean equity markets.&#146; Simultaneously, the
    Board instigated certain changes in order to better monitor the
    Fund&#146;s investment process and performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These changes included:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the formation of an Investment Committee of the Board
    specifically tasked with monitoring investment-related matters;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the development of a broader peer group against which to monitor
    the Fund&#146;s performance; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the appointment of an independent specialist investment
    consulting firm with a strong presence in Asia to provide the
    Board with comprehensive quarterly analysis of both the style
    and performance of your Fund&#146;s portfolio.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By the third quarter of 2006, the Board, working closely with
    its consultant, Mercer Investment Consulting&#146;s Asia office,
    determined that it should consider alternative investment
    managers for the Fund. With the assistance of its independent
    investment consulting firm, the Board developed an initial list
    of some 12 investment managers, all with proven expertise in the
    Korean equity market. The Board then reduced this initial list
    to a short list of five firms through a process that involved
    <FONT style="white-space: nowrap">on-site</FONT> due
    diligence by the consultant and in-person presentations by the
    consultant to the Board. In October 2006, the Board held
    in-person
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;beauty parades&#148; with the five finalists. After these
    in-person presentations, the Board requested and reviewed
    considerable further due diligence materials from three of the
    finalists with the help of significant research and assistance
    from its consultant. At a subsequent in-person board meeting
    held over two days in early December 2006, after having given
    careful consideration to each of the finalists, as well as the
    Fund&#146;s current investment manager, the Board unanimously
    determined to pursue RCM SF as the Fund&#146;s investment
    manager and RCM AP as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Fund, subject to further diligence and finalization of
    material terms. On January&#160;25, 2007, the Board unanimously
    approved the new contracts described herein, subject to approval
    by the Fund&#146;s stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM SF and its affiliates (&#147;RCM&#148;) make up a global
    investment organization consisting of separate affiliated
    entities with offices in key financial centers around the world,
    including San Francisco, London, Frankfurt, Hong Kong, Tokyo and
    Sydney. As of December&#160;31, 2006, these affiliated entities
    collectively advised or managed approximately $155&#160;billion,
    including approximately $21&#160;billion managed by RCM SF in
    San Francisco and approximately $10&#160;billion managed by RCM
    AP in Hong Kong. RCM is part of the Allianz Global Investors
    Group. Research is at the cornerstone of RCM&#146;s global
    investment process and this fundamental research is organized
    globally by industry sector. RCM includes a market research
    capability known as Grassrootssm that complements the
    fundamental research of its career analysts. RCM manages mutual
    funds and unit trusts, insurance funds, corporate funds, pension
    funds, endowment and charity funds and government institutional
    monies in North America, Europe and Asia Pacific.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investment management business of RCM in the Asia Pacific
    region was established in Hong Kong in 1983 (formerly Thornton
    Management) providing international investors with specialist
    Asian equity management through a range of mutual finds and
    discretionary management services. Hong Kong remains RCM&#146;s
    regional center with 37 investment professionals managing a
    range of Asian regional and single country portfolios. RCM in
    Asia Pacific also has offices in Tokyo and Sydney. The
    investment approach in Asia seeks to identify companies that can
    deliver superior risk adjusted returns as a result of a
    re-rating or through the identification of earnings drivers that
    are not thought to be discounted fully in the current price.
    Using its proprietary research, RCM builds portfolios stock by
    stock while taking account of the implied sector allocation for
    risk control purposes. The majority of active return is expected
    to be a result of stock levels considerations. From Hong Kong,
    RCM manages approximately $1&#160;billion in Korean equities
    including dedicated funds organized for non-US investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In short, the Board identified RCM as possessing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    impressive and focused research, at both the macro and micro
    levels;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a concentrated portfolio construction methodology, driven by its
    research;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a risk management process which is independent of the individual
    portfolio manager;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a strong Asian presence;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a boutique asset management culture with strong and supportive
    ownership by Allianz SE (parent company to RCM);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    performance that has been historically successful in the Korean
    stock market as well as other equity markets;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    strong and well-integrated U.S. and local compliance oversight;
    and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    infrastructure and marketing support from its affiliate, Allianz
    Global Investors Fund&#160;Management LLC, especially in the
    closed-end investment company field, a key growth area for the
    group.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional information regarding RCM and its affiliates is set
    out in the accompanying proxy statement.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following negotiation of mutual satisfactory contract terms, the
    Board of Directors approved, on January&#160;25, 2007, new
    investment management and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements with RCM SF and RCM AP. These contracts are being
    submitted for your approval as described in the proxy statement.
    Beginning April&#160;1, 2007, RCM SF and RCM AP will serve as
    the investment manager and
    <FONT style="white-space: nowrap">sub-adviser,</FONT>
    respectively, to the Fund pursuant to interim agreements, as
    permitted by the Investment Company Act of 1940, as amended (the
    &#147;1940 Act&#148;), pending stockholder approval of the new
    contracts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: Arial, Helvetica">Proposal to
    Declare Capital Gains Dividend in Stock</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It has been the Fund&#146;s investment manager&#146;s style to
    &#145;buy and hold&#146; investments for a long period of time,
    and this approach has resulted in some very rewarding capital
    gains in the portfolio since its inception some 24&#160;years
    ago. However, unrealized capital gains have become such a large
    percentage of the total value of the Fund&#146;s portfolio that
    the Board believes they have begun to inhibit the proactive
    investment decision-making necessary to sustain good performance
    in the future. As of December&#160;31, 2006, unrealized capital
    gains represented approximately 81% of the Fund&#146;s net
    assets. The Board expects that the Fund&#146;s new manager will
    make substantial changes to the Fund&#146;s current holdings in
    connection with the transition of the portfolio which will
    likely result in the realization of a significant amount of
    capital gains. Under the U.S. Internal Revenue Code, any such
    realized gains must be distributed to stockholders by the end of
    the year in order to avoid income and excise taxes. Paying such
    dividends in cash would likely require the sale of additional
    portfolio holdings during the current year, the capital gains
    realized from which would also need to be distributed. In short,
    this builds a so-called &#147;cascading&#148; effect&#160;&#151;
    somewhat similar to a snowball running downhill, gaining size as
    it descends&#160;&#151; which will cause the Fund to shrink,
    likely causing its expense ratio to increase. A potential way of
    mitigating this cascade is to pay out capital gains in Fund
    shares, with a cash alternative, which will more easily permit
    those stockholders wishing to maintain exposure to Korea to
    retain their positions. The expected capital gains distribution
    paid in Fund shares will be issued at the lower of the market
    value of Fund shares or net asset value of Fund shares. As the
    Fund&#146;s shares are currently trading at a discount to net
    asset value, it is likely that those stockholders electing a pay
    out in Fund shares will receive such shares at a price below net
    asset value. By reinvesting the capital gains distribution in
    the Fund, stockholders will reduce the amount by which the Fund
    will shrink, thereby reducing the likelihood of an increase in
    the Fund&#146;s expense ratio. Alternatively, stockholders
    wishing to raise cash may either sell stock or elect to accept
    the dividend in cash. Additional information on this issue is
    set out in the proxy statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I appreciate that some stockholders might be reluctant to pay
    capital gains taxes at this time on an investment that has
    performed so well over time. I sympathize with such thinking but
    the alternative requires considering. Your Board believes that a
    significant contributor to the Fund&#146;s underperformance over
    the more recent period as compared to both its benchmark and
    peer group has been the reluctance to realize significant
    amounts of gains through a repositioning of the portfolio to
    take better advantage of current market conditions. Your Board
    would view any long-term underperformance of the Fund as a very
    serious concern: such long-term underperformance would lead to a
    surplus of sellers of Fund shares in the market, which, in turn
    will lead to an increase in the discount. An increase in the
    discount will, in turn, lead to increasing stockholder
    dissatisfaction, which could push the Fund toward more
    aggressive discount management techniques that might decrease
    the total size of the Fund and increase the Fund&#146;s total
    expense ratio. Over time, this could all lead to the ultimate
    demise of the Fund. Given the positive stance of your Board to
    seek to continue the success of this Fund and indeed to grow it
    in the years to come, supported by, we believe, a strong
    majority of shareholders, your Board believes the portfolio
    restructuring that it expects to occur with the transition to
    the new manager will help the Fund achieve better performance
    going forward relative to its benchmark and to its peer group.
    An unavoidable consequence of the portfolio restructuring will
    be the realization of significant amounts of gains, which may
    require stockholders to pay taxes thereon. However, an enhanced
    performance of
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    your Fund would lead to additional buyers, potentially narrowing
    the discount, and decreasing the Fund&#146;s expense ratio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors of the Fund unanimously believes the
    proposals are in the best interests of the Fund and its
    stockholders and recommends that you vote &#147;for&#148; the
    approval of the proposals described in the proxy statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stockholders who are unable to attend the Meeting are strongly
    encouraged to vote by proxy, which is customary in corporate
    meetings of this kind. A proxy statement regarding the Meeting,
    a proxy card for your vote at the Meeting, and an
    envelope&#160;&#151; postage prepaid&#160;&#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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following this letter, we have included some questions and
    answers regarding the issues set out in this proxy statement.
    This information is intended to help you answer questions you
    may have and help you cast your votes, and is being provided as
    a supplement to, not a substitute for, the proxy statement,
    which we urge you to review carefully.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Your vote is very important to us and if you have concerns
    please feel free to contact me at
    (+44&#160;7768&#160;068&#160;200). In addition, please be aware
    that our proxy solicitor may contact you in connection with
    these matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thank you for your attention, for your response and for your
    continued investment in the Fund.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yours very sincerely,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y31290dpy3129005.gif" alt="-s- Julian Reid" >
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Julian Reid
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chairman of the Board,
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    on behalf of the full Board
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">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.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">QUESTIONS AND
    ANSWERS<BR>
    REGARDING THE PROXY STATEMENT AND<BR>
    SPECIAL MEETING OF STOCKHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">While we
    encourage you to read the full text of the enclosed proxy
    statement, for your convenience, we have provided a brief
    overview of the matters to be voted
    on</FONT></B><FONT style="font-family: Arial, Helvetica">.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    What am I being asked to vote on in this proxy statement?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    You are being asked to vote on proposals to:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    1. </TD>
    <TD></TD>
    <TD valign="bottom">
    Approve a new investment management agreement between the Fund
    and RCM Capital Management LLC (&#147;RCM SF&#148;), pursuant to
    which RCM SF will become the Fund&#146;s new investment manager.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    2. </TD>
    <TD></TD>
    <TD valign="bottom">
    Approve a new
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM Asia Pacific Limited (&#147;RCM
    AP&#148;), pursuant to which RCM AP will become the Fund&#146;s
    new
    <FONT style="white-space: nowrap">sub-adviser.</FONT></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    3. </TD>
    <TD></TD>
    <TD valign="bottom">
    Approve the issuance of Fund shares at a price below net asset
    value in connection with a capital gains distribution to be made
    in Fund shares (valued at the lower of market price or net asset
    value) or, at the election of the stockholder, in cash.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: Arial, Helvetica">Proposed
    Manager Change</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Why am I being asked to vote on new management agreements?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    On January&#160;25, 2007, after careful consideration of
    possible alternatives to the Fund&#146;s investment management
    arrangements, the Board of Directors, which consists entirely of
    independent directors, unanimously determined that it would be
    in the best interests of the Fund and its stockholders to select
    RCM SF and RCM AP as the new investment advisers for the Fund
    and approved, subject to stockholder approval, new investment
    management and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements. In addition, the Board of Directors, as permitted by
    the Investment Company Act of 1940 (the &#147;1940 Act&#148;),
    approved an interim investment management agreement between the
    Fund and RCM SF, an interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM AP and a
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement between RCM SF and Allianz Global Investors
    Fund&#160;Management LLC (&#147;AGIFM&#148;), all of which will
    become effective on April&#160;1, 2007. Pursuant to the interim
    agreements, RCM SF will serve as interim investment manager to
    the Fund, and RCM AP will serve as interim
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Fund until the earlier of the date that shareholder
    approval of the new agreements is obtained or August&#160;29,
    2007.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    RCM SF was founded as Rosenberg Capital Management and began
    managing assets in 1970. RCM SF is a wholly owned indirect
    subsidiary of Allianz SE, a publicly traded German insurance and
    financial services company. RCM SF is a Delaware limited
    liability company, located at Four Embarcadero Center, San
    Francisco, California 94111.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Although the Asia Pacific presence of RCM SF and its affiliates
    (&#147;RCM&#148;) has been established in Hong Kong since 1983,
    RCM AP was formed in 2006 and licensed by the Hong Kong SFC and
    U.S. Securities and Exchange Commission in January of 2007. RCM
    AP is in the process of succeeding to all of Allianz Global
    Investors Hong Kong Limited&#146;s equity management business in
    Hong Kong as part of a legal restructuring by Allianz Global
    Investors of its group companies in the Asia Pacific. RCM AP is
    a wholly owned indirect subsidiary of Allianz SE. RCM AP is
    located at 21/F, Cheung Kong Center, 2 Queen&#146;s Road
    Central, Central, Hong Kong. The assets under management to
    which it will succeed were approximately $9.5&#160;billion as of
    December&#160;31, 2006. RCM AP has not previously managed a U.S.
    registered investment company.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Organized in 2000, AGIFM provides investment management,
    advisory and fund administration services to a number of
    closed-end and open-end investment company clients. AGIFM is a
    wholly owned indirect subsidiary of Allianz SE. As of
    December&#160;31, 2006, AGIFM and its investment management
    affiliates had approximately $691.9&#160;billion in assets under
    management. AGIFM has it principal offices at 1345 Avenue of the
    Americas, New York, New York 10105.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Could you tell me more about RCM?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    RCM is a global investment organization consisting of separate
    affiliated entities with offices in key financial centers around
    the world, including San Francisco, London, Frankfurt, Hong
    Kong, Tokyo and Sydney. As of December&#160;31, 2006, these
    affiliated entities collectively advised or managed
    approximately $155&#160;billion, including approximately
    $21&#160;billion managed by RCM SF in San Francisco and
    approximately $10&#160;billion managed by RCM AP in Hong Kong.
    RCM is part of the Allianz Global Investors Group. Research is
    at the cornerstone of RCM&#146;s global investment process and
    this fundamental research is organized globally by industry
    sector. RCM includes a market research capability known as
    Grassroots<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-variant: SMALL-CAPS">sm</FONT></SUP>
    that complements the fundamental research of its career
    analysts. RCM manages mutual funds and unit trusts, insurance
    funds, corporate funds, pension funds, endowment and charity
    funds and government institutional monies in North America,
    Europe and Asia Pacific.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The investment management business of RCM in the Asia Pacific
    region was established in Hong Kong in 1983 (formerly Thornton
    Management) providing international investors with specialist
    Asian equity management through a range of mutual finds and
    discretionary management services. Hong Kong remains RCM&#146;s
    regional center with 37 investment professionals managing a
    range of Asian regional and single country portfolios. RCM in
    Asia Pacific also has offices in Tokyo and Sydney. The
    investment approach in Asia seeks to identify companies that can
    deliver superior risk adjusted returns as a result of a
    re-rating or through the identification of earnings drivers that
    are not thought to be discounted fully in the current price.
    Using its proprietary research, RCM builds portfolios stock by
    stock while taking account of the implied sector allocation for
    risk control purposes. The majority of active return is expected
    to be a result of stock levels considerations. From Hong Kong,
    RCM manages a total of approximately $1&#160;billion in Korean
    equities, including dedicated funds organized for
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    investors.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    RCM&#146;s single country research coverage, as in the case for
    a dedicated Korea fund, is shared between the country
    specialists and the regional sector analysts, representing a
    subtle difference from RCM&#146;s global approach. Country
    specialists tend to cover those companies that relate to local
    factors more than any regional (or global) factor and therefore
    tend to follow the mid- and small-cap sectors more closely.
    Sector specialists cover the larger capitalized names and
    typically stocks that could be recommended for regional or
    global portfolios. Coverage lists are set and agreed upon by
    both the head of regional research and the regional Chief
    Investment Officer.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In short, the Board has identified RCM as having impressive and
    focused research at both the macro- and micro-levels, a
    concentrated portfolio construction methodology driven by its
    research ideas, a strong management process that is independent
    of the individual portfolio manager, U.S. management that
    provides clear support for, and compliance control of, its Asian
    operations and performance that has been historically successful.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Could you tell me about RCM&#146;s investment style?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    RCM&#146;s investment philosophy in Asia Pacific is to seek
    out-performance over the investment cycle (typically 3 to
    5&#160;years) based upon researching and identifying growth
    prospects of quality companies that are incorporated in the
    portfolios using a disciplined investment methodology that
    includes both risk and liquidity controls.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under this approach, RCM identifies stocks that fall into two
    main categories: (i)&#160;companies that are expected to re-rate
    as a result of the market&#146;s not fully recognizing the
    growth potential of the business, and (ii)&#160;companies that
    will benefit from share price appreciation resulting from an
    earnings surprise.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    RCM&#146;s investment approach in Asia Pacific is predicated on
    a <FONT style="white-space: nowrap">bottom-up,</FONT>
    fundamentally driven investment process by which RCM builds
    portfolios based on the aggregate of individual stock
    recommendations after taking account of the risk characteristics
    at the total portfolio level.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For further information regarding RCM&#146;s investment style,
    please see &#147;Proxy Statement&#160;&#151;
    Proposal&#160;1&#160;&#151; Description of Investment
    Manager&#146;s Investment Style.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Will there be any significant changes to the Fund&#146;s
    portfolio management?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    The Board expects that RCM SF and RCM AP will manage the
    Fund&#146;s portfolio in line with their focused approach which
    will result in the Fund having a more concentrated portfolio
    than has previously been the case. As a result, the Board
    expects that RCM SF and RCM AP will make substantial changes to
    the Fund&#146;s current holdings in connection with the
    transition of the portfolio.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    How do the proposed new agreements differ from the Fund&#146;s
    previous agreements?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    Other than its parties, term dates and fees (described below),
    the rights and obligations under the new investment management
    agreement (the &#147;New Investment Management Agreement&#148;)
    between the Fund and RCM SF are substantially identical to those
    under the Fund&#146;s current investment management agreement
    (the &#147;Current Investment Management Agreement&#148;) with
    Deutsche Investment Management Americas Inc. (&#147;DeIM&#148;).
    With regard to the new
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM AP (the &#147;New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement&#148;), in addition to its parties, term dates and
    fees, the provisions of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement differ from those of the Fund&#146;s current
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement (the &#147;Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement&#148;) with Deutsche Investment Trust&#160;Management
    Company Limited (&#147;DeITMC&#148;) by significantly expanding
    the services to be provided by the
    <FONT style="white-space: nowrap">sub-adviser.</FONT>
    (See &#147;Proxy Statement&#160;&#151; Proposal&#160;2&#148; for
    a detailed discussion of how the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement differs from the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement with regard to
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fees and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    services.)</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Will the Fund&#146;s total advisory services fees increase?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes, fees will be higher relative to the recent very favorable
    rates more recently provided to the Fund. In consideration of
    the services to be rendered under the New Investment Management
    Agreement, the Fund will pay RCM SF a monthly fee which, on an
    annual basis, is equal to 0.750% per annum of the value of the
    Fund&#146;s average daily net assets up to and including
    $250&#160;million of assets; 0.725% per annum of the value of
    the Fund&#146;s average daily net assets on the next
    $250&#160;million of assets; 0.700% per annum of the value of
    the Fund&#146;s average daily net assets on the next
    $250&#160;million of assets; 0.675% per annum of the value of
    the Fund&#146;s average daily net assets on the next
    $250&#160;million of assets; and 0.650% per annum of the value
    of the Fund&#146;s average daily net assets in excess of
    $1&#160;billion. Under the Current Investment Management
    Agreement, the Fund paid DeIM a monthly fee which, on an annual
    basis, is equal to 0.60% per annum of the value of the
    Fund&#146;s net assets up to and including $250&#160;million of
    assets; 0.575% per annum of the value of the Fund&#146;s net
    assets on the next $250&#160;million of assets; 0.55% per annum
    of the value of the Fund&#146;s net assets on the next
    $250&#160;million of assets; 0.525% per annum of the value of
    the Fund&#146;s net assets on the next $250&#160;million of
    assets; and 0.50% per annum of the value of the Fund&#146;s net
    assets in excess of $1&#160;billion.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of the end of the Fund&#146;s last fiscal year, the Fund had
    net assets of $1,048,086,586 and paid an aggregate fee to the
    investment manager under its Current Investment Management
    Agreement during such period equal to $6,195,529. Had the New
    Investment Management Agreement been in effect during this </TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    period, the Fund would have paid the investment manager an
    aggregate fee equal to $7,989,875 during such period. Thus, the
    aggregate fee under the New Investment Management Agreement
    would have been 29% greater than the aggregate fee under the
    Current Investment Management Agreement had the New Investment
    Management Agreement been in effect during the Fund&#146;s last
    fiscal year. As of December&#160;31, 2006, the Fund had net
    assets of $883,520,572.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Fees payable under the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement are paid by RCM SF, not the Fund.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Until December 2004, the Fund paid DeIM 1.000% per annum of the
    Fund&#146;s net assets. At that time, DeIM voluntarily agreed to
    reduce fees to 0.6000% per annum in response to various
    pressures from the Board and certain major stockholders.
    Although the new management fees will be higher, particularly
    relative to the recent very favorable rates provided to the
    Fund, the Board noted that the new management fee rates paid by
    the Fund were lower than the applicable Lipper peer group (based
    on data provided by Mercer Investment Consulting).</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    How does the Fund&#146;s Board of Directors recommend I vote on
    Proposals #1 and #2&#160;&#151; approval of the new investment
    management and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    After careful consideration over an extended period of time of
    possible alternatives to the previous management arrangements,
    the Fund&#146;s Board of Directors has unanimously determined
    that it would be in the best interests of the Fund and its
    stockholders to select RCM SF as the new investment manager and
    RCM AP as the new
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    for the Fund and recommends that you vote &#147;FOR&#148; the
    approval of the New Investment Management Agreement and
    &#147;FOR&#148; the approval of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: Arial, Helvetica">Proposed
    Issuance of Fund&#160;Shares in Connection with a Capital Gains
    Dividend</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Why am I being asked to vote on the issuance of Fund shares in
    connection with a capital gains dividend?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    Over a long period, the Fund has built up a high level of
    unrealized capital gains which has made it increasingly
    difficult to pursue ongoing active management&#160;&#151; a fact
    that the Board believes may be one factor contributing to the
    Fund&#146;s recent underperformance relative to its benchmark.
    Although the Board understands the reluctance of many
    stockholders to pay taxes on capital gains distributions, it
    must also recognize that many Fund stockholders are not subject
    to taxes, and thus balance the interests of some stockholders in
    avoiding capital gains against the interests of all stockholders
    in superior performance. In addition, the proposed change in
    investment manager will likely create additional realization of
    gains, especially while the portfolio is transitioned to the new
    investment manager. Thereafter, the Board and the investment
    manager intend to monitor the gains more closely to provide a
    more even stream of returns to stockholders without negatively
    affecting the Fund&#146;s total rate of return.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A means of optimizing the return to stockholders of such capital
    gains, and simultaneously reducing the &#147;cascade&#148;
    effect (see below) on the Fund, is making a capital gains
    distribution to stockholders that is payable in Fund shares
    (valued at the lower of market price or net asset
    value)&#160;&#151; which may be issued at a discount to net
    asset value (see below). For those stockholders wishing to
    receive such capital gains distribution in cash, there is a cash
    alternative available on request.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund is seeking shareholder approval of the issuance of
    these shares in order to ensure compliance with the New York
    Stock Exchange rules requiring shareholder approval for
    issuances in excess of 20% of the Fund&#146;s outstanding shares
    and for issuances to substantial security holders of the Fund,
    and also as a protective matter to come within certain 1940 Act
    provisions regarding issuances of Fund shares at a price below
    net asset value.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    What is &#147;cascading&#148; and what does it mean for the Fund?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    Under the U.S. Internal Revenue Code (the &#147;Code&#148;), the
    Fund is required each calendar year to distribute at least 98%
    of its capital gain net income for the
    <FONT style="white-space: nowrap">12-month</FONT>
    period ending on October&#160;31st in order to avoid an excise
    tax; in addition, the Fund would bear tax at the Fund level on
    any net capital gain income that is not distributed. If the Fund
    makes a capital gains distribution in cash and the Fund remains
    fully invested, it will need to sell additional portfolio
    securities to raise the cash to make the distribution. These
    additional sales will cause the Fund to realize additional
    capital gains that in turn must be distributed. As a result of
    this &#147;cascade,&#148; the Fund would shrink, likely causing
    an increase in the Fund&#146;s expense ratio.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    New Fund shares in connection with this proposed capital gains
    dividend could be offered at a discount to net asset
    value&#160;&#151; why, and is it to stockholders&#146; benefit?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    It has been the Fund&#146;s investment manager&#146;s style to
    &#147;buy and hold&#148; investments for a long period of time,
    and this approach has resulted in some very rewarding capital
    gains in the portfolio since its inception some 24&#160;years
    ago. However, unrealized capital gains have become such a large
    percentage of the total value of the Fund&#146;s portfolio that
    the Board believes they have begun to inhibit the proactive
    investment decision-making necessary to sustain good performance
    in the future. As of December&#160;31, 2006, unrealized capital
    gains represented approximately 81% of the Fund&#146;s net
    assets. The Board expects that the Fund&#146;s new manager will
    make substantial changes to the Fund&#146;s current holdings in
    connection with the transition of the portfolio which will
    likely result in the realization of a significant amount of
    capital gains. Under the Code, any such realized gains must be
    distributed to stockholders by the end of the year in order to
    avoid income and excise taxes on the Fund. Paying such dividends
    in cash would likely require the sale of additional portfolio
    holdings during the current year, the capital gains realized
    from which would also need to be distributed. In short, this
    builds a so-called &#147;cascading&#148; effect&#160;&#151;
    somewhat similar to a snowball running downhill, gaining size as
    it descends&#160;&#151; which will cause the Fund to shrink and
    its expense ratio to increase. A potential way to mitigate this
    cascade is to pay out capital gains in Fund shares, with a cash
    alternative, which will more easily permit those stockholders
    wishing to maintain exposure to Korea to retain their positions.
    The expected capital gains distribution paid in Fund shares will
    be issued at the lower of the market value of Fund shares or net
    asset value of Fund shares. As the Fund&#146;s shares are
    currently trading at a discount to net asset value, it is likely
    that those stockholders electing a pay out in Fund shares will
    receive such shares at a price below net asset value. By
    reinvesting the capital gains distribution in the Fund,
    stockholders will reduce the amount by which the Fund will
    shrink, thereby reducing the likelihood of an increase in the
    Fund&#146;s expense ratio. Alternatively, stockholders wishing
    to raise cash may either sell stock or elect to accept the
    dividend in cash.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The full amount of such capital gains distribution, whether
    received in additional Fund shares or cash, will be reportable
    by stockholders who are U.S.&#160;taxpayers as long-term capital
    gain on their U.S.&#160;federal income tax returns. In addition,
    whether paid in cash or additional Fund shares, the amounts
    distributed will be net of any applicable withholding taxes.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    How will the change in the Fund&#146;s investment manager impact
    the Fund&#146;s management of the share price discount?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    The Board is very aware of the concerns of share price discounts
    relative to the net asset value and has already commenced
    planning moves with the strong intent to managing any such
    discount for the benefit of all shareholders.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    How does the Fund&#146;s Board of Directors recommend I vote on
    Proposal&#160;#3&#160;&#151; the issuance of Fund&#146;s shares
    at a price below net asset value?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    The Board unanimously recommends that stockholders of the Fund
    vote &#147;FOR&#148; the approval of the Fund&#146;s ability to
    issue its stock at a price below net asset value in connection
    with its cash election dividend.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Will my vote make a difference?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    Your vote is needed to ensure that the proposals can be acted
    upon. The Fund&#146;s Board of Directors encourages all
    stockholders to participate in the governance of their Fund.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    Whom should I call if I have questions?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    If you need any assistance, or have any questions regarding the
    proposals or how to vote your shares, please call
    Morrow&#160;&#38; Co., Inc. at
    <FONT style="white-space: nowrap">1-800-607-0088.</FONT></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Q. </TD>
    <TD></TD>
    <TD valign="bottom">
    How do I go about voting my shares?</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A. </TD>
    <TD></TD>
    <TD valign="bottom">
    Stockholders who are unable to attend the Meeting are strongly
    encouraged to vote by proxy, which is customary in corporate
    meetings of this kind. A proxy statement regarding the Meeting,
    a proxy card for your vote at the Meeting, and an
    envelope&#160;&#151; postage prepaid&#160;&#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.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">THE KOREA FUND,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice of
    Special Meeting of Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>To the Stockholders of</I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Korea Fund, Inc.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please take notice that a Special Meeting of Stockholders (the
    &#147;Meeting&#148;) of The Korea Fund, Inc. (the
    &#147;Fund&#148;) has been called to be held at the offices of
    Ropes&#160;&#38; Gray LLP, 1211 Avenue of the Americas, New
    York, NY, on April&#160;11, 2007 at 4:00&#160;p.m., Eastern
    time, for the following purposes and to transact such other
    business, if any, as may properly come before the Meeting:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PROPOSAL&#160;1: To approve a new investment management
    agreement for the Fund with RCM Capital Management LLC
    (&#147;RCM SF&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PROPOSAL&#160;2:&#160;&#160;To approve a new
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM Asia Pacific Limited;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PROPOSAL&#160;3: To approve the issuance of Fund shares at a
    price below net asset value in connection with a capital gains
    distribution payable in Fund shares (valued at the lower of
    market price or net asset value) or, at the election of the
    stockholder, in cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The appointed proxies will vote in their discretion on any other
    business as may properly come before the Meeting or any
    adjournments or postponements thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of record of the shares of common stock of the Fund at
    the close of business on February&#160;21, 2007 are entitled to
    vote at the Meeting or any adjournments or postponements thereof.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By order of the Board of Directors,
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y31290dpy3129006.gif" alt="" >
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    John Millette, <I>Secretary</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March&#160;2, 2007
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">IMPORTANT:&#160;&#160;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 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
    Meeting. If you can attend the Meeting and wish to vote your
    shares in person at that time, you will be able to do
    so.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">If you have any
    questions concerning the procedures to be followed to vote your
    shares, please contact Morrow&#160;&#38; Co., Inc. at
    <FONT style="white-space: nowrap">1-800-607-0088.</FONT></FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->


<!-- link1 "PROXY STATEMENT" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PROXY
    STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica; font-variant: SMALL-CAPS">GENERAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 a Special Meeting of Stockholders to be held at the
    offices of Ropes&#160;&#38; Gray LLP, 1211 Avenue of the
    Americas, New York, NY, on April&#160;11, 2007 at
    4:00&#160;p.m., Eastern time, and at any adjournments or
    postponements thereof (collectively, the &#147;Meeting&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Proxy Statement, the Notice of Special Meeting and the
    proxy card are first being mailed to stockholders on or about
    March&#160;2, 2007 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, NY 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
    approval of the proposals 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The presence at the 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approval of the new investment management and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements requires the affirmative vote of the holders of a
    &#147;majority of the outstanding voting securities&#148; of the
    Fund. The term &#147;majority of the outstanding voting
    securities,&#148; as defined in the 1940 Act and as used in this
    Proxy Statement, means: the affirmative vote of the lesser of
    (i)&#160;67% of the voting securities of the Fund present at the
    Meeting if more than 50% of the outstanding voting securities of
    the Fund are present in person or by proxy or (ii)&#160;more
    than 50% of the outstanding voting securities of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approval of an issuance of shares representing 20% or more of
    the Fund&#146;s pre-issuance outstanding voting power, or an
    issuance to a substantial security holder of the Fund, requires
    the affirmative vote of a majority of the votes cast on the
    proposal, provided that the total vote cast on the proposal
    represents over 50% in interest of all securities entitled to
    vote on the proposal. In addition, approval of the Fund&#146;s
    ability to sell its stock at a price below net asset value
    pursuant to Section&#160;23(b)(2) of the 1940 Act requires the
    affirmative vote of a majority of the Fund&#146;s common
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Abstentions will have the effect of an &#147;against&#148; vote
    on each of the proposals. Broker non-votes will have the effect
    of an &#147;against&#148; vote for each of the proposals if such
    vote is determined on the basis of obtaining the affirmative
    vote of more than 50% of the outstanding shares of a Fund.
    Broker non-votes will not constitute &#147;for&#148; or
    &#147;against&#148; votes for either of the proposals, and will
    be disregarded in determining the voting securities
    &#147;present&#148; if such vote is determined on the basis of
    the affirmative vote of 67% of the voting securities of the Fund
    present at the Meeting.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>1</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of record of the common stock of the Fund at the close
    of business on February&#160;21, 2007 (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 24,270,616.516&#160;shares of common stock
    outstanding on the Record Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <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&#160;30, 2006 and a copy of any more recent semi-annual
    report, without charge, by calling
    <FONT style="white-space: nowrap">(800)&#160;349-4281</FONT>
    or writing the Fund at 345 Park Avenue, New York, New York
    10154.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PROPOSAL&#160;1.&#160;APPROVAL
    OF NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND
    RCM:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Meeting, you will be asked to approve a new investment
    management agreement (the &#147;New Investment Management
    Agreement&#148;) between the Fund and RCM Capital Management LLC
    (&#147;RCM SF&#148;). Beginning April&#160;1, 2007, RCM SF will
    serve as the Fund&#146;s interim investment manager pursuant to
    the interim investment management agreement that the Board of
    Directors approved on January&#160;25, 2007. A general
    description of the proposed New Investment Management Agreement
    is included below. The form of the New Investment Management
    Agreement is attached hereto as Exhibit&#160;A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;25, 2007, after careful consideration of
    possible alternatives to the Fund&#146;s current management and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    arrangements, the Board of Directors determined that it would be
    in the best interests of the Fund and its stockholders to select
    RCM SF as the new investment manager for the Fund, succeeding
    Deutsche Investment Management Americas Inc. (&#147;DeIM&#148;).
    At this meeting, the Directors approved, subject to stockholder
    approval, the New Investment Management Agreement, pursuant to
    which RCM SF would become the Fund&#146;s new investment
    manager. At the meeting, the Board of Directors also approved an
    interim investment management agreement, as permitted under the
    1940 Act, pursuant to which RCM SF will serve as interim
    investment manager to the Fund beginning April&#160;1, 2007. The
    terms of this interim investment management agreement are
    substantially identical to those of the New Investment
    Management Agreement, except that the compensation paid by the
    Fund to the investment manager under the interim agreement is
    identical to that paid under the Fund&#146;s previous investment
    management agreement with DeIM (the &#147;Current Investment
    Management Agreement&#148;) and the termination provisions under
    the interim investment management agreement require a
    <FONT style="white-space: nowrap">10-day</FONT>
    written notice instead of the
    <FONT style="white-space: nowrap">60-day</FONT>
    written notice that the New Investment Management Agreement
    requires. The Board of Directors also approved new
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    and interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements with RCM Asia Pacific Limited (&#147;RCM AP&#148;)
    (discussed below in Proposal&#160;2)&#160;and a new
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement with Allianz Global Investors Fund Management LLC
    (&#147;AGIFM&#148;), pursuant to which AGIFM will serve as the
    Fund&#146;s
    <FONT style="white-space: nowrap">sub-administrator</FONT>
    beginning April&#160;1, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One goal of the Board of Directors in changing the Fund&#146;s
    investment manager was to engage an investment manager that
    would manage the Fund&#146;s portfolio more actively than has
    previously been the case. Should the New Investment Management
    Agreement be approved by the stockholders, it is expected that
    RCM SF and RCM AP will make substantial changes to the
    Fund&#146;s current holdings in connection with the transition
    of the portfolio which will likely result in the realization of
    a significant amount of capital gains. As of December&#160;31,
    2006, the Fund had approximately $697,643,794 in net unrealized
    long-term capital gains, representing approximately 81% of its
    net assets. As of December&#160;31, 2006, the Fund had net
    assets of $883,520,572. See Proposal&#160;3 below for the
    Fund&#146;s proposed plan to address certain of the consequences
    to the Fund that realizing these capital gains may have on the
    Fund&#146;s future operation.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">2</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    THE CURRENT INVESTMENT MANAGEMENT AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Investment Manager&#146;s Responsibilities.</I></B> Under
    the Current Investment Management Agreement, DeIM, as investment
    manager, provides the Fund with continuing investment management
    services. The investment manager makes investment decisions,
    prepares and makes available research and statistical data and
    supervises the acquisition and disposition of securities by the
    Fund, all in accordance with the Fund&#146;s investment
    objectives and policies and in accordance with guidelines and
    directions from the Fund&#146;s Board of Directors. The
    investment manager assists the Fund as it may reasonably request
    in the conduct of the Fund&#146;s business, subject to the
    direction and control of the Fund&#146;s Board of Directors. The
    investment manager is required to maintain or cause to be
    maintained for the Fund all books, records and reports and any
    other information required to be maintained under the 1940 Act
    to the extent such books, records and reports and any other
    information are not maintained by the Fund&#146;s custodian or
    other agents of the Fund. The investment manager also supplies
    the Fund with office space in New York and furnishes clerical
    services in the United States related to research, statistical
    and investment work. The investment manager renders to the Fund
    administrative services such as preparing reports to, and
    meeting materials for, the Fund&#146;s Board of Directors and
    reports and notices to Fund stockholders, preparing and making
    filings with the U.S.&#160;Securities and Exchange Commission
    (the &#147;SEC&#148;) and other regulatory and self-regulatory
    organizations, including preliminary and definitive proxy
    materials and post-effective amendments to the Fund&#146;s
    registration statement, providing assistance in certain
    accounting and tax matters and investor public relations,
    monitoring the valuation of portfolio securities, calculation of
    net asset value and calculation and payment of distributions to
    stockholders, and overseeing arrangements with the Fund&#146;s
    custodian. The investment manager agrees to pay reasonable
    salaries, fees and expenses of the Fund&#146;s officers and
    employees and any fees and expenses of the Fund&#146;s Directors
    who are directors, officers or employees of the investment
    manager, except that the Fund bears travel expenses (or an
    appropriate portion of those expenses) of Directors and officers
    of the Fund who are directors, officers or employees of the
    investment manager to the extent that such expenses relate to
    attendance at meetings of the Board of Directors or any
    committees of or advisors to the Board. During the Fund&#146;s
    most recent fiscal year, no compensation, direct or otherwise
    (other than through fees paid to the investment manager), was
    paid or became payable by the Fund to any of its officers or
    Directors who were affiliated with the investment manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Current Investment Management Agreement, to the extent
    permissible by law, the investment manager is authorized to
    appoint certain of its affiliates as
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    to perform certain of the investment manager&#146;s duties. In
    such cases, the investment manager is also authorized to adjust
    the duties, the amount of assets to be managed and the fees paid
    to any such affiliated
    <FONT style="white-space: nowrap">sub-advisers.</FONT>
    These affiliated
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    must be entities that the investment manager controls, is
    controlled by, or is under common control with, and any such
    appointments are subject to the further approval of the
    Independent Directors and the full Board. Stockholders of the
    Fund that are affected by any adjustment would receive prompt
    notice following approval by the Directors. The management fee
    rates paid by the Funds do not increase as a result of any such
    action; all fees incurred by a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    continue to be the responsibility of the investment manager. The
    investment manager retains full responsibility for the actions
    of any such
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    or delegates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Fund&#160;Expenses.</I></B> Under the Current Investment
    Management Agreement, the Fund pays or causes to be paid all of
    its other expenses, including, among others, the following:
    organization and certain offering expenses (including
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses, but not including overhead or employee costs of the
    investment manager or of any one or more organizations retained
    by the Fund or by the investment manager as Korean adviser to
    the Fund); legal expenses; auditing and accounting expenses;
    telephone, facsimile, postage and other communications expenses;
    taxes and governmental fees; stock exchange listing fees; fees,
    dues and expenses incurred in
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>3</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    connection with membership in investment company trade
    organizations; fees and expenses of the Fund&#146;s custodians,
    subcustodians, transfer agents and registrars, and accounting
    agents; payment for portfolio pricing or valuation services to
    pricing agents, accountants, bankers and other specialists, if
    any; expenses of preparing share certificates and other expenses
    in connection with the issuance, offering, distribution, sale or
    underwriting of securities issued by the Fund; expenses of
    registering or qualifying securities of the Fund for sale;
    expenses related to investor and public relations; freight,
    insurance and other charges in connection with the shipment of
    the Fund&#146;s portfolio securities; brokerage commissions or
    other costs of acquiring or disposing of any portfolio
    securities of the Fund; expenses of preparing and distributing
    reports, notices and dividends to stockholders; expenses of the
    dividend reinvestment and cash purchase plan (except for
    brokerage expenses paid by participants in such plan); costs of
    stationery; any litigation expenses; and costs of
    stockholders&#146; and other meetings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Compensation Paid to the Investment Manager.</I></B> In
    return for the services provided by the investment manager as
    investment manager, and the expenses it assumes under the
    Current Investment Management Agreement, the Fund pays DeIM a
    monthly fee which, on an annual basis, is equal to
    0.60%&#160;per annum of the value of the Fund&#146;s net assets
    up to and including $250&#160;million of assets; 0.575%&#160;per
    annum of the value of the Fund&#146;s net assets on the next
    $250&#160;million of assets; 0.55%&#160;per annum of the value
    of the Fund&#146;s net assets on the next $250&#160;million of
    assets; 0.525%&#160;per annum of the value of the Fund&#146;s
    net assets on the next $250&#160;million of assets; and
    0.50%&#160;per annum of the value of the Fund&#146;s net assets
    in excess of $1&#160;billion. As of the end of the Fund&#146;s
    last fiscal year, the Fund had net assets of $1,048,086,586 and
    paid an aggregate fee to the investment manager under its
    Current Investment Management Agreement during such period equal
    to $6,195,529.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Non-Exclusivity.</I></B> Under the Current Investment
    Management Agreement, the investment manager is permitted to
    provide investment advisory services to other clients, including
    clients which may invest in securities of Korean issuers and, in
    providing such services, may use information furnished by
    advisors and consultants to the Fund and others. Conversely,
    information furnished by others to the investment manager in
    providing services to other clients may be useful to the
    investment manager in providing services to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Termination of the Agreement.</I></B> The Current
    Investment Management Agreement may be terminated at any time
    without payment of penalty by the Fund&#146;s Board of
    Directors, by vote of holders of a majority of the outstanding
    voting securities of the Fund, or by the investment manager on
    60&#160;days&#146; written notice. The Current Investment
    Management Agreement automatically terminates in the event of
    its assignment (as defined under the 1940 Act), provided that an
    assignment to a corporate successor to all or substantially all
    of the investment manager&#146;s business or to a wholly owned
    subsidiary of such corporate successor which does not result in
    a change of actual control or management of the investment
    manager&#146;s business shall not be deemed to be an assignment
    for the purposes of the Current Investment Management Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Liability of the Investment Manager.</I></B> The Current
    Investment Management Agreement provides that the investment
    manager is not liable for any act or omission, error of judgment
    or mistake of laws or for any loss suffered by a Fund in
    connection with matters to which the Current Investment
    Management Agreement relates, except a loss resulting from
    willful misfeasance, bad faith or gross negligence on the part
    of the investment manager in the performance of its duties or
    from reckless disregard by the investment manager of its
    obligations and duties under the Current Investment Management
    Agreement. The Current Investment Management Agreement also
    contains provisions that provide that DeIM shall use its best
    efforts to seek the best overall terms available in executing
    transactions for the Fund and selecting brokers and dealers and
    shall consider on a continuing basis all factors it deems
    relevant, including the consideration of the brokerage and
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">4</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    research services (as those terms are defined in
    Section&#160;28(e) of the Securities Exchange Act of 1934, as
    amended (the &#147;Exchange Act&#148;)) provided to the Fund
    <FONT style="white-space: nowrap">and/or</FONT> other
    accounts over which DeIM or an affiliate exercises investment
    discretion. In addition, with respect to the allocation of
    investment and sale opportunities among the Fund and other
    accounts or funds managed by DeIM, the Current Investment
    Management Agreement provides that DeIM shall allocate such
    opportunities in accordance with procedures believed by DeIM to
    be equitable to each entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ADDITIONAL
    INFORMATION ABOUT THE INVESTMENT MANAGEMENT AGREEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of the Current Investment Management Agreement is
    April&#160;5, 2002. The date when the Current Investment
    Management Agreement was last approved by the stockholders of
    the Fund is March&#160;28, 2002. The date when the New
    Investment Management Agreement was approved by the Directors of
    the Fund is January&#160;25, 2007. The termination date (unless
    continued) of the New Investment Management Agreement is
    September&#160;30, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    NEW INVESTMENT MANAGEMENT AGREEMENT AND DIFFERENCES BETWEEN THE
    CURRENT AND NEW INVESTMENT MANAGEMENT AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The New Investment Management Agreement for the Fund will be
    dated as of the date of its approval by the Fund&#146;s
    stockholders. The New Investment Management Agreement will be in
    effect for an initial term ending on September&#160;30, 2008,
    and may be continued thereafter from year to year only if
    specifically approved at least annually by the vote of &#147;a
    majority of the outstanding voting securities&#148; (as defined
    below under &#147;Required Vote&#148;) of the Fund, or by the
    Board and, in either event, the vote of a majority of the
    Independent Directors, cast in person at a meeting called for
    such purpose.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than its parties, term dates and fees (described below),
    the rights and obligations under the New Investment Management
    Agreement of the Fund are substantially identical to those under
    the Current Investment Management Agreement. Unlike the Current
    Investment Management Agreement, however, the New Investment
    Management Agreement does not expressly provide that the
    investment manager will furnish office space, facilities and
    clerical services as the Fund may require for its reasonable
    needs because the parties agree that such provision refers to
    services that RCM SF, as investment manager, typically provides
    for its clients and that the other provisions of the New
    Investment Management Agreement obligate RCM SF to provide such
    services to the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">COMPARISON OF
    FEES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In consideration of the services to be rendered under the New
    Investment Management Agreement, the Fund will pay RCM SF a
    monthly fee which, on an annual basis, is equal to
    0.750%&#160;per annum of the value of the Fund&#146;s average
    daily net assets up to and including $250&#160;million of
    assets; 0.725%&#160;per annum of the value of the Fund&#146;s
    average daily net assets on the next $250&#160;million of
    assets; 0.700%&#160;per annum of the value of the Fund&#146;s
    average daily net assets on the next $250&#160;million of
    assets; 0.675%&#160;per annum of the value of the Fund&#146;s
    average daily net assets on the next $250&#160;million of
    assets; and 0.650%&#160;per annum of the value of the
    Fund&#146;s average daily net assets in excess of
    $1&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described above, under the Current Investment Management
    Agreement, the Fund paid DeIM a monthly fee which, on an annual
    basis, is equal to 0.60%&#160;per annum of the value of the
    Fund&#146;s net assets up to and including $250&#160;million of
    assets; 0.575%&#160;per annum of the value of the Fund&#146;s
    net assets on the next $250&#160;million of assets;.
    0.55%&#160;per annum of the value of the Fund&#146;s net assets
    on the next $250&#160;million of assets; 0.525%&#160;per annum
    of the value of the Fund&#146;s net assets on the next
    $250&#160;million of assets; and
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>5</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    0.50%&#160;per annum of the value of the Fund&#146;s net assets
    in excess of $1&#160;billion. As of the end of the Fund&#146;s
    last fiscal year, the Fund had net assets of $1,048,086,586 and
    paid an aggregate fee to the investment manager under its
    Current Investment Management Agreement during such period equal
    to $6,195,529. Had the New Investment Management Agreement been
    in effect during this period, the Fund would have paid the
    investment manager an aggregate fee equal to $7,989,875 during
    such period. Thus, the aggregate fee under the New Investment
    Management Agreement would have been 29% greater than the
    aggregate fee under the Current Investment Management Agreement
    had the New Investment Management Agreement been in effect
    during the Fund&#146;s last fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until December 2004, the Fund paid DeIM 1.000%&#160;per annum of
    the Fund&#146;s net assets. At that time, DeIM voluntarily
    agreed to reduce fees to 0.6000%&#160;per annum in response to
    various pressures from the Board and certain major stockholders.
    Although the new management fees will be higher, particularly
    relative to the recent very favorable rates provided to the
    Fund, the Board noted that the new management fee rates paid by
    the Fund were lower than the applicable Lipper peer group (based
    on data provided by Mercer Investment Consulting).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table provides a comparison of the fees paid to
    the investment manager during the Fund&#146;s last fiscal year
    under the Current Investment Management Agreement with the fees
    that the Fund would have paid the investment manager during that
    same period had the New Investment Management Agreement been in
    effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Approximate
    Net<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Assets as of
    the<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate Fee
    Paid<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">End of the
    Last<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">by Fund to<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Agreement</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Management
    Fee</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Fiscal
    Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Investment
    Manager</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" align="center" valign="bottom">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=96 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="top">
    <B><FONT style="font-size: 10pt">Current Investment<BR>
    Management<BR>
    Agreement</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">As a percentage of the Fund&#146;s
    net assets:<BR>
    0.60% up to $250&#160;million;<BR>
    0.575% on the next $250&#160;million;<BR>
    0.55% on the next $250&#160;million;<BR>
    0.525% on the next $250&#160;million;<BR>
    0.50% over $1&#160;billion.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,048,086,586
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    6,195,529
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD colspan="11" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <B><FONT style="font-size: 10pt">New Investment<BR>
    Management<BR>
    Agreement</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">As a percentage of the Fund&#146;s
    average<BR>
    daily net assets:<BR>
    0.750% up to $250&#160;million;<BR>
    0.725% on the next $250&#160;million;<BR>
    0.700% on the next $250&#160;million;<BR>
    0.675% on the next $250&#160;million;<BR>
    0.650% over $1&#160;billion.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,048,086,586
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    7,989,875
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 --><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">6</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following example is intended to help you compare the
    expenses you would pay on a $1000 investment under the Current
    Investment Management Agreement with those under the New
    Investment Management Agreement, assuming a 5% annual return:
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="16" align="center" valign="bottom">
    <DIV style="font-size: -3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=264 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt; font-family: Arial, Helvetica">Example:
    You would pay the<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">following
    expenses on a $1,000<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">investment,
    assuming a 5% annual<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">return</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">1&#160;Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">10&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD colspan="16" align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=264 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Under the Current Investment<BR>
    Management Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    6
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    18
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    70
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Under the New Investment<BR>
    Management Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    7
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    40
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    88
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="17" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 --><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">BOARD
    CONSIDERATIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the summer of 2006, the Board commenced a comprehensive
    review of the Fund&#146;s current investment management
    arrangements with DeIM. The Board&#146;s review included
    conducting a request for proposals process for potential new
    managers for the Fund with assistance of an independent
    consultant to the Board. In December 2006, the Board announced
    that the Directors had unanimously agreed to pursue negotiations
    with RCM SF and affiliated entities to provide investment
    management and administrative services to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;25, 2007, the Board unanimously approved an
    interim Investment Management Agreement with RCM SF as the
    Fund&#146;s investment manager, an interim
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement between RCM SF and RCM AP and an interim
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement between RCM SF and AGIFM, each effective as of
    April&#160;1, 2007, and unanimously voted to recommend that the
    New Investment Management Agreement and
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement be approved by stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In reaching its decision to recommend that stockholders approve
    the New Investment Management Agreement and New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, the Board considered the following factors, among
    others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM AP&#146;s investment performance relative to the investment
    performance of the Fund, and relative to various benchmarks and
    industry peer groups. In this regard, the Board observed that
    RCM AP&#146;s performance had outperformed the Fund and its
    benchmark in recent 1&#160;year, 3&#160;year and 5&#160;year
    periods based on performance information provided by the
    Fund&#146;s investment consulting firm, Mercer Investment
    Consulting. The Board also observed that RCM AP had performed
    well relative to other funds in its Lipper peer group and the
    Fund&#146;s peer group identified by the Board.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The resources and operations of RCM SF and its affiliates,
    including the experience and professional qualifications of RCM
    SF-affiliated personnel that would be providing compliance and
    other services to the Fund. The Board noted that, pursuant to
    the Current and New Investment Management Agreement, Current and
    New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement, RCM SF, RCM AP and AGIFM will provide similar
    services to those provided by DeIM and its affiliates.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    With regard to the New Investment Management Agreement, New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement, the Board considered its terms and conditions, as
    well as the fee rates that would be applicable to the
    arrangements. The interim agreements have identical fee terms as
    to those currently in place. The permanent agreements
    recommended to be approved by stockholders reflect an increase
    in fees but are still below average for comparable closed-end
    funds. The Board concluded that any economies of scale to be
    enjoyed by RCM SF were properly reflected in the fee
    arrangements for the benefit of the Fund&#146;s stockholders,
    and that in light of the Fund&#146;s closed-end structure there
    were limited
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>7</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    opportunities for future material asset growth. In particular,
    the Board considered that the current tax position of the Fund
    is expected to lead to a reduction in the Fund&#146;s net assets
    in the coming years.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM SF and its affiliates&#146; personnel (including
    particularly those personnel with responsibilities for providing
    services to the Fund), resources, policies and investment
    processes. In this regard, the Board concluded that the quality
    and range of services provided by RCM SF and its affiliates
    should benefit the Fund and its stockholders.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The nature, scope and quality of the services proposed to be
    provided by RCM SF and its affiliates to the Fund. In this
    regard, the Board considered, among other things, that the types
    of services to be provided under the previous Investment
    Advisory, Management and Administration Agreement were
    comparable to those typically found in agreements of such type,
    and the proposed New Investment Management Agreement, New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement would result in a comparable level of services.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The estimated costs of the services to, and profits realized by,
    RCM SF and its affiliates from their relationships with the
    Fund. In this regard, the Board considered that RCM SF&#146;s
    future profitability would likely be lower than its estimated
    current profitability as a result of the reduction in the
    Fund&#146;s net assets likely to result from the Fund&#146;s
    current tax position noted above.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The investment management fee rates paid to RCM SF relative to
    those payable for similar accounts advised by RCM SF, including
    differences in the scope of services typically provided to
    mutual funds relative to institutional accounts. The Directors
    noted that the fee rates paid by the Fund were lower than the
    applicable Lipper peer group (based on data provided by Mercer
    Investment Consulting). The Board gave a lesser weight to fees
    paid by similar institutional accounts advised by RCM SF, in
    light of the material differences in the scope of services
    provided to mutual funds as compared to those provided to
    institutional accounts. Taking into account the foregoing, the
    Board concluded that the proposed new fee schedule represented
    reasonable compensation in light of the nature, extent and
    quality of the investment services being provided to the Fund.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The practices of RCM SF and RCM AP regarding the selection and
    compensation of brokers and dealers executing portfolio
    transactions for the Fund, including RCM AP&#146;s soft dollar
    practices. The Board considered that a portion of the
    Fund&#146;s brokerage may be allocated to affiliates of RCM SF,
    subject to compliance with applicable SEC rules. The Board also
    reviewed and approved, subject to ongoing review by the Board, a
    plan whereby a limited portion of the Fund&#146;s brokerage may
    in the future be allocated to brokers who acquire (and provide
    to RCM SF and its affiliates) research services from third
    parties that are generally useful to RCM SF and its affiliates
    in managing client portfolios. The Board indicated that it will
    monitor the allocation of the Fund&#146;s brokerage to ensure
    that the principle of &#147;best price and execution&#148;
    remains paramount in the portfolio trading process.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM SF&#146;s commitment to and record of compliance, including
    its written compliance policies and procedures. In this regard,
    the Board considered the significant attention and resources
    dedicated by RCM SF to documenting its compliance processes. The
    Board noted in particular (i)&#160;the experience and seniority
    of the Fund&#146;s chief compliance officer, who reports to the
    Board; (ii)&#160;the large number of compliance personnel who
    report to the Fund&#146;s chief compliance officer; and
    (iii)&#160;the substantial commitment of resources by RCM SF to
    compliance matters.
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">8</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on all of the foregoing, the Board determined to approve
    the Fund&#146;s New Investment Management Agreement and New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and concluded that the Agreements were in the best
    interests of the Fund&#146;s stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In reaching this conclusion the Board did not give particular
    weight to any single factor identified above. The Board
    considered these factors over the course of numerous meetings,
    many of which were in executive session with only the Directors
    and their counsel present. It is possible that individual
    Directors may have weighed these factors differently in reaching
    their individual decisions to approve the New Investment
    Management Agreement and
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INFORMATION ABOUT
    RCM SF</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM SF and its affiliates (&#147;RCM&#148;) make up a global
    investment organization consisting of separate affiliated
    entities with offices in key financial centers around the world,
    including San&#160;Francisco, London, Frankfurt, Hong Kong,
    Tokyo and Sydney. As of December&#160;31, 2006, these affiliated
    entities collectively advised or managed approximately
    $155&#160;billion, including approximately $21&#160;billion
    managed by RCM SF in San&#160;Francisco and approximately
    $10&#160;billion managed by RCM AP in Hong Kong. RCM is part of
    the Allianz Global Investors Group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM SF is a wholly owned subsidiary of RCM US Holdings LLC,
    located at Four Embarcadero Center, San&#160;Francisco, CA
    94111. RCM US Holdings LLC is a wholly owned subsidiary of
    Allianz Global Investors AG, located at Nyphenburger Strasse
    <FONT style="white-space: nowrap">112-116,</FONT>
    80636 Munich, Germany. Allianz Global Investors AG is a wholly
    owned subsidiary of Allianz SE, located at
    Koeniginstrasse&#160;28, Munich, Germany.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>9</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The name, address and principal occupation of each of RCM
    SF&#146;s principal executive officers and members of its
    Management Committee are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Name</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Address</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Positions with
    RCM SF</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="5" align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=82 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Udo Frank
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">c/o RCM,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chief Executive Officer &#38;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Four Embarcadero Center,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Member of RCM Management
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">San Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Andreas Utermann
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">c/o RCM,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Global Chief Investment Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">155 Bishopsgate,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">London EC2M 3AD
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Peter J. Anderson
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">c/o RCM,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chief Investment Officer &#38;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Four Embarcadero Center,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Member of RCM Management
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">San Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Robert J. Goldstein
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">c/o RCM,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chief Operating Officer,
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Four Embarcadero Center,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">General Counsel and Member of
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">San Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">RCM Management Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Gregory M. Siemons
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">c/o RCM,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chief Compliance Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Four Embarcadero Center,
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">San Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 --><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Board&#146;s knowledge, there are currently no officers
    or directors of the Fund who are also officers, employees, or
    directors of or owners of a membership interest in RCM SF. In
    connection with the proposed transition of the Fund&#146;s
    investment advisory arrangements, it has been proposed that the
    following employees of RCM SF&#146;s affiliates will serve as
    officers of the Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Name of Employee
    (RCM Affiliate Employer)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Proposed Position
    at the Fund</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD colspan="3" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=0 -->
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Robert J. Goldstein (an employee
    of RCM SF)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">President
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Youse Guia (an employee of Allianz
    Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chief Compliance Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Brian Shlissel (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Larry Altadonna (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Assistant Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Thomas Fuccillo (an employee of
    Allianz Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Lagan Srivastava (an employee of
    Allianz Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Assistant Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=0 --><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Board&#146;s knowledge, no director of the Fund has any
    material interest, direct or indirect, in any material
    transactions since the beginning of the most recently completed
    fiscal year, or in any material proposed transactions, to which
    RCM SF or any of its parents or subsidiaries was or is to be a
    party.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">10</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    RCM&#146;S INVESTMENT STYLE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM&#146;s investment philosophy in Asia Pacific is to seek
    out-performance over the investment cycle (typically 3 to
    5&#160;years) based upon researching and identifying growth
    prospects of quality companies that are incorporated in the
    portfolios using a disciplined investment methodology that
    includes both risk and liquidity controls.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under this approach, RCM identifies stocks that fall into two
    main categories: (i)&#160;companies that are expected to re-rate
    as a result of the market&#146;s not fully recognizing the
    growth potential of the business, and (ii)&#160;companies that
    are expected to benefit from share price appreciation resulting
    from an earnings surprise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM&#146;s investment approach in Asia Pacific is predicated on
    a <FONT style="white-space: nowrap">bottom-up,</FONT>
    fundamentally driven investment process by which RCM builds
    portfolios based on the aggregate of individual stock
    recommendations after taking account of the risk characteristics
    at the total portfolio level.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Portfolio
    Construction</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Portfolio construction is predominately judgmentally-driven
    focusing on using the best investment ideas from the research
    process. The portfolio manager looks to add value by taking
    active positions versus the benchmark where the
    <FONT style="white-space: nowrap">bottom-up</FONT>
    stock selection process identifies investment opportunities.
    Traders address pricing spreads and liquidity issues when
    discussing investment proposals with investment managers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Members of the relevant sector research team, the designated
    portfolio manager, and often a representative from the
    Grassroots research team, register opinions and vote on stocks.
    These votes are recorded and re-evaluated at regular and
    frequent intervals. Managers look for stocks which show good
    potential for both secular and internal earnings growth. Through
    extensive research and local market awareness, RCM aims to
    identify both local and international trends and avoid
    predictable threats to a business, whether technological,
    regulatory, or via competition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Idea
    Generation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stock ideas at RCM are generated at the market and sector level
    from the stock universe. Managers look for stocks that show good
    potential for both secular and internal earnings growth. Through
    extensive research and local market awareness, RCM aims to avoid
    predictable threats to a business, whether technological,
    regulatory, or via competition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, the decision at RCM to create a new position is
    driven by a disciplined team process based around a stock rating
    system. All stocks are rated on a 1 to 5 basis for considered
    inclusion within an equity portfolio. This systematic stock
    analysis ensures consistency on a global basis across RCM&#146;s
    different offices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise indicated earlier, RCM&#146;s fundamental
    research and disciplined screening criteria are applied to each
    and every security proposed for inclusion in portfolios. For all
    stocks in the universe, RCM derives target relative P/Es to
    arrive at a
    <FONT style="white-space: nowrap">12-month</FONT>
    total risk adjusted return projection. If a stock is found to
    have a positive relative valuation (risk/return), it becomes a
    &#147;outperformer&#148;. If negative, estimates are
    re-assessed, the stock monitored for possible dips in price,
    presenting a buying opportunity, or the idea is discarded. All
    outperformers are then compared to current holdings, to see if
    any of them have higher positive projected returns, and should
    therefore be purchased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM&#146;s primary sell discipline is derived from the use of a
    valuation system that not only flags potential outperformers,
    but also continually monitors for stocks which develop negative
    risk/return ratios. Unless the process can justify a higher P/E
    target, higher earnings estimates or lower specific risk, a
    stock is flagged as &#147;underperformer&#148; when it shows
    insufficient returns relative to the market and other stocks.
    There are typically
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>11</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    three occurrences that trigger RCM&#146;s sell discipline:
    1)&#160;growth is compromised; 2)&#160;quality (management or
    financial) is compromised
    <FONT style="white-space: nowrap">and/or</FONT>
    3)&#160;a low risk/return.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Normally, stocks are chosen for their growth prospects and
    therefore analysts naturally monitor stocks for their long-term
    suitability for equity portfolios.
    <FONT style="white-space: nowrap">12-18&#160;months</FONT>
    would be considered the minimum holding period although in
    general RCM&#146;s investment philosophy is geared toward a
    long-term three-year period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once recommendations have been made, they are entered onto RIMS
    Express, the central repository for global analysis at RCM.
    Company fundamentals are entered, along with the analyst&#146;s
    recommendations and a calculation of target price and hence
    percentage upside. In this way the fund manager can
    differentiate between votes with the same rank, on an absolute
    basis. The database within the proprietary system RIMS as
    detailed above has also been constructed to include information
    acquired through external systems such as IBES, Trapeze and
    FirstCall.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Research analysts are the primary source of investment ideas;
    however, RCM uses other tools to assist. Quantitative tools
    monitoring consensus earnings expectations are applied. Some
    external research is assessed which accounts for approximately
    10% of RCM&#146;s total research. Analysts are responsible for
    communicating ideas and recommendations to the equity team.
    GrassrootsSM is used for cross validation and from time to time
    generates ideas.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Risk
    Management</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Risks are assessed at the overall portfolio, country, industry,
    style and individual stock levels. Risk review ensures that
    overall portfolio risks adhere to internal investment guidelines
    and are in line with return expectations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reporting to the CIO, RCM&#146;s risk manager reviews portfolio
    risk with the CIO and fund managers on bi-weekly basis. On a
    quarterly basis, RCM&#146;s Global CIO and global risk manager
    conduct portfolio risk reviews with the CIO, risk manager and
    fund managers in Asia to address risk control issues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Central to portfolio construction is risk management which
    ensures that client&#146;s guidelines are adhered to. Using
    Wilshire, APT and Style Research, the Performance&#160;&#38;
    Risk Reporting Department (&#147;PRR&#148;) ensures that
    RCM&#146;s equity teams are continuously monitored to achieve
    truth in labeling, meeting risk and performance targets and
    providing transparency and accountability with respect to
    performance metrics. The PRR is responsible for the calculation
    and analysis of portfolio returns.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REQUIRED
    VOTE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approval of the New Investment Management Agreement requires the
    affirmative vote of a &#147;majority of the outstanding voting
    securities.&#148; The term &#147;majority of the outstanding
    voting securities,&#148; as defined in the 1940 Act and as used
    in this Proxy Statement, means the affirmative vote of the
    lesser of (i)&#160;67% of the voting securities of the Fund
    present at the Meeting if more than 50% of the outstanding
    voting securities of the Fund are present in person or by proxy
    or (ii)&#160;more than 50% of the outstanding voting securities
    of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The directors of The Korea Fund unanimously recommend that
    stockholders of The Korea Fund vote&#160;FOR the approval of the
    New Investment Management Agreement.</B>
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">12</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PROPOSAL&#160;2.
    APPROVAL OF NEW
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT BETWEEN RCM AND RCM AP:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Meeting, you will be asked to approve a new
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM AP (the &#147;New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement&#148;). Beginning April&#160;1, 2007, RCM AP will
    serve as the Fund&#146;s interim
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    pursuant to the interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement that the Board of Directors approved on
    January&#160;25, 2007. A general description of the proposed New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement is included below. The form of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement is attached hereto as Exhibit&#160;B.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As discussed under Proposal&#160;1 above, on January&#160;25,
    2007, after careful consideration of possible alternatives to
    the Fund&#146;s management and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    arrangements, the Board of Directors, including a majority of
    the Independent Directors, determined that it would be in the
    best interests of the Fund and its stockholders to approve,
    subject to Stockholder approval, the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, pursuant to which RCM AP would become the Fund&#146;s
    new
    <FONT style="white-space: nowrap">sub-adviser,</FONT>
    succeeding Deutsche Investment Trust&#160;Management Company
    Limited (&#147;DeITMC&#148;). At the meeting, the Board of
    Directors also approved an interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement, as permitted under the 1940 Act, pursuant to which
    RCM AP will serve as interim
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Fund beginning April&#160;1, 2007. The terms of this
    interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement are substantially identical to those of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, except that the compensation paid by the investment
    manager to the
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    under the interim agreement is identical to that paid under the
    Fund&#146;s previous
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement with DeITMC (the &#147;Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement&#148;) and the termination provisions under the
    interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement require a
    <FONT style="white-space: nowrap">10-day</FONT>
    written notice instead of the
    <FONT style="white-space: nowrap">60-day</FONT>
    written notice that the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement requires.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    THE CURRENT
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement provides that DeITMC shall furnish DeIM with
    information, investment recommendations, advice and assistance,
    as DeIM from time to time reasonably requests. In addition, the
    Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement provides that DeITMC shall maintain a separate staff
    within its organization to furnish such services exclusively to
    DeIM. For the benefit of the Fund, DeITMC has agreed to pay the
    fees and expenses of any Directors or officers of the Fund who
    are directors, officers or employees of DeITMC or its
    affiliates, except that the Fund has agreed to bear certain
    travel expenses of such Director, officer or employee to the
    extent such expenses relate to the attendance as a Director at a
    Board meeting of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In return for the services it renders under the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, DeITMC is paid by DeIM monthly compensation which, on
    an annual basis, is equal to 0.2875% of the value of the
    Fund&#146;s net assets up to and including $50&#160;million;
    0.2750% of the value of such assets on the next
    $50&#160;million; 0.2500% of the value of such assets on the
    next $250&#160;million; 0.2375% of such assets on the next
    $400&#160;million; and 0.2250% of such assets in excess of
    $750&#160;million. During the fiscal year ended June&#160;30,
    2006, the fees paid by DeIM to DeITMC, pursuant to the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, amounted to $3,403,137.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement further provides that DeITMC shall not be liable for
    any act or omission in the course of, connected with or arising
    out of any services to be rendered under the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, except by reason of willful misfeasance, bad faith or
    gross negligence on the part of DeITMC in the performance of its
    duties or from reckless disregard by DeITMC of its obligations
    and duties under the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement may be terminated without penalty upon sixty
    (60)&#160;days&#146; written notice by either party, or by a
    majority vote of the outstanding voting securities of the Fund,
    and automatically
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>13</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    terminates in the event of the termination of the Fund&#146;s
    currently effective investment advisory, management and
    administration agreement or in the event of its assignment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    NEW
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT AND COMPARISION OF NEW
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT AND CURRENT
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to its parties, term dates and fees (described
    below), the provisions of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement of the Fund differ from those of Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement by significantly expanding the services to be provided
    by the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
    Provisions of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement that have such an effect include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM AP&#146;s obligation to furnish continuously an investment
    program for the Fund and shall make investment decisions on
    behalf of the Fund and place all orders for the purchase and
    sale of the Fund&#146;s portfolio securities. In the performance
    of its duties, RCM AP will (i)&#160;comply with the provisions
    of the Fund&#146;s Articles of Incorporation, as amended, and
    Amended and Restated By-Laws, including any amendments thereto,
    and the investment objectives, policies and restrictions of the
    Fund, (ii)&#160;use its best efforts to safeguard and promote
    the welfare of the Fund and (iii)&#160;comply with other
    policies which the Fund&#146;s Board of Directors or RCM SF, as
    the case may be, may from time to time determine. RCM AP and RCM
    SF will each make its officers and employees available to the
    other from time to time at reasonable times to review the
    investment policies of the Fund and to consult with each other
    and any other
    <FONT style="white-space: nowrap">sub-adviser(s)</FONT>
    to the Fund regarding the investment affairs of the Fund.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM AP&#146;s obligation to be responsible, either directly or
    through others it selects, for the daily monitoring of the
    investment activities and portfolio holdings of the Fund&#146;s
    portfolio in connection with the Fund&#146;s compliance with the
    Fund&#146;s investment objectives, policies and restrictions.
    RCM AP will also cooperate with and provide sufficient
    information to RCM SF to assist with its monitoring of the
    investment activities and portfolio holdings of the Fund in
    connection with the Fund&#146;s overall compliance with the
    Investment Company Act of 1940, the Fund&#146;s compliance with
    its investment objectives, policies and restrictions, and the
    Fund&#146;s satisfaction of quarterly diversification
    requirements for qualification as a regulated investment company
    under the Internal Revenue Code of 1986 and the rules and
    regulations thereunder.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM AP&#146;s obligation, at its expense, either directly or
    through others that it selects, to furnish (i)&#160;all
    necessary investment and management facilities, including
    salaries of personnel, required for it to execute its duties
    faithfully and (ii)&#160;administrative facilities, including
    bookkeeping, clerical personnel and equipment necessary for the
    efficient conduct of the Fund&#146;s investment affairs,
    including verification and oversight of the pricing of the
    portfolio securities and other instruments comprising the
    Fund&#146;s portfolio (but excluding determination of net asset
    value and shareholder accounting services).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    RCM AP&#146;s obligation, in the selection of brokers or dealers
    and the placing of orders for the purchase and sale of portfolio
    investments for the Fund, to seek to obtain for the Fund the
    most favorable price and execution available, except to the
    extent RCM AP may be permitted to pay higher brokerage
    commissions for brokerage and research services as described
    below. In using its best efforts to obtain for the Fund the most
    favorable price and execution available, RCM AP, bearing in mind
    the Fund&#146;s best interests at all times, shall consider all
    factors it deems relevant, including by way of illustration,
    price, the size of the transaction, the nature of the market for
    the security, the amount of the commission, the timing of the
    transaction taking into account market prices and trends, the
    reputation, experience and financial stability of the broker or
    dealer involved and the quality of service rendered by the
    broker or dealer in other transactions. Subject to such policies
    as the Fund&#146;s Board of Directors may determine, RCM AP
    shall not be
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">14</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    deemed to have acted unlawfully or to have breached any duty
    created by the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement or otherwise solely by reason of its having caused the
    Fund to pay a broker or dealer that provides brokerage and
    research services to RCM AP an amount of commission for
    effecting a portfolio investment transaction in excess of the
    amount of commission another broker or dealer would have charged
    for effecting that transaction, if RCM AP determines in good
    faith that such amount of commission was reasonable in relation
    to the value of the brokerage and research services provided by
    such broker or dealer, viewed in terms of either that particular
    transaction or RCM AP&#146;s overall responsibilities with
    respect to the Fund and to other RCM AP clients as to which RCM
    AP exercises investment discretion. RCM SF agrees with RCM AP
    that any entity or person associated with RCM AP which is a
    member of a national securities exchange is authorized to effect
    any transaction on such exchange for the account of the Fund
    which is permitted by Section&#160;11(a) of the Securities
    Exchange Act of 1934.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">COMPARISON OF
    FEES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In consideration of the services to be rendered under the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, RCM SF will pay RCM AP a monthly fee which, on an
    annual basis, is equal to 0.4000%&#160;per annum of the value of
    the Fund&#146;s average daily net assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described above, under the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, DeIM paid DeITMC a monthly fee which, on an annual
    basis, is equal to 0.2875% of the value of the Fund&#146;s net
    assets up to and including $50&#160;million; 0.2750% of the
    value of such assets on the next $50&#160;million; 0.2500% of
    the value of such assets on the next $250&#160;million; 0.2375%
    of such assets on the next $400&#160;million; and 0.2250% of
    such assets in excess of $750&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the end of the Fund&#146;s last fiscal year, the Fund had
    net assets of $1.048&#160;billion, and the investment manager
    paid an aggregate fee to the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    under its Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement during such period equal to $3,403,137. Had the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement been in effect during this period, the investment
    manager would have paid the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    an aggregate fee equal to $4,532,231 during such period. Thus,
    the aggregate fee under the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement would have been 33% greater than the aggregate fee
    under the Current
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement had the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement been in effect during the Fund&#146;s last fiscal year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">BOARD
    CONSIDERATIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because RCM SF pays all
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fees under the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and remains fully responsible under the New Investment
    Management Agreement for the provision of such services as
    described above, the Board&#146;s considerations in its
    approving the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement are incorporated with its considerations in its
    approving the New Investment Management Agreement (See
    <FONT style="white-space: nowrap">&#147;Proposal&#160;1-</FONT>
    Board Considerations&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INFORMATION ABOUT
    <FONT style="white-space: nowrap">SUB-ADVISER</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM AP was formed in 2006 and licensed by the Hong Kong SFC and
    the U.S.&#160;Securities and Exchange Commission in January of
    2007. RCM AP is in the process of succeeding to all of Allianz
    Global Investors Hong Kong Limited&#146;s equity management
    business in Hong Kong as part of a legal restructuring by
    Allianz Global Investors of its group companies in the Asia
    Pacific. RCM AP is located at
    <FONT style="white-space: nowrap">21/F,</FONT> Cheung
    Kong Center, 2 Queen&#146;s Road Central, Central, Hong Kong the
    assets under management to which it will succeed to were
    approximately $10&#160;billion as of December&#160;31, 2006.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>15</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM AP is a wholly owned subsidiary of Allianz Global Investors
    Asia Pacific GmbH (&#147;AGIAP&#148;) of Nymphenburger Str.
    <FONT style="white-space: nowrap">112-116,</FONT>
    D-80636, Munich,Germany. AGIAP is a German company that is
    wholly owned by Allianz Global Investors AG of Nymphenburger
    Str.
    <FONT style="white-space: nowrap">112-116,</FONT>
    D-80636, Munich,Germany (&#147;AGI&#148;). RCM AP has its
    principal office at
    <FONT style="white-space: nowrap">21/F</FONT> Cheung
    Kong Center, 2 Queen&#146;s Road, Central, Hong Kong. AGI acts
    as a holding company for the asset management business of
    Allianz SE. AGI is wholly owned by Allianz SE
    (&#147;Allianz&#148;) (74.47% is held directly by Allianz and
    the remaining share is held via Allianz-Argos 6
    Verm&#246;gensverwaltungsgesellschaft mbH, which is wholly owned
    by Allianz Finanzbeteiligungs GmbH, which in turn is a wholly
    owned subsidiary of Allianz). Allianz&#146;s principal executive
    offices are located at Koeniginstrasse&#160;28, D-80802, Munich,
    Germany.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The name, address and principal occupation of each of RCM
    AP&#146;s principal executive officers and directors are as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Name</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Address</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Positions with
    RCM AP</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="5" align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=135 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark Konyn
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt"><FONT style="white-space: nowrap">21/F</FONT>
    Cheung Kong Center, 2&#160;Queen&#146;s Road, Central,
    Hong&#160;Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director&#160;&#38; Chief
    Executive Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Steve  Bryant
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt"><FONT style="white-space: nowrap">21/F</FONT>
    Cheung Kong Center, 2&#160;Queen&#146;s Road, Central,
    Hong&#160;Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director&#160;&#38; Chief
    Operating Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="middle">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director&#160;&#38; Chief
    Investment
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Raymond Chan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt"><FONT style="white-space: nowrap">21/F</FONT>
    Cheung Kong Center, 2&#160;Queen&#146;s Road, Central, Hong Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Officer&#160;&#38; Chairman of the
    Hong Kong Balanced Investment Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Kent Rossiter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt"><FONT style="white-space: nowrap">21/F</FONT>
    Cheung Kong Center, 2 Queen&#146;s Road, Central, Hong Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director&#160;&#38; Head of
    Regional Asia Pacific Trading
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=435 length=0 --><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Board&#146;s knowledge, there are currently no officers
    or directors of the Fund who are also officers, employees, or
    directors of or owners of a material interest in RCM AP. In
    connection with the proposed transition of the Fund&#146;s
    investment advisory arrangements, it has been proposed that the
    following employees of RCM AP&#146;s affiliates will serve as
    officers of the Fund:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Name of Employee
    (RCM AP Affiliate Employer)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Proposed Position
    at the Fund</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=244 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Robert J. Goldstein (an employee
    of RCM SF)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">President
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Youse Guia (an employee of Allianz
    Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chief Compliance Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Brian Shlissel (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Larry Altadonna (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Assistant Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Thomas Fuccillo (an employee of
    Allianz Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Lagan Srivastava (an employee of
    Allianz Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Assistant Secretary
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Board&#146;s knowledge, no director of the Fund has any
    material interest, direct or indirect, in any material
    transactions since the beginning of the most recently completed
    fiscal year, or in any material proposed transactions, to which
    RCM AP or any of its parents or subsidiaries was or is to be a
    party.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">16</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REQUIRED
    VOTE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approval of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement requires the affirmative vote of a &#147;majority of
    the outstanding voting securities.&#148; The term &#147;majority
    of the outstanding voting securities,&#148; as defined in the
    1940 Act and as used in this Proxy Statement, means: the
    affirmative vote of the lesser of (i)&#160;67% of the voting
    securities of the Fund present at the Meeting if more than 50%
    of the outstanding voting securities of the Fund are present in
    person or by proxy or (ii)&#160;more than 50% of the outstanding
    voting securities of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The directors of The Korea Fund unanimously recommend that
    stockholders of The Korea Fund vote&#160;FOR the approval of the
    New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement.</B>
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>17</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PROPOSAL&#160;3.
    APPROVAL OF ISSUANCE OF FUND&#160;SHARES AT A PRICE BELOW NET
    ASSET VALUE IN CONNECTION WITH A CAPITAL GAINS DISTRIBUTION
    PAYABLE IN FUND&#160;SHARES OR, AT THE ELECTION OF THE
    STOCKHOLDER, IN CASH:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As discussed above in Proposal&#160;1, it is expected that RCM
    SF and RCM AP will make substantial changes to the Fund&#146;s
    current holdings, which in connection with the transition of the
    portfolio will likely result in the realization of a significant
    amount of capital gains. As a result, the Fund will realize
    large amounts of long-term capital gains. Under the
    U.S.&#160;Internal Revenue Code (the &#147;Code&#148;), the Fund
    is required each calendar year to distribute at least 98% of its
    capital gain net income for the
    <FONT style="white-space: nowrap">12-month</FONT>
    period ending on October&#160;31st&#160;in order to avoid an
    excise tax; in addition, the Fund would bear tax at the Fund
    level on any net capital gain income that is not distributed. If
    the Fund makes a capital gains distribution in cash and the Fund
    remains fully invested, it will need to sell additional
    portfolio securities to raise the cash to make the distribution.
    These additional sales will cause the Fund to realize additional
    capital gains that in turn must be distributed. As a result of
    this &#147;cascade,&#148; the Fund would shrink, likely causing
    an increase in the Fund&#146;s expense ratio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In an effort to reduce the need for the Fund to raise cash to
    make the distribution (and thereby reduce the effect of any
    &#147;cascade&#148;), the Fund intends to make all or part of
    its capital gains distribution in newly issued Fund shares or,
    at the election of the stockholder, in cash (a &#147;Cash
    Election Dividend&#148;). Stockholders that do not make any
    election, or whose elections are not received before an
    appropriate deadline, would receive the distribution in Fund
    shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares issued pursuant to the Cash Election Dividend would be
    issued at the lower of (<U>i</U>) market price as of a date
    close to the payment date and (<U>ii</U>) net asset value
    (&#147;NAV&#148;) on the pricing date, but not less than 95% of
    the closing price on that date. Because the Fund shares have
    typically traded at a discount to NAV, it is likely that the
    shares issued pursuant to the Cash Election Dividend would be
    issued at a price below NAV.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full amount of the Cash Election Dividend, whether received
    in additional Fund shares or cash, will be reportable by
    stockholders who are U.S.&#160;taxpayers as long-term capital
    gain on their U.S.&#160;federal income tax returns. In addition,
    whether paid in cash or additional Fund shares, the amounts
    distributed will be net of any applicable withholding taxes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the shares are issued at less than NAV, the issuance of such
    shares will result in dilution of the aggregate NAV of the
    shares of the Fund held by those stockholders who elect to
    receive the Cash Election Dividend in cash, and such
    stockholders will, upon completion of the Fund&#146;s payment of
    the Cash Election Dividend, own a smaller proportional interest
    in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rule&#160;312.03 of the New York Stock Exchange
    (&#147;NYSE&#148;) requires that NYSE-listed companies such as
    the Fund obtain shareholder approval prior to issuing an amount
    of shares representing 20% or more of the voting power
    outstanding prior to the issuance of such shares.
    Rule&#160;312.03 also requires the Fund to obtain shareholder
    approval prior to issuing shares to any substantial security
    holder of the Fund. Depending on the identity and number of Fund
    shares held by persons electing to receive cash in the Cash
    Election Dividend, the dividend could involve an issuance of 20%
    or more of the Fund&#146;s pre-issuance outstanding shares, and
    it could also involve an issuance of shares to a substantial
    stockholder of the Fund. See &#147;Additional Information&#148;
    below for disclosure as to stockholders beneficially owning more
    than 5% of the Fund&#146;s outstanding shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, Section&#160;23(b) of the Investment Company Act of
    1940 (the &#147;1940 Act&#148;) restricts registered closed-end
    funds such as the Fund from issuing their stock at a price below
    NAV, although, among other exceptions, it permits such issuances
    &#147;with the consent of a majority of its common
    stockholders.&#148; At the
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">18</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Meeting, you will be asked to approve the Fund&#146;s ability to
    issue its stock at a price below NAV in connection with its
    intended Cash Election Dividend. While the Fund does not believe
    that Section&#160;23(b) requires stockholder approval for the
    Fund to pay a Cash Election Dividend, the Fund believes that
    obtaining stockholder approval would better ensure the
    Fund&#146;s compliance with this provision of the 1940 Act. In
    other words, except to the extent required under the NYSE rules,
    any decision of the Fund&#146;s Board of Directors to pay a Cash
    Election Dividend is not conditioned on the results of the
    stockholders&#146; vote on this proposal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REQUIRED
    VOTE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the rules of the NYSE, an issuance of shares representing
    20% or more of the Fund&#146;s pre-issuance outstanding voting
    power, or an issuance to a substantial security holder of the
    Fund, requires approval by a majority of the votes cast on the
    proposal, provided that the total vote cast on the proposal
    represents over 50% in interest of all securities entitled to
    vote on the proposal. In addition, approval of the Fund&#146;s
    ability to sell its stock at a price below NAV pursuant to
    Section&#160;23(b)(2) of the 1940 Act requires the affirmative
    vote of a majority of its common stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The directors of The Korea Fund unanimously recommend that
    stockholders of The Korea Fund vote&#160;FOR the approval of the
    Fund&#146;s ability to sell its stock at a price below NAV in
    connection with its Cash Election Dividend.</B>
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>19</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;16(a) of the Securities Exchange Act of 1934, as
    amended (the &#147;Exchange Act&#148;), and Section&#160;30(h)
    of the 1940 Act, as applied to a closed-end management
    investment company, require the Fund&#146;s Directors and
    executive officers, the Fund&#146;s investment manager (RCM SF,
    beginning April&#160;1, 2007), affiliates of the Fund&#146;s
    investment manager, the Fund&#146;s
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    (RCM AP, beginning April&#160;1, 2007), 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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, and affiliated
    persons of the Fund&#146;s investment manager, and written
    representations by the Reporting Persons that no year-end
    reports were required for such persons, all filings required by
    Section&#160;16(a) of the Exchange Act for the fiscal year ended
    June&#160;30, 2006 were timely; however, John Robbins, the Chief
    Compliance Officer of the Fund&#146;s previous investment
    manager, filed a Form&#160;3 twenty-seven days late. As a
    convenience to the Directors, the Fund&#146;s investment manager
    assists the Directors in making their Section&#160;16 filings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to a Schedule&#160;13F filing made with the SEC on
    February&#160;6, 2007, the following stockholder owned
    beneficially more than 5% of the Fund&#146;s outstanding common
    stock:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Name and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Title of Class</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="left" valign="bottom">
    <B>Percent of Class</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="9" align="center" valign="bottom">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=134 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Common Stock
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">City of London Investment Group,
    PLC
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">5,596,738&#160;shares<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    20.754%
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">c/o City of London Investment
    Management <BR>
    Company, Limited, 10 Eastcheap, <BR>
    London, EC3M ILX, England
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=0 --><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    1 </TD>
    <TD></TD>
    <TD valign="bottom">
    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
    5,596,738&#160;shares, or 20.754% of the Fund&#146;s outstanding
    stock, through its control of City of London Investment
    Management Company Limited.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as noted above, to the best of the Fund&#146;s knowledge,
    as of February&#160;21, 2007, no other person owned beneficially
    more than 5% of the Fund&#146;s outstanding stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Stockholder
    Communications with Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;Thomas J. Fuccillo, Secretary to the Fund,
    Allianz Global Investors, 1345 Avenue of the Americas, New York,
    New&#160;York&#160;10105. The Secretary of the Fund will
    promptly forward copies of all written correspondence to the
    Directors.
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">20</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Service
    Providers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beginning April&#160;1, 2007, RCM SF will serve as the
    Fund&#146;s interim investment manager under the interim
    management agreement. The address of RCM SF is Four Embarcadero
    Center, San&#160;Francisco, California&#160;94111.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beginning April&#160;1, 2007, RCM AP will serve as the
    Fund&#146;s interim
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    under the interim
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between RCM SF and RCM AP. The address of RCM AP is
    <FONT style="white-space: nowrap">21/F.,</FONT>
    Cheung Kong Center, 2 Queen&#146;s Road Central, Central, Hong
    Kong.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beginning April&#160;1, 2007, AGIFM will serve as the
    Fund&#146;s
    <FONT style="white-space: nowrap">sub-administrator</FONT>
    under the
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement between RCM SF and AGIFM. The address of AGIFM is 1345
    Avenue of the Americas, New&#160;York, New York 10105.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Other
    Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Miscellaneous</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proxies will be solicited by mail and may be solicited in person
    or by telephone by officers of the Fund or personnel of RCM SF.
    The Fund has retained Morrow&#160;&#38; Co., Inc.
    (&#147;Morrow&#148;), located at 470&#160;West Avenue, Stamford,
    Connecticut 06902, to assist in the proxy solicitation. Morrow
    will be paid a fee not to exceed $10,000 plus expenses. The
    costs and expenses connected with the solicitation of proxies by
    the Fund&#146;s officers or Morrow, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Solicitation of proxies is being made primarily by the mailing
    of this Proxy Statement with its enclosures on or about
    March&#160;2, 2007. As mentioned above, Morrow will assist in
    the solicitation of proxies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As the meeting date approaches, certain stockholders may receive
    telephone calls from representatives of Morrow if their votes
    have not been received. Authorization to permit Morrow 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a stockholder wishes to participate in the 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 Morrow
    toll-free at
    <FONT style="white-space: nowrap">1-800-607-0088.</FONT>
    Any proxy given by a stockholder is revocable until voted at the
    Meeting. See &#147;Proxy Statement&#160;&#151; General.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that sufficient votes in favor of any proposal set
    forth in the Notice of this Meeting are not received by
    April&#160;11, 2007, 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
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>21</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    adjourned. The persons named as appointed proxies on the
    enclosed proxy card will vote in favor of such adjournment those
    proxies which they are entitled to vote in favor of the proposal
    for which further solicitation of proxies is to be made. They
    will vote against any such adjournment those proxies required to
    be voted against such proposal. The costs of any such additional
    solicitation and of any adjourned session will be borne by the
    Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Stockholder
    Proposals</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stockholders wishing to submit proposals pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    under the Exchange Act for inclusion in the proxy statement for
    the Fund&#146;s 2007 annual meeting of stockholders, which is
    expected to be held in October&#160;2007, should send their
    written proposals to Secretary of the Fund, c/o&#160;Allianz
    Global Investors Fund Management LLC, 1345 Avenue of the
    Americas, New York, NY 10105, by May&#160;4, 2007. The timely
    submission of a proposal does not guarantee its inclusion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;days nor more than
    120&#160;days prior to the date of the meeting; provided,
    however, that if less than 100&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By order of the Board of Directors,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y31290dpy3129006.gif" alt="-s- John Millette" >
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    John Millette
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Secretary</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    345 Park Avenue
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, NY 10154
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March&#160;2, 2007
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">22</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Exhibit&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">FORM&#160;OF NEW
    INVESTMENT MANAGEMENT AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AGREEMENT, dated and effective as of [Date], 2007 between THE
    KOREA FUND, INC., a Maryland corporation (herein referred to as
    the &#147;Fund&#148;), and RCM CAPITAL MANAGEMENT LLC, a
    Delaware limited liability company (herein referred to as the
    &#147;Manager&#148;).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">WITNESSETH:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    That in consideration of the mutual covenants herein contained,
    it is agreed by the parties as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    1.&#160;&#160;</TD>
    <TD align="left">
    The Manager hereby undertakes and agrees, upon the terms and
    conditions herein set forth, (<U>i</U>) to make investment
    decisions for the Fund, to prepare and make available to the
    Fund research and statistical data in connection therewith and
    to supervise the acquisition and disposition of securities by
    the Fund, including the selection of brokers or dealers to carry
    out the transactions, all in accordance with the Fund&#146;s
    investment objectives and policies and in accordance with
    guidelines and directions from the Fund&#146;s Board of
    Directors; (<U>ii</U>) to assist the Fund as it may reasonably
    request in the conduct of the Fund&#146;s business, subject to
    the direction and control of the Fund&#146;s Board of Directors;
    (<U>iii</U>) to maintain or cause to be maintained for the Fund
    all books, records, reports and any other information required
    under the Investment Company Act of 1940, as amended (the
    &#147;1940 Act&#148;), and to furnish or cause to be furnished
    all required reports or other information under Korean
    securities laws, to the extent that such books, records and
    reports and other information are not maintained or furnished by
    the custodian or other agents of the Fund; (<U>iv</U>) to render
    to the Fund administrative services such as preparing reports to
    and meeting materials for the Fund&#146;s Board of Directors and
    reports and notices to stockholders, preparing and making
    filings with the Securities and Exchange Commission (the
    &#147;SEC&#148;) and other regulatory and self-regulatory
    organizations, including preliminary and definitive proxy
    materials and post-effective amendments to the Fund&#146;s
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    under the Securities Act of 1933, as amended, and the 1940 Act,
    as amended from time to time, providing assistance in certain
    accounting and tax matters and investor and public relations,
    monitoring the valuation of portfolio securities, assisting in
    the calculation of net asset value and calculation and payment
    of distributions to stockholders, and overseeing arrangements
    with the Fund&#146;s custodian, including the maintenance of
    books and records of the Fund; and (<U>v</U>) to pay the
    reasonable salaries, fees and expenses of such of the
    Fund&#146;s officers and employees (including the Fund&#146;s
    shares of payroll taxes) and any fees and expenses of such of
    the Fund&#146;s directors as are directors, officers or
    employees of the Manager; provided, however, that the Fund, and
    not the Manager, shall bear travel expenses (or an appropriate
    portion thereof) of directors and officers of the Fund who are
    directors, officers or employees of the Manager to the extent
    that such expenses relate to attendance at meetings of the Board
    of Directors of the Fund or any committees thereof or advisers
    thereto. The Manager shall bear all expenses arising out of its
    duties hereunder but shall not be responsible for any expenses
    of the Fund other than those specifically allocated to the
    Manager in this paragraph&#160;1. In particular, but without
    limiting the generality of the foregoing, the Manager shall not
    be responsible, except to the extent of the reasonable
    compensation of such of the Fund&#146;s employees as are
    directors, officers or employees of the Manager whose services
    may be involved, for the following expenses of the Fund:
    organization and certain offering expenses of the Fund
    (including
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses, but not including overhead or employee costs of the
    Manager or of any one or more organizations retained by the Fund
    or by the Manager as Korean adviser of the Fund); fees payable
    to the Manager and to any advisor or consultants, including an
    advisory board, if applicable; legal expenses; auditing and
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>A-1</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    accounting expenses; telephone, telex, facsimile, postage and
    other communication expenses; taxes and governmental fees; stock
    exchange listing fees; fees, dues and expenses incurred by the
    Fund in connection with membership in investment company trade
    organizations; fees and expenses of the Fund&#146;s custodians,
    subcustodians, transfer agents and registrars; payment for
    portfolio pricing or valuation services to pricing agents,
    accountants, bankers and other specialists, if any; expenses of
    preparing share certificates and other expenses in connection
    with the issuance, offering, distribution, sale or underwriting
    of securities issued by the Fund; expenses of registering or
    qualifying securities of the Fund for sale; expenses relating to
    investor and public relations; freight, insurance and other
    charges in connection with the shipment of the Fund&#146;s
    portfolio securities; brokerage commissions or other costs of
    acquiring or disposing of any portfolio securities of the Fund;
    expenses of preparing and distributing reports, notices and
    dividends to stockholders; costs of stationery; costs of
    stockholders&#146; and other meetings; litigation expenses; or
    expenses relating to the Fund&#146;s dividend reinvestment and
    cash purchase plan (except for brokerage expenses paid by
    participants in such plan).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    2.&#160;&#160;</TD>
    <TD align="left">
    Subject to the prior approval of a majority of the members of
    the Fund&#146;s Board of Directors, including a majority of the
    Directors who are not &#147;interested persons,&#148; as defined
    in the 1940 Act, the Manager may, through a
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement or other arrangement, delegate to any other company
    that it controls, is controlled by, or is under common control
    with, or to specified employees of any such companies, or to
    more than one such company, to the extent permitted by
    applicable law, certain of its duties enumerated in
    section&#160;1 hereof; provided, that the Manager shall continue
    to supervise the services provided by such company or employees
    and any such delegation shall not relieve the Manager of any of
    its obligations hereunder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of this Agreement, the duties of any
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    or delegate, the portion of portfolio assets of the Fund that
    the
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    or delegate shall manage and the fees to be paid to the
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    or delegate by the Manager under and pursuant to any
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement or other arrangement entered into in accordance with
    this Agreement may be adjusted from time to time by the Manager,
    subject to the prior approval of the members of the Fund&#146;s
    Board of Directors who are not &#147;interested persons,&#148;
    as defined in the 1940 Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">    In connection with the rendering of the services required under
    paragraph&#160;1, the Fund and the Manager have entered into an
    agreement dated the date hereof with RCM Asia Pacific Limited
    (&#147;RCM AP&#148;) to furnish investment advisory services to
    the Manager pursuant to such agreement, and the Manager and
    Allianz Global Investors Fund Management LLC (&#147;AGIFM&#148;)
    have entered into a
    <FONT style="white-space: nowrap">Sub-Administration</FONT>
    Agreement pursuant to which AGIFM will furnish administrative
    services to the Fund. The Manager may also contract with or
    consult with such banks, other securities firms or other parties
    in Korea or elsewhere as it may deem appropriate to obtain
    information and advice, including investment recommendations,
    advice regarding economic factors and trends, advice as to
    currency exchange matters, and clerical and accounting services
    and other assistance, but any fee, compensation or expenses to
    be paid to any such parties shall be paid by the Manager, and no
    obligation shall be incurred on the Fund&#146;s behalf in any
    such respect.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    4.&#160;&#160;
</TD>
    <TD align="left">    In the selection of brokers or dealers and the placing of orders
    for the purchase and sale of portfolio investments for the Fund,
    the Manager shall seek to obtain for the Fund the most favorable
    price and execution available, except to the extent it may be
    permitted to pay higher brokerage commissions for brokerage and
    research services as described below. In using its best efforts
    to obtain for the Fund the most favorable price and execution
    available, the Manager, bearing in mind the Fund&#146;s best
    interests at all
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">A-2</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    times, shall consider all factors it deems relevant, including
    by way of illustration, price, the size of the transaction, the
    nature of the market for the security, the amount of the
    commission, the timing of the transaction taking into account
    market prices and trends, the reputation, experience and
    financial stability of the broker or dealer involved and the
    quality of service rendered by the broker or dealer in other
    transactions. Subject to such policies as the Fund&#146;s Board
    of Directors may determine, the Manager shall not be deemed to
    have acted unlawfully or to have breached any duty created by
    this Agreement or otherwise solely by reason of its having
    caused the Fund to pay a broker or dealer that provides
    brokerage and research services to the Manager an amount of
    commission for effecting a portfolio investment transaction in
    excess of the amount of commission another broker or dealer
    would have charged for effecting that transaction, if the
    Manager determines in good faith that such amount of commission
    was reasonable in relation to the value of the brokerage and
    research services provided by such broker or dealer, viewed in
    terms of either that particular transaction or the
    Manager&#146;s overall responsibilities with respect to the Fund
    and to other clients of the Manager as to which the Manager
    exercises investment discretion. The Fund hereby agrees with the
    Manager that any entity or person associated with the Manager
    which is a member of a national securities exchange is
    authorized to effect any transaction on such exchange for the
    account of the Fund which is permitted by Section&#160;11(a) of
    the Securities Exchange Act of 1934 (the
    &#147;<U>1934&#160;Act</U>&#148;).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    5.&#160;&#160;</TD>
    <TD align="left">
    The Fund agrees to pay to the Manager in United States dollars,
    as full compensation for the services to be rendered and
    expenses to be borne by the Manager hereunder, a monthly fee
    which, on an annual basis, is equal to 0.750%&#160;per annum of
    the value of the Fund&#146;s average daily net assets up to and
    including $250&#160;million of assets; 0.725%&#160;per annum of
    the value of the Fund&#146;s average daily net assets on the
    next $250&#160;million of assets;. 0.700%&#160;per annum of the
    value of the Fund&#146;s average daily net assets on the next
    $250&#160;million of assets; 0.675%&#160;per annum of the value
    of the Fund&#146;s average daily net assets on the next
    $250&#160;million of assets; and 0.650%&#160;per annum of the
    value of the Fund&#146;s average daily net assets in excess of
    $1&#160;billion. The fees payable to the Manager shall be
    computed and accrued daily and paid monthly. If the Manager
    shall serve for less than any whole month, the foregoing
    compensation shall be prorated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The value of the net assets of the Fund shall be determined
    pursuant to the applicable provisions of the Articles of
    Incorporation and By-laws of the Fund, as amended from time to
    time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    6.&#160;&#160;
</TD>
    <TD align="left">    The Manager agrees that it will not make a short sale of any
    capital stock of the Fund or purchase any share of the capital
    stock of the Fund otherwise than for investment.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    7.&#160;&#160;
</TD>
    <TD align="left">    In executing transactions for the Fund and selecting brokers or
    dealers, the Manager shall use its best efforts to seek the best
    overall terms available. In assessing the best overall terms
    available for any Fund transaction, the Manager shall consider
    on a continuing basis all factors it deems relevant, including,
    but not limited to, breadth of the market in the security, the
    price of the security, the financial condition and execution
    capability of the broker or dealer and the reasonableness of any
    commission for the specific transaction. In selecting brokers or
    dealers to execute a particular transaction and in evaluating
    the best overall terms available, the Manager may consider the
    brokerage and research services (as those terms are defined in
    Section&#160;28(e) of the Securities Exchange Act of
    1934)&#160;provided to the Fund
    <FONT style="white-space: nowrap">and/or</FONT> other
    accounts over which the Manager or an affiliate exercises
    investment discretion.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    8.&#160;&#160;
</TD>
    <TD align="left">    Nothing herein shall be construed as prohibiting the Manager
    from providing investment advisory services to, or entering into
    investment advisory agreements with, other clients (including
    other registered investment companies), including clients which
    may invest in securities of Korean issuers, or from
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>A-3</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    utilizing (in providing such services) information furnished to
    the Manager by RCM AP and others as contemplated by
    sections&#160;1 and 3 of this Agreement or by advisors and
    consultants to the Fund and others; nor shall anything herein be
    construed as constituting the Manager as an agent of the Fund.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whenever the Fund and one or more other accounts or investment
    companies advised by the Manager have available funds for
    investment, investments suitable and appropriate for each shall
    be allocated in accordance with procedures believed by the
    Manager to be equitable to each entity. Similarly, opportunities
    to sell securities shall be allocated in a manner believed by
    the Manager to be equitable. The Fund recognizes that in some
    cases this procedure may adversely affect the size of the
    position that may be acquired or disposed of for the Fund. In
    addition, the Fund acknowledges that the persons employed by the
    Manager to assist in the performance of the Manager&#146;s
    duties hereunder will not devote their full time to such service
    and nothing contained herein shall be deemed to limit or
    restrict the right of the Manager or any affiliate of the
    Manager to engage in and devote time and attention to other
    businesses or to render services of whatever kind or nature.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    9.&#160;&#160;</TD>
    <TD align="left">
    The Manager may rely on information reasonably believed by it to
    be accurate and reliable. Neither the Manager nor its officers,
    directors, employees or agents shall be subject to any liability
    for any act or omission, error of judgment or mistake of law, or
    for any loss suffered by the Fund, in the course of, connected
    with or arising out of any services to be rendered hereunder,
    except by reason of willful misfeasance, bad faith, or gross
    negligence on the part of the Manager in the performance of its
    duties or by reason of reckless disregard on the part of the
    Manager of its obligations and duties under this Agreement. Any
    person, even though also employed by the Manager, who may be or
    become an employee of the Fund and paid by the Fund shall be
    deemed, when acting within the scope of his employment by the
    Fund, to be acting in such employment solely for the Fund and
    not as an employee or agent of the Manager.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    10.&#160;&#160;</TD>
    <TD align="left">
    This Agreement shall be in effect until September&#160;30, 2008
    and shall continue in effect from year to year thereafter, but
    only so long as such continuance is specifically approved at
    least annually by the affirmative vote of (<U>i</U>) a majority
    of the members of the Fund&#146;s Board of Directors who are not
    parties to this Agreement or interested persons of any party to
    this Agreement, or of any entity regularly furnishing investment
    advisory services with respect to the Fund pursuant to an
    agreement with any party to this Agreement, cast in person at a
    meeting called for the purpose of voting on such approval, and
    (<U>ii</U>) a majority of the Fund&#146;s Board of Directors or
    the holders of a majority of the outstanding voting securities
    of the Fund. This Agreement may nevertheless be terminated at
    any time without penalty, on 60&#160;days&#146; written notice,
    by the Fund&#146;s Board of Directors, by vote of holders of a
    majority of the outstanding voting securities of the Fund, or by
    the Manager.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement shall automatically be terminated in the event of
    its assignment, provided that an assignment to a corporate
    successor to all or substantially all of the Manager&#146;s
    business or to a wholly-owned subsidiary of such corporate
    successor which does not result in a change of actual control or
    management of the Manager&#146;s business shall not be deemed to
    be an assignment for the purposes of this Agreement. Any notice
    to the Fund or the Manager shall be deemed given when received
    by the addressee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    11.&#160;&#160;</TD>
    <TD align="left">
    This Agreement may not be transferred, assigned, sold or in any
    manner hypothecated or pledged by either party hereto, except as
    permitted under the 1940 Act or rules and regulations adopted
    thereunder. It may be amended by mutual agreement, but only
    after authorization of such amendment by the affirmative vote of
    (<U>i</U>) the holders of a majority of the outstanding voting
    securities of the Fund, and (<U>ii</U>)
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">A-4</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    a majority of the members of the Fund&#146;s Board of Directors
    who are not parties to this Agreement or interested persons of
    any party to this Agreement, or of any entity regularly
    furnishing investment advisory services with respect to the Fund
    pursuant to an agreement with any party to this Agreement, cast
    in person at a meeting called for the purpose of voting on such
    approval.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    12.&#160;&#160;
</TD>
    <TD align="left">    This Agreement shall be construed in accordance with the laws of
    the State of New York, without giving effect to the conflicts of
    laws principles thereof, provided, however, that nothing herein
    shall be construed as being inconsistent with the 1940 Act. As
    used herein, the terms &#147;interested person,&#148;
    &#147;assignment,&#148; and &#147;vote of a majority of the
    outstanding voting securities&#148; shall have the meanings set
    forth in the 1940 Act.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    13.&#160;&#160;
</TD>
    <TD align="left">    This Agreement may be executed simultaneously in two or more
    counterparts, each of which shall be deemed an original, and it
    shall not be necessary in making proof of this Agreement to
    produce or account for more than one such counterpart.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    14.&#160;&#160;
</TD>
    <TD align="left">    This Agreement supersedes all prior investment advisory,
    management,
    <FONT style="white-space: nowrap">and/or</FONT>
    administration agreements in effect between the Fund and the
    Manager.
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>A-5</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN WITNESS WHEREOF, the parties have executed this Agreement by
    their officers thereunto duly authorized as of the day and year
    first written above.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE KOREA FUND, INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 52%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=0 -->

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM CAPITAL MANAGEMENT LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 52%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=0 -->

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">A-6</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Exhibit
    B</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">FORM&#160;OF NEW
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">RCM CAPITAL
    MANAGEMENT LLC</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Four Embarcadero
    Center, Suite&#160;3000, San&#160;Francisco, CA</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">RCM ASIA PACIFIC
    LIMITED</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica"><FONT style="white-space: nowrap">21/F,</FONT>
    Cheung Kong Center, 2 Queen&#146;s Road Central, Hong
    Kong</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM Capital Management LLC (&#147;RCM&#148; or &#147;we&#148;)
    have entered into an Investment Management Agreement (the
    &#147;<U>Management Agreement</U>&#148;) dated as of
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
    2007, with The Korea Fund, Inc., a Maryland corporation, (the
    &#147;<U>Fund</U>&#148;), pursuant to which we act as investment
    manager of the Fund. A copy of the Management Agreement has been
    previously furnished to you. In furtherance of such duties to
    the Fund, and with the approval of the Fund, we wish to avail
    ourselves of your investment advisory services. Accordingly,
    with the acceptance of the Fund, we hereby agree with you as
    follows for the duration of this Agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    1.&#160;&#160;
</TD>
    <TD align="left">    You shall furnish continuously an investment program for the
    Fund and shall make investment decisions on behalf of the Fund
    and place all orders for the purchase and sale of the
    Fund&#146;s portfolio securities. In the performance of its
    duties, you shall (i)&#160;comply with the provisions of the
    Fund&#146;s Articles of Incorporation, as amended, and Amended
    and Restated Bylaws, including any amendments thereto (upon your
    receipt of such amendments), and the investment objectives,
    policies and restrictions of the Fund, (ii)&#160;use your best
    efforts to safeguard and promote the welfare of the Fund and
    (iii)&#160;comply with other policies which the Fund&#146;s
    Board of Directors or RCM, as the case may be, may from time to
    time determine as promptly as practicable after such policies
    have been communicated to you in writing. You and RCM shall each
    make its officers and employees available to the other from time
    to time at reasonable times to review the investment policies of
    the Fund and to consult with each other and any other
    <FONT style="white-space: nowrap">sub-adviser(s)</FONT>
    to the Fund regarding the investment affairs of the Fund.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">    You shall be responsible, either directly or through others you
    select, for the daily monitoring of the investment activities
    and portfolio holdings of the Fund&#146;s portfolio in
    connection with the Fund&#146;s compliance with the Fund&#146;s
    investment objectives, policies and restrictions. You shall also
    cooperate with and provide sufficient information to RCM to
    assist us with our monitoring of the investment activities and
    portfolio holdings of the Fund in connection with the
    Fund&#146;s overall compliance with the Investment Company Act
    of 1940, as amended from time to time, and the rules and
    regulations thereunder (the &#147;<U>1940 Act</U>&#148;), the
    Fund&#146;s compliance with its investment objectives, policies
    and restrictions, and the Fund&#146;s satisfaction of quarterly
    diversification requirements for qualification as a regulated
    investment company under the Internal Revenue Code of 1986, as
    amended from time to time, and the rules and regulations
    thereunder. Notwithstanding the investment discretion delegated
    to you in section&#160;(1)&#160;above, you shall act in
    accordance with any instructions that RCM gives you with respect
    to the investment activities of the Fund to ensure the
    Fund&#146;s compliance with the foregoing.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">    You, at your expense, either directly or through others that you
    select, shall furnish (i)&#160;all necessary investment and
    management facilities, including salaries of personnel, required
    for you to execute your duties hereunder faithfully and
    (ii)&#160;administrative facilities, including bookkeeping,
    clerical personnel and equipment necessary for the efficient
    conduct of the Fund&#146;s investment affairs, including
    verification and oversight of the pricing of the portfolio
    securities and other instruments comprising the Fund&#146;s
    portfolio (but excluding determination of net asset value and
    shareholder accounting services).
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>B-1</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    4.&#160;&#160;
</TD>
    <TD align="left">    In the selection of brokers or dealers and the placing of orders
    for the purchase and sale of portfolio investments for the Fund,
    you shall seek to obtain for the Fund the most favorable price
    and execution available, except to the extent you may be
    permitted to pay higher brokerage commissions for brokerage and
    research services as described below. In using your best efforts
    to obtain for the Fund the most favorable price and execution
    available, you, bearing in mind the Fund&#146;s best interests
    at all times, shall consider all factors you deem relevant,
    including by way of illustration, price, the size of the
    transaction, the nature of the market for the security, the
    amount of the commission, the timing of the transaction taking
    into account market prices and trends, the reputation,
    experience and financial stability of the broker or dealer
    involved and the quality of service rendered by the broker or
    dealer in other transactions. Subject to such policies as the
    Fund&#146;s Board of Directors may determine, you shall not be
    deemed to have acted unlawfully or to have breached any duty
    created by this Agreement or otherwise solely by reason of your
    having caused the Fund to pay a broker or dealer that provides
    brokerage and research services to you an amount of commission
    for effecting a portfolio investment transaction in excess of
    the amount of commission another broker or dealer would have
    charged for effecting that transaction, if you determine in good
    faith that such amount of commission was reasonable in relation
    to the value of the brokerage and research services provided by
    such broker or dealer, viewed in terms of either that particular
    transaction or your overall responsibilities with respect to the
    Fund and to other clients of yours as to which you exercise
    investment discretion. RCM hereby agrees with you that any
    entity or person associated with you which is a member of a
    national securities exchange is authorized to effect any
    transaction on such exchange for the account of the Fund which
    is permitted by Section&#160;11(a) of the Securities Exchange
    Act of 1934 (the &#147;<U>1934&#160;Act</U>&#148;).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    5.&#160;&#160;
</TD>
    <TD align="left">    We shall pay in United States dollars to you, as compensation
    for the services to be rendered by you hereunder, a monthly fee
    which, on an annual basis, is equal to 0.4000%&#160;per annum of
    the value of the Fund&#146;s average daily net assets. The fees
    payable to you shall be computed and accrued daily and paid
    monthly. If you shall serve for less than any whole month, the
    foregoing compensation shall be prorated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The value of the net assets of the Fund shall be determined
    pursuant to applicable provision of the Certificate of
    Incorporation and By-laws of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We shall work with you, in order to make our relationship as
    productive as possible for the benefit of the Fund, to further
    the development of your ability to provide the services
    contemplated by Sections&#160;1 and 2. To this end we agree to
    work with you to assist you in developing your research
    techniques, procedures and analysis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    6.&#160;&#160;
</TD>
    <TD align="left">    You agree that you will not make a short sale of any capital
    stock of the Fund, or purchase any share of the capital stock of
    the Fund otherwise than for investment.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    7.&#160;&#160;
</TD>
    <TD align="left">    Your services to us are not to be deemed exclusive and you are
    free to render similar services to others, except as otherwise
    provided in Sections&#160;1 and 2 hereof.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    8.&#160;&#160;
</TD>
    <TD align="left">    Nothing herein shall be construed as constituting you an agent
    of us or of the Fund.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    9.&#160;&#160;
</TD>
    <TD align="left">    You represent and warrant that you are registered as an
    investment adviser under the U.S.&#160;Investment Advisers Act
    of 1940, as amended, and are licensed by the Hong Kong
    Securities and Futures Commission for Types&#160;1, 2,&#160;4, 5
    and 9 regulated activities pursuant to the Securities and
    Futures Ordinance (Cap. 571)&#160;of the laws of Hong Kong
    (&#147;SFO&#148;) with CE no.&#160;AOA171. You agree to maintain
    such registration and license in effect during the term of this
    Agreement. You undertake to notify us in
</TD>
</TR>

</TABLE>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">B-2</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    the event of any material change in the information provided by
    you in this Agreement within a reasonable time after the change.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    10.&#160;&#160;
</TD>
    <TD align="left">    Neither you nor any affiliate of yours shall receive any
    compensation in connection with the placement or execution of
    any transaction for the purchase or sale of securities or for
    the investment of funds on behalf of the Fund, except that you
    or your affiliates may receive a commission, fee or other
    remuneration for acting as broker in connection with the sale of
    securities to or by the Fund, if permitted under the
    U.S.&#160;Investment Company Act of 1940, as amended (the
    &#147;<U>1940 Act</U>&#148;).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    11.&#160;&#160;
</TD>
    <TD align="left">    We and the Fund agree that you may rely on information
    reasonably believed by you to be accurate and reliable. We
    undertake to notify you in the event of any material change in
    the information provided to you in this Agreement within a
    reasonable time after the change. We and the Fund further agree
    that neither you nor your officers, directors, employees or
    agents shall be subject to any liability for any act or omission
    in the course of, connected with or arising out of any services
    to be rendered hereunder except by reason of willful
    misfeasance, bad faith or gross negligence in the performance of
    your duties or by reason of reckless disregard of your
    obligations and duties under this Agreement.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    12.&#160;&#160;
</TD>
    <TD align="left">    This Agreement shall remain in effect until
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
    200[&#160;] and shall continue in effect thereafter, but only so
    long as such continuance is specifically approved at least
    annually by the affirmative vote of (<U>i</U>) a majority of the
    members of the Fund&#146;s Board of Directors who are not
    interested persons of the Fund, you or us, cast in person at a
    meeting called for the purpose of voting on such approval, and
    (<U>ii</U>) a majority of the Fund&#146;s Board of Directors or
    the holders of a majority of the outstanding voting securities
    of the Fund. This Agreement may nevertheless be terminated at
    any time, without penalty, by the Fund&#146;s Board of Directors
    or by vote of holders of a majority of the outstanding voting
    securities of the Fund, upon 60&#160;days&#146; written notice
    delivered or sent by registered mail, postage prepaid, to you,
    at your address given above or at any other address of which you
    shall have notified us in writing, or by you upon
    60&#160;days&#146; written notice to us and to the Fund, and
    shall automatically be terminated in the event of its assignment
    or of the termination (due to assignment or otherwise) of the
    Management Agreement, provided that an assignment to a corporate
    successor to all or substantially all of your business or to a
    wholly-owned subsidiary of such corporate successor which does
    not result in a change of actual control or management of your
    business shall not be deemed to be an assignment for purposes of
    this Agreement. Any such notice shall be deemed given when
    received by the addressee.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    13.&#160;&#160;
</TD>
    <TD align="left">    This Agreement may not be transferred, assigned, sold or in any
    manner hypothecated or pledged by either party hereto. It may be
    amended by mutual agreement, but only after authorization of
    such amendment by the affirmative vote of (<U>i</U>) the holders
    of a majority of the outstanding voting securities of the Fund;
    and (<U>ii</U>) a majority of the members of the Fund&#146;s
    Board of Directors who are not interested persons of the Fund,
    you or us, cast in person at a meeting called for the purpose of
    voting on such approval.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    14.&#160;&#160;
</TD>
    <TD align="left">    Any notice hereunder shall be in writing and shall be delivered
    in person or by facsimile (followed by mailing such notice, air
    mail postage paid, the day on which such facsimile is sent).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Addressed
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>B-3</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If to RCM Capital Management LLC, to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Four Embarcadero Center, Suite&#160;3000<BR>
    San&#160;Francisco, CA 94127, USA<BR>
    Attention: General Counsel
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If to RCM Asia Pacific Limited, to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">21/F,</FONT> Cheung
    Kong Center,<BR>
    2 Queen&#146;s Road Central, Hong Kong<BR>
    Attention: Chief Executive Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or to such other address as to which the recipient shall have
    informed the<BR>
    other party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notice given as provided above shall be deemed to have been
    given, if by personal delivery, on the day of such delivery, and
    if by facsimile and mail, the date on which such facsimile and
    confirmatory letter are sent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    15.&#160;&#160;</TD>
    <TD align="left">
    This Agreement shall be construed in accordance with the laws of
    the State of New York, provided, however, that nothing herein
    shall be construed as being inconsistent with the 1940 Act. As
    used herein the terms &#147;interested person,&#148;
    &#147;assignment,&#148; and &#147;vote of a majority of the
    outstanding voting securities&#148; shall have the meanings set
    forth in the 1940 Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are in agreement with the foregoing, please sign the form
    of acceptance on the enclosed counterpart hereof and return the
    same to us.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM CAPITAL MANAGEMENT LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 52%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=0 -->

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;
</DIV>

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 7pt">B-4</FONT></B><FONT style="font-size: 7pt">&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;THE
    KOREA FUND, INC.
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing agreement is hereby accepted as of the date first
    above written.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RCM ASIA PACIFIC LIMITED
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 52%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=0 -->

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;
</DIV>

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accepted:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE KOREA FUND, INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="49%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:
</TD>
    <TD align="left">

</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=437 length=0 -->

<DIV align="left" style="margin-left: 2%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;
</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 7pt">THE KOREA FUND,
    INC.&#160;&#160;<FONT style="'Times New Roman', Times; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt">&#160;&#160;<B>B-5</B>
    </FONT>
</DIV>
</FONT></DIV><!-- END LOGICAL PAGE -->
<!-- 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="left" style="font-size: 18pt; margin-top: 12pt"><B>PROXY</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>THE KOREA FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
Special Meeting of Stockholders&#151;April&nbsp;11, 2007</B></DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 6pt">The undersigned hereby appoints Thomas Fuccillo, Brian Schlissel and Lawrence Altadonna 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 Special Meeting of Stockholders of The Korea Fund, Inc. at 4:00 p.m.,
Eastern time, on April&nbsp;11, 2007, at the offices of Ropes &#038; Gray LLP, 1211 Avenue of the Americas,
New York, New York, and at any adjournment or postponement thereof. The undersigned acknowledges
receipt of the Notice of Special 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: 11pt; 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; EACH PROPOSAL.</B>
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 6pt">PLEASE SIGN AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.<BR>
NO POSTAGE IS REQUIRED.
</DIV>


<DIV align="right" style="font-size: 8pt; margin-top: 12pt"><FONT style="border: 1px solid #000000; padding: 5px"><B>SEE REVERSE SIDE</B></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 7pt; margin-top: 6pt"><FONT face="Webdings">&#053;</FONT> TO VOTE BY MAIL, PLEASE DETACH PROXY CARD HERE <FONT face="Webdings">&#053;</FONT>
</DIV>


<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">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><B><FONT style="font-size:9pt">The Board of Directors of the Fund recommends that Stockholders vote &#147;FOR&#148; Proposals 1, 2, and 3.</FONT></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="bottom">PLEASE<BR>
MARK VOTES<BR>
AS IN THIS<BR>
EXAMPLE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT face="Wingdings" style="font-size: 24pt">&#120;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FOR</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>AGAINST</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ABSTAIN</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND RCM CAPITAL
MANAGEMENT LLC
</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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FOR</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>AGAINST</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ABSTAIN</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE APPROVAL OF THE NEW SUB-ADVISORY AGREEMENT BETWEEN RCM CAPITAL MANAGEMENT LLC, AND RCM ASIA
PACIFIC LIMITED
</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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FOR</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>AGAINST</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ABSTAIN</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE APPROVAL OF THE ISSUANCE OF FUND SHARES AT A PRICE BELOW NET ASSET VALUE IN CONNECTION WITH A
CAPITAL GAINS DISTRIBUTION PAYABLE IN FUND SHARES (VALUED AT THE LOWER OF MARKET PRICE OR NET ASSET
VALUE) OR, AT THE ELECTION OF THE STOCKHOLDER, IN CASH
</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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 60%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 38%">

<DIV align="left" style="font-size: 7pt; margin-top: 6pt">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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">, 2007</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" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt"><!-- Blank Space -->
    <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>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Signature(s)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt"><!-- Blank Space -->
    <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>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Signature(s)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 7pt; margin-top: 6pt">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.
</DIV>
</DIV>
<BR clear="all"><BR>
<DIV align="center" style="font-size: 8pt"><B>DETACH BELOW AND RETURN USING THE ENVELOPE PROVIDED ONLY IF YOU ARE VOTING BY MAIL.</B></DIV>


<DIV align="center" style="font-size: 8pt"><DIV style="width: 100%; border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt"><FONT face="Webdings">&#053;</FONT> FOLD AND DETACH HERE <FONT face="Webdings">&#053;</FONT></DIV>



<DIV align="center" style="border: 1px solid #000000; margin-left: 60pt; margin-right: 60pt; margin-top: 6pt">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><IMG src="y31290dpy3129007.gif" alt="(TELEPHONE GRAPHIC)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><FONT style="font-size:14pt">VOTE BY TELEPHONE OR INTERNET</FONT><BR>
QUICK</B> <FONT face="Wingdings">&#171;</FONT> <FONT face="Wingdings">&#171;</FONT>
 <FONT face="Wingdings">&#171;</FONT> <B>EASY </B><FONT face="Wingdings">&#171;</FONT>
<FONT face="Wingdings">&#171;</FONT> <FONT face="Wingdings">&#171;</FONT> <B>IMMEDIATE</B><BR>&nbsp;<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="y31290dpy3129008.gif" alt="(COMPUTER GRAPHIC)"><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TELEPHONE VOTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; 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 1-877-550-3742</I></B><I>, </I>24 hours a day, 7&nbsp;days a week. You will be asked to enter the <B>CONTROL
NUMBER </B>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 11:59&nbsp;p.m.,
Eastern time, on April&nbsp;10, 2007.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INTERNET VOTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Visit the Internet voting Web site at <B>www.proxyvoting.com/kf. </B>Enter the <B>CONTROL NUMBER </B>shown below
and follow the instructions on your screen. You will incur only your usual Internet charges.
Available until 11:59&nbsp;p.m., Eastern time, on April&nbsp;10, 2007.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>VOTING BY MAIL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Simply sign and date your proxy card and return it in the postage-paid envelope to Proxy Services
Corporation, 200A Executive Drive, Edgewood, New York 11717. If you are voting by telephone or the
Internet, please do not mail your proxy card.
</DIV>
<P><DIV style="position: relative; float: left; width: 58%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 38%">
<P>
<DIV style="width: 100%; border: 3px double black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt">Control Number for</DIV>


<DIV align="center" style="font-size: 10pt">Internet/Telephone Voting</DIV>


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


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