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<SEC-DOCUMENT>0000950123-07-002375.txt : 20070216
<SEC-HEADER>0000950123-07-002375.hdr.sgml : 20070216
<ACCEPTANCE-DATETIME>20070216171336
ACCESSION NUMBER:		0000950123-07-002375
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070411
FILED AS OF DATE:		20070216
DATE AS OF CHANGE:		20070216

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		07632285

	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>PRE 14A
<SEQUENCE>1
<FILENAME>y30543pre14a.htm
<DESCRIPTION>PRELIMINARY PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>PRE 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<br><br>
SCHEDULE 14A<BR>(Rule 14a-101)<br>
<br>
INFORMATION REQUIRED IN PROXY STATEMENT</B>


<P align="center"><B>SCHEDULE 14A INFORMATION</B>

<P align="center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B>

<P>Filed by the Registrant [X]<BR>

Filed by a Party other than the Registrant [ &nbsp;&nbsp;]

<P>Check the appropriate box:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
</TR>


<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[X]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Preliminary Proxy Statement
</FONT></DIV></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[ &nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top" nowrap colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))</FONT></DIV></TD>
</TR>




<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[ &nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Definitive Proxy Statement</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[ &nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Definitive Additional Materials</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">[ &nbsp;&nbsp;]</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top" nowrap colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Soliciting Material Pursuant to
Section&nbsp;240.14a-11(c) or Section&nbsp;240.14a-2.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><B>THE KOREA FUND, INC.</B>

<HR size="1">




<div align="center">(Name of Registrant as Specified In Its
Charter)</div>
<br><br><br>
<HR size="1">


<div align="center">(Name of Person(s) Filing Proxy Statement, if
other than Registrant)</div>

<P>Payment of Filing Fee (Check the appropriate box):

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%">[X]</TD>
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="93%">No fee required.</TD>
</TR>
</TABLE>
<P>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%">[ &nbsp;&nbsp;]</TD>
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="93%">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-12.</TD>
</TR>
</TABLE>
<P>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(1)</TD>
        <TD width="89%">Title of each class of securities to which transaction applies:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>







<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(2)</TD>
        <TD width="89%">Aggregate number of securities to which transaction applies:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>





<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(3)</TD>
        <TD width="89%">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>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(4)</TD>
        <TD width="89%">Proposed maximum aggregate value of transaction:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(5)</TD>
        <TD width="89%">Total fee paid:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="6%" align="left">[ &nbsp;&nbsp;]</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="93%"> Fee paid previously with preliminary materials.</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="6%" align="left">[ &nbsp;&nbsp;]</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="93%"> Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify 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>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(1)</TD>
        <TD width="89%">Amount Previously Paid:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>





<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(2)</TD>
        <TD width="89%">Form, Schedule or Registration Statement No.:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(3)</TD>
        <TD width="89%">Filing Party:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="7%">&nbsp;</TD>
        <TD width="4%" align="left">(4)</TD>
        <TD width="89%">Date Filed:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<P>
<TR valign="top">
        <TD width="4%">&nbsp;</TD>
        <TD width="1%" align="left"></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="92%"><HR size="1"></TD>
</TR>
</TABLE>






<P align="center">

<!-- 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="y30543y3054300.gif" alt="(THE KOREA FUND, INC. LETTERHEAD)" >
</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">
    <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="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <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>&nbsp;</TD>
    <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;);&#160;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>&nbsp;</TD>
    <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 &#147;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.&#148; 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="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

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

</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">
    12&#160;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. Such reduction involved
    <FONT style="white-space: nowrap">on-site</FONT> due
    diligence by the consultant and
    <FONT style="white-space: nowrap">in-person</FONT>
    presentations by the consultant to the Board. In October 2006,
    the Board held
    <FONT style="white-space: nowrap">in-person</FONT>
    &#147;beauty parades&#148; with the five finalists. After these
    <FONT style="white-space: nowrap">in-person</FONT>
    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
    <FONT style="white-space: nowrap">in-person</FONT>
    board meeting held over two days in early December 2006, after
    having given careful consideration to each of the finalists,
    including the Fund&#146;s current investment manager, the Board
    unanimously recommended 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, as well as 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&#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. 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">sm</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.
</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&#160;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
    <FONT style="white-space: nowrap">non-US</FONT>
    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="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

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

</TABLE>

<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">

</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 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="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    infrastructure and marketing support from its affiliate, Allianz
    Global Investors Fund 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>

<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 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
    &#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, these 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, which
    in connection with the transition of the portfolio will likely
    result in the realization of a significant amount of capital
    gains. Under the U.S.&#160;Internal Revenue Code, any such
    realized gains must be distributed to stockholders at the end of
    the year in which they have been realized 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 and 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">
    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
</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">

</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 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">
    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 7768 068 200). If we do
    not hear from you by [&#160;&#160;&#160;&#160;&#160;], 2007, our
    proxy solicitor may contact you.
</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: 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">
    Yours very sincerely,
</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="y30543y3054301.gif" alt="(-s-Julian Reid)" >
</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">
    Julian Reid
</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">
    Chairman of the Board,
</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 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: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<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 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><!-- End box 1 -->

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; 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: 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">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>
</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">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What am I being asked to vote on in this proxy statement?</B></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">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -13pt; margin-left: 13pt">
    1.&#160;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.</DIV>
</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -13pt; margin-left: 13pt">
    2.&#160;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></DIV>
</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -13pt; margin-left: 13pt">
    3.&#160;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.</DIV>
</TD>
</TR>

<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><U>Proposed Manager Change</U></B></TD>
</TR>

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

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

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</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&#160;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&#160;Kong since
    1983, RCM AP was formed in 2006 and licensed by the Hong Kong
    SFC and 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 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 </TD>
</TR>

</TABLE>

<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">

</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 -->

<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">
    succeed were approximately $9.5&#160;billion as of
    December&#160;31, 2006. RCM AP has not previously managed a
    U.S.&#160;registered investment company.</TD>
</TR>

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

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

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

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</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.&#160;investors.</FONT></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.&#160;management that
    provides clear support for, and compliance control of, its Asian
    operations and performance that has been historically successful.</TD>
</TR>

</TABLE>

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</DIV>

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

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

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

<TR>
    <TD valign="top">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Will there be any significant changes to the Fund&#146;s
    portfolio management?</B></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">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How do the proposed new agreements differ from the
    Fund&#146;s previous agreements?</B></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&#160;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">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Will the Fund&#146;s total advisory services fees
    increase?</B></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, particularly relative to the recent
    very favorable rates 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%&#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&#160;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&#160;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%&#160;per annum of the value of the
    Fund&#146;s net assets up to and including $250&#160;million  </TD>
</TR>

</TABLE>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</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
    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.</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%&#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.
    In comparison to the Fund&#146;s Lipper peer group and the
    Fund&#146;s peer group identified by the Board, the total
    advisory services fees under the proposed new advisory
    agreements are still very competitive.</TD>
</TR>

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

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

<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B><U>Proposed Issuance of Fund&#160;Shares in Connection with a
    Capital Gains Dividend</U></B></TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Why am I being asked to vote on the issuance of Fund shares
    in connection with a capital gains dividend?</B></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 difficult to pursue
    ongoing active management&#160;&#151; a fact that the Board
    believes to be a possible cause for 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
    &#145;&#145;cascade&#146;&#146; 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 </TD>
</TR>

</TABLE>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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>

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

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

<TR>
    <TD valign="top">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What is &#145;&#145;cascading&#146;&#146; and what does it
    mean for the Fund?</B></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.&#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.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>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?</B></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
    &#145;&#145;buy and hold&#146;&#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, these 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, which in connection with the
    transition of the portfolio 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 at the end of the year in which they have been
    realized 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>

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<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>

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

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

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

<TR>
    <TD valign="top">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>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?</B></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">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Will my vote make a difference?</B></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">
    <B>Q. </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Whom should I call if I have questions?</B></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
    [&#160;&#160;&#160;&#160;&#160;] at
    [&#160;&#160;&#160;&#160;&#160;].</TD>
</TR>

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

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

<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">

</DIV>

<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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<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">THE KOREA FUND,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 4pt; 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-size: 12pt; font-family: Arial, Helvetica">Notice
    of Special Meeting of Stockholders</FONT></B>
</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>To the Stockholders of The Korea Fund, Inc.:</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">
    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&#160;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:&#160;&#160;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:&#160;&#160;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: 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">
    By order of the Board of Directors,
</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">
    <IMG src="y30543y3054303.gif" alt="SIG" >
</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">
    John Millette, <I>Secretary</I>
</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">
    [&#160;&#160;&#160;&#160;&#160;], 2007
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<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><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></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">
    <B><I><FONT style="font-family: Arial, Helvetica">If you have
    any questions concerning the procedures to be followed to vote
    your shares, please contact
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    at
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].</FONT></I></B>
</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">

</DIV>
</DIV><!-- End box 1 -->

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

</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">GENERAL</FONT></B>
</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">

</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
    [&#160;&#160;&#160;&#160;&#160;], 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="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: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">1</FONT></B>
    </FONT>
</DIV>
</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>

<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 [ ]&#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>
<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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">2&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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: 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, which in connection with the
    transition of the portfolio 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. 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>

<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>&#160;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
</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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">3</FONT></B>
    </FONT>
</DIV>
</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">
    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>&#160;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 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
</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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">4&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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">
    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>&#160;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>&#160;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>&#160;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>&#160;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
    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>
<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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">5</FONT></B>
    </FONT>
</DIV>
</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: 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 April&#160;11, 2007. 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 0.50%&#160;per annum of the
    value of the Fund&#146;s 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 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
</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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">6&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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">
    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">
    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: 22pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="47%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" 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="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Approximate<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate Fee<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="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Net Assets<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Paid by<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="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">as of the<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">End of the<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Investment<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">&#160;Agreement</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Management
    Fee</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Last Fiscal
    Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">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: 3pt; 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: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Current Investment Management
    Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">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">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">New Investment  Management Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">As a percentage of the Fund&#146;s
    average 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">
<TD colspan="11" align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=0 --><FONT style="font-size: 8pt">
    </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%; 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: 22pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&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="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">&#160;Example:
    You would pay the following expenses on a<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: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">&#160;$1,000
    investment, assuming a 5% annual 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: 8pt" 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=288 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Under the Current Investment
    Management Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Under the New Investment Management
    Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: white">
<TD colspan="17" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 --><FONT style="font-size: 8pt">
    </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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">7</FONT></B>
    </FONT>
</DIV>
</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%; 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&#160;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, both absolute 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 call for 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 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>

<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 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
</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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">8&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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">
    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>

</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">    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 due to 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 represents
    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&#160;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>

<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
    Director 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&#160;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&#160;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,
</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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">9</FONT></B>
    </FONT>
</DIV>
</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">
    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>

<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: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="44%">&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">&#160;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: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=88 length=437 -->
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Udo Frank
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">c/o RCM, Four Embarcadero
    Center,<BR>
    San&#160;Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Chief Executive Officer&#160;&#38;
    Member of RCM Management Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Andreas Utermann
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">c/o RCM, 155 Bishopsgate, London<BR>
    EC2M 3AD
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Global Chief Investment Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Peter J. Anderson
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">c/o RCM, Four Embarcadero
    Center,<BR>
    San&#160;Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Chief Investment Officer&#160;&#38;
    Member of RCM Management Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Robert J. Goldstein
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">c/o RCM, Four Embarcadero
    Center,<BR>
    San&#160;Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Chief Operating Officer, General
    Counsel and Member of RCM Management Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Gregory M. Siemons
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">c/o RCM, Four Embarcadero
    Center,<BR>
    San&#160;Francisco, CA 94111
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Chief Compliance Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=877 -->
</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: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="24%">&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">&#160;Name of
    Employee (RCM Affiliate Employer)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" 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: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=320 length=877 -->
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Robert J. Goldstein (an employee of
    RCM SF)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">President
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Youse Guia (an employee of Allianz
    Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">Chief Compliance Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Brian Shlissel (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Larry Altadonna (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">Assistant Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Thomas Fuccillo (an employee of
    Allianz Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Lagan Srivastava (an employee of
    Allianz Global Investors of America LP)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">Assistant Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=877 --><FONT style="font-size: 8pt">
    </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>

<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>
<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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">10&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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">
    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: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: Arial, Helvetica">Portfolio
    Construction</FONT></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">
    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: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: Arial, Helvetica">Idea
    Generation</FONT></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">
    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
    <FONT style="white-space: nowrap">re-assessed,</FONT>
    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 three occurrences that trigger RCM&#146;s
    sell discipline: 1)&#160;growth is compromised; 2)&#160;quality
    (management or financial) is compromised and/or 3)&#160;a low
    risk/return.
</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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">11</FONT></B>
    </FONT>
</DIV>
</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>

<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.
    Grassroots<SUP style="font-size: 85%; vertical-align: text-top">SM</SUP>
    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: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: Arial, Helvetica">Risk
    Management</FONT></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">
    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: 12pt; 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: 'Times New Roman', Times">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.</FONT></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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">12&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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;2.&#160;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 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>
<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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">13</FONT></B>
    </FONT>
</DIV>
</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
    New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and Comparison 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 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
</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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">14&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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 -->

<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">
    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
    &#147;Proposal&#160;1&#160;&#151; 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 21/F, 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>

<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;).
</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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">15</FONT></B>
    </FONT>
</DIV>
</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">
    RCM AP has its principal office at 21/F 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: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="18%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="48%">&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">&#160;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: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=66 length=877 -->
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Mark Konyn
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">21/F Cheung Kong Center,<BR>
    2&#160;Queen&#146;s Road, Central, Hong Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Director&#160;&#38; Chief Executive
    Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Steve Bryant
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">21/F Cheung Kong Center, <BR>
    2&#160;Queen&#146;s Road, Central, Hong Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Director&#160;&#38; Chief Operating
    Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Raymond Chan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">21/F Cheung Kong Center, <BR>
    2&#160;Queen&#146;s Road, Central, Hong Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Director&#160;&#38; Chief
    Investment Officer&#160;&#38; Chairman of the Hong Kong Balanced
    Investment Committee
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Kent Rossiter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">21/F Cheung Kong Center,<BR>
    2&#160;Queen&#146;s Road, Central, Hong Kong
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 8pt">Director&#160;&#38; Head of
    Regional Asia Pacific Trading
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=877 --><FONT style="font-size: 8pt">
    </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: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="24%">&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">&#160;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: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=320 length=877 -->
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Robert J. Goldstein (an employee of
    RCM SF)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 8pt">President
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">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: 8pt">Chief Compliance Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Brian Shlissel (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 8pt">Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Larry Altadonna (an employee of
    AGIFM)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 8pt">Assistant Treasurer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">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: 8pt">Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">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: 8pt">Assistant Secretary
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=437 length=877 --><FONT style="font-size: 8pt">
    </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 AP or any of its parents or subsidiaries was or is to be a
    party.
</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: 'Times New Roman', Times">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: 12pt; 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: 'Times New Roman', Times">The
    directors of The Korea Fund unanimously recommend that
    stockholders of The<BR>
    Korea Fund vote&#160;FOR the approval of the New
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement.</FONT></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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">16&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">17</FONT></B>
    </FONT>
</DIV>
</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">
    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: 12pt; 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: 'Times New Roman', Times">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<BR>
    connection with its Cash Election Dividend.</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">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&#160;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>
<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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">18&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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>

<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
    June&#160;30, 2006, the following stockholder owned beneficially
    more than 5% of the Fund&#146;s outstanding common stock:
</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: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Amount and Nature
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&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">&#160;Title of
    Class</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Name and Address
    of Beneficial Owner</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Beneficial
    Ownership</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Percent of
    Class</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=60 length=0 -->
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 12pt">
    <FONT style="font-size: 8pt">Common Stock
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">City of London Investment Group,
    PLC<BR>
    c/o&#160;City of London Investment Management<BR>
    Company, Limited, 10&#160;Eastcheap,<BR>
    London, EC3M ILX, England
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">6,527,452&#160;shares<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    <FONT style="font-size: 8pt">24.21%
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <DIV style="font-size: 4pt; margin-left: 0%; width: 100%;border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=436 length=0 --><FONT style="font-size: 8pt">
    </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: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Arial, Helvetica">1&#160;
    </FONT></TD>
    <TD align="left">
    <FONT style="font-family: Arial, Helvetica">City of London
    Investment Group, PLC held sole voting power and sole investment
    power with respect to the above number of shares. City of London
    Investment Group, PLC held 6,527,452&#160;shares, or 24.21% of
    the Fund&#146;s outstanding stock, through its control of City
    of London Investment Management Company Limited.
    </FONT>
</TD>
</TR>

</TABLE>

<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">
    Except as noted above, to the best of the Fund&#146;s knowledge,
    as of [&#160;&#160;&#160;&#160;&#160;], 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 Thomas J. Fuccillo, Secretary to the Fund, Allianz
    Global Investors, 1345 Avenue of the Americas, New&#160;York,
    New&#160;York&#160;10105. The Secretary of the Fund will
    promptly forward copies of all written correspondence to the
    Directors.
</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">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
    21/F., Cheung Kong Center, 2&#160;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&#160;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 [&#160;&#160;&#160;&#160;&#160;],
    [Address] to assist in the proxy solicitation.
    [&#160;&#160;&#160;&#160;&#160;] will be paid a fee not to
    exceed $[&#160;&#160;&#160;&#160;&#160;] plus expenses. The
    costs and expenses connected with the solicitation of proxies by
    the Fund&#146;s officers or [&#160;&#160;&#160;&#160;&#160;], in
    person or by telephone, will be borne by the Fund. The Fund will
</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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">19</FONT></B>
    </FONT>
</DIV>
</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">
    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
    [&#160;&#160;&#160;&#160;&#160;], 2007. As mentioned above,
    [&#160;&#160;&#160;&#160;&#160;] 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
    [&#160;&#160;&#160;&#160;&#160;] if their votes have not been
    received. Authorization to permit
    [&#160;&#160;&#160;&#160;&#160;] 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
    [&#160;&#160;&#160;&#160;&#160;] toll-free at
    <FONT style="white-space: nowrap">1-800-[&#160;&#160;&#160;&#160;&#160;].</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
    [&#160;&#160;&#160;&#160;&#160;], 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 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 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
</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">

</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">
    <B><FONT style="font-size: 7pt; font-family: Arial, Helvetica">20&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;</FONT></B><FONT style="font-size: 7pt"><FONT style="font-family: Arial, Helvetica">THE
    KOREA FUND, INC.</FONT>
    </FONT>
</DIV>
</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 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: 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">
    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="y30543y3054303.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: 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">
    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: 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">
    [&#160;&#160;&#160;&#160;&#160;], 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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">21</FONT></B>
    </FONT>
</DIV>
</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="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: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">FORM OF
    INVESTMENT MANAGEMENT AGREEMENT</FONT></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">

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">A-0.1</FONT></B>
    </FONT>
</DIV>
</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="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;B</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: 11pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

</DIV>

<DIV style="margin-top: 9pt; 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; font-family: Arial, Helvetica">THE
    KOREA FUND,
    INC.&#160;</FONT><FONT style="font-family: Arial, Helvetica">&#160;<B><FONT style="font-size: 7pt">B-0.1</FONT></B>
    </FONT>
</DIV>
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<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">TO VOTE BY MAIL, PLEASE DETACH PROXY CARD HERE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:12pt"><B>THE KOREA FUND, INC.</B></FONT><BR>
<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: 25pt; margin-top: 6pt"><B>P</B>

</DIV>

<DIV align="left" style="font-size: 25pt; margin-top: 6pt"><B>R</B>

</DIV>

<DIV align="left" style="font-size: 25pt; margin-top: 6pt"><B>O</B>

</DIV>

<DIV align="left" style="font-size: 25pt; margin-top: 6pt"><B>X</B>

</DIV>

<DIV align="left" style="font-size: 25pt; margin-top: 6pt"><B>Y</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby appoints Thomas Fuccillo,
Brian Schlissel and Lagan Srivastava, 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: 10pt; margin-top: 6pt"><B>THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED. IF NO INSTRUCTIONS ARE
INDICATED ON A PROPERLY EXECUTED PROXY, THE UNDERSIGNED&#146;S VOTE WILL BE CAST &#147;FOR&#148; EACH PROPOSAL.</B>
</DIV>


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


<DIV align="center" style="font-size: 8pt; margin-top: 18pt"><B>SEE REVERSE SIDE</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></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: 'Times New Roman',Times,serif">




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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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 </I></B><I>1-&#091;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#093;-&#091;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#093;, </I>24
hours a day, 7&nbsp;days a week. You will be asked to enter ONLY the
CONTROL NUMBER shown below. Have your voting instruction card ready, then follow the prerecorded
instructions. Your vote will be confirmed and cast as you direct. Available until &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; p.m. Eastern
time on &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2007.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Visit the Internet voting Web site at <B>&#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;. </B>Enter the <B>COMPANY NUMBER AND CONTROL NUMBER </B>shown below
and follow the instructions on your screen. You will incur only your usual Internet charges.
Available until &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; p.m. Eastern time on &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2007.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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 &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;., &#091;Address&#093;.
If you are voting by telephone or the Internet, please do not mail your proxy card.
</DIV>


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


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

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings" style="font-size: 24pt">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mark<br>votes as in<br>this example
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div style="border-right: 4px solid black; border-top: 4px solid black"><br>&nbsp;<br>&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 18pt"><B>The Board of Directors of the Fund recommends that Stockholders vote &#147;FOR&#148; Proposal 1.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="29%">&nbsp;</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<BR>
MANAGEMENT AGREEMENT BETWEEN THE<br>
FUND AND RCM CAPITAL MANAGEMENT LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>AGAINST</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ABSTAIN</B><br>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>

<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center"><B>The Board of Directors of the Fund recommends that Stockholders vote &#147;FOR&#148; Proposal 2.</B></TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE APPROVAL OF THE NEW SUB-ADVISORY<BR>
AGREEMENT BETWEEN RCM CAPITAL <br>MANAGEMENT, LLC, AND RCM ASIA PACIFIC <br>LIMITED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>AGAINST</B><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ABSTAIN</B><br>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">

    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="7" valign="top" align="center"><B>The Board of Directors of the Fund recommends that Stockholders vote &#147;FOR&#148; Proposal 3.</B></TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE APPROVAL OF THE ISSUANCE OF FUND<BR>
SHARES AT A PRICE BELOW NET ASSET<BR>
VALUE IN CONNECTION WITH A CAPITAL <br>
GAINS DISTRIBUTION PAYABLE IN FUND <br>
SHARES (VALUED AT THE LOWER OF <br>
MARKET PRICE OR NET ASSET VALUE) OR, <br>
AT THE ELECTION OF THE STOCKHOLDER, IN CASH</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>FOR</B>&nbsp;<br>
</TD>
    <TD align="center" valign="top"><B>AGAINST</B>&nbsp;<br>
</TD>
    <TD align="center" valign="top"><B>ABSTAIN</B><br>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Proxies are authorized to vote in their discretion on any other business which may properly come before the
meeting and any adjournments or postponements thereof.</TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><br>&nbsp;<br>Signature(s)</TD>
</TR>
<TR valign="bottom"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><br>&nbsp;<br>Signature(s)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><br>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="2" valign="top" style="border-left: 4px solid black; border-bottom: 4px solid black">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE SIGN EXACTLY AS YOUR NAME OR NAMES APPEAR. WHEN SIGNING AS ATTORNEY, EXECUTOR, ADMINISTRATOR, TRUSTEE OR
GUARDIAN, PLEASE GIVE YOUR FULL TITLE AS SUCH.</TD>
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