-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 K1kc9kjnfbD3fqYs1oUv/qSRgSe554/Mt9RD5yMkQZVdNyM4XqRDeMZhG9KKpz7f
 /b0UYzyLJ0zsE2BK6lZphw==

<SEC-DOCUMENT>0000950123-08-010981.txt : 20080912
<SEC-HEADER>0000950123-08-010981.hdr.sgml : 20080912
<ACCEPTANCE-DATETIME>20080912170023
ACCESSION NUMBER:		0000950123-08-010981
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081029
FILED AS OF DATE:		20080912
DATE AS OF CHANGE:		20080912

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:		081069907

	BUSINESS ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212-739-3226

	MAIL ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>y00132pre14a.htm
<DESCRIPTION>PRELIMINARY PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>PRE 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>







<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>Washington, D.C. 20549</B></DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>(Rule&nbsp;14a-101)</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO. )</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT><BR>
Check the appropriate box:<BR>
<FONT face="Wingdings">&#254;</FONT> Preliminary Proxy Statement<BR>
<FONT face="Wingdings">&#111;</FONT> Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))<BR>
<FONT face="Wingdings">&#111;</FONT> Definitive Proxy Statement<BR>
<FONT face="Wingdings">&#111;</FONT> Definitive Additional Materials<BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting Material Pursuant to Section&nbsp;240.14a

</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 18pt"><B>THE KOREA FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 8.5pt">(Name of Registrant as Specified In Its Charter)</DIV>



<DIV align="center" style="font-size: 8.5pt; margin-top: 18pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Name of Person(s) Filing Proxy Statement, if other than Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>
</DIV>

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


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

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

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed pursuant to Exchange
Act Rule&nbsp;0-11 (Set forth the amount on which the filing fee is calculated and state how it
was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and
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>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:
<br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">

<!-- TOC -->
<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Notice of Annual Meeting of Stockholders</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PROXY STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">PROPOSAL 1: ELECTION OF CLASS II DIRECTOR</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PROPOSAL 2: APPROVAL OF (A) THE ISSUANCE OF FUND SHARES AT A PRICE BELOW NET ASSET VALUE IN CONNECTION WITH A DISTRIBUTION OF LONG-TERM AND SHORT-TERM CAPITAL GAINS PAYABLE IN FUND SHARES OR, AT THE ELECTION OF THE STOCKHOLDER, IN CASH, (B) THE ISSUANCE OF FUND SHARES REPRESENTING 20% OR MORE OF THE FUND&#146;S PRE-ISSUANCE OUTSTANDING VOTING POWER, AND (C) THE ISSUANCE OF FUND SHARES TO A SUBSTANTIAL SECURITY HOLDER OF THE FUND</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y00132y0013201.gif" alt="(KOREA FUND LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Korea Fund, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Dear Fellow Stockholders:</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;) of The Korea Fund, Inc. (the &#147;Fund&#148;) is
to be held at 9:30 a.m., Eastern time, on Wednesday, October&nbsp;29, 2008, at the offices of Allianz
Global Investors Fund Management LLC, 1345 Avenue of the Americas (at 54<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> &#151;
55<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Streets), 49th floor, New York, New York 10105. Stockholders who are unable to
attend the Annual Meeting are strongly encouraged to vote by proxy, which is customary in corporate
meetings of this kind. A Proxy Statement regarding the Annual Meeting, a proxy card for your vote
at the Annual Meeting, and an envelope &#151; postage-prepaid &#151; in which to return your proxy card are
enclosed. You may also vote by touch-tone telephone or through the internet by following the
instructions on the enclosed proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Annual Meeting, your Board will be seeking your support to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Elect one Class&nbsp;II Director. </B>Your Board has three classes of Directors, and stockholders are
asked to elect the Directors of one of those classes at each annual meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Approve the declaration of a distribution of long-term and short-term capital gain in fund
shares. </B>As I have written previously, the change in the Fund&#146;s investment manager has led to the
realization of considerable gains that are required by the U.S. Internal Revenue Code to be
distributed to stockholders to avoid the application of Fund-level taxes. At June&nbsp;30, 2008, the
Fund had approximately $208.8&nbsp;million ($8.57 per share) and
$16.5&nbsp;million ($0.68 per share) of realized long-term and
short-term capital gains, respectively. The Fund also may need to pay out as a part of such
required distribution any additional capital gains realized between July&nbsp;1, 2008 and October&nbsp;31,
2008. This required distribution is expected to be paid in January&nbsp;2009. Paying such a
distribution in cash would require the sale of additional portfolio holdings, the realized gains
from which would need to be distributed at the end of next year. In short, a cash distribution
would create a so-called &#147;cascading&#148; effect which would cause the Fund to shrink over time, likely
causing its expense ratio to increase. Consequently, your Board has proposed that this
distribution of realized gains be paid to a stockholder in Fund shares, unless the stockholder
elects to receive the distribution in cash (as you may know, this distribution of Fund shares with
a cash election option would be consistent with the approach taken by the Fund last year). Paying
a distribution in Fund shares reduces the shrinkage of the Fund in two ways &#151; first, it eliminates
the immediate shrinkage resulting from the current distribution because those stockholders not
electing cash will, in effect, reinvest their distribution, and second, it eliminates the cascade
effect by avoiding the need to sell portfolio holdings to raise cash, which would trigger the
realization of additional gains requiring distribution. An added benefit of paying the
distribution in Fund shares is that it more easily permits those stockholders wishing to maintain
exposure to Korea to retain their positions. The Fund shares issued in connection with the
expected distribution of gains will be issued at the lower of the market value of Fund shares or
the 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 receiving the distribution in Fund shares
will be issued such shares at a price below net asset value. Alternatively, stockholders wishing
to raise cash may either sell stock or elect to accept the distribution in cash. Additional
information on this proposal is set out in the proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As mentioned above, the Fund provided stockholders with the same cash election option last year.
Due to unanticipated complications, the notice period for stockholders to make their election was
shorter than expected. I wish to confirm that, if this proposal is approved by stockholders, the
Fund will endeavor to provide stockholders with a longer notice period in which to make their
election for a cash dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board has carefully considered these proposals and believes that they are in the best
interests of stockholders. Therefore, your Fund&#146;s Directors recommend that you vote in favor of
the nominee for Class&nbsp;II Director and the declaration of a distribution of long-term and short-term
capital gains in Fund shares.
</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="left" style="font-size: 10pt; margin-top: 6pt">Your Board looks forward to meeting stockholders at the Annual Meeting, at which time we shall be
available to discuss any area of your Fund&#146;s activity. Further, our Hong Kong based investment
manager will present the investment case to stockholders via teleconference. For stockholders
unable to attend this meeting the investment manager&#146;s presentation will be available subsequently
on the Fund&#146;s website, www.thekoreafund.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Yours very sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y00132y0013202.gif" alt="(-s- Julian Reid)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Julian Reid<BR>
Chairman of the Board,<BR>
on behalf of the Board

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>STOCKHOLDERS ARE URGED TO SIGN AND DATE THE ENCLOSED PROXY CARD AND MAIL IT IN THE ENCLOSED
POSTAGE-PREPAID ENVELOPE, OR TO VOTE BY TELEPHONE OR THROUGH THE INTERNET, SO AS TO ENSURE A QUORUM
AT THE MEETING. THIS IS IMPORTANT WHETHER YOU OWN FEW OR MANY SHARES.</B>
</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">



<!-- link1 "Notice of Annual Meeting of Stockholders" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE KOREA FUND, INC.<BR>
Notice of Annual Meeting of Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>To the Stockholders of</I><BR>
The Korea Fund, Inc.:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please take notice that the Annual 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 Allianz Global Investors Fund Management
LLC, 1345 Avenue of the Americas (at
54<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> &#150; 55<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Streets), 49th Floor, New
York, New York 10105, on Wednesday, October&nbsp;29, 2008 at 9:30 a.m., Eastern time,
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect one Class&nbsp;II Director of the Fund to hold office for a term of three years
and until his successor shall have been duly elected and qualified;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To approve (a)&nbsp;the issuance of Fund shares at a price below net asset value in
connection with a distribution of long-term and short-term capital gains payable in Fund shares (valued at the lower of market price or net asset value) or, at the election of the
stockholder, in cash, (b)&nbsp;the issuance of Fund shares representing 20% or more of the
Fund&#146;s pre-issuance outstanding voting power, and (c)&nbsp;the issuance of Fund shares to a
substantial security holder of the Fund; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To transact such other business as may properly come before the Meeting or any
adjournments or postponements thereof.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has fixed the close of business on September&nbsp;4, 2008 as the record date for
the determination of stockholders entitled to notice of, and to vote at, the Meeting or any
postponement or adjournment thereof. The enclosed proxy is being solicited on behalf of the Board
of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">By order of the Board of Directors of the Fund
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y00132y0013203.gif" alt="(-s- Thomas J. Fuccillo)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thomas J. Fuccillo<BR>
Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, New York<BR>
September&nbsp;22, 2008

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>It is important that your shares be represented at the Meeting in person or by proxy, no matter how
many shares you own. If you do not expect to attend the Meeting, please complete, date, sign and
return the applicable enclosed proxy or proxies in the accompanying envelope, which requires no
postage if mailed in the United States, or vote by telephone or through the Internet. Please mark
and mail your proxy or proxies, or vote by telephone or through the Internet, promptly in order to
save the Fund any additional costs of further proxy solicitations and in order for the Meeting to
be held as scheduled.</B>
</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">

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation of proxies by the Board
of Directors of The Korea Fund, Inc., a Maryland corporation (the &#147;Fund&#148;), for use at the Annual
Meeting of Stockholders, to be held at the offices Allianz Global Investors Fund Management LLC
(&#147;AGIFM&#148;), 1345 Avenue of the Americas (at
54<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> &#150; 55<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Streets), 49th Floor,
New York, New York 10105, on Wednesday, October&nbsp;29, 2008 at 9:30 a.m., Eastern time, and at any
adjournments or postponements thereof (collectively, the &#147;Meeting&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement, the Notice of Annual Meeting of Stockholders, and the proxy card are
first being mailed to stockholders on or about September&nbsp;22, 2008 or as soon as practicable
thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has fixed the close of business on September&nbsp;4, 2008 as the record date (the &#147;Record
Date&#148;) for the determination of stockholders of the Fund entitled to notice of, and to vote at, the
Meeting. Stockholders on the Record Date will be entitled to one vote for each full share and a
proportionate fraction of a vote for each fractional share held, with no cumulative voting rights,
with respect to each matter on which they are entitled to vote. As of the Record Date, there were
24,384,855 shares of common stock of the Fund outstanding (the &#147;Shares&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the enclosed proxy is executed and returned, 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, 1345 Avenue of the Americas, New York, New
York 10105), 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. Please note that merely attending the Meeting
without voting will not revoke a valid proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly executed proxies received in time for the Meeting (as explained on the enclosed
proxy card) will be voted as specified in the proxy. Unless instructions to the contrary are
marked, proxies will be voted:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal 1. &#147;FOR&#148; the election of the Class&nbsp;II Director nominee Kesop Yun.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal 2. &#147;FOR&#148; approval of (a)&nbsp;the issuance of Fund shares at a price below net asset value
in connection with a distribution of long-term and short-term capital gains payable in Fund shares
(valued at the lower of market price or net asset value) or, at the election of the stockholder, in
cash, (b)&nbsp;the issuance of Fund shares representing 20% or more of the Fund&#146;s pre-issuance
outstanding voting power, and (c)&nbsp;the issuance of Fund shares to a substantial security holder of
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence at the Meeting, in person or by proxy, of stockholders entitled to cast a
majority of the votes entitled to be cast thereat 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 for which the broker or nominee has neither received instructions from the
beneficial owner or other persons entitled to vote nor discretionary power to vote on a particular
matter. Accordingly, stockholders are urged to forward their voting instructions promptly.
Abstentions and broker non-votes will have the effect of a vote against a Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Fund provides periodic reports to all stockholders, which highlight relevant information,
including investment results and a review of portfolio changes. You may receive an additional copy
of the Fund&#146;s annual report for its fiscal year ended June&nbsp;30, 2008 and a copy of the Fund&#146;s
semi-annual report for the six-month period ended December&nbsp;31, 2007, without charge, by calling the
Fund&#146;s shareholder servicing agent at (800)&nbsp;331-1710 or writing the Fund at c/o Allianz Global
Investors Fund Management LLC, 1345 Avenue of the Americas, New York, New York 10105.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">
<!-- link2 "PROPOSAL 1: ELECTION OF CLASS II DIRECTOR" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROPOSAL 1: ELECTION OF CLASS II DIRECTOR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors is divided into three classes, with each Director serving for a term of
three years. Only one Class&nbsp;II Director is up for election at the Meeting. The terms of the Class&nbsp;I
and Class&nbsp;III Directors do not expire this year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons named in the accompanying proxy card intend, in the absence of contrary instructions,
to vote all proxies in favor of the election of the nominee listed below as a Class&nbsp;II Director of
the Fund, to serve for a term of three years and until his successor is duly elected and qualifies.
Kesop Yun is currently a Class&nbsp;II Director. The nominee has consented to stand for election and to
serve if elected. If the nominee should be unable to serve, an event not now anticipated, the
proxies will be voted for such person, if any, as shall be designated by the Board of Directors to
replace that nominee. The Board of Directors has approved the nomination of Mr.&nbsp;Yun as the Class&nbsp;II
Director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Concerning the Nominee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information concerning the nominee for Class&nbsp;II
Director of the Fund.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Directorships</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Year First</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Address*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Became a</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Director/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Director/</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kesop Yun (63)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1999**
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of the Fund;
Professor, College of
Business
Administration, Seoul
National University,
Seoul, Korea;
President, Korean
Academic Society of
Financial Planning
(2008-2010 term).
Formerly Director of
DWS Global Commodities
Stock Fund, Inc.
(2004-2005) and DWS
Global High Income
Fund, Inc.
(2001-2005).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of Fund business, all Directors may be contacted at the following address: c/o
Allianz Global Investors Fund Management LLC, 1345 Avenue of the Americas, New York, New York
10105.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

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

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Concerning Continuing Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding the Fund&#146;s Class&nbsp;III and Class&nbsp;I
Directors. As noted above, these Directors are not up for election this year.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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="left" style="font-size: 10pt; margin-top: 12pt"><B>Class&nbsp;III &#151; Directors Serving Until 2009 Annual Meeting of Stockholders</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Directorships</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year First</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Address*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Became a</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Director/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Director/</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronaldo A. da Frota
Nogueira (70)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of the Fund;
Director and Chief
Executive Officer, IMF
Editora Ltd.
(financial publisher);
Chairman of the
Certification
Committee and
Director, APIMEC
Nacional (Brazilian
Association of
Investment
Professionals and
Analysts); Member,
Board of the
Association of
Certified
International
Investment Analysts
(ACIIA). Formerly,
Director of DWS Global
Commodities Stock
Fund, Inc. (2004-2005)
and DWS Global High
Income Fund, Inc.
(1992-2005).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard A. Silver
(61)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of the Fund;
Retired. Formerly,
Executive Vice
President, Fidelity
Investments
(2000-2005).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of Fund business, all Directors may be contacted at the following address: c/o
Allianz Global Investors Fund Management LLC, 1345 Avenue of the Americas, New York, New York
10105.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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="left" style="font-size: 10pt; margin-top: 12pt"><B>Class&nbsp;I &#151; Directors Serving until 2010 Annual Meeting of Stockholders</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Directorships</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year First</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Address*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Became a</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Director/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Director/</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Julian Reid (64)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and
Chairman of the
Board
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2004</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Chairman
of the Board of the
Fund; Director and
Chief Executive
Officer of 3a Asset
Management Limited
(since 1998); Director
and Chairman 3a Funds
Group (since 1998);
President of the
Saffron Fund, Inc.
(2004); Director and
Chairman of the
Saffron Fund, Inc.
(1994-2004, Chairman
since 1998); Director
and Chairman of
Morgan&#146;s Walk
Properties Ltd.
(2002-2006)
(residential property
owner/ manager);
Director of JF China
Region Fund, Inc.
(since 1997); Director
and Chairman of
Prosperity Voskhod
Fund Ltd. (since
2006); Director of ASA
Ltd. (closed-end fund)
(since April&nbsp;2008).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Christopher Russell<BR>
(59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2004</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of the Fund;
Associate of GaveKal
Research (since 2001)
(economic and asset
strategy research).
Director of each of
Candover plc (since
2004) (private
equity); Salters
Management Company
Ltd. (since 2003)
(charitable
endowment); LIM Japan
Fund (since 2002);
Enhanced Index Funds
(since 2002); Investec
High Income Trust plc
(since 2001); and JP
Morgan Fleming
Japanese Smaller
Companies Investment
Trust plc (since
2006). Director and
Chairman of F&#038;C Event
Driven Ltd. (since
2007) (fund of hedge
funds). Formerly,
Director of British
Airways Pension
Investment Management
Company Ltd.
(2005-2008).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of Fund business, all Directors may be contacted at the following address: c/o
Allianz Global Investors Fund Management LLC, 1345 Avenue of the Americas, New York, New York
10105.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Directors are considered by the Fund not to be &#147;interested persons&#148; (as defined in Section
2(a)(19) of the 1940 Act) of the Fund, the Fund&#146;s investment manager, RCM Capital Management LLC
(&#147;RCM&#148; or the &#147;Manager&#148;), or the Fund&#146;s sub-adviser, RCM Asia Pacific Limited (&#147;RCM AP&#148; or the
&#147;Sub-Adviser&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of August&nbsp;29, 2008, the dollar range of equity securities in the Fund owned by each Director was
as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Equity Securities in All Funds</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Overseen by Director in Family</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Securities in the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of Investment Companies*</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronaldo A. da Frota Nogueira
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Julian Reid
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1 &#151; $10,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1 &#151; $10,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Christopher Russell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard A. Silver
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,001 &#151; $100,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,001 &#151; $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kesop Yun
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None**
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>There are no other funds in the same family of investment companies as the Fund.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Yun, as a professor at Seoul National University, is subject to the &#147;Code of Professional
Ethics of Government Officials,&#148; which currently prevents him from owning real estate or
financial assets in foreign countries (including securities of the Fund).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of
August&nbsp;29, 2008, all Directors and officers of the Fund as a group owned less than 1% of the
outstanding shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;</B><B>16(a)</B><B> Beneficial Ownership Reporting Compliance. </B>The Fund&#146;s Directors, certain
officers, investment advisers, certain affiliated persons of the investment advisers and persons
who own more than 10% of any class of outstanding securities of the Fund (<I>i.e</I>., the Fund&#146;s Shares)
are required to file forms reporting their relationship with the Fund and reports of ownership and
changes in ownership of the Fund&#146;s securities with the Securities and Exchange Commission (the
&#147;SEC&#148;) and the New York Stock Exchange. These persons and entities are required by SEC regulation
to furnish the Fund with copies of all such forms they file. Based solely on a review of these
forms furnished to the Fund, the Fund believes that each of the Directors, the relevant officers
and investment advisers, the relevant affiliated persons of the investment advisers and the persons
who beneficially own more than 10% of the Fund&#146;s Shares has complied with all applicable filing
requirements during the Fund&#146;s respective fiscal year ended June&nbsp;30, 2008, except that due to
administrative oversight one late filing was made on Form&nbsp;3 on behalf of Sang Won Kim, an employee
of RCM AP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Fund&#146;s knowledge, as of August&nbsp;29, 2008, no person owned beneficially more
than 5% of the Fund&#146;s outstanding Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Committees of the Board &#151; Board Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors of the Fund participated in six meetings of the Board held in person or by
telephone during the fiscal year ended June&nbsp;30, 2008. Each Director attended at least 75% of the
total number of meetings of the Board of Directors and of all committees of the Board on which he
served as a regular member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors seeks to have at least a majority of its members present at annual
stockholder meetings. At the Fund&#146;s most recent annual stockholder meeting on October&nbsp;24, 2007, all
of the Directors attended in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has an Executive Committee, an Audit and Compliance Committee, a
Valuation Committee, a Governance, Nominating and Remuneration Committee, an Investment Committee,
a Contracts Committee and a Korean Affairs Committee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit and Compliance Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has an Audit and Compliance Committee consisting of those Directors who are not
&#147;interested persons&#148; (as defined in the 1940 Act) of the Fund (&#147;Independent Directors&#148;) and chaired
by Mr.&nbsp;Silver. The Audit and Compliance Committee met &#091;&#091;four&#093;&#093; times during the fiscal year ended
June&nbsp;30, 2008. The members of the Audit and Compliance Committee are independent, as independence
is defined in the listing standards of the New York Stock Exchange applicable to closed-end funds.
The Audit and Compliance Committee&#146;s purposes are (i)&nbsp;to oversee the integrity of the Fund&#146;s
financial statements, the qualifications and independence of the Fund&#146;s independent registered
public accounting firm, and the performance of the Fund&#146;s internal control systems (including
disclosure controls and procedures), the Fund&#146;s independent registered public accounting firm, and,
as appropriate, the internal controls of certain Fund service providers, and the Fund&#146;s accounting
and financial reporting policies and practices; (ii)&nbsp;to oversee the quality and objectivity of the
Fund&#146;s financial statements and the independent audit thereof; (iii)&nbsp;to exercise direct
responsibility for the appointment, compensation, retention and oversight of the work performed by
the Fund&#146;s independent registered public accounting firm for the purpose of preparing or issuing an
audit report or performing other audit, review or attest services for the Fund; (iv)&nbsp;to act as a
liaison between the Fund&#146;s independent registered public accounting firm and the Board; (v)&nbsp;to
oversee the Fund&#146;s compliance with legal and regulatory requirements; and (vi)&nbsp;to prepare an audit
committee report as required by Item&nbsp;407 of Regulation&nbsp;S-K to be included in the Fund&#146;s annual
proxy statement relating to the election of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has adopted a charter for the Audit and Compliance Committee. The
charter, which was revised as of April&nbsp;22, 2008, is available at the Fund&#146;s website:
www.thekoreafund.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit and Compliance Committee&#146;s Pre-Approval Policies and Procedures. </I></B>The Audit and
Compliance Committee must approve in advance the engagement of the Fund&#146;s independent registered
public accounting firm to provide (i)&nbsp;audit or permissible non-audit services to the Fund and (ii)
non-audit services to RCM or its control affiliates that relate directly to the Fund&#146;s operations
and financial reporting. The Audit and Compliance Committee preapproves such services on at least
an annual basis, and receives at least annually a report of all audit and non-audit services
rendered in the previous calendar year by the Fund&#146;s independent registered public accounting firm
for the Fund and its Affiliated Fund Service Providers (defined on
page&nbsp;13). Such services,
including services provided to Affiliated Fund Service Providers, may be preapproved by the Audit
and Compliance Committee Chairman, or by any other member of the Audit and Compliance Committee who
is an Independent Director and to whom such responsibility has been delegated, so long as the
aggregate fees for such services do not exceed certain maximum amounts. In such case, the Audit and
Compliance Committee must be notified of such preapproval at its next regularly scheduled meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a meeting to be held in October&nbsp;2008, the Audit and Compliance Committee and the Board of
Directors of the Fund will consider the selection of PricewaterhouseCoopers LLP (&#147;PWC&#148;) to act as
the independent registered public accounting firm for the Fund for the fiscal year ending June&nbsp;30,
2009. The Fund&#146;s financial statements for the fiscal years ended June&nbsp;30, 2008 and June&nbsp;30, 2007
were audited by PWC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit and Compliance Committee Report</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the audited financial statements as of and for the fiscal year ended June
30, 2008 included in the Fund&#146;s 2008 Annual Report (the &#147;Annual Report&#148;), at a meeting held on
August&nbsp;21, 2008, the Audit and Compliance Committee considered and discussed the audited financial
statements with management and the independent registered public accounting firm, and discussed the
audit of such financial statements with the independent registered public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit and Compliance Committee also discussed with the independent registered public
accounting firm the matters required to be discussed by Statement on Auditing Standards No.&nbsp;61
(Communications with Audit Committees). The independent registered public accounting firm provided
to the Committee the written disclosure and the letter required by Independence Standards Board
Standard
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No. 1 (Independence Discussions with Audit Committees), and the Audit and Compliance Committee
discussed with representatives of the independent registered public accounting firm their firm&#146;s
independence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Audit and Compliance Committee are not professionally engaged in the
practice of auditing or accounting and are not employed by the Fund for accounting, financial
management or internal control. Moreover, the Audit and Compliance Committee relies on and makes no
independent verification of the facts presented to it or representations made by management or the
independent registered accounting firm. Accordingly, the Audit and Compliance Committee&#146;s oversight
does not provide an independent basis to determine that management has maintained appropriate
accounting and financial reporting principles or policies, or internal controls and procedures,
designed to assure compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit and Compliance Committee&#146;s considerations and discussions referred to above
do not provide assurance that the audit of the Fund&#146;s financial statements has been carried out in
accordance with the auditing standards of the Public Company Accounting Oversight Board (United
States) generally accepted in the United States of America or that the financial statements are
presented in accordance with accounting principles generally accepted in the United States of
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on its consideration of the audited financial statements and the discussions referred to
above with management and the independent registered public accounting firm and subject to the
limitation on the responsibilities and role of the Audit and Compliance Committee set forth in the
Audit and Compliance Committee&#146;s Charter and those discussed above, the Audit and Compliance
Committee of the Fund recommended to the Fund&#146;s Board of Directors that the audited financial
statements be included in the Fund&#146;s Annual Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Governance, Nominating and Remuneration Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governance, Nominating and Remuneration Committee is comprised of all of the Independent
Directors and is chaired by Mr.&nbsp;Nogueira. The members of the Committee are independent, as
independence is defined in the listing standards of the New York Stock Exchange applicable to
closed-end funds. The Governance, Nominating and Remuneration Committee met &#091;two&#093; times during the
fiscal year ended June&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary purposes and responsibilities of the Committee are (i)&nbsp;reviewing governance
standards of the Board in light of best practices (with the understanding that the Board will seek
to conform its practices to what it perceives to be best practices); (ii)&nbsp;screening and nominating
candidates for election to the Board as independent Directors in the event that a position is
vacated or created; (iii)&nbsp;setting any necessary standards or qualifications for service on the
Board; (iv)&nbsp;reviewing any policy matters affecting the operation of the Board and Board committees
and making recommendations to the Board as deemed appropriate by the Committee; and (v)
establishing and reviewing Director compensation. Directors receive no fees for service on the
Governance, Nominating and Remuneration Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee requires that Director candidates have a college degree or equivalent business
experience. The Committee may take into account a wide variety of factors in considering Director
candidates, including (but not limited to) (i)&nbsp;availability and commitment of a candidate to attend
meetings and perform his or her responsibilities on the Board; (ii)&nbsp;relevant industry and related
experience; (iii)&nbsp;educational background; (iv)&nbsp;financial expertise; (v)&nbsp;an assessment of the
candidate&#146;s ability, judgment and expertise; and (vi)&nbsp;overall diversity of the Board&#146;s composition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has adopted a written charter for the Governance, Nominating and
Remuneration Committee. The charter, which was revised as of August&nbsp;27, 2007, is available at the
Fund&#146;s website: www.thekoreafund.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee will consider and evaluate nominee candidates properly submitted by stockholders
on the same basis as it considers and evaluates candidates recommended by other sources. <I>Appendix&nbsp;A</I>
to the charter, as it may be amended from time to time by the Committee, sets forth procedures that
must be followed by stockholders to properly submit a nominee candidate to the Committee. Those
procedures are
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">set forth in the paragraph below. Recommendations not properly submitted in
accordance with these
procedures will not be considered by the Committee. The Governance, Nominating and
Remuneration Committee has full discretion to reject nominees recommended by stockholders, and
there is no assurance that any such person properly recommended and considered by the Committee
will be nominated for election to the Board of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders must submit any nominee recommendation for the Committee&#146;s consideration in
writing to the Fund, to the attention of the Chairman or Secretary of the Fund, at the address of
the principal executive offices of the Fund not less than ninety (90)&nbsp;days nor more than one
hundred and twenty (120)&nbsp;days prior to the date of the Board or shareholder meeting at which the
nominee would be elected. The shareholder recommendation must include: (i)&nbsp;a statement in writing
setting forth (A)&nbsp;the name, age, date of birth, business address, residence address and nationality
of the person recommended by the shareholder (the &#147;candidate&#148;); (B)&nbsp;the class and number of all
shares of the Fund owned of record or beneficially by the candidate, as reported to such
shareholder by the candidate; (C)&nbsp;any other information regarding the candidate called for with
respect to director nominees by paragraphs (a), (d), (e)&nbsp;and (f)&nbsp;of Item&nbsp;401 of Regulation&nbsp;S-K or
paragraph (b)&nbsp;of Item&nbsp;22 of Rule&nbsp;14a-101 (Schedule&nbsp;14A) under the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), adopted by the Securities and Exchange Commission (or the
corresponding provisions of any regulation or rule subsequently adopted by the Securities and
Exchange Commission or any successor agency applicable to the Fund); (D)&nbsp;any other information
regarding the candidate that would be required to be disclosed if the candidate were a nominee in a
proxy statement or other filing required to be made in connection with solicitation of proxies for
election of Directors pursuant to Section&nbsp;14 of the Exchange Act and the rules and regulations
promulgated thereunder; and (E)&nbsp;whether the recommending shareholder believes that the candidate is
or will be an &#147;interested person&#148; of the Fund (as defined in the 1940 Act) and, if not an
&#147;interested person,&#148; information regarding the candidate that will be sufficient for the Fund to
make such determination; (ii)&nbsp;the written and signed consent of the candidate to be named as a
nominee and to serve as a Director if elected; (iii)&nbsp;the recommending shareholder&#146;s name as it
appears on the Fund&#146;s books; (iv)&nbsp;the class and number of all shares of the Fund owned beneficially
and of record by the recommending shareholder; and (v)&nbsp;a description of all arrangements or
understandings between the recommending shareholder and the candidate and any other person or
persons (including their names) pursuant to which the recommendation is being made by the
recommending shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee is empowered with, and the Directors have delegated to such Committee,
all of the powers of the Directors that are not otherwise delegated and that may lawfully be
exercised by an executive committee. The Executive Committee is authorized to act when the full
Board of Directors is not in session. Mr.&nbsp;Reid serves on the Executive Committee. Messrs.&nbsp;Nogueira,
Russell, and Yun serve as alternate members on the Executive Committee. Directors receive no fees
for service on the Executive Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Valuation Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of the Fund has a Valuation Committee consisting of Messrs.&nbsp;Nogueira and Russell.
Mr.&nbsp;Reid serves as an alternate. Directors receive no fees for service on the Valuation Committee.
The Board has delegated to the Committee the responsibility to determine or to cause to be
determined the fair value of the Fund&#146;s portfolio securities and other assets when market
quotations are not readily available. The Valuation Committee reviews and approves procedures for
the fair valuation of the Fund&#146;s portfolio securities and periodically reviews information from the
Manager and Sub-Adviser regarding fair value and liquidity determinations made pursuant to
Board-approved procedures, and makes related recommendations to the full Board and assists the full
Board in resolving particular fair valuation and other valuation matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has an Investment Committee consisting of all Directors and chaired by Mr.&nbsp;Russell.
Directors receive no fees for service on the Investment Committee. The Board has delegated to the
Committee the responsibility to monitor the performance of the Fund and its peer group of funds.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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="left" style="font-size: 10pt; margin-top: 12pt"><B>Contracts Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Contracts Committee&#146;s primary function is to review the Fund&#146;s contractual arrangements
with RCM and RCM AP and their affiliates. The Committee also reviews contractual and financial
arrangements with other parties related to transfer agency, custody, investment accounting and
other services. The Committee is comprised of all of the Independent Directors and meets to review
at least annually the Fund&#146;s contractual and financial arrangements with RCM and RCM AP and their
affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Korean Affairs Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has a Korean Affairs Committee consisting of all Directors and chaired by Mr.&nbsp;Yun.
Directors receive no fees for service on the Korean Affairs Committee. The Board has delegated to
the Committee the responsibility to monitor the political, economic and market developments
(particularly of the securities industry and its regulation) in South Korea.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Services Billed by PWC to the Fund.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Fees. </I>Audit Fees are fees related to the audit and review of the financial statements
included in annual reports and registration statements, and other services that are normally
provided in connection with statutory and regulatory filings or engagements. For the Fund&#146;s last
two fiscal years, the Audit Fees billed by PWC are shown in the table below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">71,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">78,500</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit-Related Fees. </I>Audit-Related Fees are fees related to assurance and related services that
are reasonably related to the performance of the audit or review of financial statements, but not
reported under &#147;Audit Fees&#148; above, including accounting consultations, attestation reports and
comfort letters. For the Fund&#146;s last two fiscal years, the Audit-Related Fees billed by PWC are
shown in the table below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit-Related Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Fees. </I>Tax Fees are fees associated with tax compliance, tax advice and tax planning,
including services relating to the filing or amendment of federal, state or local income tax
returns, regulated investment company qualification reviews, and tax distribution and analysis
reviews. The table below shows, for the Fund&#146;s last two fiscal years, the aggregate Tax Fees billed
by PWC to the Fund.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tax Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All Other Fees. </I>All Other Fees are fees related to services other than those reported above
under &#147;Audit Fees,&#148; &#147;Audit-Related Fees&#148; and &#147;Tax Fees.&#148; For the Fund&#146;s last two fiscal years, no
such fees were billed by PWC to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the periods indicated in the tables above, no services described under &#147;Audit-Related
Fees,&#148; &#147;Tax Fees&#148; or &#147;All Other Fees&#148; were approved pursuant to the de minimis exception.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Services Billed by PWC to the Fund&#146;s Manager and Affiliated Fund Service Providers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PWC billed no &#147;Audit-Related Fees,&#148; &#147;Tax Fees&#148; or &#147;All Other Fees&#148; to RCM or any entity
controlling, controlled by or under common control with RCM that provides ongoing services to the
Fund (&#147;Affiliated
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">Fund Service Provider&#148;) for engagements directly related to the Fund&#146;s operations and
financial reporting, during the Fund&#146;s last two fiscal years. RCM became the Fund&#146;s investment
manager on April&nbsp;1, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-Audit Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the aggregate fees that PWC billed during the Fund&#146;s last two
fiscal years for non-audit services.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Non-Audit Fees Billed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Non-Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to RCM and Affiliated Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Billed to Fund (A)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Service Providers (B)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Columns A and B</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,451,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,467,353</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;30, 2007*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,249,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,257,057</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>RCM became the Fund&#146;s investment manager on April&nbsp;1, 2007.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s Audit and Compliance Committee gave careful consideration to the non-audit related
services provided by PWC to the Fund, RCM and the Affiliated Fund Service Providers, and, based in
part on certain representations and information provided by PWC, determined that the provision of
these services was compatible with maintaining PWC&#146;s independence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stockholder Communications with the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Fund has adopted procedures by which Fund stockholders may send
communications to the Board. Stockholders may mail written communications to the Board to the
attention of the Board of Directors, The Korea Fund, Inc., c/o Thomas J. Fuccillo, Chief Legal
Officer (&#147;CLO&#148;), Allianz Global Investors Fund Management LLC, 1345 Avenue of the Americas, New
York, NY 10105. Stockholder communications must (i)&nbsp;be in writing and be signed by the stockholder
and (ii)&nbsp;identify the class and number of Shares held by the stockholder. The CLO or his designee
is responsible for reviewing properly submitted stockholder communications. The CLO shall either
(i)&nbsp;provide a copy of each properly submitted stockholder communication to the Board at its next
regularly scheduled Board meeting or (ii)&nbsp;if the CLO determines that the communication requires
more immediate attention, forward the communication to the Directors promptly after receipt. The
CLO may, in good faith, determine that a stockholder communication should not be provided to the
Board because it does not reasonably relate to the Fund or its operations, management, activities,
policies, service providers, Board, officers, stockholders or other matters relating to an
investment in the Fund or is otherwise routine or ministerial in nature. These procedures do not
apply to (i)&nbsp;any communication from an officer or Director of the Fund, (ii)&nbsp;any communication from
an employee or agent of the Fund, unless such communication is made solely in such employee&#146;s or
agent&#146;s capacity as a stockholder, or (iii)&nbsp;any stockholder proposal submitted pursuant to Rule
14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or any
communication made in connection with such a proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Chairman of the Board is happy to receive communications directly from any
stockholder at julianreid@btopenworld.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Executive and Other Officers of the Fund. </B>The table below provides certain information
concerning the executive officers of the Fund and certain other officers who perform similar
duties. Officers hold office at the pleasure of the Board and until their successors are appointed
and qualified or until their earlier resignation or removal. Officers and employees of the Fund who
are principals, officers, members or employees of the Manager, the Sub-Adviser or their affiliates
are not compensated by the Fund.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">*</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>with the Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Other Positions</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Goldstein<br>
4 Embarcadero Center,<br>
San Francisco, CA 94111<br>
2/8/1963
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director,
Chief Operating
Officer and General
Counsel of RCM Capital
Management LLC.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Address<SUP style="font-size: 85%; vertical-align: text-top">*</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>with the Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Other Positions</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">Brian S. Shlissel<br>
11/14/1964
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer,
Principal Financial
and Accounting
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President, Director of
Fund Administration,
Allianz Global
Investors Fund
Management LLC;
Director of 6 funds in
the Allianz Global
Investors Fund
Complex; President and
Chief Executive
Officer of 37 funds in
the Allianz Global
Investors Fund
Complex; Treasurer,
Principal Financial
and Accounting Officer
of 42 funds in the
Allianz Global
Investors Fund
Complex.</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" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lawrence G. Altadonna<br>
03/10/1966
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,
Allianz Global
Investors Fund
Management LLC;
Treasurer, Principal
Financial and
Accounting Officer of
37 funds in the
Allianz Global
Investors Fund
Complex; Assistant
Treasurer of 42 funds
in the Allianz Global
Investors Fund
Complex.</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">Thomas J. Fuccillo<br>
03/22/1968
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary and Chief
Legal Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,
Senior Counsel,
Allianz Global
Investors of America
L.P., Vice President,
Secretary and Chief
Legal Officer of 79
funds in the Allianz
Global Investors Fund
Complex; Formerly,
Vice President and
Associate General
Counsel, Neuberger
Berman, LLC
(1991-2004) (asset
management).</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" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Youse E. Guia<br>
680 Newport Center<br>
Drive, Suite&nbsp;250<br>
Newport Beach, CA 92660<br>
09/03/1972
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Compliance<BR>
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,
Group Compliance
Manager, Allianz
Global Investors of
America L.P.; Chief
Compliance Officer of
79 funds in the
Allianz Global
Investors Fund
Complex; Formerly,
Vice President, Group
Compliance Manager,
Allianz Global
Investors of America
L.P. (2002-2004);
Audit Manager,
PricewaterhouseCoopers
LLP (1996&#151;2002).</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">Lagan Srivastava<br>
09/20/1977
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary of
79 funds in the
Allianz Global
Investors Fund
Complex; formerly,
Research Assistant,
Dechert LLP
(2004-2005) (law
firm); Research
Assistant, Swidler
Berlin Shereff
Friedman LLP
(2002-2004) (law
firm).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Unless otherwise noted, the address of the Fund&#146;s officers is c/o Allianz Global
Investors Fund Management LLC, 1345 Avenue of the Americas, New York, New York 10105.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transactions with and Remuneration of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&#146;s remuneration policy is to emphasize commitment to the Fund, involvement in Fund
issues and attendance by Directors at Board meetings. Directors receive an annual retainer fee of
$15,000, except the Chairman of the Board, who receives an additional $12,000 annual retainer fee.
Except as noted above, each Independent Director receives a fee, paid by the Fund, of $3,000 per
Directors&#146; meeting attended. The Chairman of the Audit and Compliance Committee receives an
additional $7,000 annual fee for serving in that capacity. Each Independent Director also receives
$3,000 per Audit and Compliance Committee and Contracts Committee meeting attended (there is a
$3,000 annual maximum remuneration for attendance at Contracts Committee meetings).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Independent Director is eligible to receive a per diem fee for a full day of
$1,500 or a pro-rated fee for a lesser period as compensation for taking on special assignments at
the request of the Board. Such special assignments must be approved in advance by the Governance,
Nominating and Remuneration Committee, except that special assignments for which compensation will
be less than $5,000 may be approved in advance by the Chairman of the Governance, Nominating and
Remuneration Committee. A report regarding compensation for such assignments is provided to the
Governance, Nominating and Remuneration Committee at its next regular meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCM supervises the Fund&#146;s investments, pays the compensation and certain expenses of its
personnel who serve as officers of the Fund, and receives a management fee for its services. The
Fund&#146;s other officers are also officers, employees, or stockholders of RCM&#146;s affiliates and are
paid a salary by those firms. The Fund makes no direct payments to its officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Compensation Table provides the aggregate compensation received by each Director
from the Fund for the fiscal year ended June&nbsp;30, 2008. For the calendar year ended December&nbsp;31,
2007, the Directors and nominees received the compensation set forth in the table below for serving
as Directors of the Fund and other funds in the same &#147;fund complex&#148; as the Fund. None of the
Directors serves on any other registered investment company in the fund complex advised by RCM and
its affiliates. The Fund does not pay retirement benefits to its Directors.
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Compensation from</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Fund and Fund Complex*</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Paid to Directors/Nominees</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from the Fund for the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for the Calendar Year Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Independent Director/Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended June 30, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ronaldo A. da Frota Nogueira</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julian Reid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">93,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher Russell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,688</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard A. Silver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">45,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kesop Yun</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">44,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The &#147;Fund Complex&#148; includes only funds advised by RCM and its affiliates. RCM took over as
investment manager for the Fund on April&nbsp;1, 2007.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Required Vote. </B>Election of the nominee for Class&nbsp;II Director, Mr.&nbsp;Yun, requires the
affirmative vote of the holders of a majority of Shares present in person or by proxy and entitled
to vote thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The Directors unanimously recommend that you vote FOR the election of the nominee set forth in
Proposal 1.</I></B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">
<!-- link1 "PROPOSAL 2: APPROVAL OF (A) THE ISSUANCE OF FUND SHARES AT A PRICE BELOW NET ASSET VALUE IN CONNECTION WITH A DISTRIBUTION OF LONG-TERM AND SHORT-TERM CAPITAL GAINS PAYABLE IN FUND SHARES OR, AT THE ELECTION OF THE STOCKHOLDER, IN CASH, (B) THE ISSUANCE OF FUND SHARES REPRESENTING 20% OR MORE OF THE FUND&#146;S PRE-ISSUANCE OUTSTANDING VOTING POWER, AND (C) THE ISSUANCE OF FUND SHARES TO A SUBSTANTIAL SECURITY HOLDER OF THE FUND" -->
<DIV align="left"><A NAME="003"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PROPOSAL 2: APPROVAL OF (A)&nbsp;THE ISSUANCE OF FUND SHARES AT A PRICE BELOW NET ASSET VALUE IN
CONNECTION WITH A DISTRIBUTION OF LONG-TERM AND SHORT-TERM CAPITAL GAINS PAYABLE IN FUND SHARES OR,
AT THE ELECTION OF THE STOCKHOLDER, IN CASH, (B)&nbsp;THE ISSUANCE OF FUND SHARES REPRESENTING 20% OR
MORE OF THE FUND&#146;S PRE-ISSUANCE OUTSTANDING VOTING POWER, AND (C)&nbsp;THE ISSUANCE OF FUND SHARES TO A
SUBSTANTIAL SECURITY HOLDER OF THE FUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the Fund&#146;s prior investment manager&#146;s &#147;buy and hold&#148; investment style, and as a
consequence of substantial changes made to the Fund&#146;s holdings by RCM SF and RCM AP in connection
with the transition of the Fund to a new investment manager, the Fund has realized a significant
amount of capital gains. Under the U.S. Internal Revenue Code, in order to avoid the application of
a Fund-level excise tax, the Fund is required each calendar year to distribute at least 98% of its
&#147;capital gain net income&#148; (the excess of capital gains over capital losses) for the 12-month period
ending on October&nbsp;31st. In addition, the Fund will be subject to tax at regular corporate rates on
any net capital gains (net long-term capital gains in excess of net short-term capital losses) that
are not distributed. Although gains realized through October&nbsp;31, 2007 already have been
distributed, at June&nbsp;30, 2008, the Fund had approximately
$208.8&nbsp;million ($8.57 per share) and $16.5&nbsp;million ($0.68 per
share) of realized long-term and short-term capital gains, respectively. In addition, the Fund
could realize additional capital gains between July&nbsp;1, 2008 and October&nbsp;31, 2008, which also may
need to be distributed to stockholders. If the Fund were to make a distribution of gains in cash
and the Fund remained fully invested, it would need to sell additional portfolio securities to
raise the cash to make the distribution. These additional sales would cause the Fund to realize
additional gains that in turn would need to 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In an effort to reduce the shrinkage of the Fund caused by both the current distribution and
future distributions resulting from the &#145;cascade&#146; effect, the Fund intends to make all or part of
its distribution of long-term and short-term capital gains 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 in proper form before an appropriate deadline,
would receive the distribution in Fund shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued pursuant to the Cash Election Dividend would be issued at the lower of the
market price on the payment date (adjusted to reflect the distribution) and the net asset value
(&#147;NAV&#148;) on the payment date, but in no case at less than 95% of the market price on the payment
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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full amount of the Cash Election Dividend, whether received in additional Fund shares or
in cash, will be taxable to stockholders who are U.S. taxpayers as long-term capital gains and/or
ordinary income (for distributions of short-term capital gains). Stockholders will be notified of
the allocation of the distribution between long-term and short-term capital gains. For U.S.
federal income tax purposes, shareholders receiving their distributions in Fund shares will be
treated as having received an amount equal to the cash they would have received if they had elected
to receive the distribution in cash. In addition, whether paid in cash or additional Fund shares,
the amounts distributed will be net of any applicable withholding taxes. This discussion of the
U.S. federal income tax consequences of the Cash Election Dividend are general in nature.
Stockholders should consult their own tax advisors regarding their particular situation and the
possible application of state, local, and non-U.S. tax laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;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&nbsp;312.03 also
requires the Fund to obtain
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">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 and the amount of gains to be distributed, 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 above for disclosure regarding
stockholders beneficially owning more than 5% of the Fund&#146;s outstanding shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Section 23(b) of the 1940 Act 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 Meeting, you
will be asked to approve the Fund&#146;s ability to issue its stock at a price below NAV in connection
with the intended Cash Election Dividend. While the Fund does not believe that Section 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Required Vote. </B>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 more than 50% in interest of all securities entitled to
vote on the proposal. In addition, approval of the Fund&#146;s ability to issue its stock at a price
below NAV pursuant to Section&nbsp;23(b)(2) of the 1940 Act requires the affirmative vote of a majority
of its common stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The Directors unanimously recommend that you vote FOR the approval of the Fund&#146;s ability (a)
to issue its stock at a price below NAV, (b)&nbsp;to issue stock representing 20% or more of the Fund&#146;s
pre-issuance voting power, and (c)&nbsp;to issue its stock to a substantial security holder of the Fund,
all in connection with its Cash Election Dividend.</I></B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Manager, Sub-Adviser and Sub-Administrator. </B>RCM, the Fund&#146;s investment manager, is located at
Four Embarcadero Center, San Francisco, California 94111. The Manager retains its affiliate, RCM
AP, as sub-adviser to manage the Fund&#146;s investments. RCM AP is located at 21st Floor, Cheung Kong
Centre, 2 Queen&#146;s Road Central, Hong Kong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCM was founded as Rosenberg Capital Management and began managing assets in 1970. RCM is
wholly owned by RCM US Holdings LLC (&#147;US Holdings&#148;). US Holdings is a Delaware limited liability
company. RCM AP was formed in 2006 and licensed by the Hong Kong SFC and registered with the SEC in
January of 2007. RCM AP is succeeding to all of Allianz Global Investors Hong Kong Limited&#146;s equity
management business in Hong Kong. RCM AP and RCM are affiliated companies under common control that
are part of the same investment platform. RCM and RCM AP are wholly owned indirect subsidiaries of
Allianz SE, a publicly traded insurance and financial services company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGIFM is the Fund&#146;s sub-administrator and has its principal offices at 1345 Avenue of the
Americas, New York, New York 10105.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Legal Proceedings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disclosure below relates to AGIFM, certain of its affiliates and their employees. The
events described below occurred prior to the appointment of AGIFM as sub-administrator. The
Manager, the Sub-Adviser and AGIFM believe that these matters are not likely to have a material
adverse effect on the Fund or their ability to perform their respective investment advisory and
administration activities relating to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June and September&nbsp;2004, AGIFM and certain of its affiliates agreed to settle, without
admitting or denying the allegations, claims brought by the SEC, the New Jersey Attorney General
and the California Attorney General alleging violations of federal and state securities laws with
respect to certain open-end funds for which the Manager serves as investment adviser. Two
settlements (with the SEC and New Jersey) related to an alleged &#147;market timing&#148; arrangement in
certain open-end funds sub-advised by an affiliate of AGIFM. In February&nbsp;2006, the plaintiffs
voluntarily dismissed RCM from the consolidated market timing lawsuits. Two settlements (with the
SEC and California) related to the alleged use of cash and fund portfolio commissions to finance
&#147;shelf-space&#148; arrangements with broker-dealers for open-end funds. AGIFM and its affiliates agreed
to pay a total of $68&nbsp;million to settle the claims related to market timing and $20.6&nbsp;million to
settle the claims related to shelf-space. In addition to monetary payments, the settling parties
agreed to undertake certain corporate governance, compliance and disclosure reforms related to
market timing, brokerage commissions, revenue sharing and shelf-space arrangements, and consented
to cease and desist orders and censures. None of the settlements alleged that any inappropriate
activity took place with respect to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since February&nbsp;2004, AGIFM and certain of its affiliates and their employees have been named
as defendants in a number of pending lawsuits concerning &#147;market timing&#148; and &#147;revenue
sharing/shelf-space/directed brokerage,&#148; which allege the same or similar conduct underlying the
regulatory settlements discussed above. The market timing lawsuits have been consolidated in a
multi-district litigation proceeding in the United States District Court for the District of
Maryland, and the revenue sharing/shelf-space/directed brokerage lawsuits have been consolidated in
the United States District Court for the District of Connecticut. Any potential resolution of these
matters may include, but not be limited to, judgments or settlements for damages against AGIFM, or
its affiliates or related injunctions. The Manager and the Sub-Adviser believe that these matters
are not likely to have a material adverse effect on the Fund or on their ability to perform their
respective investment advisory activities relating to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing speaks only as of the date of this document.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors does not know of any matters to be brought before the Meeting other
than the proposals mentioned in this Proxy Statement. The appointed proxies will vote on any other
business that comes before the Meeting or any adjournment or postponement thereof in their
discretion.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies will be solicited by mail and may be solicited in person or by telephone by officers
of the Fund or personnel of AGIFM. The Fund has retained Broadridge Financial Solutions, Inc.
(&#147;Broadridge&#148;) to assist in the proxy solicitation. Broadridge will be paid a fee not to exceed
$29,000 plus expenses. The costs and expenses connected with the solicitation of proxies by the
Fund&#146;s officers or Broadridge, in person or by telephone, will be borne by the Fund. The Fund will
reimburse banks, brokers, and other persons holding the Fund&#146;s shares registered in their names or
in the names of their nominees for their expenses incurred in sending proxy material to, and
obtaining proxies from, the beneficial owners of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solicitation of proxies is being made primarily by the mailing of this Proxy Statement with
its enclosures on or about September&nbsp;22, 2008. As mentioned above, Broadridge will assist in the
solicitation of proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the meeting date approaches, certain stockholders may receive telephone calls from
representatives of Broadridge if their votes have not been received. Authorization to permit
Broadridge to execute proxies may be obtained by telephonic instructions or electronically
transmitted instructions from stockholders of the Fund. If proxies are obtained telephonically,
they will be recorded in accordance with procedures that are consistent with applicable law and
that the Fund believes are reasonably designed to ensure that both the identity of the stockholder
casting the vote and the voting instructions of the stockholder are accurately determined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Broadridge toll-free at 1-866-451-3785. Any proxy given by a
stockholder is revocable until voted at the Meeting. See &#145;&#145;Proxy Statement-General.&#146;&#146;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that sufficient votes in favor of any proposal set forth in the Notice of Annual
Meeting of Stockholders are not received by October&nbsp;29, 2008, 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 vote at the Meeting and present thereat in person or by proxy,
and will be effective to adjourn the Meeting without further notice to a date not more than 120
days following the Record Date. The persons named as appointed proxies on the enclosed proxy card
will vote in favor of such adjournment those proxies that they are entitled to vote in favor of the
proposal for which further solicitation of proxies is to be made. They will vote against any such
adjournment those proxies required to be voted against such proposal. The costs of any such
additional solicitation and of any adjourned session will be borne by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stockholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders wishing to submit proposals pursuant to Rule&nbsp;14a-8 under the Exchange Act for
inclusion in the proxy statement for the Fund&#146;s 2009 annual meeting of stockholders should send
their written proposals to the Secretary of the Fund, c/o Allianz Global Investors Fund Management
LLC, at 1345 Avenue of the Americas, New York, New York 10105 by May&nbsp;25, 2009. The timely
submission of a proposal does not guarantee its inclusion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">business that is required by the Fund&#146;s By-Laws. To be timely, any such notice must be
delivered to or mailed by certified mail, return receipt requested, and received at the principal
executive offices of the Fund not later than 90&nbsp;days nor more than 120&nbsp;days prior to the date of
the meeting; provided, however, that if less than 100&nbsp;days&#146; notice or prior public disclosure is
given or made to stockholders, any such notice by a stockholder to be timely must be so received
not later than the close of business on the 10th day following the earlier of the day on which such
notice of the date of the annual or special meeting was given or such public disclosure was made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may exercise discretionary voting authority with respect to stockholder proposals for
the Meeting that are not included in the Proxy Statement and form of proxy, but that were timely
received by the Fund. Discretionary voting authority is the ability to vote proxies that
stockholders have executed and returned to the Fund on matters not specifically reflected on the
form of proxy.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">By order of the Board of Directors of the Fund
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><IMG src="y00132y0013203.gif" alt="(-s- Thomas J. Fuccillo Sig)"><br>Thomas J. Fuccillo<BR>
Secretary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">September&nbsp;22, 2008
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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="right" style="font-size: 10pt; margin-top: 12pt"><B>PROXY CARD</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE KOREA FUND, INC.<BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
Annual Meeting of Stockholders &#151; October&nbsp;29, 2008</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby appoints Brian Shlissel, Thomas J. Fuccillo and Lawrence G. Altadonna, and
each of them, the proxies of the undersigned, with full power of substitution in each of them, to
represent the undersigned and to vote all shares of The Korea Fund, Inc. that the undersigned is
entitled to vote at the Annual Meeting of Stockholders of The Korea Fund, Inc. to be held at the
offices of Allianz Global Investors Fund Management LLC, 1345 Avenue of the Americas (at
54<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> &#150; 55<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Streets), 49th Floor, New York, New York 10105, on Wednesday,
October&nbsp;29, 2008 at 9:30 a.m., Eastern time, and at any adjournment or postponement thereof. The
undersigned acknowledges receipt of the Notice of Annual Meeting of Stockholders and accompanying
Proxy Statement and revokes any proxy previously given with respect to the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED. IF NO INSTRUCTIONS ARE
INDICATED ON A PROPERLY EXECUTED PROXY, THE UNDERSIGNED&#146;S VOTE WILL BE CAST &#147;FOR&#148; EACH PROPOSAL.
THIS PROXY WILL BE VOTED IN THE DISCRETION OF THE PERSONS NAMED AS PROXIES WITH RESPECT TO ANY
OTHER MATTER THAT PROPERLY COMES BEFORE THE MEETING.</B>
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Note</B>: Please sign this proxy exactly as your name or names appear hereon. Each joint owner should sign. Trustees and other fiduciaries should indicate the capacity in which they sign. If a corporation, partnership or other entity, this signature should be that of a duly authorized individual who should state
his or her title.</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>
</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>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Signature</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:</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>
</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>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Signature (if held jointly)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</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>
</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>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title if a corporation, partnership or other entity</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN. THE MATTERS WE ARE SUBMITTING FOR YOUR
CONSIDERATION ARE SIGNIFICANT TO THE FUND AND TO YOU AS A FUND STOCKHOLDER. PLEASE TAKE THE TIME TO
READ THE PROXY STATEMENT AND CAST YOUR VOTE USING ANY OF THE METHODS DESCRIBED BELOW.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&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">Internet:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to www.myproxyonline.com. Make sure to have this proxy card available when you plan to vote your shares. You will need the control number and check digit found in the box at the right at the time you execute your vote.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><U>Control Number</U>:</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="center" 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"><DIV style="margin-left:3px;text-indent:-3px">Touchtone<BR>Phone:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-866-437-4675 and follow the automated instructions. Please have this proxy card available at the time of the call.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><U>Check Digit</U>:</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="center" 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">Mail:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="right" style="font-size: 10pt; margin-top: 12pt"><B>PROXY CARD</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE KOREA FUND, INC.<BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
Annual Meeting of Stockholders &#151; October&nbsp;29, 2008</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TO VOTE, MARK ONE BOX IN BLUE OR BLACK INK. Example: <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>PROPOSALS</B></U><B>:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="12%">&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">Election of Class&nbsp;II Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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">Kesop Yun</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.</DIV>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="7" align="left" valign="top">Approval of (a)&nbsp;the issuance of Fund shares at a price below net asset value in connection with a distribution of long-term and short-term capital gains payable in Fund shares (valued at the lower of market price or net asset value) or, at the election of the stockholder, in cash, (b)&nbsp;the issuance of Fund shares representing 20% or more of the Fund&#146;s pre-issuance outstanding voting power, and (c)&nbsp;the issuance of Fund shares to a substantial s
ecurity holder of the Fund.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>y00132y0013201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y00132y0013201.gif
M1TE&.#EA40!#`/<```@```@("`@($`@0"`@0$!`("!`($!`0"!`0$!`0&!`0
M(1`0*1`8"!`8$!`8&!`8(1`8*1@0$!@0&!@0(1@0*1@8$!@8&!@8(1@8*1@A
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M_____________________RP`````40!#```(_@"O8>-V+9NV;`6O6;O&+1LW
M:]PB.F3XL"%!B0\%/D28+9JT:`LC6D,H$J%"C1@C1KQV;9M#E3!)0IS(;1M#
MA]HL4DPI4F5!@A!;#@.&"UBUD-FV7928$";/ACF=JB3)$&+*FP256H1)\27!
M;-:T+:-3XT"!``%4D'F6DV)+CEZEQI2+\>U2F%;OSF5H4Z4V:W!4%$"`X,$%
M`PD,A/BS+>A#:])0TJ5)=^55GB\/3N46=2E.:V@0%"!0($&#!!(2($#K!AIG
MA-86QI5K=6?ERW/U/GVI:PD"$!<L(+!@`7@"`0$2'(@R;*'SV9N=DJP\^Z57
MKYVC$X3&)($(#:H1_B2P(,$!80,(/F3(\MBV=I4N*>:5"YT^7JEAUPR^P#\X
M`@T6C">>!J5%P,=![L%'UTWS6?9>7/-5%Y$VNEC0P`6$I48<A@ET*!X"!@Q0
MA&NW14<1-@GFQI-FFT4U&S0_1&#!8>,%2%B-P5V0@`,1&)`&1!%&I%5/2TDF
MW612O625DMSL<:.`.NZ('F$.&'!A!80A8$=.]6$TDH-=EOB@3Q7]$``"$3B`
MVHP6`#C>FQ=4X,`'&!)!(HMR,73B4ULUB--626HU$")3JC:C!A(0,%R`'EH@
MPG<?:(``&2GJ5).>*RD5)J!'2D71-KKP@(``5#*:I:(2?!B`A:JE*H(H_@T6
MA.!7\374X'N<NDB74E"0^F%XZ:DF@(T(*$K8!P98X(`%7O3DD',,H7C70D,F
M:6V)!BER8[(99$EJ`BT@<0053B"A`P8=DHKEL*C$5A58TBQ4D+PNW0;=O2H.
M4\.9'(HW@A-R+,*+-"AB$QDTQ\RRB!D_J#:>$L18FA!L@&XJ)ETY,1$`>BND
MNH$9Q<0ED$+.Q890,6WDD"P<G&V4*4;978P?DIYT.ZIX3:1BL;7,M#'<)D)Z
M)O/0=$&4Q@%GJB9'5Q?'C`TG1F01E*9$5RV7)B!\>$$?1/)9[<S2O"'(0"I:
M+:97RPR!@`07C.`'5&:[E!/9S+1DMKTE:D-(_@$B\">'M$1C1V9$`U%]M\PX
MR;+""B,X8`9U);;TC"F2.`)*,-5LH^OAG58&3106F"""$!'O;#=!U3R"AJ@&
M')#E"DO40<R0E2K8N9@M*2*"HQM8PE>7#E4;S`X[2M``<<1E0%P`/^3"&=E<
MU>3@M65[=0T3%HRP@1%!/8M07]8KA<T@"%2@XZ\42""""1MHD,(.AUB#C5)X
M\KF90F#)2A.TVQ3#P@5]*\-)9#.KVE3$&K!8`6$"!)X1N.`&'+B`!D;0N`\@
MH!*56(KA[A(FZZ4$(9H0P`I8,`)"6$1D+S-(-G1!@V(EX`$F8(,JFI&-CJA"
M#C9P0-]F\(,?I&(D_GRIV."B\R6)9.<:F+C`#%@@`4[8S3VSP48RB%`<PGQA
M%WEJAA00T#88U$!JG+L611:1`A;4X`*B$&*>N"$(\O3-"-!P"'8<@HUH&,%1
M+&"!""Q1K^SL[#H.:DPV+)&`%(@`!!FTCX.6,0,+*(H)Q7B/YB(R"@WP!P0B
MD`)$ZJ5(%3'M(-J(0S"X(0H$C$`$+(##Z;JV&4*L#0$L6`:G=J(D+8B@!C4P
M@03LL,&AO>0G+5D&$8BAC6;4('LU*,*M`,67*W`1`4V8WDJ2LA1"6&`%)IC!
M"'PPN\#Y)#XNL88S91&;*5S`!H;<1%^.Y!Q95.!1(-"#W;SWGEV,(`.8_AR!
M!-00DDY:3V2QP82D%'&-:(R"/R,``0URH9#(S.0@L;%&%BHPGA&D`B^1B=Y(
MK%&$-XT@!"`8Q#KKP[1U#C`;6!#.&[@1F3AX)Z$_T$4UXGB2;$A#&M5`@^M$
MD``M2*,G+(D)U:)Q3#:!``8]8.C7<I,0K2`$&];(1`10F0607,,7-@A.:G:@
M!K;@3QO;",020O!.#1BA&`6A6K2"VAZ.$D<#(AB!H\JPS*V,C"=5:<*C5L`#
M8GPD&X4`CWDL<``>H&$2GO`$'I*`I@Z%X`*C:,8FM8,_@F`#&C`PP0HN``,]
M`C"-=[.&DU3`'PMD(B/6&(4-^'4CI*&E/S,"_D(CK#&-63IH9-80A:/@^JC>
M=J&N8A(%"!REOA%@84G9D(4-PI,!GKI*!`<8SQ>*B*OJE`$!(UP!+FL@`GS&
M`GJ(TX874H-)$S3W%ER11A]:\"$+A"`"XK$`$.Z0T8I(CU.6B<T/V+2"WHI@
M!19@PC.`2Y=3[$Y]<15!">S0,NM(PQ!.X``&%*"!'&S!B7:%G%-D$5=L>C'!
M*2B!!?AP7R1EQ1I-"`'C'G6!$&A@!M!@450V.HUC-$,B2OG:SKBQ!BZ.H&TG
M,*3H^O8#619-.J@`P8^Q>TJY6N!'6YE.$#M7.Z=@]I`4M($)'+6"$HP`KHF$
MW#4.@H@+_&"X,$!E_@J6%0%":$9^)X$*3B9B$["4;3/6((0$3OFH(7^GMRM8
M`]XL8HTWZ%`$#6#<XASU@15L`JH7@0U+4%19/<U$3(C@:8+[EN`OI^"4/2"1
MB1E2AA34(`4K^/3B?JQ=$>PA)`-)2*R7])-^WDMSBML0*LW(@LZ>40-*KD$D
M%5D5:ZSA489$@7\OL#C&)6*:01E993-BYVM1B`@$N.<I\VB"$6BW!B7()Q)$
M/6HO8%<%*%B!L@U)G`2OP!3:8`FU*AWM2^<J(K!0`942@(()CJ`&33:O!#8`
M`B/\M$1:400(`/P!%(``U2((P>YZ^P$IO*(QN.+33K:QC#JHH+F.2@!<_INM
MZ/["50-EF-#%=B$"&V"RD36PP0SZM@(-+.Z0(L"",H8DN"A/!:R)&(*C'`#L
MQJG8VWQ&95PI>%'$<:,,P1&!LA]E`3UR]U&\K8`,-$$-N-T9)Z]80@4NM($`
M%<=XQ'&``P"8O16HP`):L$JUYI7A:\PB!GUC@<0Y``(17YT%*TAS<"+@`S%X
MHAK8B/=S@+0-9#@B"GU+0,T9!^S@.`J3W_&V9S70"29AJR&SF$("5$`"/LL5
M@!.T0',=0,'@@*`&2^@"'>CP!T#@`0YN4`(-+#BC1^DQKAJ(`+!%L`'BFT!T
MC*,@06=#8(E8@PT/0'H/`"\"&/27B\"&*P8R_I"!$#@@.:E*0'_&?CP`Q=4$
M$[0!@/]S@>CKD\]M"_/AYA#7!^03!)N_@`DP!&P"3*!M*S`#`+8L&S`"[F<"
M@&<"N30"@(=-+*8!,&!])\`")!`&QF!B0[,+;?`$,-`M)9!F&<![$2`C']``
M`G``(N``%#4`K<,V\%4`,#B"$C`8(X@F$G"#%P`!$$`"07`&NY`-T+-CNR)'
MTM`+K,`+O\`*JU`*JL`*K,"$I<`*JD`*3;@*3NB$I$"%4.B$48B%I,`*6?B%
MK%`,Q1`9UA%&3I$=>;%*2G$Z*((@]?,G"I)C$R*'O60DU!,=0A@HMV,_OJ0;
JU<54?G@MU)6'AN@I&_"QAVBXB(S8B([XB)`8B9(XB918B9:H$@$!```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>y00132y0013202.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y00132y0013202.gif
M1TE&.#EAV`!(`/<```````@("!`0$!@8&"$A(2DI*2DQ*3$Q,3DY.4)"0D)*
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M_____________________RP`````V`!(```(_@!7"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GRY%'&CP`,*#!PX:,&C`E,'2!Q4\F`!*M>H*!@D:FAA!`4&`
M``DHD+!*-J>%K!!3?)A`(("`!B?*RI5YMJ*)#`<$;)@[4<58OA?K7L00@,!>
MP`Y%!$!LD0+:BR8>!##PEW%"Q98I"LY((N^'S`@Q@X[HN.,#`!Q&%Q2MVN'F
MC:?CME[!>O;"TAXM/+!=VW;"UQP;\%[L^_;CCL)G]RYN$/C&Y*V7,R>(VR.#
MX=-_'^=X73GQ[`:K_G=<@!U\\^T:14!7+3WC!MD\G6=<4*&\QPWK=<JW>*(!
M`OCL?6?>0!8@P)$*!1R0PD0D,(#!5#RUE]U^%$T@`(02*>86A@P5N)*$TXEW
MD6(86,2```%4MI`%`"20@4H@,D>A1`F@%U$*&7S6$`D!9+`!`3`*N)9Y(E:D
MF`@HU;A""@)0D%)M&PC(7`(3:*3D24<*9$$`'))4FV(+9I>`!1F9$(".)ETI
M$`&[82EE`$B*229&4:+$8YP"1=FE2+TI(,%")V0@004@J*#1"2;L65)8&3W0
M74DJ()#?50::U%L&`@Q$`IX"D=#B!A8JB-$%`0#@E@0BJ#C2F!DQ\*=)_AP(
M$"9!9G+*IY0\CC7"5Z(*Q,"<*Y`@0)L6%8`DCE^EF":PC1W`T(49%4!L07!:
M*N4*!)1HE+!SFE#I0!\HNQH##]AZ`K/!0G<G`U6NIFI&K&(4KJ(#*?;N"N=2
M8,$&ABID)IH$Y6JM00\8<-6"+#Y`09,$3[L"85A-9L$'(HA`94$4M+M"G22L
MMP&*8-$[D`EG,0`P0O%B1,"C!R40``@&D5"``34*P'!"&0!Y4`8V@K3<D>0)
MQ$&-#_1;$`&51?DB;1,<D&S0!%EP0:?#"H1`F%%.D(()!@AP[Y*2$3`!`P%,
M6E#*(P;@,+ANG1REDP*IL/`!1A,DU*LO29>`_@`L+T18N1,$@'=#%FB-:0']
M4D"`8P$<M@*"![PKK%[U#CMK01\(@*Y%42:P9P*NUC=0E)L+FP">(CR`(@`E
M,,@`W!E)EX(%K3^T@=,#+/V0"00`H/FL*CP`NJT("J![L`(D<#GR!-BZPI8`
M;&Z1"&WE1X(*ZL5-00#2+\F`J<D*@$&=$P5^K9'GJ_0!OQ&Q:%@*'_<]LLL)
M/"A"!@,$@`':&NV/4`$U$]]"4E`QQ;SH`\Z:2+@,EI[T^01^$"`*^Q)B@@U(
MP`$/F$`'%K2`[H'D!"``P0CJQI`"-``$IY,)CT3&'!4L#R<I$)X'5U*M`=G0
M(S6\H0XSDL,=^I`B@CW\H1`?$L0A&E$A13RB$JGEO"6:QR@D/$@2G9B=HR!-
M(2F8(A5;J(*].<X@,=HB<P)GMA6$2XP__-@!]F0!!J)QAYT1@*W(]<8?JF`!
M`1@!02A7QQ]F`&I1>F$?;;@4OU1MD#\L@0!,U2M$.O*1D(RD)"=)R4I:\I*8
*S*0F-UG)@```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>y00132y0013203.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y00132y0013203.gif
M1TE&.#EAD@`S`/<`````"``("`@("`@($`@0$!`0$!`0&!`8&!@8&!@8(1@A
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M_____________________RP`````D@`S```(_@#I"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JI089TX<.BT%QOGB0\N;
ME3ASRJ3C<N`<+S5OZAQ:4H[+.0)ORD$CHH"'*`21$IT:4NB;-!H>/%F3="?5
MKQOC")5C9`$'.0+E"`7+]N):.F^F6!#@@0U:N`3OMMT;L>45$P,6%,%+^(U>
MOH@;RH&C@X``&6K@ZCV<./%AI"]YREE"8H$&+7C5<@VI5^I`.&\BIZVL\.[;
M@6_B&.$@88,+.&C%^%!!H>2;M3?+].!@80IEU@SAO)P"PP0+&"]J&-GB`P8,
M&1PP1)ES?*-2@7"F_LQ@,4.(%0;&D3/4NT:(!@UDX`39\"2+"@Y0Y%BQD(-P
M5;0_?>`!:''``4,,='2G7H(\)7B%#!(XD,,;6;P@PQ$F2`"#739,D`5J77FD
MED!MD,$!$`(A)<=9</@WU(@1O<'&<!)<``5<65A@@@D7$.$&7"2`H)J+'MWD
M10T3&$$0A22$.-4:OT&D11`63)!#&6C!<<8$&IRP!4$SR)#E2#>]D4,&'YRA
ME%`1"$'D4%=P<$."*@YD%%IG,/&"!@M<X(,<=\&QQ`(>H&$G'4>XT-!8*3((
MUQ(S#%'06V@)<0$'6"PIT`L,K*&@05&NUNA=F37(8*@*"74#ER_8,`48_F2$
MT8463\B``00/=)`#&D;1\6,7(BR`@Z\-RC$#!F<L])I7<@#A@08,2-"B:5UI
M`8(&1Q!4ZA,'/.'08@R]9)JXI38$(AU?!$';`PPL`$$$$&C0@QBC!7J%"`B8
M\$:+I\;PP8_+*DLG#-IIL8`4=.C@AE4"9>&!$TNB=1,;$+SPYD'?!>SDH1<O
MQ"]<:JC!QL(_<DR'%B00\,"7`-Y$!@@GT/%QJK"E]00'+\CAA@0@O*&""$@I
M=84+%UQ!!U>4R?$!!P3-G)!2F+U5+K]K42OPQJ(2UL8;25QP@)@-"J7%!2K(
MC'5>!X51P@/]O>'!!(M)$!E:5Y`@@0QV908<_ATQ,*"&TT_#-9K&N-7<:($2
M468U&49`)\(,7O`K;ADOL/#E2X`C=!,:0IS`@A%<;:&!#3_*80,)*J"0P@Q,
MC.:HV7&L<4()9%CME4%R^.#M33'%;H0-)W#``L!VE@&&[8%W#%,9)UA0@Q0E
M!$&D'"2(H3E#5T``0XLMNFU&QG2P46Y!,]N@0N%I,8KQJ>`)M(0$`@@P`1,_
M\LN%#0P(8`$;0RHT_L9RF`($3!"&('P@"X9;C`ET\+J"2$5<,$F+&#@P!0:U
MB`8LN%Y>YE"FU8``+7)@PQ)DH((/J$`'@U&<00HDA0XLP"R9BB`<P&"W!`0`
M`V'XU$+T(I0I8``+_EU0@:)@A!<UD.`$"Z,97LHDAR%40$F22=@!K)>07HVO
M3$6801=H(`()2$`$0@"#&;HPA63YI%12D<,:6+"`!$A@!AQC@@54T((#S*!,
M)6N-J7;"'3J@X00+L((0/*"D7ME)"QR000>O9Y12N8$$$4`">-`R@P-HH3M!
MPYUA>$*&`UR`4#H@@Z-:DL?UR0$*^?-,!24C*`LX8)`1D$*+7+>>UPBE"!+X
MEQ!48(8(VND-4;``$3Y6RH*P(41+F(`)CFF8Q>#@`%]R".8&0@8D2*``-4#-
M8H[#PX*@Y04"",`$DH"9%EW!`PS(@1I$4#:-?6L@:"B!!(H00!I,AB<W_@&"
M!;QU+N6M108+T,%AX,"#!3QAD0DII19ZH`((".`!84C@'DU)!Q\$@`$]2)!0
MSM`"!ZP`#FC0``NZ^3^'P,$(%#"!461@@M&4##,ON``8<*>0%JGA`QKX0M9N
M4(`DD`$'5/!?BJ1P@P^X2P4F6`"O?-(=<4D,/'%8`@+^1*?E1,`#9XA#$A2`
M`D<))2;OA(L0&@"Q*Z``CL3"RTMTH`*HP02A"6%!"9Z*ER`80`AR,.M,$5*J
M,'11!F>``Q$:8`4`N68@+2DI7*1P@0%(;V9R.8)A8I``Z16F(F_`@@;20`<>
M@`!A-'7"2,%JMK2NKP8D`)=,YJ`%!"1!,@`2_FH`&62%!JQ2<J_)S`./Y@,-
M"*``TM.+%43`@!N]H0,2B.$5(?*2(XB`!5?H`0R6,)KN)0@-.N!`OE+'@A:X
MH+LO&$\)/B`#FTA,"S80@0UXM18YE$$$1J,(:F80`M!<+2U:N$$(2J`"!L#@
M#-SQ@A!88((8@,X-,/B`#Y1S-HC`(4-M@,,+(OH:M>@@`1E8PAF>:E.T;=*/
M,RB`#6Q)ARMTZR%2V>1-A)!:L\DA#4OH0IG,<`4U+.8-3H@!!#`*!RU`]$=J
M0($#5+#4!,&@JW1(@O6D4Q$YO*`"<+""!RJ(%M?)R`,/6,+KJ"64-C3M)678
M5\UN<H4$U$!Y2FPQ_EJV0+`)7.`'.GB!!1`@@Q$^H$\']=5^A@`$$$@`B5+Y
M41E2*P9\28`#A=)A%6,P`3<$00-36!9:PL`#0SU5;Q'<[<?&0JT`'@`&/9'(
M:&#@@B,T@:4<*`$8<J>!#Q2!#6"8P!=]8!?BT6$)'B!;I$$H$#-<8`D\B$!+
MIY`ITCXD"U=`0`Y80((\'A9M#M067G;+L"5=80$C'I-$W*`##\1Z`AY@@J$2
M5#HZ&::/3YU,KXB(`I%*(`M]--E#GC,!%$BAF^13ZVFBC=B)'E8M1U!`#%0[
M$2]\0`1%1IQIBID7X,RL7'(P001B]FQ%(\0+6Q"E;@T2ZD9!>R?N+$@2/QYC
M\<"%009M,&1!-@[!984<+CUV@]->OI>E(*!L"\KYHN@P`Q%D3N=`%Q62@T[T
2HAO]Z$A/NM*7SO2F=R0@```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
