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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-10-089581.txt : 20100928
<SEC-HEADER>0000950123-10-089581.hdr.sgml : 20100928
<ACCEPTANCE-DATETIME>20100928163422
ACCESSION NUMBER:		0000950123-10-089581
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20101027
FILED AS OF DATE:		20100928
DATE AS OF CHANGE:		20100928
EFFECTIVENESS DATE:		20100928

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		101094121

	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>DEF 14A
<SEQUENCE>1
<FILENAME>y86588def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Washington,&#160;D.C. 20549</B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SCHEDULE&#160;14A</B>
</DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> (RULE&#160;14a-101)</B>
</DIV>


<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>INFORMATION REQUIRED IN PROXY STATEMENT</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SCHEDULE&#160;14A INFORMATION</B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROXY STATEMENT PURSUANT TO SECTION&#160;14(a) OF THE
    SECURITIES</B>
</DIV>


<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> EXCHANGE ACT OF 1934 (Amendment
    No.&#160;&#160;&#160;&#160;&#160; )</B>
</DIV>



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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Filed by the
    Registrant&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>



<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Filed by a Party other than the
    Registrant&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>



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

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



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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Preliminary
    Proxy Statement
</DIV>



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

    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Confidential,
    for Use of the Commission Only (as permitted by
    <FONT style="white-space: nowrap">Rule&#160;14a-6(e)(2))</FONT>
</DIV>



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

    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;Definitive
    Proxy Statement
</DIV>



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

    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Definitive
    Additional Materials
</DIV>



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

    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Soliciting
    Material Pursuant to Section&#160;240.14a
</DIV>


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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE KOREA FUND, INC.
</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">(Name of Registrant as Specified In
    Its Charter)
    </FONT>
</DIV>

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

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

</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">(Name of Person(s) Filing Proxy
    Statement, if other than Registrant)
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of Filing Fee (Check the appropriate box):
</DIV>



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

</DIV>


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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;</TD>
    <TD align="left">
    No fee required.
</TD>
</TR>

</TABLE>



<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Fee computed on table below per Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;14a-6(i)(1)</FONT>
    and 0-11.
</TD>
</TR>

</TABLE>





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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;&#160;
</TD>
    <TD align="left">
    Title of each class of securities to which transaction applies:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;&#160;
</TD>
    <TD align="left">
    Aggregate number of securities to which transaction applies:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;&#160;
</TD>
    <TD align="left">
    Per unit price or other underlying value of transaction computed
    pursuant to Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;0-11</FONT>
    (Set forth the amount on which the filing fee is calculated and
    state how it was determined):
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;&#160;
</TD>
    <TD align="left">
    Proposed maximum aggregate value of transaction:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (5)&#160;&#160;
</TD>
    <TD align="left">
    Total fee paid:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Fee paid previously with preliminary materials.
</TD>
</TR>

</TABLE>



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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Check box if any part of the fee is offset as provided by
    Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;0-11(a)(2)</FONT>
    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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;&#160;
</TD>
    <TD align="left">
    Amount Previously Paid:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;&#160;
</TD>
    <TD align="left">
    Form, Schedule or Registration Statement No.:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;&#160;
</TD>
    <TD align="left">
    Filing Party:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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

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

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;&#160;
</TD>
    <TD align="left">
    Date Filed:
</TD>
</TR>

</TABLE>


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

<DIV style="font-size: 8pt; margin-left: 8%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<!-- XBRL Pagebreak Begin -->


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

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

    <IMG src="y86588y8658800.gif" alt="(THE KOREA FUND, INC. LOGO)"><B><FONT style="font-family: 'Times New Roman', Times">
    </FONT></B>
</DIV>

<DIV align="left" style="margin-left: 11%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> The Korea Fund, Inc.</B>
</DIV>

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

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

    <I><FONT style="font-family: 'Times New Roman', Times">Dear
    Fellow Stockholders:</FONT></I>
</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;a.m., Eastern time, on Wednesday,
    October&#160;27, 2010, at the offices of Allianz Global
    Investors Fund&#160;Management LLC, 1345 Avenue of the Americas
    (at
    54<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;&#150;

    55<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Streets), 49th&#160;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&#160;&#150;
    <FONT style="white-space: nowrap">postage-prepaid&#160;&#150;</FONT>
    in which to return your proxy card are enclosed. You may also
    vote through the Internet or by telephone by following the
    instructions on the enclosed proxy card.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the Annual Meeting, your Board will be seeking your support
    to elect two Class&#160;I Directors (the &#147;Proposal&#148;).
    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. Your Board has carefully
    considered the proposal and recommends that you vote in favor of
    the nominees for Class&#160;I Directors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your Board looks forward to meeting stockholders at the Annual
    Meeting at which time we shall be available to discuss any
    issues of interest to you with regard to our Fund. Further, our
    Hong Kong based investment manager will present the investment
    case to stockholders. 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y86588y8658801.gif" alt="-s- Julian Reid">
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>STOCKHOLDERS ARE URGED TO SIGN AND DATE THE ENCLOSED PROXY
    CARD AND MAIL IT IN THE ENCLOSED POSTAGE-PREPAID ENVELOPE, OR TO
    VOTE THROUGH THE INTERNET OR BY TELEPHONE, SO AS TO ENSURE A
    QUORUM AT THE MEETING. THIS IS IMPORTANT WHETHER YOU OWN FEW OR
    MANY SHARES. WE ALSO URGE YOU TO RESPOND TO THE QUESTION ON THE
    PROXY CARD.</B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE KOREA
    FUND, INC.</FONT></B>
</DIV>




<!-- link1 "Notice of Annual Meeting of Stockholders" -->


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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;Management LLC, 1345 Avenue
    of the Americas (at
    54<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;&#150;

    55<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Streets), 49th&#160;Floor, New York, New York 10105, on
    Wednesday, October&#160;27, 2010 at 9:30&#160;a.m., Eastern time,
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    To elect two Class&#160;I Directors of the Fund, each to hold
    office for a term of three years and until his successor shall
    have been duly elected and qualified;&#160;and
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    To transact such other business as may properly come before the
    Meeting or any adjournments or postponements thereof.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has fixed the close of business on
    September&#160;3, 2010 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y86588y8658802.gif" alt="-s- Thomas J. Fuccillo">
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    September&#160;28, 2010
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>It is important that your shares be represented at the
    Meeting in person or by proxy, no matter how</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>many shares you own. If you do not expect to attend the
    Meeting, please complete, date, sign and</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>return the applicable enclosed proxy or proxies in the
    accompanying envelope, which requires no</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>postage if mailed in the United States, or vote through the
    Internet or by telephone. Please mark</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>and mail your proxy or proxies, or vote through the Internet
    or by telephone, promptly in order to</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>save the Fund any additional costs of further proxy
    solicitations and in order for the Meeting to</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>be held as scheduled.</B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
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</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


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


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    STATEMENT</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;Management LLC
    (&#147;AGIFM&#148;), 1345 Avenue of the Americas (at
    54<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;&#150;

    55<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Streets), 49th&#160;Floor, New York, New&#160;York&#160;10105,
    on Wednesday, October&#160;27, 2010 at 9:30&#160;a.m., Eastern
    time (the &#147;Meeting&#148;), and at any adjournments or
    postponements thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Proxy Statement, the Notice of Annual Meeting of
    Stockholders, and the proxy card are first being mailed to
    stockholders on or about September&#160;28, 2010 or as soon as
    practicable thereafter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has fixed the close of business on September&#160;3,
    2010 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 and any postponement or adjournment
    thereof. 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
    10,205,577&#160;shares of common stock of the Fund outstanding
    (the &#147;Shares&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 telephone vote, or by attending
    the Meeting and voting in person. Proxies voted through the
    Internet or by telephone 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 &#147;FOR&#148; the election of
    the Class&#160;I Director nominees, Julian Reid and Christopher
    Russell (the &#147;Proposal&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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. Abstentions
    and broker non-votes will have the effect of a vote against the
    Proposal. Stockholders are urged to forward their voting
    instructions promptly.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The Fund provides periodic reports to all stockholders, which
    highlight relevant information, including investment results and
    a review of portfolio changes. You may receive an additional
    copy of the Fund&#146;s annual report for its fiscal year ended
    June&#160;30, 2010 and a copy of the Fund&#146;s semi-annual
    report for the six-month period ended December&#160;31, 2009,
    without charge, by calling the Fund&#146;s stockholder servicing
    agent at
    <FONT style="white-space: nowrap">(800)&#160;331-1710</FONT>
    or writing the Fund at 1345 Avenue of the Americas,
    New&#160;York, New York 10105.</I>
</DIV>
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    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON OCTOBER 27, 2010" -->


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS<BR>
    FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON OCTOBER 27,
    2010</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 2010 Proxy Statement and the Annual Report to Stockholders
    for the fiscal year ended June&#160;30, 2010 are available at
    www.thekoreafund.com.
</DIV>


<!-- link1 "PROPOSAL: ELECTION OF CLASS I DIRECTORS" -->


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL:
    ELECTION OF CLASS&#160;I DIRECTORS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors is divided into three classes, with each
    Director serving for a term of three years. Two Class&#160;I
    Directors are up for election at the Meeting. The terms of the
    Class&#160;II and Class&#160;III Directors do not expire this
    year.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 nominees listed below as Class&#160;I
    Directors of the Fund, to serve for a term of three years and
    until their successors are duly elected and qualified, or their
    earlier death, resignation, retirement or removal.
    Messrs.&#160;Reid and Russell are currently Class&#160;I
    Directors. The nominees have consented to stand for election and
    to serve if elected. If any nominee should be unable to serve,
    an event not now anticipated, the proxies will be voted for such
    person, if any, as shall be designated by the Board of Directors
    to replace that nominee. The Board of Directors has approved the
    nomination of Messrs.&#160;Reid and Russell as the Class&#160;I
    Directors.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Concerning the Nominees</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain information concerning
    the nominees for Class&#160;I Directors of the Fund.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>First<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Became a<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s) During<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Director/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Julian&#160;Reid (66)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and<BR>
    Chairman of<BR>
    the Board
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2004
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and Chairman of the Board of the Fund; Director and
    Chairman of 3a Funds Group (since 1998); Director of JF China
    Region Fund, Inc. (since 1997); Director and Chairman of
    Prosperity Voskhod Fund Ltd. (since 2006); Director (since 2008)
    and Chairman (since 2009) of ASA Ltd.; Director and Chairman of
    Morgan&#146;s Walk Properties Ltd. (2002-2006) (residential
    property owner/manager).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Christopher Russell (61)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2004
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of the Fund; Director of Enhanced Index Funds pcc
    (since 2002); Director of JP Morgan Fleming  Japanese Smaller
    Companies Investment Trust plc (since 2006); Director of
    Hanseatic Asset  Management LBG (asset management company)
    (since 2008);  Director of The Association  of Investment
    Companies Ltd (trade body  representing UK investment
    companies)  (since 2009); Director of Schroders (C.I.) Ltd.
    (private bank) (since 2009); Director of Castle Asia Alternative
    pcc Ltd (fund of Asian hedge funds) (since 2009); Director of
    F&#038;C Commercial Property Trust Ltd., (UK commercial property
    investment co.) (since 2009); Director of HSBC Infrastructure
    company Ltd. (fund of infrastructure investments) (since 2010);
    Directors of Salters&#146; Management Company (charitable
    endowment) since 2003; Associate of  Gavekal Research (since
    2001).  Formerly, Director of Candover Investments plc (private
    equity) (since 2004).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

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

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Concerning Continuing Directors</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain information regarding the
    Fund&#146;s Class&#160;II and Class&#160;III Directors. As noted
    above, these Directors are not up for election this year. They
    each will serve until the applicable stockholder meeting noted
    below and his successor is elected and has qualified, or his
    earlier death, resignation, retirement or removal.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Class&#160;II&#160;&#151;
    Directors Serving until 2011 Annual Meeting of
    Stockholders</FONT></B>
</DIV>

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


<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>First<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Became a<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s) During<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Kesop Yun** (65)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1999**
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of the Fund; Professor, College of Business
    Administration, Seoul National University, Seoul, Korea.
    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 nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

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

</DIV>


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Class&#160;III&#160;&#151;
    Directors Serving until 2012 Annual Meeting of
    Stockholders</FONT></B>
</DIV>

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


<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>First<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Became a<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s) During<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Director/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Ronaldo A. da Frota Nogueira (72)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2000
</TD>
<TD nowrap align="left" 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). Formerly, Chairman of the
    Certification Committee and Director, APIMEC Nacional (Brazilian
    Association of Investment Professionals and Analysts) (until
    2009); Member, Board of the Association of Certified
    International Investment Analysts (ACIIA) (until 2009); Director
    of The Brazil fund, Inc. (1987-2006); 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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Richard A. Silver&#160;(63)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2006
</TD>
<TD nowrap align="left" 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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

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

</DIV>


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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>


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



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

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

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    For purposes of Fund business, all Directors may be contacted at
    the following address:
    <FONT style="white-space: nowrap">c/o&#160;Allianz&#160;Global</FONT>
    Investors Fund&#160;Management LLC, 1345 Avenue of the Americas,
    New York, New York 10105.</TD>
</TR>

</TABLE>



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

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

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

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Yun previously served on the Board of the Fund from
    1984 to 1988.</TD>
</TR>

</TABLE>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All Directors are considered by the Fund not to be
    &#147;interested persons&#148; (as defined in
    Section&#160;2(a)(19) of the Investment Company Act of 1940, as
    amended (the &#147;1940 Act&#148;)) 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
    <FONT style="white-space: nowrap">sub-adviser,</FONT>
    RCM Asia Pacific Limited (&#147;RCM AP&#148; or the
    <FONT style="white-space: nowrap">&#147;Sub-Adviser&#148;).</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of August&#160;31, 2010, the dollar range of equity
    securities in the Fund owned by each Director was as follows:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity Securities in All Funds<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by Director in Family<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Director</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Securities in the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Investment Companies*</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ronaldo A. da Frota Nogueira
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Julian Reid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $1 &#8722; 10,000
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $1 &#8722; $10,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christopher Russell
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $10,001 &#8722; $50,000
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $10,001 &#8722; $50,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard A. Silver
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $50,001 &#8722; 100,000
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    $50,001 &#8722; $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kesop Yun
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None**
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    There are no other funds in the same family of investment
    companies as the Fund.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of August&#160;31, 2010, no officer of the Fund owned shares
    of the Fund. As of August&#160;31, 2010, all Directors and
    officers of the Fund as a group owned less than 1% of the
    outstanding shares of the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Section&#160;16(a) Beneficial Ownership Reporting
    Compliance</B>&#160;&#160;The Fund&#146;s Directors and 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 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 (the
    &#147;NYSE&#148;). 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 and
    relevant officers, investment advisers and 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 fiscal year ended June&#160;30, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of September&#160;9, 2010, the following stockholders owned
    beneficially more than 5% of the Fund&#146;s outstanding Shares
    as reported to the SEC pursuant to
    <FONT style="white-space: nowrap">Rule&#160;13d-1</FONT>
    of the Securities Exchange Act of 1934:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title of Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent of Class</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    City of London Investment
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    3,007,869&#160;shares<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    29.47%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Group, PLC
    <FONT style="white-space: nowrap">c/o&#160;City</FONT>
    of London Investment Management Company Limited, 10 Eastcheap,
    London, EC3M ILX, England
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Lazard Asset Management LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    945,924&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    9.06%
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="left" valign="top">
    1 </TD>
    <TD></TD>
    <TD valign="bottom">
    City of London Investment Group, PLC is deemed to have sole
    voting power and sole investment power with respect to the above
    number of shares through its control of City of London
    Investment Management Company Limited.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as noted above, to the best of the Fund&#146;s knowledge,
    as of September&#160;9, 2010 no other person owned beneficially
    more than 5% of the Fund&#146;s outstanding Shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Directors
    and Officers</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The business of the Fund is managed under the direction of the
    Fund&#146;s Board of Directors. Subject to the provisions of the
    Fund&#146;s Articles of Incorporation, its Bylaws and Maryland
    law, the Directors have all powers necessary and convenient to
    carry out this responsibility, including the election and
    removal of the Fund&#146;s officers.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Board Leadership Structure</B>&#160;&#151; The Fund&#146;s
    Board of Directors consists of five Directors, none of whom are
    &#147;interested persons&#148; (within the meaning of
    Section&#160;2(a)(19) of the 1940 Act) of the Fund or of the
    Manager (the &#147;Independent Directors&#148;). An Independent
    Director serves as Chairman of the Directors and is selected by
    vote of the majority of the Independent Directors. The Chairman
    of the Directors presides at meetings of the Board and acts as a
    liaison with service providers, officers, attorneys and other
    Directors generally between meetings, and performs such other
    functions as may be requested by the Board from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors meets regularly four times each year to
    discuss and to consider matters concerning the Fund, and also
    holds special meetings to address matters arising between
    regular meetings. The Independent Directors regularly meet
    outside the presence of Fund management.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has established seven standing Committees
    to facilitate the Directors&#146; oversight of the management of
    the Fund: the Audit and Compliance Committee, the Contracts
    Committee, the Executive Committee, the Governance, Nominating
    and Remuneration Committee, the Investment Committee, the Korean
    Affairs Committee and the Valuation Committee. The functions and
    role of each Committee are described below under
    &#147;&#151;&#160;Committees of the Board of Directors.&#148;
    The membership of each Committee consists of all of the
    Independent Directors, which the Directors believe allows them
    to participate in the full range of the Board&#146;s oversight
    duties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board reviews its leadership structure periodically and has
    determined that this leadership structure, including an
    independent chairman, a Board composed solely of Independent
    Directors and full Independent Director membership on each
    Committee, is appropriate in light of the characteristics and
    circumstances of the Fund. In reaching this conclusion, the
    Board considered, among other things, the predominant role of
    the Manager and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    in the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of Fund affairs, the extent to which the work of the
    Board is conducted through the Committees, the net assets of the
    Fund and the management, administrative and other service
    arrangements of the Fund. The Board also believes that its
    structure, including the active role of the Independent
    Directors, facilitates an efficient flow of information
    concerning the management of the Fund to the Independent
    Directors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Risk Oversight</B>&#160;&#151; The Fund has retained the
    Manager, and the Manager has retained the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    to provide advisory services and administrative services,
    respectively, and those service providers are immediately
    responsible for the management of risks that may arise from Fund
    investments and operations. Some employees of the Manager and
    the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    serve as officers of the Fund, including the Fund&#146;s
    principal executive officer and principal financial and
    accounting officer. The Board oversees the performance of those
    functions by the Manager, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and the
    <FONT style="white-space: nowrap">Sub-Administrator,</FONT>
    both directly and through the Committee structure it has
    established. The Board receives from the Manager, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    a wide range of reports, on both a regular basis and an
    as-needed basis, relating to the Fund&#146;s activities and to
    the actual and potential risks of the Fund. These include, among
    others, reports on investment risks, compliance with applicable
    laws and the Fund&#146;s financial accounting and reporting. In
    addition, the Board meets periodically with the portfolio
    managers of the Fund to receive reports regarding the portfolio
    management of the Fund and its performance, including its
    investment risks, and the Korean market in general.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Board has appointed a Chief Compliance Officer
    (&#147;CCO&#148;). The CCO oversees the development of
    compliance policies and procedures that are reasonably designed
    to minimize the risk of violations of the federal securities
    laws (&#147;Compliance Policies&#148;). The CCO reports directly
    to the Independent Directors, and the CCO or a member of his
    team provides presentations to the Board
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    at its quarterly meetings and an annual report on the
    application of the Compliance Policies. The Board periodically
    discusses relevant risks affecting the Fund with the CCO at
    these meetings. The Board has approved the Compliance Policies
    and reviews the CCO&#146;s reports. Further, the Board annually
    reviews the sufficiency of the Compliance Policies, as well as
    the appointment and compensation of the CCO.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Executive and Other Officers of the Fund.</B>&#160;&#160;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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    or their affiliates are not compensated by the Fund.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with the Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Other Positions</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Robert Goldstein <BR>
    555&#160;Mission Street, <BR>
    17th Floor, <BR>
    San&#160;Francisco, CA 94105<BR>
    2/8/1963
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since April 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and Chief Executive Officer of RCM Capital
    Management LLC.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Brian S. Shlissel<BR>
    11/14/1964
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer, Principal <BR>
    Financial and Accounting<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since April 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Director of Fund Administration, Allianz
    Global Investors Fund Management LLC; President and Chief
    Executive Officer of 29 funds in the Allianz Global Investors
    Fund Complex; Treasurer, Principal Financial and Accounting
    Officer of 52 funds in the Allianz Global Investors Fund
    Complex. Formerly, Director of Premier VIT.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Thomas J. Fuccillo<BR>
    03/22/1968
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Secretary and Chief Legal Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since April 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Vice President, Chief Legal Officer and Secretary of
    Allianz Global Investors Fund Management LLC; Executive Vice
    President of Allianz Global Investors of America L.P.;  Vice
    President, Secretary and Chief Legal Officer of 81&#160;funds in
    the Allianz Global Investors Fund Complex; Formerly, Vice
    President, Chief Legal Officer and Secretary of Premier VIT.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Lawrence G. Altadonna<BR>
    03/10/1966
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant<BR>
    Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since April 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 29
    funds in the Allianz Global Investors Fund Complex; Assistant
    Treasurer of 52 funds in the Allianz Global Investors Fund
    Complex. Formerly, Treasurer, Principal Financial and Accounting
    Officer of Premier VIT.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Richard J. Cochran<BR>
    01/23/1961
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant<BR>
    Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since January 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Allianz Global Investors Fund Management LLC;
    Assistant Treasurer of 81 Funds in the Allianz Global Investors
    Fund Complex; Formerly, Assistant Treasurer of Premier VIT.
    Formerly, Tax Manager, Teachers Insurance Annuity
    Association/College Retirement Equity Fund (TIAA-CREF)
    (2002-2008).
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->


<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with the Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Other Positions</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Youse Guia<BR>
    680 Newport Center <BR>
    Drive, Suite&#160;250<BR>
    Newport Beach, CA<BR>
    92660<BR>
    09/03/1972
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Chief<BR>
    Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since April 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 81 funds
    in the Allianz Global Investors Fund Complex; Formerly, Chief
    Compliance Officer of Premier VIT.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Lagan Srivastava<BR>
    09/20/1977
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant<BR>
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since April 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Assistant Secretary of 81 funds in the Allianz Global Investors
    Fund Complex; formerly, Assistant Secretary of Premier VIT.
</TD>
</TR>
</TABLE>

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

</DIV>


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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise noted, the address of the Fund&#146;s officers
    is
    <FONT style="white-space: nowrap">c/o&#160;Allianz</FONT>
    Global Investors Fund&#160;Management LLC, 1345 Avenue of the
    Americas, New York, New York 10105.</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Transactions
    with and Remuneration of Directors and Officers</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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. 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 meeting
    (unless only compliance matters are discussed) and Contracts
    Committee meeting attended (there is a $3,000 annual maximum
    remuneration for attendance at Contracts Committee meetings).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following Compensation Table provides the aggregate
    compensation received by each Director from the Fund for the
    fiscal year ended June&#160;30, 2010. For the calendar year
    ended December&#160;31, 2009, 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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Table</FONT></B>
</DIV>

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


<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="12%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="15%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Compensation from the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund and Fund Complex*<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>from the Fund for the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Paid to Directors/Nominees for the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Independent Director/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended June&#160;30, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Calendar Year Ended December&#160;31, 2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ronaldo A. da Frota Nogueira
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Julian Reid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    54,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christopher Russell
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard A. Silver
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    49,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kesop Yun
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>


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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    The &#147;Fund&#160;Complex&#148; includes only funds advised by
    RCM and its affiliates.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the Fund&#146;s executive officers is an interested
    person of the Fund as a result of his or her position set forth
    in the table above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Director Qualifications</B>&#160;&#151; The Board has
    determined that each Director should continue to serve as such
    based on several factors (none of which alone is decisive). Each
    Director has served in such role for a substantial period of
    time and is intimately familiar with the Fund&#146;s business
    and service provider arrangements. Among the factors the Board
    considered when concluding that an individual should serve on
    the Board were the following: (i)&#160;the individual&#146;s
    business and professional experience and accomplishments;
    (ii)&#160;the individual&#146;s ability to work effectively with
    other members of the Board; (iii)&#160;the individual&#146;s
    prior experience, if any, serving on the boards of public
    companies (including, when relevant, other investment companies)
    and other complex enterprises and organizations; and
    (iv)&#160;how the individual&#146;s skills, experiences and
    attributes would contribute to an appropriate mix of relevant
    skills and experience on the Board.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In respect of each current Director, the individual&#146;s
    substantial professional accomplishments and prior experience,
    including, in some cases, in fields related to the operations of
    the Fund, were a significant factor in the determination that
    the individual should serve as a Director of the Fund. Following
    is a summary of various qualifications, experiences and skills
    of each Director (in addition to business experience during the
    past five years set forth in the table above) that contributed
    to the Board&#146;s conclusion that an individual should serve
    on the Board:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Julian Reid</B>&#160;&#151; Mr.&#160;Reid has more than
    30&#160;years of U.S.&#160;and
    <FONT style="white-space: nowrap">non-U.S.&#160;closed-end</FONT>
    fund experience, including, among other things, serving as the
    head of the closed-end fund business for Jardine Fleming
    Investment Management (at the time, a leading investment
    management company in Asia, subsequently acquired by JP Morgan)
    and as the chairman
    <FONT style="white-space: nowrap">and/or</FONT> a
    director of numerous closed-end funds. He has spent over
    40&#160;years in the financial services industry spanning
    Europe, Asia and the Americas. He was based in Asia for
    approximately 25&#160;years, and during that time, spent time
    focusing on, among others, the Korean stock market. He is an
    Affiliate of the Securities Industry of Australia and has been
    licensed by the respective regulatory bodies in the United
    Kingdom, Hong Kong, Singapore and Australia. In 2007,
    Mr.&#160;Reid was named &#147;Small Board Trustee of the
    Year&#148; by Fund&#160;Directions, a U.S.&#160;magazine
    focusing on corporate governance matters, for his work as the
    independent chairman of the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Ronaldo A da Frota Nogueira</B>&#160;&#151; Mr.&#160;Nogueira
    has substantial senior executive experience and substantial
    familiarity with the investment management industry. He is a
    director and the chief executive officer of IMF Editora Ltd., a
    financial publisher, and previously was a member of the board of
    the Association of Certified International Investment Analysts
    and a director of APIMEC Nacional (a Brazilian association of
    investment professionals and analysts). Mr.&#160;Nogueira also
    is an experienced investment company director, with more than
    15&#160;years of experience as a director of various funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Christopher Russell</B>&#160;&#151; Mr.&#160;Russell has
    approximately 30&#160;years of institutional investment
    experience globally and in Asia on behalf of U.S.&#160;and
    <FONT style="white-space: nowrap">non-U.S.&#160;institutions,</FONT>
    including more than 10&#160;years of experience as an
    institutional fund manager responsible for investment in Asia,
    including Korea. He
</DIV>
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    <BR>
    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    was based in Asia for several years. Mr.&#160;Russell also is an
    experienced director of investment companies and other companies
    in the investment management industry, with more than
    12&#160;years of experience as a director of various funds and
    companies.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Richard A. Silver</B>&#160;&#151; Mr.&#160;Silver has more
    than 30&#160;years of senior executive experience in the
    investment management industry. He served as treasurer and chief
    financial officer (for three years) and executive vice president
    (for five years) of Fidelity Investments, during which time he
    oversaw accounting, financial reporting and related operations
    for more than 400 mutual funds and 2,300 other investment
    portfolios. He also served as senior vice president, treasurer
    and chief financial officer of The Colonial Group, Inc. for
    nearly 19&#160;years, heading the company&#146;s financial
    services group. In addition, Mr.&#160;Silver served as the
    chairman of the Accounting/Treasurers&#146; Committee of the
    Investment Company Institute for approximately seven years.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Kesop Yun</B>&#160;&#151; Mr.&#160;Yun is an experienced
    investment company director, with more than 15&#160;years of
    experience as a director of various funds. Mr.&#160;Yun also has
    substantial knowledge of Korean business, having been a
    professor of business at Seoul National University for many
    years (and previously the dean of its College of Business
    Administration), and having previously served as president of
    the Korea&#160;Securities&#160;&#038; Economy Institute and the
    Korea Tax Association.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Committees
    of the Board of Directors</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Audit and Compliance Committee.</I></B>&#160;&#160;The
    Fund&#146;s Audit and Compliance Committee is currently composed
    of all of those Directors who are not &#147;interested
    persons&#148; (as defined in the 1940 Act) of the Fund
    (collectively, the &#147;Independent Directors&#148;) and is
    chaired by Mr.&#160;Silver. 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)&#160;to oversee the integrity
    of the Fund&#146;s financial statements, the Fund&#146;s
    compliance with legal and regulatory requirements, the
    qualifications and independence of the Fund&#146;s independent
    registered public accounting firm, the performance of the
    Fund&#146;s internal control systems and independent registered
    public accounting firm and, as appropriate, the internal
    controls of certain Fund service providers; (ii)&#160;to oversee
    the quality and objectivity of the Fund&#146;s financial
    statements and the independent audit thereof; (iii)&#160;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)&#160;to act as a liaison between the Fund&#146;s
    independent registered public accounting firm and the Board;
    (v)&#160;to oversee the Fund&#146;s compliance with legal and
    regulatory requirements, including through periodic meetings
    with and review of reports provided by the Fund&#146;s Chief
    Compliance Officer; and (vi)&#160;to prepare the audit committee
    report as required by Item&#160;407(d)(3)(i) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    to be included in the Fund&#146;s annual proxy statement
    relating to the election of directors. The Audit and Compliance
    Committee met six times during the fiscal year ended
    June&#160;30, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has adopted a charter for the Audit and
    Compliance Committee. The charter, which was amended on
    January&#160;27, 2010, is available at the Fund&#146;s website,
    www.thekoreafund.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Audit and Compliance Committee&#146;s Pre-Approval
    Policies and Procedures.</I></B>&#160;&#160;The Audit and
    Compliance Committee must approve in advance the engagement of
    the Fund&#146;s independent registered public accounting firm to
    provide (i)&#160;audit or permissible non-audit services to the
    Fund and (ii)&#160;nonaudit services to RCM or its control
    affiliates that relate directly to the Fund&#146;s operations
    and financial reporting. The Audit and Compliance Committee
    pre-approves 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&#160;Service Providers (defined
    on page&#160;15). Such services, including services provided to
    Affiliated Fund&#160;Service Providers, may be preapproved by
    the Audit and Compliance Committee
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At a meeting held on October&#160;27, 2009, the Audit and
    Compliance Committee and the Board of Directors of the Fund,
    including a majority of the Independent Directors, selected
    PricewaterhouseCoopers LLP (&#147;PWC&#148;) to act as the
    independent registered public accounting firm for the Fund for
    the fiscal year ending June&#160;30, 2010. The Board of
    Directors intends to select the independent registered public
    accounting firm for the Fund for the fiscal year ending
    June&#160;30, 2011 at its October 2010 meeting. The Fund&#146;s
    financial statements for the fiscal years ended June&#160;30,
    2010 and June&#160;30, 2009 were audited by PWC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Audit and Compliance Committee
    Report.</I></B>&#160;&#160;In connection with the audited
    financial statements as of and for the fiscal year ended
    June&#160;30, 2010 included in the Fund&#146;s 2010 Annual
    Report (the &#147;Annual Report&#148;), at a meeting held on
    August&#160;19, 2010, 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. 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.&#160;61
    (Communications with Audit Committees), as amended, as adopted
    by the Public Company Accounting Oversight Board in
    Rule&#160;3200T. The Audit and Compliance Committee received the
    written disclosures and letter required by applicable
    requirements of the Public Company Accounting Oversight Board
    (United States) regarding the independent accountant&#146;s
    communications with the Audit and Compliance Committee
    concerning independence, and has discussed with representatives
    of the independent registered public accounting firm the
    firm&#146;s independence.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Contracts Committee.</I></B>&#160;&#160;The Fund&#146;s
    Contracts Committee is currently composed of all of the
    Independent Directors and meets at least annually to review the
    Fund&#146;s contractual and financial arrangements. 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 Contracts Committee also reviews
    contractual and financial arrangements with other parties
    related to transfer agency, custody, investment accounting and
    other services. The Contracts Committee met one time during the
    fiscal year ended June&#160;30, 2010. The Contracts Committee
    Charter was adopted on April&#160;22, 2008 and is available on
    the Fund&#146;s website, www.thekoreafund.com.
</DIV>
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    <BR>
    12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Executive Committee.</I></B>&#160;&#160;The Fund&#146;s
    Executive Committee is currently composed of Mr.&#160;Reid.
    Messrs.&#160;Nogueira, Russell, Silver and Yun serve as
    alternate members on the Executive Committee. Directors receive
    no fees for service on the Executive Committee. The Board has
    delegated to the Executive 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. The Executive Committee did not meet during the fiscal
    year ended June&#160;30, 2010.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Governance, Nominating and Remuneration
    Committee.</I></B>&#160;&#160;The Fund&#146;s Governance,
    Nominating and Remuneration Committee is currently composed of
    all of the Independent Directors and is chaired by
    Mr.&#160;Nogueira. The members of the Governance, Nominating and
    Remuneration Committee are independent, as independence is
    defined in the listing standards of the New York Stock Exchange
    applicable to closed-end funds. The primary purposes and
    responsibilities of the Governance, Nominating and Remuneration
    Committee are (i)&#160;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)&#160;screening and
    nominating candidates for election to the Board as Independent
    Directors in the event that a position is vacated or created;
    (iii)&#160;setting any necessary standards or qualifications for
    service on the Board; (iv)&#160;reviewing any policy matters
    affecting the operation of the Board or Board committees and
    making recommendations to the Board as deemed appropriate by the
    Governance, Nominating and Remuneration Committee; and
    (v)&#160;establishing and reviewing Director compensation.
    Directors receive no fees for service on the Governance,
    Nominating and Remuneration Committee. The Governance,
    Nominating and Remuneration Committee met one time during the
    fiscal year ended June&#160;30, 2010.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has adopted a written charter for the Governance,
    Nominating and Remuneration Committee. The charter, which was
    revised as of August&#160;27, 2007, is available at the
    Fund&#146;s website, www.thekoreafund.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governance, Nominating and Remuneration Committee requires
    that Director candidates have a college degree or equivalent
    business experience. The Governance, Nominating and Remuneration
    Committee may take into account a wide variety of factors in
    considering Director candidates, including (but not limited to):
    (i)&#160;availability and commitment of a candidate to attend
    meetings and perform his or her responsibilities on the Board;
    (ii)&#160;relevant industry and related experience;
    (iii)&#160;educational background; (iv)&#160;financial
    expertise; (v)&#160;an assessment of the candidate&#146;s
    ability, judgment and expertise; and (vi)&#160;overall diversity
    of the Board&#146;s composition. The Governance, Nominating and
    Remuneration 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&#160;A </I>to the charter, as it may be
    amended from time to time by the Governance, Nominating and
    Remuneration Committee, sets forth procedures that must be
    followed by stockholders to properly submit a nominee candidate
    to the Governance, Nominating and Remuneration Committee. Those
    procedures are set forth in the paragraph below. Recommendations
    not properly submitted in accordance with those procedures will
    not be considered by the Governance, Nominating and Remuneration
    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 Governance,
    Nominating and Remuneration Committee will be nominated for
    election to the Board.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Stockholders must submit any nominee recommendation for the
    Governance, Nominating and Remuneration 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)&#160;days nor more than one hundred and twenty
    (120)&#160;days prior to the date of the Board or stockholder
    meeting at which the nominee would be elected. The stockholder
    recommendation must include: (i)&#160;a statement in writing
    setting forth (A)&#160;the name, age, date of birth, business
    address, residence address and nationality of the person
    recommended by the stockholder (the &#147;candidate&#148;);
    (B)&#160;the class and number of all shares of the Fund owned of
    record or beneficially by the candidate, as
</DIV>
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    <BR>
    13
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
     reported to such stockholder by the candidate; (C)&#160;any
    other information regarding the candidate called for with
    respect to director nominees by paragraphs (a), (d),
    (e)&#160;and (f)&#160;of Item&#160;401 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    or paragraph (b)&#160;of Item&#160;22 of
    <FONT style="white-space: nowrap">Rule&#160;14a-101</FONT>
    (Schedule&#160;14A) under the Securities Exchange Act of 1934,
    as amended (the &#147;Exchange Act&#148;) (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)&#160;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&#160;14 of
    the Exchange Act and the rules and regulations promulgated
    thereunder; and (E)&#160;whether the recommending stockholder
    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)&#160;the written and signed consent of the
    candidate to be named as a nominee and to serve as a Director if
    elected; (iii)&#160;the recommending stockholder&#146;s name as
    it appears on the Fund&#146;s books; (iv)&#160;the class and
    number of all shares of the Fund owned beneficially and of
    record by the recommending stockholder; and (v)&#160;a
    description of all arrangements or understandings between the
    recommending stockholder and the candidate and any other person
    or persons (including their names) pursuant to which the
    recommendation is being made by the recommending stockholder.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Investment Committee.</I></B>&#160;&#160;The Fund&#146;s
    Investment Committee is currently composed of all Directors and
    is chaired by Mr.&#160;Russell. Directors receive no fees for
    service on the Investment Committee. The Board has delegated to
    the Investment Committee the responsibility to monitor the
    performance of the Fund and its peer group of funds. The
    Investment Committee did not meet during the fiscal year ended
    June&#160;30, 2010. In addition, the chairman of the Investment
    Committee coordinates with an independent third-party consultant
    that reviews and provides quarterly reports to the Board
    regarding the performance and portfolio characteristics of the
    Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Korean Affairs Committee.</I></B>&#160;&#160;The
    Fund&#146;s Korean Affairs Committee is currently composed of
    all Directors and is chaired by Mr.&#160;Yun. Directors receive
    no fees for service on the Korean Affairs Committee. The Board
    has delegated to the Korean Affairs Committee the responsibility
    to monitor the political, economic and market developments
    (particularly of the securities industry and its regulation) in
    South Korea. The Korean Affairs Committee did not meet during
    the fiscal year ended June&#160;30, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Valuation Committee.</I></B>&#160;&#160;The Fund&#146;s
    Valuation Committee is currently composed of all Directors.
    Directors receive no fees for service on the Valuation
    Committee. The Board has delegated to the Valuation Committee
    the responsibility to review, to assess and to approve valuation
    procedures, to recommend their adoption by the Board and to
    oversee their administration on behalf of the Fund; to determine
    or to cause to be determined the fair values of the Fund&#146;s
    portfolio securities or other assets in accordance with the
    valuation procedures and the 1940 Act; to review and to approve
    or to ratify methodologies to be followed by the Manager to
    determine the fair values of portfolio securities and other
    assets held by the Fund without the direct involvement of the
    Valuation Committee or the Board (including approval or
    ratification of independent pricing services); and to meet
    periodically with representatives of the Manager to review and
    to assess the quality of fair valuation and other pricing
    determinations made pursuant to the valuation procedures and to
    ratify such determinations. The Valuation Committee met three
    times during the fiscal year ended June&#160;30, 2010. The
    Valuation Committee Charter was adopted on July&#160;29, 2009
    and is available at the Fund&#146;s website,
    www.thekoreafund.com.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Disclosure
    About Diversity</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governance, Nominating and Remuneration Committee
    <FONT style="white-space: nowrap">and/or</FONT> the
    Board takes the diversity of a particular nominee and the
    overall diversity of the Board into account when considering and
    evaluating nominees for Director. While the Governance,
    Nominating and Remuneration Committee has not adopted a
    particular definition of diversity, when considering a
    nominee&#146;s and the Board&#146;s
</DIV>
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    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    diversity, the Committee generally considers the manner in which
    each nominee&#146;s professional experience, education,
    nationality, expertise in matters that are relevant to the
    oversight of the Funds (<I>e.g.</I>, investment management,
    accounting and trading), general leadership experience and life
    experience are complementary and, as a whole, contribute to the
    ability of the Board to oversee the Fund.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Services
    Billed by PWC to the Fund.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Audit Fees.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>


<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit Fees</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    94,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    93,151
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Audit-Related Fees.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="12%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit-Related Fees</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Tax Fees.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax Fees</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>All Other Fees.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Services
    Billed by PWC to the Fund&#146;s Manager and Affiliated
    Fund&#160;Service Providers.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    Fund&#160;Service Provider&#148;) for engagements directly
    related to the Fund&#146;s operations and financial reporting,
    during the Fund&#146;s last two fiscal years.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Audit
    Services</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Non-Audit Fees Billed to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Non-Audit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>RCM and Affiliated Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fees Billed to Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Service Providers<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total of Columns<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fiscal Year Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(B)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>A and B</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,820,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,839,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,213,650
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,239,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 Affiliated Fund&#160;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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Communications with the Board of Directors</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.,
    <FONT style="white-space: nowrap">c/o&#160;Thomas</FONT>
    J. Fuccillo, Chief Legal Officer (&#147;CLO&#148;), Allianz
    Global Investors Fund&#160;Management LLC, 1345 Avenue of the
    Americas, New York, NY 10105. Stockholder communications must
    (i)&#160;be in writing and be signed by the stockholder and
    (ii)&#160;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)&#160;provide a copy of each properly submitted
    stockholder communication to the Board at its next regularly
    scheduled Board meeting or (ii)&#160;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)&#160;any communication from an
    officer or Director of the Fund, (ii)&#160;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)&#160;any stockholder proposal
    submitted pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Chairman of the Board is happy to receive
    communications directly from any stockholder at
    julianreid@3afunds.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Required Vote.</B>&#160;&#160;Election of the nominees for
    Class&#160;I Directors, Messrs.&#160;Reid and Russell, 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Directors unanimously recommend that you vote FOR the election
    of each nominee set forth in the Proposal.</FONT></I></B>
</DIV>
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    <BR>
    16
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<!-- link1 "ADDITIONAL INFORMATION" -->


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Manager,
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and
    <FONT style="white-space: nowrap">Sub-Administrator.</FONT></B>&#160;&#160;RCM,
    the Manager, is located at 555 Mission Street, 17th Floor,
    San&#160;Francisco, California 94105. The Manager retains its
    affiliate, RCM AP, as
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    to manage the Fund&#146;s investments. RCM AP is located at
    21st&#160;Floor, Cheung Kong Centre, 2&#160;Queen&#146;s Road
    Central, Hong Kong.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 the successor 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AGIFM is the Fund&#146;s
    <FONT style="white-space: nowrap">sub-administrator</FONT>
    and has its principal offices at 1345 Avenue of the Americas,
    New York, New York 10105.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    <FONT style="white-space: nowrap">sub-administrator.</FONT>
    The Manager, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In June and September 2004, AGIFM and certain of its affiliates
    agreed to settle, without admitting or denying the allegations,
    claims brought by the SEC and the New Jersey Attorney General
    alleging violations of federal and state securities laws with
    respect to certain open-end funds for which an affiliate of
    AGIFM serves as investment adviser. The settlements related to
    an alleged &#147;market timing&#148; arrangement in certain
    open-end funds formerly
    <FONT style="white-space: nowrap">sub-advised</FONT>
    by an affiliate of AGIFM. AGIFM and its affiliates agreed to pay
    a total of $68&#160;million to settle the claims. In addition to
    monetary payments, the settling parties agreed to undertake
    certain corporate governance, compliance and disclosure reforms
    related to market timing, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Since February 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; which
    allege the same or similar conduct underlying the regulatory
    settlements discussed above. The market timing lawsuits have
    been consolidated in a multidistrict litigation proceeding in
    the U.S.&#160;District Court for the District of Maryland (the
    &#147;MDL Court&#148;). After a number of claims in the lawsuits
    were dismissed by the MDL Court, the parties entered into a
    stipulation of settlement, which was publicly filed with the MDL
    Court n April 2010, resolving all remaining claims, but the
    settlement remains subject to the approval of the MDL Court.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Manager, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and AGIFM believe that these matters are not likely to have a
    material adverse effect on the Fund or on the Manager&#146;s,
    the
    <FONT style="white-space: nowrap">Sub-Advisers&#146;</FONT>
    or AGIFM&#146;s ability to perform their respective investment
    advisory or administration services relating to the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing speaks only as of the date of this document.
</DIV>
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    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Matters</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



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

    <B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 will reimburse banks, brokers, and other persons
    holding the Fund&#146;s shares registered in their names or in
    the names of their nominees for their expenses incurred in
    sending proxy material to, and obtaining proxies from, the
    beneficial owners of such shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Solicitation of proxies for the Proposal is being made primarily
    by the mailing of this Proxy Statement with its enclosures on or
    about September&#160;28, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whether or not a quorum is present, the Meeting of the Fund may
    be adjourned from time to time (with respect to any one or more
    matters) by the chairman of the Meeting without notice other
    than announcement at the Meeting at which the adjournment is
    taken. In addition, upon motion of the chairman of the Meeting,
    the question of adjournment may be submitted to a vote of the
    stockholders, and, in any such case, any adjournment with
    respect to one or more matters must be approved by the vote of
    holders of a majority of the shares of stock present and
    entitled to vote with respect to the matter or matters
    adjourned, and without further notice other than announcement at
    the meeting at which the adjournment is taken. On any
    adjournment put to a stockholder vote, the persons named as
    proxies on the enclosed proxy card will exercise their best
    judgment to vote as they deem to be in the best interest of
    stockholders. Unless a proxy is otherwise limited in this
    regard, any shares of stock present and entitled to vote at the
    Meeting that are represented by broker non-votes, may, at the
    discretion of the proxies named therein, be voted in favor of
    such an adjournment. Adjournment will subject the Fund to
    additional expenses. An adjournment may not extend beyond a date
    120&#160;days after the Record Date (defined above).
</DIV>

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



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

    <B><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Proposals</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Stockholders wishing to submit proposals pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    under the Exchange Act for inclusion in the proxy statement for
    the Fund&#146;s 2011 annual meeting of stockholders should send
    their written proposals to the Secretary of the Fund,
    <FONT style="white-space: nowrap">c/o&#160;Allianz</FONT>
    Global Investors Fund&#160;Management LLC, at 1345 Avenue of the
    Americas, New York, New York 10105 by May&#160;31, 2011. The
    timely submission of a proposal does not guarantee its inclusion.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For nominations of candidates for election as Directors (other
    than nominations made by or at the recommendation of the
    Directors) or other business to be properly brought before the
    annual meeting by a stockholder, the stockholder must comply
    with the Fund&#146;s By-Laws, which, among other things, require
    that the stockholder must give timely notice thereof in writing
    to the Secretary of the Fund, the stockholder must be a
    stockholder of record, and the notice must contain the
    information about the nomination or other business that is
    required by the Fund&#146;s By-Laws. To be timely, any such
    notice must be delivered to or mailed by certified mail, return
    receipt requested, and received at the principal executive
    offices of the Fund not later than 90&#160;days nor more than
    120&#160;days prior to the date of the meeting; provided,
    however, that if less than 100&#160;days&#146; notice or prior
    public disclosure is given or made to stockholders, any such
    notice by a stockholder to be timely must be so received not
    later than the close of business on the 10th&#160;day following
    the earlier of the day on which such notice of the date of the
    annual or special meeting was given or such public disclosure
    was made.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
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    <BR>
    18
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y86588y8658802.gif" alt="-s- Thomas J. Fuccillo">
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    September&#160;28, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PROXY CARD
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE KOREA
    FUND, INC.<BR>
    THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
    Annual Meeting of Stockholders&#160;&#151; October&#160;27,
    2010</FONT></B>
</DIV>


<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;Management LLC, 1345 Avenue of the Americas (at
    54<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;&#150;

    55<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Streets), 49th&#160;Floor, New York, New York 10105, on
    Wednesday, October&#160;27, 2010 at 9:30&#160;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 style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
    ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON OCTOBER 27,
    2010.</FONT></B>
</DIV>




<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> The 2010 Proxy Statement is available at
    www.thekoreafund.com.</B>
</DIV>

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

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER
    DIRECTED. IF NO INSTRUCTIONS&#160;ARE INDICATED ON A PROPERLY
    EXECUTED PROXY, THE UNDERSIGNED&#146;S VOTE WILL BE CAST
    &#147;FOR&#148; THE 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 style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

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


<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Signature (if held jointly)
</DIV>

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

<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title if a corporation, partnership or other entity
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">FOLD
    HERE</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES&#160;YOU OWN.
    THE MATTERS WE ARE SUBMITTING FOR YOUR CONSIDERATION ARE
    SIGNIFICANT TO THE FUND&#160;AND TO YOU AS A
    FUND&#160;STOCKHOLDER. PLEASE TAKE THE TIME TO READ THE PROXY
    STATEMENT AND CAST YOUR VOTE AS DESCRIBED BELOW.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="14%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Simply sign, date, and complete the reverse side of this proxy
    card and return it in the postage paid envelope provided.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Internet:&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Log on to www.proxyvote.com. Make sure to have the voting
    instruction card available when you plan to vote your shares.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Phone:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Call 1-800-454-8683 and have the voting instruction card
    available. Follow the instructions.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

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

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    CARD</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE KOREA
    FUND, INC.<BR>
    THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
    Annual Meeting of Stockholders&#160;&#151; October&#160;27,
    2010</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TO VOTE, MARK ONE BOX IN BLUE OR BLACK INK.
    Example:&#160;<FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>
    </FONT>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="left" valign="bottom">
    <B><U><FONT style="font-size: 10pt">PROPOSAL</FONT></U><FONT style="font-size: 10pt">:</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 9pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    1.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Election of Class&#160;I Directors
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    FOR
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    AGAINST
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    ABSTAIN
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
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<TD>
&nbsp;
</TD>
<TD>
&nbsp;
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<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;&#160;&#160;Julian Reid
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;&#160;&#160;Christopher Russell
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 14pt"><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT>
</TD>
</TR>
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