<SEC-DOCUMENT>0001072613-17-000213.txt : 20170328
<SEC-HEADER>0001072613-17-000213.hdr.sgml : 20170328
<ACCEPTANCE-DATETIME>20170328102853
ACCESSION NUMBER:		0001072613-17-000213
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170328
DATE AS OF CHANGE:		20170328
GROUP MEMBERS:		CITY OF LONDON INVESTMENT MANAGEMENT CO LTD

SUBJECT COMPANY:	

	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:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36819
		FILM NUMBER:		17717728

	BUSINESS ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITY OF LONDON INVESTMENT GROUP PLC
		CENTRAL INDEX KEY:			0001018138
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		77 GRACECHURCH STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V0AS
		BUSINESS PHONE:		011441717110771

	MAIL ADDRESS:	
		STREET 1:		77 GRACECHURCH STREET
		STREET 2:		LONDON ENLAND EC3V0AS
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V0AS

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLLIFF & PARTNERS PLC
		DATE OF NAME CHANGE:	19960705
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>korea13d_18052.htm
<DESCRIPTION>THE KOREA FUND, INC. -- 13D
<TEXT>
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<title>koreaequity13d_17921.htm</title>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; DISPLAY: block; TEXT-INDENT: 0pt">(Amendment No.&#160; )<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>The Korea Fund, Inc.</u></div>

<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal">(Name of Issuer)</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><u>Common Stock, par value $.01 per share</u></div>

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<div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;"><u>500634209</u></div>

<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal">(CUSIP Number)</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Barry Olliff</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">c/o City of London Investment Management Company Limited</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">77 Gracechurch Street, London, UK EC3V 0AS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center"><u>+44 207 711 0771</u></div>
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<div style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">March 27, 2017</div>

<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; DISPLAY: inline">(Date of Event Which Requires Filing of This Statement)</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), (f) or (g), check the following box <font style="BACKGROUND-COLOR: #b6b6b6">&#9744;</font><a id="Check1" name="Check1"></a>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information, which would alter disclosures provided in a prior cover page.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.</div>

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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">NAMES OF REPORTING PERSONS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">City of London Investment Group PLC, (CLIG) a company incorporated under the laws of England and Wales.</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
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<div style="TEXT-ALIGN: right">(b)</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SEC USE ONLY</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SOURCE OF FUNDS*</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">OO</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)</div>
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</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">England and Wales</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 12.71%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid" rowspan="12" colspan="2">
<div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>

<div style="TEXT-ALIGN: center">WITH:</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SOLE VOTING POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">0</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SHARED VOTING POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">2,452,757</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SOLE DISPOSITIVE POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">0</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SHARED DISPOSITIVE POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">2,452,757</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">2,452,757</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px">
<div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">&#160;</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">37.0%</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">TYPE OF REPORTING PERSON*</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">HC</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<table id="af1aafbd13904650b4aa58bef62d5fdf" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="BORDER-TOP: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="4">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
</td>
<td style="BORDER-TOP: #000000 1pt solid; WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">NAMES OF REPORTING PERSONS</div>
</td>
<td style="BORDER-TOP: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">City of London Investment Management Company Limited (CLIM), a company incorporated under the laws of England and Wales.</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right">(a)</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px">
<div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">&#160;</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right">(b)</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px">
<div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; BACKGROUND-COLOR: #bfbfbf" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SEC USE ONLY</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #bfbfbf">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #bfbfbf">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #bfbfbf">
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #bfbfbf">
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SOURCE OF FUNDS*</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">WC</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px">
<div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">&#160;</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">England and Wales</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 12.71%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid" rowspan="12" colspan="2">
<div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>

<div style="TEXT-ALIGN: center">WITH:</div>
</td>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SOLE VOTING POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">0</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SHARED VOTING POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">2,452,757</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SOLE DISPOSITIVE POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">0</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
</td>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">SHARED DISPOSITIVE POWER</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.38%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2">
<div style="margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">2,452,757</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">2,452,757</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px">
<div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">&#160;</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">37.0%</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" rowspan="3">
<div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
</td>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid" colspan="3">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">TYPE OF REPORTING PERSON*</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 86.4%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt">IA</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Item 1(a).&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">Name of Issuer:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Korea Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<font style="FONT-WEIGHT: bold">Item 1(b).&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">Address of Issuer&#8217;s Principal Executive Offices:</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The principal executive offices of the Fund are located at:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Korea Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">c/o Allianz Global Investors U.S. LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1633 Broadway</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">New York, NY 10019</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Item 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Identity and Background.</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a).&#160; This statement is being filed by City of London Investment Group PLC ("CLIG") and City of London Investment Management Company Limited ("CLIM," and together with CLIG, the "Reporting Persons").</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b).&#160; The business address and principal executive offices of CLIG are 77 Gracechurch Street London, EC3V 0AS England.&#160; The directors and executive officers of CLIG, their business addresses and present principal occupation or employment are set forth on Annex A attached to this Schedule 13D.&#160; The business address and principal executive offices of CLIM are 77 Gracechurch Street London, EC3V 0AS England.&#160; The directors and executive officers of CLIM, their business addresses and present principal occupation or employment are set forth on Annex A attached.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(c).&#160; CLIM is primarily an emerging markets fund manager, which specializes in investing in closed-end investment companies and is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940.&#160; CLIM is controlled by CLIG.&#160; CLIM is principally engaged in the business of providing investment advisory services to various public and private investment funds, including:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging (BMI) Markets Country Fund ("BMI"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging Markets Free Fund ("CF"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging Markets Global Fund ("CG"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging Markets Investable Fund ("CI"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Global Emerging Markets Fund ("EUREKA"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Emerging World Fund ("EWF"), a Dublin, Ireland-listed open-ended investment company;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging Free Markets Country Fund ("FREE"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging Markets Country Fund ("GBL"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investable Emerging Markets Country Fund ("INV"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The EM Plus CEF Fund ("PLUS"), a private investment fund organized as a Delaware business trust;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">and unaffiliated third-party segregated accounts over which CLIM exercises discretionary voting and investment authority (the "Segregated Accounts").</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Shares to which this Schedule 13D relates are owned directly by the City of London Funds and the Segregated Accounts, collectively "the Funds".</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(d).&#160; None of the Reporting Persons has, during the last five years, been convicted in any criminal proceeding.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> (e).&#160; None of the Reporting Persons has, during the last five years, been a party to any civil proceeding commenced before a judicial or administrative body of competent jurisdiction as a result of which it or he was or is now subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(f).&#160; City of London Investment Group PLC, (CLIG) and City of London Investment Management Company Limited (CLIM) are companies incorporated under the laws of England and Wales.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Beneficial ownership of the Shares to which this&#160;statement relates was acquired by the Reporting Persons with invested capital of the City of London Funds and the&#160;Segregated Accounts. The aggregate purchase price of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,452,757 </font>Shares beneficially owned by the Reporting Persons was $91,206,282, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 286,250 Shares owned directly by BMI was $10,248,921, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 75,234 Shares owned directly by CF was $3,131,239, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 189,598 Shares owned directly by CG was $7,625,597, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 157,455 Shares owned directly by CI was $6,389,899, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 113,832 Shares owned directly by EUREKA was $4,306,910, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 115,802 Shares owned directly by EWF was $4,734,907, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 135,829 Shares owned directly by FREE was $5,164,394, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 216,887 Shares owned directly by GBL was $6,421,939, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 27,924 Shares owned directly by INV was $960,780, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 23,968 Shares owned directly by PLUS was $891,876, inclusive of brokerage commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The aggregate purchase price of the 1,109,978 Shares owned directly by the Segregated Accounts was $41,329,819, inclusive of brokerage commissions.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Item 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Purpose of Transaction</font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Reporting Persons first published City of London Investment Management Company Limited's publicly-available Statement on Corporate Governance and Voting Policy for Closed-End Funds in 1999. The document is now in its Tenth Edition, having been most recently updated in March, 2016.&#160; As a result of an imbalance between the supply and demand for emerging markets closed-end funds ("CEFs") many such CEFs, including the Issuer, can trade at price levels which reflect a wide discount (more than 10%) relative to their published net asset value (NAV). City of London intends to engage in discussions and other communications with the Boards of Directors of these CEFs, including the Issuer, following the parameters and guidelines set forth in City of London's Statement on Corporate Governance and Voting Policy for Closed-End Funds, to the extent deemed necessary or appropriate if it believes it is in the best interests of all shareholders to do so.&#160; City of London also intends to vote against Directors as per the parameters and guidelines in the above-mentioned document.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">and (b).&#160; As of the date hereof, CLIG, through its control of CLIM, and CLIM, in its capacity as investment adviser to the City of London Funds and&#160;the Segregated Accounts, have voting and dispositive power with respect to all <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,452,757 </font>Shares owned directly by the City of London Funds and the&#160;Segregated Accounts, representing approximately 37.0% of the 6.630 million Shares outstanding as of March 24, 2017, as last reported by the Fund. As of the date hereof, BMI, CF, CG, CI, EUREKA, EWF, FREE, GBL, INV, PLUS and the Segregated Accounts owned directly 286,250; 75,234; 189,598; 157,455; 113,832; 115,802; 135,829; 216,887; 27,924; 23,968; and 1,109,978 Shares, respectively, representing approximately 4.3%, 1.1%, 2.9%, 2.4%, 1.7%, 1.8%, 2.0%, 3.3%, 0.4%, 0.4% and 16.7% respectively, of the 6.630 million Shares outstanding as of March 24, 2017.</div>
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<div style="FONT-FAMILY: Times New Roman; TEXT-ALIGN: right">(c).&#160;&#160; </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Information with respect to all transactions in the Shares beneficially owned by the Reporting Persons that were effected during the past 60 days is set forth below:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Trade Date</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Par Values/Shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Seg Acct</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SELL</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">20-Jan-17</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">616</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">33.67</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Seg Acct</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SELL</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">24-Jan-17</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1,400</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">34.23</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SELL</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">25-Jan-17</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2,162</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">34.44</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SELL</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">02-Feb-17</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">790</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">35.01</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Seg Acct</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SELL</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">03-Feb-17</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">3,000</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">35.19</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">INV</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SELL</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">08-Mar-17</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">4,786</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">34.23</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: -18pt">(d).&#160; Other than disclosed herein, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Shares.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(e).&#160; Not applicable.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
</div>
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<div>&#160;</div>

<div>Item 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</font>.</div>
</div>

<div style="TEXT-ALIGN: left">
<div>
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</div>

<div style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Except as set forth in Item 4 of this Schedule 13D, none of the Reporting Persons has any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of the Fund including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or the voting of any securities of the Fund, joint ventures, loan or option arrangements, puts or calls, guaranties of profits, division of profits or losses, or the giving or withholding of proxies.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Item 7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline; FONT-WEIGHT: bold; DISPLAY: inline">Materials to be Filed as Exhibits</font></div>

<div style="FONT-SIZE: 10pt; DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">None.</div>
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<div>&#160;</div>

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<div>&#160;</div>

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<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Signature</div>

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</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">March 27, 2017</div>

<br>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CITY OF LONDON INVESTMENT GROUP PLC</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/ s / </font><font style="TEXT-DECORATION: underline; DISPLAY: inline">Barry Olliff&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name: Barry Olliff</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title: &#160;Director</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CITY OF LONDON INVESTMENT </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">MANAGEMENT COMPANY LIMITED</div>

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</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/ s /&#160;Barry Olliff</font><font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name: Barry Olliff</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 252pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title: &#160;Director</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div id="HDR">
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<div style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; DISPLAY: block">ANNEX A</div>

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</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">DIRECTORS AND EXECUTIVE OFFICERS</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The names of the directors and executive officers of CLIG and their business addresses and present principal occupation or employment are set forth below.&#160; If no business address is given, the business address of such director or executive officer is c/o City of London Investment Group PLC, 77 Gracechurch Street, London EC3V 0AS, England.</div>

&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<div style="TEXT-ALIGN: left">
<table id="5282f5cc89c145d4b54511c61336c2bc" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="4">
<tr>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">David Cardale</div>
</td>
<td style="WIDTH: 64%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Non-Executive Chairman</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Barry Olliff</div>
</td>
<td style="WIDTH: 64%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Chief Executive Officer</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Allan Bufferd</div>
</td>
<td style="WIDTH: 64%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Non-Executive Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mark Driver</div>
</td>
<td style="WIDTH: 64%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Non-Executive Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Barry Aling</div>
</td>
<td style="WIDTH: 64%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Non-Executive Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Mark Dwyer</div>
</td>
<td style="WIDTH: 64%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Executive Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Tracy Rodrigues</div>
</td>
<td style="WIDTH: 64%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Executive Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Thomas Griffith</div>
</td>
<td style="WIDTH: 64%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Executive Director</div>
</td>
</tr>
</table>
</div>

<br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The names of the directors and executive officers of CLIM and their business addresses and present principal occupation or employment are set forth below.&#160; If no business address is given, the business address of such director or executive officer is c/o City of London Investment Management Limited, 77 Gracechurch Street, London EC3V 0AS, England.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="b045515e8abf4be58a3bb2bd8a94aee5" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="4">
<tr>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">David Cardale</div>
</td>
<td style="WIDTH: 64%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Non-Executive Chairman</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Barry Olliff</div>
</td>
<td style="WIDTH: 64%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Chief Executive Officer / Chief Investment Officer</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Tracy Rodrigues</div>
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