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The Korea Fund, Inc. Announces Interim Results Of Share Repurchase Program

The Korea Fund, Inc. (the “Fund”) (NYSE: KF) has announced interim results of the Fund’s share repurchase program. The program allows the Fund to repurchase in the open market up to 5% of its common shares outstanding as of February 22, 2010. Fund shares are repurchased at a discount to net asset value in accordance with procedures approved by the Board of Directors and its Discount Management Committee. The share repurchase program has no time limit.

As of Friday, July 9, 2010, approximately 240,464 shares have been repurchased by the Fund and the number of outstanding shares as of that date is 10,205,577. Based on 10,446,041 shares outstanding on February 22, 2010, the program will continue until approximately 522,302 shares are repurchased or the Discount Management Committee elects to modify, terminate or suspend the program.

The share repurchase program is intended to enhance shareholder value, as repurchases made at a discount have the effect of increasing the net asset value per share of the Fund’s remaining shares. As of July 9, 2010, net asset value per share has increased $0.098 as a result of share repurchases by the Fund (i.e. the sum of the effect on NAV measured each day shares were repurchased). Had the portion of Fund assets used to make share repurchases been fully invested, such investments may have resulted in capital appreciation/depreciation or gain/loss for the Fund.

As stated within a press release dated March 1, 2010, subject to the procedures approved by the Board and its Discount Management Committee, the timing and amount of any shares repurchased will be determined by the Chairman of the Discount Management Committee and RCM Capital Management LLC, the Fund's investment manager, based on their evaluation of market conditions and other factors. There is no assurance that the Fund will purchase shares at any particular discount levels or in any particular amounts. Under certain conditions, regulatory requirements and other legal considerations may limit the Fund’s ability to repurchase shares. There is no assurance that the market price of the Fund’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases. These repurchases may be commenced or suspended at any time or from time to time without prior notice. The Fund’s repurchase activity will be disclosed in its shareholder reports for the relevant fiscal periods.

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