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The Korea Fund, Inc. Announces Change In Benchmark

The Board of Directors of The Korea Fund, Inc. (the “Fund”) (NYSE: KF) today announced that the Fund’s primary benchmark will change to the Morgan Stanley Capital International (“MSCI”) Korea Index (Total Return)* on January 1, 2012 from the Korea Composite Stock Price Index (“KOSPI”).

* The MSCI Korea Index (Total Return) is a market capitalization-weighted index of equity securities of companies domiciled in Korea. The index is designed to represent the performance of the Korean stock market and excludes certain market segments unavailable to U.S. based investors. The MSCI Korea Index (Total Return) assumes reinvestment of dividends (net of foreign withholding taxes) and, unlike Fund returns, does not reflect any fees or expenses. It is not possible to invest directly in the index.

* * * * * *

The Korea Fund, Inc. is a non-diversified, closed-end investment company that seeks long-term capital appreciation through investments in securities, primarily in equity securities, of Korean companies. Its shares are listed on the New York Stock Exchange under the symbol "KF."

RCM Capital Management LLC and RCM Asia Pacific Limited are the Fund's investment manager and sub-adviser, respectively. Investment in closed-end funds involves risks. Additional risks are associated with international investing, such as currency fluctuation, government regulations, economic changes and differences in liquidity, which may increase the volatility of your investment. Foreign security markets generally exhibit greater price volatility and are less liquid than the U.S. market. Additionally, this Fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region. All of these factors potentially subject the Fund's shares to greater price volatility. The net asset value of the Fund will fluctuate with the value of the underlying securities. Closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value.

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