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The Korea Fund, Inc. Reports Results For The Fiscal Quarter And Six Months Ended December 31, 2011 Announces Clarification Of New Share Repurchase Program Announces New Fund President Effective April 1, 2012

The Korea Fund, Inc. (the "Fund") (NYSE: KF), a non-diversified, closed-end investment company, which seeks long-term capital appreciation through investment in securities, primarily equity securities, of Korean companies, today announced its results for the fiscal quarter and six months ended December 31, 2011, clarification of new share repurchase program and new fund President effective April 1, 2012.


At December 31,


Net Assets $384,343,753   $495,388,243
Shares Outstanding * 9,888,877 10,205,577
Net Asset Value ("NAV") $38.87 $48.54
Market Price $35.75 $44.11
Discount to NAV (8.03)% (9.13)%

Quarter ended December 31,


Net Investment Income $1,912,193 $1,824,626
Per Share $0.19 $0.18
Net Realized and Change in Unrealized Gain $19,171,788 $27,172,730
Per Share $1.92 $2.66

Six Months ended December 31,


Net Investment Income $379,704 $1,127,631
Per Share $0.04 $0.11
Net Realized and Change in Unrealized Gain (Loss) $(103,878,325) $103,957,418
Per Share $(10.38) $10.19

* On October 31, 2011, the Fund announced a new share repurchase program commencing November 1, 2011. Under the new program, the Fund is authorized to repurchase in each twelve month period ended October 31 up to 10% of its common shares outstanding as of October 31 the prior year. For the quarter and six months ended December 31, 2011, the Fund repurchased 98,200 shares and 169,100 shares, respectively.

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