The Board of Directors of The Korea Fund, Inc. (the “Fund”) (NYSE: KF), today announced a new share repurchase program under which the Fund will repurchase, commencing November 1, 2011, its common shares in the open market on any day that the Fund’s shares are trading at a discount of 8% or more from net asset value the prior day and there is a daily average discount of 8% or more from net asset value over the 5-day period ending the prior day. On each day that shares are repurchased, the Fund will repurchase its shares to the maximum extent permitted by law unless the Fund’s investment manager determines that such a repurchase would be detrimental to the Fund and its shareholders. Under the 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 example, for the year November 1, 2011 to October 31, 2012, the Fund may repurchase up to 10% of its common shares outstanding as of October 31, 2011.

The new repurchase program replaces the Fund’s existing share repurchase program announced in March 2010, under which the Fund was authorized to repurchase from time to time in the open market up to 5% of its common shares outstanding as of February 22, 2010. As of September 30, 2011, the Fund has repurchased 458,964 shares, representing 4.39% of the shares outstanding at the beginning of the program.

The new 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.

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 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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