The Board of Directors of The Korea Fund, Inc. (NYSE:KF) (the “Fund”) announced today that they have declared a short-term capital gain distribution of $0.95 per share and a long-term capital gain distribution of $4.50 per share. The distributions will be payable on January 20, 2012 to shareholders of record on December 30, 2011 with an ex-dividend date of December 28, 2011. RCM Capital Management LLC and RCM Asia Pacific Limited are the Fund's investment manager and sub-adviser, respectively. The Fund's daily New York Stock Exchange closing price and net asset value per share, as well as other information, including updated portfolio statistics and performance are available at http://www.thekoreafund.com or by calling the Fund's shareholder servicing agent at (800) 254-5197. Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.