The Korea Fund, Inc. Reports Results for the Fiscal Quarter and Year Ended June 30, 2009

http://www.businesswire.com/news/home/20091030005947/en

NEW YORK--(Business Wire)--
The Korea Fund, Inc. (the "Fund") (NYSE: KF), a non-diversified, closed-end
investment company, which seeks long-term capital appreciation through investing
primarily in equity securities trading on the Korean stock exchanges, today
announced its results for the fiscal quarter and year ended June 30, 2009.

At June 30,
2009 2008
Net Assets $307,207,769 $553,906,830
Shares Outstanding 10,446,041 10,446,041 (a)
Net Asset Value ("NAV") $29.41 $53.03 (a)
Market Price $27.43 $49.89 (a)
Discount to NAV (6.73 )% (5.92 )%

Quarter ended June 30,
2009 2008
Net Investment Income (Loss) $(986,490 ) $(1,101,943 )
Per Share (b) $(0.09 ) $(0.10 ) (a)
Net Realized and Change in Unrealized Gain (Loss) $50,162,717 $(47,367,160 )
Per Share $4.80 $(4.31 ) (a)

Year ended June 30,
2009 2008
Net Investment Income $775,783 $2,802,252
Per Share (b) $0.07 $0.26 (a)
Net Realized and Change in Unrealized Loss $(203,278,476 ) $(66,671,642 )
Per Share $(19.47 ) $(5.11 ) (a)

(a) Adjusted for the 1-for-10 reverse stock split which occurred on December 22, 2008 and Fund shares issued on January 29, 2009.

(b) Calculated on average shares outstanding.

RCM Capital Management LLC and RCM Asia Pacific Limited are the Fund's
investment manager and sub-adviser, respectively.

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 an investment in the Fund.
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.

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 www.thekoreafund.com or by calling the Fund`s
shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data
available at the time of publication of this press release, and there is no
assurance that any future results will be the same or similar to what is
reported herein. Information that was obtained from third party sources we
believe to be reliable is not guaranteed as to its accuracy or completeness.
This press release contains no recommendations to buy or sell any specific
securities and should not be considered investment advice of any kind. Past
performance is no guarantee of future results and the investment returns
generated by the Fund will fluctuate. There can be no assurance the Fund will
meet its stated objective. In making any investment decision, individuals should
utilize other information sources and the advice of their own professional
adviser.

The Korea Fund, Inc.
Financial Advisors: 800-628-1237
Shareholders: 800-285-4086
Media Relations: 212-739-3501

Copyright Business Wire 2009