The Korea Fund, Inc. Announces Final Results of Tender Offer

The Korea Fund, Inc. (NYSE: KF) announced today that, inaccordance with its tender offer for up to 2,996,371 of its issued andoutstanding shares of common stock, which expired on February 16,2006, the Fund has accepted, after adjusting for fractional shares inaccordance with the terms of the offer, 2,996,370.371 shares forpayment at a price of $38.142 per share, which is equal to 98% of thenet asset value per share determined as of the close of the New YorkStock Exchange on February 17, 2004. These shares representapproximately 10% of the Fund's outstanding shares.

Approximately 5,388,549 shares were properly tendered and notwithdrawn by February 16, the final date for withdrawals. Inaccordance with the terms of the tender offer, the Fund is purchasingshares on a pro rata basis from all tendering shareholders, other thanstockholders holding 99 or less shares who tendered all their sharesand from whom the Fund is accepting all shares properly tendered(aggregating approximately 74,845 shares). Accordingly, on a pro ratabasis, 54.98107% of shares for each stockholder who properly tendered100 or more shares has been accepted for payment.

The Korea Fund, Inc. is a non-diversified, closed-end investmentcompany. The Fund seeks long-term capital appreciation throughinvesting primarily in equity securities trading on the Korean stockexchanges. Its shares are listed on the New York Stock Exchange underthe symbol "KF".

There can be no assurance that any action proposed or adopted bythe Board will reduce or eliminate the discount at which the Fund'sshares trade. Investments in funds involve risks. Additional risks areassociated with international investing, such as governmentregulations and differences in liquidity, which may increase thevolatility of your investment.

Investments in funds involve risks. Additional risks areassociated with international investing, such as governmentregulations and differences in liquidity which may increase thevolatility of your investment. Foreign security markets generallyexhibit greater price volatility and are less liquid than the USmarket.

Additionally, this fund focuses its investments in certaingeographical regions, thereby increasing its vulnerability todevelopments in that region and potentially subjecting the fund'sshares to greater price volatility.

Closed-end funds, unlike open-end funds, are not continuouslyoffered. There is a one time public offering and once issued, sharesof closed-end funds are sold in the open market through a stockexchange. Shares of closed-end funds frequently trade at a discount tonet asset value. The price of the fund's shares is determined by anumber of factors, several of which are beyond the control of thefund. Therefore, the fund cannot predict whether its shares will tradeat, below or above net asset value.

This announcement is not an offer to purchase or the solicitationof an offer to sell shares of the Fund or a prospectus, circular orrepresentation intended for use in the purchase or sale of Fundshares.

Fund shares are not FDIC-insured and are not deposits or otherobligations of, or guaranteed by, any bank. Fund shares involveinvestment risk, including possible loss of principal.
NOT FDIC/ NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Scudder Investments is part of Deutsche Asset Management which isthe marketing name in the US for the asset management activities ofDeutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche AssetManagement Inc., Deutsche Asset Management Investment Services Ltd.,Deutsche Investment Management Americas Inc. and Scudder TrustCompany. (02/06 39993)