The Korea Fund, Inc. Reports Results for the Fiscal Quarter and Nine Months Ended March 31, 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 nine months ended March 31, 2012 and notification of semi-annual portfolio manager conference calls and website updates.

At March 31,

2012

2011

Net Assets $425,561,361 $545,671,314
Shares Outstanding 9,642,027

(a)

10,182,477
Net Asset Value ("NAV") $44.14 $53.59
Market Price $40.55 $48.30
Discount to NAV (8.13)% (9.87)%

Quarter ended March 31,

2012

2011

Net Investment Loss $(793,316) $(207,811)
Per Share $(0.08) $(0.02)
Net Realized and Change in Unrealized Gain $51,467,219 $51,503,850
Per Share $5.22 $5.06

Nine Months ended March 31,

2012

2011

Net Investment Income (Loss) $(413,612) $919,820
Per Share $(0.04) $0.09
Net Realized and Change in Unrealized Gain (Loss) $(52,411,106) $155,461,268
Per Share $(5.16) $15.25
(a)

Under its share repurchase program, the Fund repurchased 246,850 shares and 415,950 shares for the fiscal quarter and nine months ended March 31, 2012, respectively.

Notification of Semi-Annual Portfolio Manager Conference Calls
In order to provide additional communication to its shareholders, the Fund will begin holding semi-annual portfolio manager conference calls. The Fund will issue a press release announcing the date, time and dial-in details prior to each call. The initial conference call is scheduled to occur in September 2012.

Website Updates: Shares Outstanding & Unadjusted NAV
Shares outstanding will change from being updated monthly to daily on the Fund’s website at www.thekoreafund.com. In addition, the Fund’s daily “unadjusted” NAV* will also be available on the website. These changes will go into effect on or about July 15, 2012.
* Unadjusted NAV does not reflect fair valuing of foreign securities using modeling tools provided by third party vendors.

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 NAV of the Fund will fluctuate with the value of the underlying securities. Closed-end funds trade on their market value, not NAV, and closed-end funds often trade at a discount to their NAV.

The Fund’s daily New York Stock Exchange closing market price, NAV, 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.

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. There is no assurance that the market price of the Fund’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

Contacts:

The Korea Fund, Inc.
Financial Advisors: (800) 628-1237
Shareholders: (800) 254-5197
Media Relations: (212) 739-3501
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