The Board of Directors (the “Board”) of The Korea Fund, Inc. (NYSE: KF) (the “Fund”) announced on December 3, 2020 that it had adopted a policy (the “Tender Offer Policy”) pursuant to which the Board will cause the Fund to conduct an issuer tender offer for up to twenty-five percent (25%) of its then issued and outstanding shares of common stock on or before September 30, 2024, and thereafter on each third year anniversary of September 30, 2024, if the Fund’s total return investment performance measured on a net asset value basis does not equal or exceed the total return investment performance of the MSCI Korea 25/50 Index (the “Index”) during the period commencing April 1, 2021 and ending June 30, 2024 (the “Initial Tender Offer Measurement Period”), and for three-year testing periods thereafter.

The Board announced today that, based on the Fund’s internal records and publicly available information regarding the performance of the Index, the Fund’s provisional total return investment performance was marginally less than that of the Index during the Initial Tender Offer Measurement Period. The provisional figures indicate that over the Initial Tender Offer Measurement Period the Fund’s net asset value total return was -19.62% and the Fund’s Index total return was -19.30%, an underperformance of 0.32%. Following confirmation of these results as noted above, which is expected within ten business days, the Fund will conduct a tender offer with respect to the Initial Tender Offer Measurement Period in accordance with the Tender Offer Policy.

Today’s announcement represents preliminary information which is to be confirmed based on information provided to the Fund by Morningstar, Inc. (“Morningstar”), an independent third-party that the Board has utilized as a source for comparative performance information. The Fund will issue another press release following receipt of information from Morningstar later this month providing the definitive comparative performance results for the Initial Tender Offer Period and details regarding the terms and timing of the Fund’s tender offer if the Fund’s preliminary results are confirmed by Morningstar.

The next performance measurement period under the Tender Offer Policy runs from July 1, 2024 through June 30, 2027.

The Korea Fund, Inc. is a non-diversified, closed-end investment company. The Fund seeks long-term capital appreciation through investing primarily in equity securities trading on the Korean stock exchanges. Its shares are listed on the New York Stock Exchange under the symbol “KF.”

JPMorgan Asset Management (Asia Pacific) Ltd is the Fund's Investment Adviser. Investment in closed-end funds involves risks. 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 securities 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 and NAV, as well as other information, including updated portfolio statistics and performance are available at www.thekoreafund.com or by calling the Fund’s stockholder servicing agent at (866) 706 0510.

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.

Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.

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