The Korea Fund, Inc. Announces Final Results of Tender Offer and Releases the Current Composition of Its Portfolio

The Korea Fund, Inc. (NYSE: KF) announced today that, inaccordance with its tender offer for up to 22,350,747 of its issuedand outstanding shares of common stock, which expired on August 19,2005, the Fund has accepted, after adjusting for fractional shares inaccordance with the terms of the offer, 14,737,788 shares in exchangefor a pro rata portion of the Fund's portfolio securities at a priceequal to 98% of the net asset value per share determined as of theclose of the New York Stock Exchange on August 22, 2005. These sharesrepresent approximately 33% of the Fund's outstanding shares.

The Fund released today the expected composition of the proceedsthat shareholders who chose to participate in the Fund's in-kindrepurchase offer will receive. The market value and percentage of theFund's net assets represented by each of the portfolio securitieslisted below may decrease or increase before the actual receipt of theportfolio securities distributed as proceeds.

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."

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.

Portfolio holdings are as of 8/22/05. Percentage is based upon netassets. Portfolio holdings are subject to change.

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. (08/05 39993)

The Korea Fund, Inc.
Schedule of Investments as of August 22,2005 (Unaudited)
% of
Asset Name Shares Market Net
Value Assets
Common
Stock
81.6%
Ace Digitech Co.Ltd. 423,300.00 4,173,089.31 0.29%
Ahnlab, Inc. 119,466.00 1,947,371.60 0.14%
BYC Co., Ltd. 39,530.00 2,589,031.72 0.18%
Cheil Communications,
Inc. 80,000.00 14,446,071.25 1.01%
Choongwae Pharma Corp. 88,600.00 3,346,822.84 0.23%
CJ Corp. 99,606.00 6,708,456.81 0.47%
Crown Confectionary
Co., Ltd. 95,600.00 11,804,197.17 0.83%
Dae Duck Electronics
Co., Ltd. 360,901.00 3,434,636.16 0.24%
Daeyang E&C Ltd. 371,497.00 2,074,146.26 0.15%
Dongkuk Steel
Mill Co., Ltd. 1,170,900.00 21,029,341.14 1.48%
GS Home
Shopping, Inc. 56,200.00 5,353,948.27 0.38%
Hankook Tire
Co., Ltd. 4,464,307.00 54,033,583.99 3.79%
Hankuk Electric
Glass Co., Ltd. 142,400.00 5,559,785.26 0.39%
Hite Brewery Co., Ltd. 50,000.00 5,368,472.43 0.38%
Hotel Shilla Co., Ltd. 858,391.00 7,322,925.66 0.51%
Hyundai Mobis 350,480.00 27,538,936.07 1.93%
Insun ENT Co., Ltd. 377,203.00 5,191,373.65 0.36%
Interflex Co., Ltd. 667,800.00 10,331,508.05 0.73%
INTOPS Co., Ltd. 162,500.00 3,410,200.10 0.24%
Jahwa Electronics
Co., Ltd. 779,900.00 5,123,208.39 0.36%
Jeonbuk Bank 2,787,695.00 18,230,899.46 1.28%
Kangwon Land, Inc. 1,471,530.00 25,782,297.22 1.81%
Kookmin Bank 909,198.00 48,366,316.25 3.39%
Kookmin Bank (ADR) 100,917.00 5,348,601.00 0.38%
Korea Express
Co., Ltd. 301,880.00 17,384,987.80 1.22%
Korea Investment
Holdings Co.,Ltd. 436,900.00 10,128,233.28 0.71%
Korea Iron &
Steel Co., Ltd. 227,200.00 5,610,697.90 0.39%
Korean
Reinsurance Co. 1,643,310.00 10,746,878.48 0.75%
KT&G Corp. 759,470.00 33,470,054.17 2.35%
LG Card Co., Ltd. 301,699.00 10,086,081.75 0.71%
LG Chemical Ltd. 212,486.00 8,503,588.09 0.60%
LG.Philips LCD
Co., Ltd. 275,000.00 6,498,250.00 0.46%
Mtekvision Co., Ltd. 83,200.00 2,424,128.84 0.17%
Nam Yang Dairy
Products Co., Ltd. 33,641.00 17,370,511.47 1.22%
NEPES Corp. 4,990.00 61,857.49 0.00%
Nexen Tire Corp. 400,000.00 7,125,427.04 0.50%
NHN Corp. 50,400.00 6,769,194.73 0.48%
Nhong Shim Co.,
Ltd. 38,229.00 10,634,714.49 0.75%
Oriental Fire &
Marine Insurance Co. 584,860.00 15,984,460.71 1.12%
Phicom Corp. 1,060,000.00 8,546,217.67 0.60%
POSCO 376,680.00 78,130,307.47 5.48%
S1 Corp. 564,270.00 28,585,273.79 2.01%
Samho International
Co., Ltd. 208,430.00 3,387,368.96 0.24%
Samsung Climate
Control Co., Ltd. 827,630.00 4,855,106.20 0.34%
Samsung
Electronics Co., Ltd. 340,299.00 187,006,673.50 13.13%
Samsung Fine
Chemicals Co., Ltd. 425,000.00 9,956,076.13 0.70%
Samsung Fire & Marine
Insurance Co., Ltd. 979,625.00 86,535,932.16 6.07%
Samsung SDI Co., Ltd. 209,956.00 21,108,314.30 1.48%
Samsung
Securities Co., Ltd. 164,720.00 5,563,018.06 0.39%
Samwoo EMC Co., Ltd. 754,800.00 3,565,868.23 0.25%
SE Co., Ltd.(a) 636,950.00 1,952,194.24 0.14%
Seoul Semiconductor
Co., Ltd. 960,545.00 24,330,056.37 1.71%
SFA Engineering Corp. 466,200.00 11,308,023.43 0.79%
Shinsegae Co., Ltd. 135,787.00 50,298,844.80 3.53%
Simm Tech Co., Ltd. 1,092,600.00 7,070,705.71 0.50%
SK Corp. 408,800.00 19,991,098.10 1.40%
SK Telecom Co., Ltd. 258,420.00 48,430,102.49 3.40%
SODIFF Advanced
Materials Co., Ltd. 52,041.00 970,212.88 0.07%
S-Oil Corp. 827,300.00 62,986,237.19 4.42%
Sungshin Cement
Co., Ltd. 276,200.00 6,106,325.04 0.43%
Taegu Department
Store Co., Ltd. 1,336,800.00 14,287,906.30 1.00%
Yedang Entertainment
Co., Ltd. 532,700.00 6,603,504.15 0.46%
Youlchon Chemical
Co., Ltd. 351,300.00 4,063,352.86 0.29%
Yuhan Corp. 48,798.00 6,192,035.14 0.43%

Total Common
Stock (Cost $364,985,095.24) 1,163,145,041.47

Preferred
Stocks
16.6%
CJ Corp. 297,200.00 12,822,098.58 0.90%
CJ Corp. (2nd) 50,335.00 2,893,832.60 0.20%
CJ Corp. (3rd) 30,201.00 1,671,446.27 0.12%
Daishin Securities
Co., Ltd. 665,500.00 6,184,050.76 0.43%
Hyundai Motor Co 1,510,000.00 64,261,591.02 4.51%
Hyundai Motor Co. (2nd) 738,593.00 33,775,580.33 2.37%
LG Chemical Ltd. 193,003.00 5,274,850.17 0.37%
Samsung Electronics
Co., Ltd. 198,201.00 74,966,215.23 5.26%
Samsung Fire & Marine
Insurance Co., Ltd. 533,850.00 23,969,838.95 1.68%
Samsung SDI Co., Ltd. 34,318.00 2,190,724.45 0.15%
S-Oil Corp. 156,040.00 8,833,889.70 0.62%

Total Preferred
Stock (Cost $38,433,287) 236,844,118.06

Covertible
Bond
0.0%
Haitai Confectionery
Loan Certificates(a) 9,577,892.00 8,376.95 0.00%
(Cost $0)

Cash
Equivalents
0.1%
Scudder Cash Management
QP Trust 1,451,481.26 1,451,481.26 0.10%
(Cost $1,451,481.26)


Total
Investement
Portfolio
98.4% (Cost $404,869,863.50) $1,401,449,017.74

Other Assets
and
Liabilities,
Net
1.6% $23,296,440.16
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Net Assets
100.0% $1,424,745,457.90
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(a)will not be tendered