EX-99.1 2 c33804_ex99-1.txt EXHIBIT 99.1 -------------------------------------------------------------------------------- SOWOOD 500 BOYLSTON ST., 17TH FLOOR, BOSTON, MA 02116 Capital Management LP Phone: 617-603-3400 Fax:617-603-3401 -------------------------------------------------------------------------------- September 23, 2004 Mr. Robert J. Callander Chairman of the Korea Fund Board And the Members of the Board c/o Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 Dear Members of the Board, On Monday, September 13, we met with two representatives of ING Barings in our capacity as advisors to President and Fellows of Harvard College. ING presented an unsolicited proposal regarding the Korea Fund. ING has identified an alternative manager experienced both in the Korean markets and in management of closed end funds. In their opinion, the alternative manager has demonstrated superior investment capability and a strong focus on shareholder value. We have informed ING that, although their proposal presents a very credible alternative to the existing management, it is the responsibility of the Board to select the Fund's manager. We suggested that they contact the Board directly and we encourage the Board to consider their proposal. The contact information for Mr. Nicholas R. Gold, Managing Director, is included below. Sincerely, /s/ Jeff Larson Jeff Larson Principal Sowood Capital Management LP Detail: Nicholas R Gold, Managing Director ING Investment Banking Direct Dial: +44 20 7767 1697 Fax: +44 20 7767 7222 Email: Nicholas.gold@ing-barrings.com