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Korea Asia Fund Ld (01HG)

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Thursday 21 December, 2000

Korea Asia Fund Ld

First Interim Distribution

Korea Asia Fund Ld
21 December 2000

The Korea Asia Fund Limited (in liquidation)

The joint liquidators of The Korea Asia Fund Limited, Jeremy Spratt and Roger
Smith of KPMG, are pleased to announce that a first interim distribution of
$2.35 per Ordinary share will be paid to shareholders today.

The joint liquidators understand that payments made to Chase Manhattan Bank
Luxembourg SA as IDR issuer and CITIVIC Nominees Limited will be credited to
the beneficiaries' accounts tomorrow.

The joint liquidators currently anticipate that a further interim distribution
will be made to shareholders early in the new year.

21 December 2000

Jeremy Spratt (Joint Liquidator)

KPMG

Tel:     020 7311 3933

Chris Shaw

KPMG

Tel:     020 7311 3781



                                                                                
                                                                                
                                                                           

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