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Korea Bond Fund PLC (KBF)


Wednesday 19 July, 2000

Korea Bond Fund PLC

Change to Board of Directors

Korea Bond Fund PLC
19 July 2000

                            KOREA BOND FUND PLC

                           RE CHANGE OF DIRECTORS

The Directors of Korea Bond Fund PLC (the 'Fund') wish to announce  that  with
effect from June  29, 2000 Dr. Suk-Ryong Lee has resigned from the Board of
Directors of the Fund to pursue personal interests.

In addition, the Board would also like to announce the appointment of  Kyu  Won
Cho with effect from June 29, 2000 and Paul McNaughton with effect from December
13, 1996.

Mr. Cho has been Head of the Trading Division of LG Investment & Securities Co.,
Ltd.  since October 1999 while previously heading the following divisions in  LG
Investment  &  Securities  Co.,  Ltd Research, Futures  &  Options  Sales  Team,
Proprietary  Equity trading Team, and Equity Research Team. Mr.  Cho joined LG
Investment & Securities Co., Ltd in February 1997.

Mr. Cho was Head of the International Finance Team in Samyang Merchant Bank from
September 1994 to December 1995 when he was appointed as Head of the  Portfolio
Investment Team until February 1997 when he became Head of the Equity Research
Team at LG Investment & Securities Co., Ltd. In April 1998 he was appointed Head
of the Proprietary Equity Trading Team; Head of Futures and Options Sales Team
in January 1999; Head of the Research Division in May 1999 and Head of the
Trading Division of LG Investment & Securities Co., Ltd in October 1999 where he
remains at present.

Mr. McNaughton replaced Fiona Mulcahy to the Board of Directors of the Fund on
13th December 1996.  Mr. McNaughton has  been  Chief  Executive  of  Deutsche
International (Ireland) Limited since 1991. Deutsche International (Ireland)
Limited is the holding company of all the Deutsche International companies in
Ireland.  Mr. McNaughton  is  also a director  of  Deutsche International Fund
Services (Ireland) Limited, Deutsche Asset Management (Ireland) Limited  and
Deutsche Fund Administration Services (Ireland) Limited. He is a director of a
number  of Irish investment companies for which Deutsche International companies
provide custodial/administration services.

The failure to release this announcement was due to an administrative oversight.
Messrs. Cho and McNaughton have been appointed as non-executive directors of the

Neither Mr. Cho nor Mr. McNaughton have:

       (i)  any unspent convictions in relation to indictable offences; or

       (ii) been bankrupt or the subject of an involuntary arrangement, or
            has had a receiver appointed to any asset of such Director; or

      (iii) been a director of any company which, while he was a
            director with an executive function or within 12 months after  he
            ceased to be a director with an executive function, had a
            receiver appointed or went into compulsory liquidation, creditors
            voluntary liquidation, administration or company voluntary
            arrangements,  or  made any composition or arrangements with its
            creditors generally or with any class of its creditors; or

       (iv) been a partner of any partnership, which while he was a
            partner or within 12 months after he ceased to be a partner,  went
            into compulsory liquidation,  administration or partnership
            voluntary arrangement, or had a receiver appointed to any
            partnership asset;

        (v) had any public criticism by statutory or regulatory authorities
           (including recognised professional bodies); or

       (vi) been disqualified by a court from acting as a director or
            from acting in the management or conduct of affairs of any

A memorandum detailing the names of all the companies and partnerships of
which  Mr. Cho and Mr. McNaughton have been a director or partner  at  any
time  in  the previous five years, together with an indication of  whether
or  not  Mr.  Cho and Mr. McNaughton are still a director or  partner,  is
available for inspection at the office of the Company's Administrator.


Dillon Eustace                               Vivienne Feaheny
                                             Phone. (+3531) 667 0022
NCB Stockbrokers Limited                     Andrew Bowen
                                             Phone (+3531)611 5907

                           Mr. Kyu Won Cho


The Stellar Fund Plc.                 Dissolved since 16th December 1998


                           Paul Peter MCNAUGHTON


       PREVIOUS DIRECTORSHIPS                       Registered No.

       Ancla Ireland limited                        136586
       Litherland Holdings                          130476
       Berwynn Holdings                             134233
       Berkshire Korea Fund plc                     223511
       Reetbay Investments                          137106
       IRINC Shannon                                160411
       EIC Bonds Plc                                166241
       IRINC BKD                                    163570
       IRINC Dublin                                 158588
       Aberdeen Holdings                            163559
       Phoenix Trading Company                      162050
       IBI Administration Services Limited          145200
       Kingfisher Investments Ireland (UK)          2703284
       Kildenkin (U.K.)                             2640621
       Morgan Grenfell Eastern European Debt 
       Recovery Fund plc                            205417
       Deutsche International Custodial Services 
      (Ireland) Limited                             174330
       Korea Plus Fund plc                          227253
       Omega Trust Russian Fixed Income Limited     82677
       Omega Trust Umbrella Fund plc                255987
       Stellar Fund plc                             213623
       Asia Midas Fund plc                          213325
       Corsec Fund plc                              215573
       Olympus Fund plc                             215565
       Trans Fund plc                               214971
       Primus Fund plc                             220605
       Korea Bull Fund plc                          221393
       Korea Golden Dynasty Fund plc                229959
       DBSC Property Holdings Limited               222533
       Korea Leverage Fund plc                      221846
       Portuguese Equities Fund plc                 243385
       KIME Korea Fund plc                          205005
       Excel Korea Fund plc                         214279
       Korea CB Fund plc                            218716
       Korea Sprint Fund plc                        217748
       DITC Win Fund plc                            219948
       Korea Gallop Fund plc                        224403
       Value Express Fund plc                       221577
       Asia Dynamic Growth Fund plc                 226239
       Seoul Premium Fund plc                       226375
       Capital Vision Fund plc                      234664
       Dynamic Pacific Portfolio Fund plc           208707
       Altius Fund plc                              215622
       Orient Balanced Fund plc                     217233
       Alulux Mining S,A.
       Cathrineholm Holdings SA.
       Celltech Technology Holdings S.A.
       HRH Biotech S.A.
       HRH Technology S.A
       Sandvert Petroleum SA.
       Deutsche Asset Management Group Limited      1942565
       The Emerging Dynamic Fund plc;               213175
       TCM Korea Investments Limited                308372
       CURRENT DIRECTORSHIPS                       Registered No.

      Deutsche International Corporate Services 
     (Ireland) Limited                              149528
      Deutsche International (Ireland) Limited      159810
      Deutsche International Finance (Ireland) 
      Limited                                       176534
      Deutsche Asset Management (Ireland) Limited   178838
      Deutsche Fund Administration Services 
     (Ireland) Limited                              179786
      Deutsche International Fund Services 
     (Ireland) Limited                              186184
      Deutsche Funds plc                            180256
      Deutsche International Funds plc              180255
      Deutsche Profunds plc                         198908
      The Asia Emerging Markets Fund plc 
     (in voluntary liquidation)                     207370
      Kingfisher Insurance Limited                  208317
      Deutsche Fixed Income Funds plc               210536
      Deutsche Global Select Funds plc              218935
      Asia Growth Fund plc 
     (in voluntary liquidation)                     219372
      Evergreen Korea Fund plc 
     (in voluntary liquidation)                     223127
      Asia Ultra Fund plc                           225741
      Korea Investment Management Ireland Limited   223769
      The Paribas Multi-Manager Global Fund plc     247827
      Fund Resources International Limited          242309
      SEI Global Asset Management Limited           240371
      SEI Global Master Fund plc                    243230
      RMB Asset Management (Ireland) Limited        247696
      Calfund plc                                   231946
      Deutsche Cash and Money Market Fund plc       250659
      Bas-Ex Currency Fund plc 
     (in voluntary liquidation)                     256592
      Korea Bond Fund plc                           249707
      RMB Financial Services Limited                251841
      Cellflower Limited                            259540
      Deutsche Bank/DB Ireland plc                  259316
      KE Diamond Limited                            261567
      North Stock Company plc                       275467
      Herald Investment Fund plc                    280256
      Selected European Equities Fund plc           280257
      Deutsche euroSpectrum Funds plc               290368
      Bas-Ex US$ Currency Fund plc 
     (in voluntary liquidation)                     273985
      Ribser Limited                                292287
      Gensec Umbrella Fund plc                      324104
      Gensec Universal Fund plc                     267451
      Gensec Global Multi-Manager Fund plc          307841
      Kingfisher Reinsurance Limited                318825

       NON IRISH DIRECTORSHIPS                      Registered No.
       Deutsche Bank International Limited          5905
       Deutsche India Fund (Mauritius) Limited     15099/2022
       Deutsche Global Emerging Markets (Mauritius) 
       Limited                                      16236/2528
       Deutsche Bank Cayman                         24380/0/83
       Morgan Grenfell Nominees (Cayman) Limited    24872/OV3
       The World Markets Company plc                88378
       Elizabethan Holdings United
       Elizabethan Management Limited


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