In choice (A), we have an incorrect modifier. The phrase before the comma, "Born in Belgium in 1929," grammatically modifies the subject that comes after the comma, which, as written, is "the Academy Award," and is nonsensical. So we eliminate choice (A).
On these grounds, we can also eliminate choices (B), (C), and (D).
Choice (E) fixes the modification error and indicates correctly that Hepburn was born in Belgium in 1929. Choice (E) uses the passive voice in "was awarded," which we generally want to avoid, but the passive voice is appropriate when the doer of an action is obvious, as is the case in this sentence.
The correct answer is (E).