The Taiwan Fund, Inc.


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The Taiwan Fund, Inc. Announces Enhancement to Discount Management Program October 18, 2018

Brian F. Link, Secretary

New York, New York, October 18, 2018 – The Board of Directors of The Taiwan Fund, Inc. (the “Fund”) (NYSE: TWN), today announced an enhancement to the Fund’s Discount Management Program intended to provide increased value to stockholders, by providing the Board greater flexibility to meet the objectives of the program in response to market conditions and other factors. The Fund will continue to repurchase, in each twelve month period ending August 31, up to 10% of its common shares outstanding as of the close of business on August 31 the prior year, but will permit shares to be repurchased at differing discount trigger levels that will not be announced.

The Fund will repurchase its common shares in the open market on any day that the Fund’s shares are trading at a discount that exceeds the trigger level. On each day that shares are repurchased, the Fund will repurchase its shares to the maximum extent permitted by law unless the Fund’s Investment Manager determines that such a repurchase would be detrimental to the Fund and its stockholders.

The trigger level will be determined by the Board and/or its Share Repurchase Program Committee in consultation with the Fund's Investment Manager based on their evaluation of market conditions and other factors. There is no assurance that the Fund will purchase shares at any particular discount levels or in any particular amounts. Under certain conditions, regulatory requirements and/or other legal considerations may limit the Fund’s ability to repurchase shares.

The Discount Management Program is intended to enhance shareholder value, as repurchases made at a discount have the effect of increasing the net asset value per share of the Fund’s remaining shares.

There is no assurance that the market price of the Fund’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases. The repurchases may be commenced or suspended at any time or from time to time without prior notice. The Fund’s repurchase activity will be disclosed in its stockholder reports for the relevant fiscal periods and will be announced on Monday of each week for repurchases made during the prior week.

The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol “TWN.”

For additional information on the Fund, including information on the Fund’s holdings, visit the Fund’s website at or call 1-877-217-9502.

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