The Taiwan Fund, Inc.

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The Taiwan Fund, Inc. Announces 1st Quarter Earnings

CONTACT:
Brian F. Link, Secretary
1-800-426-5523
www.thetaiwanfund.com

NEW YORK, New York, January 7, 2020 --The Taiwan Fund, Inc. (the “Fund”) (NYSE: TWN) announced today details regarding its investment performance for the three month period ended November 30, 2019.

The Fund reported a net asset value per share of $24.04 as of the close of business on November 30, 2019. This represents an increase of $3.24 per share from the net asset value per share of $20.80 reported on August 31, 2019. The Fund had a total return of 15.58% for the three months ended November 30, 2019 based on the change in its net asset value. For the same period the TAIEX Total Return Index returned 11.56% (in US$ terms).

The Fund's share price, as traded on the New York Stock Exchange on November 30, 2019, was $20.52, representing an increase of $2.68 per share from the share price of $17.84 on August 31, 2019. The Fund’s discount to net asset value per share remained relatively constant moving from 14.23% on August 31, 2019 to 14.64% on November 30, 2019.

For the three month period ended November 30, 2019, the Fund had net realized gains of $11,297,555 on investments and foreign currency transactions and an increase in net unrealized appreciation of $13,731,171 on investments and foreign currency transactions. The Fund's net investment loss (consisting of dividend and interest income less operating expenses) for the same period was $ 441,120.

  Quarter Ended November 30, 2019 Year Ended August 31, 2019 Quarter Ended November 30, 2018
Total Net Assets $182,899,879 $159,705,178 $159,281,341
Gross Investment Income $270,208 $4,353,456 $227,614
Per Share $0.04   $0.03
Net Investment Income (Loss) $(441,120) $1,660,736 $(451,019)
Per Share $(0.06)   $(0.06)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions $11,297,555 ($7,030,895) ($9,366,961)
Change in Net Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations $13,731,171 ($739,498) ($16,613,813)
Total Realized and Unrealized Gain (Loss) on Investments $25,028,726 $(7,770,393) $(25,980,774)
Per Share $3.29   $(3.23)
Net Increase (Decrease) in Net Assets Resulting from Operations $24,587,606 $(6,109,657) $(26,431,793)
Per Share $(3.23)   $(3.29)

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 www.thetaiwanfund.com or call 1-800-426-5523.

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