The Taiwan Fund, Inc.


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The Taiwan Fund, Inc. Announces Selection of New Investment Adviser, Reduction in Fund Expenses and Enhancements to its Discount Management Program

Brian F. Link, Secretary

New York, New York, December 4, 2018 – The Board of Directors of The Taiwan Fund, Inc. (the “Fund”) (NYSE: TWN), announced today that it is well under way with a search for an Investment Manager to manage the Fund’s assets. The Board expects to make a decision on the candidates identified in the search in January 2019 and, to seek stockholder approval of a new Investment Manager at the Fund’s Annual Meeting of Stockholders in April 2019.

On October 18, 2018, the Board announced that, under the Fund’s Discount Management Program:

The Fund would continue to repurchase, in each twelve month period ended October 31, up to 10% of its common shares outstanding as of the close of business on October 31 the prior year, but would permit shares to be repurchased at differing discount trigger levels that would not be announced. The Fund would 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 would 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 Board announced today a further adjustment to the Discount Management Program. With this adjustment, the Fund will continue to repurchase its shares to the maximum extent permitted by law, but also intends once a week to seek to repurchase a block of its shares.

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 or other legal considerations may limit the Fund’s ability to repurchase shares. The share repurchase 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 without prior notice. The Fund’s repurchase activity will be disclosed in its shareholder 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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