The Taiwan Fund, Inc.

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The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

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

NEW YORK, New York, July 15, 2020--The Taiwan Fund, Inc. (the “Fund”) (NYSE: TWN) announced today details regarding its investment performance for the three month period ended May 31, 2020.

The Fund reported a net asset value per share of $23.42 as of the close of business on May 29, 2020. This represents an increase of $0.74 per share from the net asset value per share of $22.68 reported on Feb 29, 2020. The Fund's share price, as traded on the New York Stock Exchange on May 29, 2020, was $19.25, representing a discount to net asset value of 17.81%. This represents an increase of $0.30 per share from the share price of $18.95 on February 28, 2020, which represented a discount to net asset value of 16.45%. The Fund had a total return of 3.26% for the three months ended May 31, 2020 based on the change in its net asset value. For the same period the TAIEX Total Return Index returned -2.01% (in US$ terms).

For the nine month period, the Fund’s net asset value per share increased $2.62 per share from the net asset value per share of $20.80 reported on August 31, 2019. For the nine month period ended May 31, 2020, the share price, as traded on the NYSE, increased $1.41 per share from the share price of $17.84 reported on August 31, 2019. The Fund had a total return of 23.56% for the nine month period ended May 31, 2020 based on the change of its net asset value. For the same period the TAIEX Total Return Index returned 8.50% (in US$ terms).

For the three month period ended May 31, 2020, the Fund had net realized losses of $4,317,876 on investments and foreign currency transactions and an increase in net unrealized appreciation of $10,240,044 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 $444,671.

  Quarter Ended May 31, 2020 Nine Months Ended May 31, 2020 Quarter Ended May 31, 2019 Nine Months Ended May 31, 2019
Total Net Assets $174,844,066 $174,844,066 $142,112,531 $142,112,531
Gross Investment Income $290,113 $805,948 $0 $227,614
Per Share $0.04 $0.11 $0.00 $0.03
Net Investment Income (Loss) ($444,671) ($1,378,672) ($698,348) ($1,805,345)
Per Share ($0.06) ($0.18) ($0.09) ($0.23)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions ($4,317,876) $19,210,922 $1,763,035 ($14,192,091)
Change in Net Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations $10,240,044 $13,821,366 ($10,526,135) ($8,430,695)
Total Realized and Unrealized Gain (Loss) on Investments $5,922,168 $33,032,287 ($8,763,100) ($22,622,786)
Per Share $0.79 $4.42 ($1.13) ($2.93)
Net Increase (Decrease) in Net Assets Resulting from Operations $5,477,497 $31,653,615 ($9,461,448) ($24,428,131)
Per Share $0.73 $4.24 ($1.23) ($3.16)

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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