The Taiwan Fund, Inc. Announces Conditional Tender Offer Policy

Brian F. Link, Secretary
877-217-9502
www.thetaiwanfund.com

Boston, Massachusetts, December 16, 2020 – The Board of Directors of the Taiwan Fund, Inc. (NYSE: TWN) (the “Fund”) announced today that its Board has adopted a conditional tender offer policy (the “Policy”) in lieu of the Fund’s Discount Management Program (the “Program”).

Under the Policy, the Fund would conduct a tender offer to purchase up to 25% of its outstanding shares at 98% of net asset value (“NAV”) if the Fund’s NAV performance for the five year period ending December 31, 2025 were exceeded by the performance of the Fund’s benchmark (the TAIEX Total Return Index) over that period.

The Board believes that adopting the Policy in lieu of the Program is in the best interest of stockholders. Stockholders will benefit either from the Fund’s over performing the benchmark or from a tender offer that will provide stockholders with a better source of liquidity than the Program – an ability to sell to the Fund a more meaningful number of shares than available under the volume-constrained purchases permitted under the Program and at a significantly better price.

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 1-877-217-9502.