The Taiwan Fund, Inc. News

The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

NEW YORK, July 14 PRNewswire-FirstCall — The Taiwan Fund, Inc. (NYSE: TWN) announced today details regarding its investment performance for the three-month period ended May 31, 2008.

The Fund reported a net asset value per share of $19.40 as of the close of business on May 31, 2008. This represents an increase of $0.16 per share from the net asset value per share of $19.24 reported on February 29, 2008. The Fund's share price, as traded on the New York Stock Exchange on May 31, 2008, was $18.40. This represents an increase of $0.82 per share from the share price of $17.58 on February 29, 2008. The Fund had a total return of 0.83% for the three months ended May 31, 2008 based on the change in its net asset value. For the same period, the Taiwan Stock Exchange Index (TAIEX) had a total return of 4.15% (in US$ terms).

For the nine-month period ended May 31, 2008, the Fund's net asset value per share decreased $4.33 per share from the net asset value per share of $23.73 reported on August 31, 2007. For the nine-month period ended May 31, 2008, the share price, as traded on the New York Stock Exchange, decreased $3.03 per share from the share price of $21.43 reported on August 31, 2007. The Fund had a total return of (2.48) % for the nine-month period ended May 31, 2008 based on the change of its net asset value. The TAIEX for the same period had a total return of 4.26% (in US$ terms).

For the three-month period ended May 31, 2008, the Fund had net realized gains of $16,081,242 on investment transactions and a change in net unrealized loss of ($11,725,858) on investments held. The Fund's net investment loss (consisting of dividend and interest income less operating expenses) for the same period was ($1,300,787).

The Taiwan Fund, Inc. 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, please call 1-800-636-9242, or visit the Fund's website at http://www.thetaiwanfund.com.

Quarter Ended Nine Months Quarter Ended Nine Months May 31, Ended May 31, May 31, Ended May 31, 2008 2008 2007 2007 Total Net Assets $360,429,606 $360,429,606 $343,652,721 $343,652,721 Gross Investment Income $105,550 $1,378,555 $42,619 $332,097 Per Share $0.01 $0.07 $0.00 $0.02 Net Investment Loss ($1,300,787) ($3,491,926) ($1,225,777) ($3,523,389) Per Share ($0.07) ($0.19) ($0.07) ($0.22) Net Realized Gain (Loss) on Investments $16,081,242 $42,316,581 $4,439,705 $15,200,617 Change in Net Unrealized Gain (Loss) on Investments ($11,725,858) ($51,034,552) $19,806,675 $47,414,338 Total Realized and Unrealized Gain (Loss) on Investments $4,355,384 ($8,717,971) $24,246,380 $62,614,955 Per Share $0.23 ($0.47) $1.48 $3.83 Net Increase (Decrease) in Net Assets Resulting from Operations $3,054,597 ($12,209,897) $23,020,603 $59,091,566 Per Share $0.16 ($0.66) $1.41 $3.61 CONTACT: Tony Fernandes State Street Bank and Trust Co. 617-662-2965

SOURCE The Taiwan Fund, Inc.

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