The Taiwan Fund, Inc. Announces 1st Quarter Earnings

NEW YORK, Jan. 10, 2017

The Fund reported a net asset value per share of $18.91 as of the close of business on November 30, 2016.  This represents a decrease of $0.89 per share from the net asset value per share of $19.80 reported on August 31, 2016.  The Fund's share price, as traded on the New York Stock Exchange on November 30, 2016, was $16.04, representing a discount to net asset value of 15.18%.  This represents a decrease of $0.92 per share from the share price of $16.96 on August 31, 2016, which represented a discount to net asset value of 14.34%.  The Fund had a total return of -4.54% for the three months ended November 30, 2016 based on the change in its net asset value.  For the same period the Taiwan Stock Exchange Total Return Index returned 1.86% (in US$ terms).

For the three month period ended November 30, 2016, the Fund had net realized gain of $1,586,628 on investments and foreign currency transactions and a decrease in net unrealized gain of $8,570,807 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 $366,299.

	Quarter Ended November 30, 2016	Year Ended ARIVA.DE Börsen-Geflüster Kurse The Taiwan Fund 35,175 € +0,33% August 31, 2016	Quarter Ended November 30, 2015
Total Net Assets	$ 155,530,343	$ 162,880,821	$138,114,390
Gross Investment Income Per Share	$ 478,949 $0.06	$ 3,920,838	$469,555 $0.10
Net Investment Income (Loss) Per Share	$ (366,299) $(0.05)	$ 1,020,194	$(355,174) $(0.08)
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions	$ 1,586,628	$  (4,926,842)	$ (4,175,968)
Change in Net Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations	$  (8,570,807)	$ 29,145,220	$ 5,003,283
Total Realized and Unrealized Gain (Loss) on Investments Per Share	$ (6,984,179) $(0.85)	$ 24,218,378	$ 827,315 $0.18
Net Increase (Decrease) in Net Assets Resulting from Operations Per Share	$ (7,350,478) $(0.89)	$ 25,238,572	$472,141 $0.10

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 1-877-864-5056.

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SOURCE The Taiwan Fund, Inc.