FOR IMMEDIATE RELEASE
The Taiwan Fund, Inc.
CONTACT:
Monique Labbe
State Street Corporation
617-662-2983
The Taiwan Fund, Inc. Announces 1st Quarter Earnings
NEW YORK, New York, January 14, 2009---The Taiwan Fund, Inc. (NYSE: TWN) announced today details regarding its investment performance for the three month period ended November 30, 2008.
The Fund reported a net asset value per share of $9.77 as of the close of business on November 30, 2008. This represents a decrease of $5.94 per share from the net asset value per share of $15.71 reported on August 31, 2008. The Fund? share price as traded on the New York Stock Exchange on November 30, 2008 was $8.14, representing a discount to net asset value of 16.68%. This represents a decrease of $6.18 per share from the share price of $14.32 on August 31, 2008, which represented a discount to net asset value of 8.85%. The Fund had a total return of (37.81%) for the three months ended November 30, 2008, based on the change in its net asset value. For the same period, the Taiwan Stock Exchange Index had a total return of (39.99%) (in US$ terms).
For the three-month period ended November 30, 2008, the Fund had net realized losses of $44,390,460 on investment transactions and a change in net unrealized losses of $(66,476,452) on investments held. The Fund? net investment income (consisting of dividend and interest income less operating expenses) for the same period was $477,982.
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 ?WN". For additional information on the Fund, including information on the Fund? holdings, please visit the Fund? website at www.thetaiwanfund.com or by calling 1-800-636-9242.
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Quarter Ended
November 30,
2008 |
Year Ended
August 31,
2008 |
Quarter Ended
November 30,
2007 |
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Total Net Assets |
$181,488,549.26 |
$291,877,480 |
$371,255,906 |
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Gross Investment Income
Per Share |
$1,639,902
$0.09 |
$13,310,599
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$1,048,186
$0.06 |
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Net Investment Income (Loss)
Per Share |
$477,982
$0.03 |
$4,720,061
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$(919,001)
$(0.06) |
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Net Realized Gain (Loss) on Investments |
$(44,390,460) |
$26,126,058 |
$29,269,755 |
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Change in Net Unrealized Gain (Loss) on Investments |
$(66,476,452) |
$(111,608,142) |
$(45,410,734) |
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Total Realized and Unrealized Gain (Loss) on Investments
Per Share |
$(110,866,912)
$(5.97) |
$(85,482,084)
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$(16,140,979)
$(.99) |
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Net Increase (Decrease) in Net Assets Resulting from Operations
Per Share |
$(110,388,930)
$(5.94) |
$(80,762,023)
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$(17,059,980)
$(1.04) |
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