FOR IMMEDIATE RELEASE

The Taiwan Fund, Inc.

CONTACT:                                                                                                                                                                

Monique Labbe                                                            

State Street Bank and Trust Co.

617-662-2983

                                The Taiwan Fund, Inc. Announces 3rd Quarter Earnings

NEW YORK, New York, July 15, 2009--The Taiwan Fund, Inc. (NYSE: TWN) announced today details regarding its investment performance for the three-month period ended May 31, 2009.

The Fund reported a net asset value per share of $13.36 as of the close of business on May 31, 2009.  This represents an increase of $3.88 per share from the net asset value per share of $9.48 reported on February 28, 2009.  The Fund's share price, as traded on the New York Stock Exchange on May 29, 2009, was $12.89.  This represents an increase of $4.54 per share from the share price of $8.35 on February 28, 2009.  The Fund had a total return of 40.93% for the three months ended May 31, 2009 based on the change in its net asset value.  For the same period, the Taiwan Stock Exchange Index (TAIEX) had a total return of 62.31% (in US$ terms).

For the nine-month period ended May 31, 2009, the Fund? net asset value per share decreased $2.35 per share from the net asset value per share of $15.71 reported on August 31, 2008.  For the nine-month period ended May 31, 2009, the share price, as traded on the New York Stock Exchange, decreased $1.43 per share from the share price of $14.32 reported on August 31, 2008.  The Fund had a total return of (13.41) % for the nine-month period ended May 31, 2009 based on the change of its net asset value.  The TAIEX for the same period had a total return of (4.54)% (in US$ terms).

For the three-month period ended May 31, 2009, the Fund had net realized losses of $(12,804,534) on investment transactions and a change in net unrealized loss of ($10,458,954) on investments held.  The Fund's net investment loss (consisting of dividend and interest income less operating expenses) for the same period was ($351,106).

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 ?WN." For additional information on the Fund, including information on the Fund? holdings, please call 1-800-636-9242, or visit the Fund? website at www.thetaiwanfund.com.