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The Taiwan Fund, Inc.

Terms and Conditions

Please read these terms and conditions of use (the “Terms”) carefully. By accessing this Website and the materials and information contained herein, you acknowledge that you have read, understand, accept, and agree to be bound by these Terms. If you do not agree to the Terms, please do not access this Website or any pages thereof (hereinafter referred to as the “Site”).

Nomura Asset Management U.S.A. Inc. (“NAM-USA”) and its affiliates reserve the right to change, modify, add to, or remove portions of these Terms at any time for any reason. We suggest that you review the Terms periodically for changes. Such changes shall be effective immediately upon posting. You acknowledge that by accessing the Site after we have posted changes to these Terms, you are agreeing to the Terms as modified.

Disclaimer

Nothing contained on this Site constitutes tax, legal, or investment advice. Neither the information, nor any opinion, contained on this Site constitutes a solicitation or offer by NAM-USA or their affiliates to buy or sell any securities or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information contained on this Site are the sole responsibility of the visitor.

In exchange for using this Site, the visitor agrees to indemnify and hold NAM-USA, its respective officers, directors, employees, affiliates, agents, licensors, and suppliers harmless against any and all claims, losses, liability, costs, and expenses (including but not limited to attorneys’ fees) arising from your use of this Site, from your violation of these Terms, or from any decisions that the visitor makes based on such information.

BEFORE ACQUIRING SHARES OF A CLOSED-END FUND, IT IS YOUR RESPONSIBILITY TO REVIEW THE FUND’S INVESTMENT OBJECTIVE, INVESTMENT STRATEGY AND INVESTMENT RISKS. The information and services provided on this Site are provided “AS IS” and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law NAM-USA disclaim all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. NAM-USA does not warrant, either expressly or impliedly, the adequacy, accuracy, reliability, or completeness of the information, text, graphics, links or other items contained on this Site and neither warrants that the functions contained in this Site will be uninterrupted or error-free, that defects will be corrected, or that the Site will be free of viruses or other harmful components. NAM-USA expressly disclaims all liability for errors and omissions in the materials on this Site and for the use or interpretation by others of information contained on the Site.

Copyright and Trademarks

The content of this Site is owned by NAM-USA, and its respective third-party information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property law with all rights reserved. Such content is solely for your personal, non-commercial use. Accordingly, you may not copy, distribute, modify, post, frame, or deep link this Site, including any text, graphics, video, audio, software code, user interface design, or logos in any manner without the express written consent of NAM-USA. You may download material displayed on this Site for your personal use, provided you also retain all copyright and other proprietary notices contained on the materials. You may not sell, distribute, publish, broadcast, circulate, modify, transmit, reuse, repost, or use the content of this Site for public or commercial purposes, including all text, images, audio, and video, without express written permission from NAM-USA. Modification or use of the materials for any other purpose violates NAM-USA’s intellectual property rights.

Nothing at this Site shall be construed as granting a license or right to use any image, trademark, service mark or logo, which is the property of NAM-USA or its third-party information providers. NAM-USA and such third party information providers reserve all rights with respect to proprietary information or material at this Site and will enforce such rights to the full extent of applicable copyright and trademark law.

Links to Other Websites

NAM-USA may establish links between this Site and one or more Websites operated by third parties. NAM-USA has no control over any such other Websites, the contents therein, or the products/services offered. The existence of any such links shall not constitute an endorsement of, or representation or warranty by, NAM-USA regarding such Websites, the contents of the Websites, the products or services of the Websites, or the operators of the Websites. Your access to and use of such linked Websites is governed by the terms of use and privacy policies of those sites, and shall be at your own risk. NAM-USA disclaims responsibility for the privacy policies and customer information practices of third-party Websites hyperlinked from our Site.

Links to NAM-USA from Other Websites

You shall not display hyperlinks on your Websites to the Site. If you desire to display on your Website a hyperlink to our Site, you must enter into a written agreement with NAM-USA governing such display. Access to our Site does not authorize you to use any names, logos, trademarks, or copyrighted material, and you agree not to do so without express written consent.

Jurisdiction and Governing Law

The information provided on this Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject NAM-USA, or its affiliates to any registration requirement within such jurisdiction or country. Each investment product and service referred to on this Site is intended to be made available to only U.S. residents. This Website will not be considered a solicitation for or offering of any investment product or service to any person in any jurisdiction where such solicitation or offering would be illegal.

The laws of the State of New York govern these Terms without regard to conflict of law provisions. If you take legal action relating to these Terms, you agree to file such action only in the New York State Supreme Court located in New York, NY, or the United States District Court for the Southern District of New York, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any action with NAM-USA, any affiliate of NAM-USA, or with any funds referenced in this site.

Limitation of Liability

NAM-USA AND ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNATIVE, OR SPECIAL DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES, OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THIS SITE), EVEN IF NAM-USAI HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES, INCLUDING, WITHOUT LIMITATION, FROM THE USE OR ATTEMPTED USE OF THIS SITE OR ANOTHER LINKED WEBSITE.

Timeliness of Content

All content on the Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

Prohibited Uses

Except as otherwise stated in these Terms or as expressly authorized by NAM-USA in writing, you may not:

  • Use this Site in any manner that could damage or overburden any server that hosts the Site, any network connected to the server, as all servers have limited capacity and are used by many people;
  • Use this Site in any manner that would interfere with another party’s use of the Site;
  • Use this Site or its contents in any manner that could create an impression of affiliation, sponsorship or endorsement by NAM-USA or their affiliates.

Integration and Severability

If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms and will not affect the validity and enforceability of the remaining provisions.

The preceding Terms represent the entire agreement between NAM-USA and the user relating to the subject matter herein.

Important Information

Portfolio holdings are subject to change daily.

It should not be assumed that any of the securities transactions or holdings discussed here were or will prove to be profitable, or that the investment recommendations or decisions Nomura Asset Management U.S.A. Inc. (“NAMUSA”) makes in the future will be profitable or will equal the investment performance of the securities discussed herein.

Investing in the Fund involves certain considerations in addition to the risks normally associated with making investments in securities. The value of the shares issued by the Fund, and the income from them, may go down as well as up and there can be no assurance that upon sale, or otherwise, investors will receive back the amount originally invested. There can be no assurance that you will receive comparable performance returns. Movements in foreign exchange rates may have a separate effect, unfavorable as well as favorable, on the gain or loss otherwise experienced on an investment. Past performance is not a guide to future returns. Accordingly, the Fund is only suitable for investment by investors who are able and willing to withstand the total loss of their investment. In particular, prospective investors should consider the following risks:

  • Discretionary investment is not risk free. The past operating performance does not guarantee a minimum return for the discretionary investment fund. Apart from exercising the duty of care of a prudent adviser, NAMUSA will not be responsible for the profit or loss of the Fund, nor guarantee a minimum return.
  • It should be noted that investment in the Fund is only suitable for sophisticated investors who are aware of the risk of investing in Taiwan and should be regarded as long term. Funds that invest in one country carry a higher degree of risk than those with portfolios diversified across a number of markets.
  • Investment in the securities of smaller and unquoted companies can involve greater risk than is customarily associated with investment in larger, more established, companies. In particular, smaller companies often have limited product lines, markets, or financial resources and their management may be dependent on a smaller number of key individuals. In addition, the market for stock in smaller companies is often less liquid than that for stock in larger companies, bringing with it potential difficulties in acquiring, valuing, and disposing of such stock. Proper information for determining their value, or the risks to which they are exposed, may not be available.
  • Investments within emerging markets such as Taiwan can be of higher risk. Many emerging markets, and the companies quoted on their stock exchanges, are exposed to the risks of political, social, and religious instability, expropriation of assets or nationalization, rapid rates of inflation, high interest rates, currency depreciation, and fluctuations and changes in taxation which may affect the Fund’s income and the value of its investments.
  • The marketability of quoted shares may be limited due to foreign investment restrictions, wide dealing spreads, exchange controls, foreign ownership restrictions, the restricted opening of stock exchanges, and a narrow range of investors. Trading volume may be lower than on more developed stock markets, and equities are less liquid. Volatility of prices can also be greater than in more developed stock markets. The infrastructure for clearing, settlement, and registration on the primary and secondary markets may be undeveloped. Under certain circumstances, there may be delays in settling transactions in some of the markets.

The Taiwan Fund, Inc., c/o State Street Bank and Trust Company, 1 Lincoln Street, P.O. Box 5049, Boston, MA, 02111.