Nomura Asset Management U.S.A

Strategic Capabilities Funds Offshore Funds Sub-Advised Funds

In March 2022, Nomura Asset Management (“NAM”) announced the launch of Project BRIDGE.

At a group level, Nomura Asset Management Co., Ltd. (“NAM Tokyo”) became a signatory of the United Nations-backed Principles for Responsible Investment (“UNPRI”) in March 2011, covering NAM Tokyo’s investment advisory subsidiaries.

The TWSE index fell 4.31% in December 2022. Household & Personal Products, Health Care Equipment & Services, and Consumer Services were the top three outperforming groups, while Semiconductors & Semiconductor Equipment, Insurance, Automobiles and Auto Components underperformed. The Taiwan TPEx Exchange Index declined 3.14%.

The TWSE Total Return Index rose 0.08% in February 2023. Technology Hardware & Equipment, Capital Goods, and Transportation were the top three performing industry groups, while Semiconductors & Semiconductor Equipment, Retailing, and Insurance underperformed. The Taiwan TPEx Exchange Index rose 4.20%.

The TWSE Index rose 10.53% in January 2023. Semiconductors & Semiconductor Equipment, Retailing, and Software & Services were the top three performing industries, while Transportation, Food & Staples Retailing, and Telecommunication Services underperformed.

The Taiwan Stock Exchange Weighted Index rose 19.80% in November 2022. The Information Technology sector increased 11.9%, nontechnology sectors rose 5.45%, and the Financial sector rose 2.42%. The Taiwan TPEx Exchange Index increased 18.81%.

CONTACT: Brian F. Link, Secretary 1-800-426-5523 www.thetaiwanfund.com

CONTACT: Brian F. Link, Secretary 800-426-5523 www.thetaiwanfund.com

Boston, Massachusetts, July 27, 2022 – The Board of Directors (the “Board”) of The Taiwan Fund, Inc. (the “Fund”) (NYSE: TWN), today announced that it has selected Nomura Asset Management U.S.A. Inc. (“Nomura”) to become its Investment Adviser, subject to stockholder approval.

Nomura Asset Management Group Nomura Asset Management U.S.A. Inc. Strategic Partnership Responsible Investment

Nomura Asset Management U.S.A. Inc. provides investment advisory and management services to institutional investors from its New York City office. It is a wholly owned subsidiary of Nomura Asset Management Co., Ltd., which is owned by Nomura Holdings, Inc.

Worldwide Plaza 309 West 49th Street New York, New York 10019-7316 Telephone: 1 (212) 667-1414

Nomura Asset Management U.S.A. Inc. offers investment advisory and management services from New York City. It is a wholly owned subsidiary of Nomura Asset Management Co., Ltd., which is owned by Nomura Holdings, Inc. The firm has been registered with the U.S. Securities and Exchange Commission since 1976.