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<SEC-DOCUMENT>0000950123-10-025009.txt : 20100316
<SEC-HEADER>0000950123-10-025009.hdr.sgml : 20100316
<ACCEPTANCE-DATETIME>20100316100545
ACCESSION NUMBER:		0000950123-10-025009
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100426
FILED AS OF DATE:		20100316
DATE AS OF CHANGE:		20100316
EFFECTIVENESS DATE:		20100316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIWAN FUND INC
		CENTRAL INDEX KEY:			0000804123
		IRS NUMBER:				042942862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		10683953

	BUSINESS ADDRESS:	
		STREET 1:		TWO AVENUE DE LAFAYETTE
		STREET 2:		PO BOX 5049 (02206-5049)
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		6176622789

	MAIL ADDRESS:	
		STREET 1:		TWO AVENUE DE LAFAYETTE
		STREET 2:		PO BOX 5049 (02206-5049)
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>b79817a2def14a.htm
<DESCRIPTION>THE TAIWAN FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>The Taiwan Fund, Inc.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</b></div>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>(Rule&nbsp;14a-101)</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION<BR>
Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Filed by the Registrant
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Filed by a party other than the Registrant
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Additional Materials</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>THE TAIWAN FUND, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    TAIWAN FUND, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company, P.O.&#160;Box&#160;5049,<BR>
    2 Avenue de Lafayette, Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049</FONT><BR>
    For questions about the Proxy Statement, please call
    <FONT style="white-space: nowrap">(877)&#160;864-5056</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">March&#160;12,
    2010
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Stockholder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed you will find a Notice and Proxy Statement for the
    Annual Meeting of Stockholders of The Taiwan Fund, Inc. (the
    &#147;Fund&#148;) to be held on Monday, April&#160;26, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The matters on which you, as a stockholder of the Fund, are
    being asked to vote are: (1)&#160;the election of the
    Fund&#146;s directors; (2)&#160;the approval of the proposed
    Investment Advisory and Management Agreement (the &#147;Proposed
    Agreement&#148;) between the Fund and Martin Currie Inc.
    (&#147;Martin Currie&#148; or the &#147;Proposed Adviser&#148;);
    and (3)&#160;the approval of an amendment to the Fund&#146;s
    Restated Certificate of Incorporation, increasing the number of
    authorized shares of Common Stock from 20,000,000 to 100,000,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After reviewing each matter carefully, the Board of Directors
    recommends that you vote FOR each of the proposals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YOUR VOTE IS IMPORTANT, REGARDLESS OF THE NUMBER OF SHARES YOU
    OWN. PLEASE TAKE A FEW MINUTES TO REVIEW THIS MATERIAL AND CAST
    YOUR VOTE BY TELEPHONE, BY INTERNET OR BY USING THE ENCLOSED
    FORM OF PROXY CARD. YOUR PROMPT RESPONSE IS NEEDED TO AVOID
    <FONT style="white-space: nowrap">FOLLOW-UP</FONT>
    MAILINGS WHICH WOULD INCREASE THE COSTS PAID BY ALL STOCKHOLDERS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thank you very much for your assistance.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 69%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sincerely,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 69%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:left;"><FONT style="font-variant: SMALL-CAPS">Harvey
    Chang</FONT></DIV><FONT style="font-variant: SMALL-CAPS">
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 69%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Chairman</I>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    TAIWAN FUND, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">Notice
    of the Annual Meeting of Stockholders<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-size: 10pt; font-family: 'Times New Roman', Times">April&#160;26,
    2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Stockholders of The Taiwan Fund, Inc.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders
    (the &#147;Meeting&#148;) of The Taiwan Fund, Inc. (the
    &#147;Fund&#148;) will be held at the offices of Clifford Chance
    US LLP, 31&#160;West
    52<SUP style="font-size: 85%; vertical-align: top">nd</SUP>

    Street, New York, New York 10019, on Monday, April&#160;26, 2010
    at 10:30&#160;a.m., local time, for the following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="5%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    To elect seven directors to serve for the ensuing year.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    To approve the proposed Investment Advisory and Management
    Agreement (the &#147;Proposed Agreement&#148;) between the Fund
    and Martin Currie Inc. (&#147;Martin Currie&#148; or the
    &#147;Proposed Adviser&#148;).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    To approve an amendment to the Fund&#146;s Restated Certificate
    of Incorporation, increasing the number of authorized shares of
    Common Stock from 20,000,000 to 100,000,000.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;
</TD>
    <TD align="left">
    To transact such other business as may properly come before the
    Meeting or any adjournments thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors has fixed the close of business on
    March&#160;5, 2010 as the record date for the determination of
    stockholders entitled to notice of and to vote at the Meeting or
    any adjournments thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You are cordially invited to attend the Meeting. Stockholders
    who do not expect to attend the Meeting in person are requested
    to vote by telephone, by Internet or by completing, dating and
    signing the enclosed form of proxy and returning it promptly in
    the envelope provided for that purpose. The enclosed proxy is
    being solicited by the Board of Directors of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
    MATERIALS FOR THE MEETING ON APRIL 26, 2010: </B>This Notice and
    the Proxy Statement are available on the Internet at
    www.edocumentview.com/TWN.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By order of the Board of Directors
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:left;"><FONT style="font-variant: SMALL-CAPS">Elizabeth
    A. Watson</FONT></DIV><FONT style="font-variant: SMALL-CAPS">
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Assistant Secretary</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March&#160;12, 2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    STATEMENT<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    TAIWAN FUND, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTRODUCTION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Proxy Statement is furnished in connection with the
    solicitation of proxies by the Board of Directors of The Taiwan
    Fund, Inc. (the &#147;Fund&#148;) for use at the Annual Meeting
    of Stockholders (the &#147;Meeting&#148;), to be held at the
    offices of Clifford Chance US LLP, 31&#160;West 52nd Street, New
    York, New York 10019, on Monday, April&#160;26, 2010 at
    10:30&#160;a.m., local time, and at any adjournments thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Proxy Statement and the form of proxy card are being mailed
    to stockholders on or about March&#160;12, 2010. Any stockholder
    giving a proxy has the power to revoke it by executing a
    superseding proxy by telephone, Internet or mail following the
    process described on the proxy card or by submitting a notice of
    revocation to the Fund or in person at the Meeting. All properly
    executed proxies received in time for the Meeting will be voted
    as specified in the proxy or, if no specification is made, for
    the election of directors, for the approval of the Proposed
    Agreement and for the amendment to the Fund&#146;s Restated
    Certificate of Incorporation, as described in this Proxy
    Statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of determining the presence of a quorum for
    transacting business at the Meeting, executed proxies returned
    without marking a vote on Proposals&#160;1, 2 and 3 will be
    treated as shares that are present for quorum purposes.
    Abstentions are included in the determination of the number of
    shares present at the Meeting for purposes of determining the
    presence of a quorum. <B>If a stockholder is present in person
    or by proxy at the Meeting but does not cast a vote, the
    stockholder&#146;s shares will count towards a quorum but will
    have no effect on Proposal&#160;1 and will have the effect of a
    vote to disapprove Proposals 2 and 3.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors has fixed the close of business on
    March&#160;5, 2010 as the record date for the determination of
    stockholders entitled to notice of and to vote at the Meeting
    and at any adjournment thereof. Stockholders on the record date
    will be entitled to one vote for each share held, with no shares
    having cumulative voting rights. As of the record date, the Fund
    had outstanding 18,575,112&#160;shares of common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Management of the Fund knows of no business other than those
    mentioned in Proposals&#160;1, 2 and 3 of the Notice of Meeting
    which will be presented for consideration at the Meeting. If any
    other matter is properly presented, it is the intention of the
    persons named in the enclosed proxy to vote in accordance with
    their best judgment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Fund will furnish, without charge, a copy of its annual
    report for its fiscal year ended August&#160;31, 2009 to any
    stockholder requesting such report. Requests for the annual
    report should be made in writing to The Taiwan Fund, Inc.,
    <FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company, P.O.&#160;Box&#160;5049, 2
    Avenue de Lafayette, Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049,</FONT>
    Attention: William C. Cox, or by accessing the Fund&#146;s
    website at www.thetaiwanfund.com or by calling
    <FONT style="white-space: nowrap">(877)&#160;864-5056.</FONT></B>
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "IMPORTANT INFORMATION" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Proxy Statement discusses important matters affecting the
    Fund. Please take the time to read the proxy statement, and then
    cast your vote. <B>You may obtain additional copies of the
    Notice of Meeting, Proxy Statement and form of proxy card by
    calling
    <FONT style="white-space: nowrap">(877)&#160;864-5056</FONT>
    or by accessing www.edocumentview.com/TWN. </B>There are
    multiple ways to vote. Choose the method that is most convenient
    for you. To vote by telephone or Internet, follow the
    instructions provided on the proxy card. To vote by mail simply
    fill out the proxy card and return it in the enclosed
    postage-paid reply envelope. <B>Please do not return your proxy
    card if you vote by telephone or Internet. </B>To vote in
    person, attend the Meeting and cast your vote. The Meeting will
    be held at the offices of Clifford Chance US LLP, 31&#160;West
    52nd&#160;Street, New York, New York 10019. To obtain directions
    to the Meeting, go to: www.cliffordchance.com, click on <I>About
    Us, </I>and select <I>Offices</I>, then select <I>USA </I>from
    the drop down menu for the country and select <I>New York
    </I>from the drop down menu for office. Finally, click on
    <I>View Location Map </I>to see a map of the location. You may
    also obtain directions by calling 1-212-878-8000.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "PROPOSAL 1 -- ELECTION OF DIRECTORS" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1&#160;&#151;
    ELECTION OF DIRECTORS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Persons named in the accompanying form of proxy intend in the
    absence of contrary instruction to vote all proxies for the
    election of the seven nominees listed below as directors of the
    Fund to serve for the next year, or until their successors are
    elected and qualified. Each of the nominees for director has
    consented to be named in this Proxy Statement and to serve as a
    director of the Fund if elected. The Board of Directors of the
    Fund has no reason to believe that any of the nominees named
    below will become unavailable for election as a director, but if
    that should occur before the Annual Meeting for the Fund, the
    persons named as proxies in the proxy cards will vote for such
    persons as the Board of Directors of the Fund may recommend.
    None of the directors is an &#147;interested person&#148; of the
    Fund (as defined in Section&#160;2(a)(19) of the Investment
    Company Act of 1940, as amended (the &#147;1940 Act&#148;) (each
    an &#147;Independent Director&#148;)).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Concerning Nominees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth certain information concerning
    each of the nominees as a director, each of whom is currently
    serving as a director of the Fund. There is one Portfolio in the
    &#147;Fund Complex&#148; overseen by the Directors. The
    &#147;Fund Complex&#148; is the Fund and other funds advised by
    the Adviser or its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>or Employment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Address, and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past Five<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Publicly-Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Age</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies or Funds</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Independent Current Directors</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    M. Christopher Canavan, Jr. (70)<BR>
    73 Brook Street<BR>
    Wellesley, MA 02482
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2003
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Independent Consultant<BR>
    (2000-present).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Harvey Chang (58)<BR>
    21/F,
    <FONT style="white-space: nowrap">No.&#160;172-1,</FONT>
    Section&#160;2,<BR>
    Ji-Lung Road<BR>
    Taipei, Taiwan, ROC
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of the Board (since July 2005) and Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive<BR>
    Officer, Taiwan Mobile Company Limited (September 2003-present).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Taiwan Mobile Co. Ltd.; Director, CX Technology Corp.;
    Director, Lite-On Technology Corp.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael F. Holland (65)<BR>
    375 Park Avenue,<BR>
    New York, New York 10152
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Holland &#038; Company LLC<BR>
    (1995-present).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, The Holland Balanced Fund, Inc., The China Fund, Inc.,
    Scottish Widows Investment Partnership Trust and Reaves Utility
    Income Fund; Trustee, State Street Master Funds and State Street
    Institutional Investment Trust.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Anthony Kai Yiu Lo (61)<BR>
    2/F, Hong Villa<BR>
    12 Bowen Street,<BR>
    Hong Kong
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2003
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman and Co-CEO,<BR>
    Shanghai Century Acquisition<BR>
    Inc. (January 2006-present);<BR>
    Founder and Managing Director, Prime Credit Ltd. (2001-January
    2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>or Employment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Address, and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past Five<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>in Publicly-Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Age</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies or Funds</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Christina Liu (52) <BR>
    13 fl. No.&#160;200<BR>
    Keelung Road, Section&#160;1,<BR>
    Taipei, Taiwan, ROC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Economic Advisor, Daiwa Institute of Research (DIR)
    (2008-present); Legislator (People First Party, Two Consecutive
    Terms, First Chair National Legislative Representative),
    Legislative Yuan of the Republic of China (2002-2007); Finance
    Committee Chair, Legislative Yuan of the Republic of China
    (2005-2007); Financial Law Reform Committee Chair, Legislative
    Yuan of the Republic of China (2005-present); Professor of
    Finance, National Taiwan University (1993-present); Adjunct
    Professor of Economics and Management, Tsinghua University of
    Beijing (2001-present).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Joe O. Rogers,&#160;Ph.D. (60) <BR>
    2477 Foxwood Drive<BR>
    Chapel Hill, NC 27514
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1986
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Manager, The Rogers Team LLC (2001-present); President, Rogers
    International LLC (2009-present).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and Member of the Audit Committee, The China Fund, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Bing Shen (60) <BR>
    1755 Jackson Street, #405<BR>
    San&#160;Francisco, CA 94109
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Independent Consultant (2005-present); President CDIB &#038;
    Partners Investment Holding Corporation (May 2004-August 2005).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Supervisor, CTCI Corporation; Independent Non-Executive
    Director, Delta Networks, Inc., Chairman, Audit Committee, Delta
    Networks, Inc.; Chairman, Audit Committee, CTCI Corporation.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Directors has a separately designated
    Audit Committee established in accordance with
    Section&#160;3(a)(58)(A) of the Securities Exchange Act of 1934,
    as amended (the &#147;Exchange Act&#148;) which is responsible
    for reviewing financial and accounting matters. The Fund&#146;s
    Audit Committee is composed of directors who are independent (as
    defined in the New York Stock Exchange, Inc. (&#147;NYSE&#148;)
    listing standards, as may be modified or supplemented) and not
    interested persons of the Fund and its actions are governed by
    the Fund&#146;s Audit Committee Charter, which is attached as
    Appendix&#160;A. The current members of the Audit Committee are
    Messrs.&#160;Canavan, Holland, Lo, Rogers and Shen. The Audit
    Committee convened four times during the fiscal year ended
    August&#160;31, 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Directors has determined that the Fund
    has at least one audit committee financial expert. Mr.&#160;M.
    Christopher Canavan,&#160;Jr., an independent director, is the
    Audit Committee&#146;s financial expert.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Directors has a Nominating Committee,
    which is responsible for recommending individuals to the Board
    for nomination as members of the Board and its Committees. The
    Nominating Committee does not consider nominees recommended by
    the security holders. The Board believes that it is appropriate
    for the Fund to have such a policy regarding nominees
    recommended by security holders because the Committee has not
    previously received any director candidate recommendations from
    a
    <FONT style="white-space: nowrap">non-director</FONT>
    stockholder. The Fund&#146;s Nominating Committee is composed of
    Independent Directors (that is, directors who are not
    &#147;interested persons&#148; of the Fund as defined the 1940
    Act) and each is independent (as defined in the NYSE listing
    standards), and its actions are governed by the Fund&#146;s
    Nominating Committee Charter, attached hereto as
    Appendix&#160;B. The current members of the Nominating Committee
    are Messrs.&#160;Canavan, Chang and Lo and Ms.&#160;Liu. The
    Nominating Committee convened once during the fiscal year ended
    August&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Persons recommended by the Fund&#146;s Nominating Committee as
    candidates for nomination as directors are required to possess
    such knowledge, experience, skills, expertise and diversity so
    as to enhance the Board&#146;s ability to manage and direct the
    affairs and business of the Fund, including, when applicable, to
    enhance the ability of committees of the Board to fulfill their
    duties
    <FONT style="white-space: nowrap">and/or</FONT> to
    satisfy any independence requirements imposed by law, regulation
    or any listing requirements of the NYSE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Directors has a Fair Valuation
    Committee which is responsible for establishing and monitoring
    policies and procedures reasonably designed to ensure that the
    Fund&#146;s assets are valued appropriately, objectively and
    timely, reflecting current market conditions. The Fund&#146;s
    Fair Valuation Committee is composed of directors who are not
    interested persons of the Fund as well as certain employees of
    the Fund&#146;s Adviser, HSBC Global Asset Management (Taiwan)
    Limited. The current Directors who are members of the Fair
    Valuation Committee are Messrs.&#160;Holland, Lo and Rogers. The
    Fair Valuation Committee met once during the fiscal year ended
    August&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Directors has an Investment Management
    Oversight Committee which is responsible for overseeing and
    evaluating the nature and quality of the investment services
    provided to the Fund by the Adviser in order to assist the Board
    in overseeing the investment services being provided to the Fund
    by the Adviser. The current members of the Investment Management
    Oversight Committee are Messrs.&#160;Chang and Shen and
    Ms.&#160;Liu. The Investment Management Oversight Committee
    convened four times during the fiscal year ended August&#160;31,
    2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Directors has a Share Repurchase
    Program Committee which is responsible for overseeing and
    evaluating the Fund&#146;s program to repurchase its shares on
    the market. The current members of the Share Repurchase Program
    Committee are Messrs.&#160;Rogers, Holland and Shen. The Share
    Repurchase Program Committee convened twice during the fiscal
    year ended August&#160;31, 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors of the Fund held four regular meetings
    during the fiscal year ended August&#160;31, 2009. For the
    fiscal year ended August&#160;31, 2009, each Director attended
    at least seventy-five percent of the aggregate number of
    meetings held during the fiscal year of the Board and of any
    committee on which he or she served.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For annual or special stockholder meetings, directors may but
    are not required to attend the meetings; and for the Fund&#146;s
    last annual stockholder meeting, all of the Directors attended
    the meeting.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link2 "Stockholder Communications" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Communications</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stockholders may send communications to the Fund&#146;s Board of
    Directors by addressing the communication directly to the Board
    (or individual Board members)
    <FONT style="white-space: nowrap">and/or</FONT>
    clearly indicating that the communication is for the Board (or
    individual Board members). The communication may be sent to
    either the Fund&#146;s office or directly to such Board
    member(s) at the address specified for each Director above.
    Other stockholder communications received by the Fund not
    directly addressed and sent to the Board will be reviewed and
    generally responded to by management, and will be forwarded to
    the Board only at management&#146;s discretion based on the
    matters contained therein.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link2 "Ownership of Securities" -->


<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ownership
    of Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding the
    ownership of securities in the Fund by the current directors,
    each of whom is a nominee for election as director, as of
    February&#160;16, 2010.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of Equity Securities in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>All Funds Overseen or<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>to be Overseen by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director or Nominee in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name of Director or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Family of Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Securities in the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies&#134;</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Current Directors/Nominees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    M. Christopher Canavan, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1-$10,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1-$10,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harvey Chang
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael F. Holland
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Christina Liu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Kai Yiu Lo
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joe O. Rogers
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bing Shen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    The term &#147;Family of Investment Companies&#148; means two or
    more registered investment companies that share the same
    investment adviser or principal underwriter and hold themselves
    out to investors as related companies for the purposes of
    investment and investor services. The Fund is the only
    investment company in the Family of Investment Companies.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No director or nominee for election as director who is not an
    interested person of the Fund, or any immediate family member of
    such person, owns securities in the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Adviser or the Proposed Advisor, or a person directly or
    indirectly controlling, controlled by, or under common control
    with the Adviser or the Proposed Adviser.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transactions
    with and Remuneration of Officers and Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate remuneration, including expenses relating to
    attendance at board meetings reimbursed by the Fund, paid in
    cash to directors not affiliated with the Adviser was $528,274
    during the fiscal year ended August&#160;31, 2009. The Fund
    currently pays each director that is not affiliated with the
    Adviser an annual fee of $20,000 plus $2,500 for each
    directors&#146; meeting and committee meeting attended in
    person, and $2,500 for each meeting attended by telephone.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the aggregate compensation from
    the Fund paid to each director during the fiscal year ended
    August&#160;31, 2009, as well as the total compensation earned
    by each director from the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Pension or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Retirement<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Benefits Accrued<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Estimated Annual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>From Fund and Fund<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>As Part of Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Benefits Upon<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Complex Paid to<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Person</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>From Fund(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Expenses</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Directors(2)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    M. Christopher Canavan, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Harvey Chang
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael F. Holland
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Benny T. Hu(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,500.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,500.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Christina Liu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony Kai Yiu Lo
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,500.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,500.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Joe O. Rogers
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Bing Shen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,500.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,500.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes all compensation paid to directors by the Fund. The
    Fund&#146;s directors do not receive any pension or retirement
    benefits as compensation for their service as directors of the
    Fund.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    There is one fund in the Fund&#160;Complex.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Hu resigned as a director as of February&#160;23, 2010.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Required
    Vote</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The election of each director will require the affirmative vote
    of a plurality of the votes of the shares present in person or
    represented by proxy at the Meeting and entitled to vote for the
    election of the directors. For this purpose, votes that are
    withheld will have no effect on the outcome of the elections.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE BOARD OF DIRECTORS OF THE FUND&#160;RECOMMENDS THAT YOU VOTE
    &#147;FOR&#148; THE ELECTION OF THE SEVEN NOMINEES FOR DIRECTORS.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "PROPOSAL 2 -- APPROVAL OF PROPOSED INVESTMENT ADVISORY  AND MANAGEMENT AGREEMENT" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;2&#160;&#151;
    APPROVAL OF PROPOSED INVESTMENT ADVISORY <BR>
    AND MANAGEMENT AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;20, 2010, the Board of Directors, all of whom
    are Independent Directors, voted to approve and recommend to
    shareholders an Investment Advisory and Management Agreement
    (the &#147;Proposed Agreement&#148;) between the Fund and the
    proposed investment advisor for the Fund, Martin Currie Inc.,
    (&#147;Martin Currie&#148; or the &#147;Proposed Adviser&#148;).
    The Proposed Agreement, if approved, will replace the current
    Discretionary Investment Management Agreement, dated
    April&#160;3, 2009 (the &#147;Current Agreement&#148;) pursuant
    to which HSBC Global Asset Management (Taiwan) Limited (the
    &#147;Adviser&#148;) manages the assets of the Fund. The Current
    Agreement was approved by a vote of the Fund&#146;s stockholders
    during an annual meeting of the Fund&#146;s stockholders on
    March&#160;24, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Proposed Agreement provides for the Proposed Adviser to
    provide substantially the same investment advisory and
    management services as provided under the Current Agreement. The
    Proposed Adviser&#146;s duties under the Proposed Agreement
    include making investment decisions, supervising the acquisition
    and disposition of investments and selecting brokers or dealers
    to execute these transactions in accordance with the Fund&#146;s
    investment objective and policies and within the guidelines and
    directions established by the Fund&#146;s Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under both the Proposed Agreement and the Current Agreement, the
    Fund bears expenses for legal fees and expenses of counsel to
    the Fund; auditing and accounting expenses; taxes and
    governmental fees; New York Stock Exchange listing fees; dues
    and expenses incurred in connection with membership in
    investment company organizations; fees and expenses of the
    Fund&#146;s custodian,
    <FONT style="white-space: nowrap">sub-custodian,</FONT>
    transfer agents and registrars; fees and expenses with respect
    to administration (except as may be expressly provided otherwise
    in the Proposed Agreement); expenses for portfolio pricing
    services by a pricing agent, if any; expenses of preparing share
    certificates and other expenses in connection with the issuance,
    offering and underwriting of shares issued by the Fund; expenses
    relating to investor and public relations; expenses of
    registering or qualifying securities of the Fund for public
    sale; freight, insurance and other charges in connection with
    the shipment of the Fund&#146;s portfolio securities; brokerage
    commissions or other costs of acquiring or disposing of any
    portfolio holding of the Fund; expenses of preparation and
    distribution of reports, notices and dividends to shareholders;
    expenses of the Fund&#146;s dividend reinvestment and cash
    purchase plan; costs of stationery; any litigation expenses; and
    costs of stockholder&#146;s and other meetings. Under the
    Proposed Agreement, as is the case under the Current Agreement,
    the Proposed Adviser bears all other expenses associated with
    the performance of its duties (including employee salaries and
    overhead) other than expenses to be paid by the Fund, as
    specifically provided above. The Proposed Adviser also would pay
    the salaries and expenses of such of the Fund&#146;s officers
    and employees and any fees and expenses of such of the
    Fund&#146;s directors who are managers, members, officers or
    employees of the Proposed Adviser or any of its affiliates,
    <I>provided, however</I>, that the Fund, and not the Proposed
    Adviser, shall bear travel expenses or an appropriate fraction
    thereof of directors and officers of the Fund who are managers,
    members, officers or employees of the Proposed Adviser to
</DIV>
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    <BR>
    8
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the extent that such expenses relate to attendance at meetings
    of the Board or any committee thereof, and <I>provided,
    further</I>, that such expenses are incurred in accordance with
    the Fund&#146;s travel policy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Proposed Agreement may be terminated at any time, without
    payment of penalty by the Proposed Adviser or by the Fund acting
    pursuant to a vote of the Board of Directors or by a vote of a
    majority of the Fund&#146;s outstanding securities (as defined
    in the&#160;1940 Act) upon sixty (60)&#160;days&#146; written
    notice, and will terminate automatically in the event of its
    assignment (as defined in the 1940 Act) by the Proposed Adviser.
    The Proposed Agreement will also terminate
    (i)&#160;automatically if the Proposed Adviser ceases to be a
    member of the Financial Services Authority of the United Kingdom
    (the &#147;FSA&#148;) or any successor organization or
    (ii)&#160;upon proper notice if the Proposed Adviser is required
    to terminate the Proposed Agreement on the FSA&#146;s
    instructions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If approved by stockholders, the Proposed Agreement would remain
    in effect for an initial period of two years from the date of
    its execution by the Fund. Thereafter, the Proposed Agreement
    would continue in effect from year to year if its continuance is
    specifically approved at least annually by (i)&#160;a vote of a
    majority of the Independent Directors, cast in person at a
    meeting called for the purpose of voting on such approval, and
    (ii)&#160;either a vote of a majority of the Board of Directors
    as a whole or a majority of the Fund&#146;s outstanding shares
    of common stock as defined in the 1940 Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fee
    Provisions of the Proposed Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The advisory fee rate to be paid by the Fund under the Proposed
    Agreement is lower than the base fee rate currently being paid
    by the Fund under the Current Agreement and, unlike the Current
    Agreement, would not increase or decrease under the Proposed
    Agreement if the Fund outperformed or underperformed its
    benchmark.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the Current Agreement, the Adviser is
    entitled to receive for its services, a monthly basic fee,
    payable in NT dollars, at an annual rate of 1.00% of the
    Fund&#146;s average daily net assets. In addition, the basic fee
    payable to the Adviser is subject to performance adjustments
    which may increase or decrease the basic fee (up to 0.30% per
    annum of the Fund&#146;s average net assets) on a monthly basis,
    depending on the performance of the Fund&#146;s investments
    compared to the performance of the Taiwan Stock Exchange Index
    during a rolling performance period of 36&#160;months. Under the
    Proposed Agreement, the Proposed Adviser would be entitled to
    receive a fee for its services, computed daily and payable
    monthly in US dollars, at the annual rate of 0.90% on the first
    $150&#160;million in total net assets under management, 0.80% on
    the next $150&#160;million in total net assets under management
    and 0.70% on total net assets under management over
    $300&#160;million. The proposed fee would not be subject to a
    performance adjustment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below shows the aggregate amount of advisory fees paid
    by the Fund for the fiscal year ended August&#160;31, 2009,
    along with the amount that would have been paid during the same
    period had the Proposed Agreement been in effect (&#147;Pro
    Forma&#148;), and the percentage difference that the pro forma
    fee represents. The average daily net assets
</DIV>
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    <BR>
    9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    for the Fund during the fiscal year ended August&#160;31, 2009
    were US$213,358,467. The adjusted fee represents the fee under
    the Current Agreement after giving effect to the performance fee
    adjustment provided for in the Current Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Current<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Advisory Fee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Advisory Fee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Difference</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Difference</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    2,474,457
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1,856,868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    -US$
</TD>
<TD nowrap align="right" valign="bottom">
    617,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    -24.96
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1,365,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    491,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.98
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There were no additional payments made to the Adviser by the
    Fund for the fiscal year ended August&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund&#146;s stockholders approve the Proposed Agreement,
    the proposed fee is expected to go into effect on or about
    May&#160;1, 2010 or such later date following stockholder
    approval as is reasonably practicable if the stockholder meeting
    is held on or adjourned to a later date than currently expected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Factors Considered by The Board of Directors Regarding the
    Proposed Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board was asked to approve the Proposed Agreement with
    substantially the same terms and conditions as the Current
    Agreement, except with respect to advisory fees as described
    above. The Board was assured by the Proposed Adviser that the
    Fund would continue to be managed in substantially the same
    manner under the Proposed Agreement as under the Current
    Agreement. The Proposed Agreement is legally required to be
    reviewed and re-approved by the Board once a year, after its
    initial two year term.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Approval
    Process</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At its meeting in July 2009, the Board of Directors of the Fund
    (the &#147;Board&#148;), all of whom are Independent Directors,
    determined that it would be appropriate for the Board to review
    the arrangements for the management of the Fund&#146;s assets
    and consider engaging a different investment adviser for the
    Fund. At that time, the Board appointed a committee (the
    &#147;Committee&#148;) to oversee the process of reviewing
    alternative investment advisers. The Committee retained a
    consultant to assist the Committee in identifying appropriate
    candidates to serve as investment adviser for the Fund and in
    preparing a request for proposal to be sent to the candidates.
    Initially, nine candidates were identified, based on the
    Committee&#146;s review of information compiled by the
    consultant showing, among other things, that each candidate had
    experience managing portfolios consisting of Taiwan equity
    securities and was believed to have performed well in managing
    those portfolios. Following review by the Committee of
    additional information compiled by the consultant regarding
    these nine candidates, three were eliminated due to assessment
    of their capabilities
    <FONT style="white-space: nowrap">and/or</FONT> level
    of interest. The other candidates were asked to submit responses
    to requests for proposals that were sent to those candidates.
    Four candidates (each a &#147;Candidate&#148; and together the
    &#147;Candidates&#148;) submitted responses to the requests for
    proposals. After reviewing the responses, the Committee
    requested additional information from each Candidate. After
    reviewing the additional
</DIV>
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    <BR>
    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    information provided by the Candidates, the Committee determined
    that each should make a presentation at the January&#160;20,
    2010 meeting of the Board of Directors. In advance of that
    meeting, each of the Directors was supplied with all of the
    information provided by each Candidate in response to the
    request for proposal and the request for additional information.
    Included in the information supplied by each Candidate was
    information addressing its compliance structure and its ability
    to provide the Fund with certain administrative services, and
    this information was reviewed by the Fund&#146;s Chief
    Compliance Officer and Assistant Treasurer, respectively, each
    of whom provided his respective preliminary assessment of the
    Candidate&#146;s compliance structure and administrative
    capabilities based on such information. Throughout the process,
    the Board and the Committee were advised by counsel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Board meeting on January&#160;20, 2010, with all
    Directors present, each of the Candidates made a presentation to
    the Board and responded to questions from the Board. Following
    the presentations, the Board discussed the relative merits of
    each Candidate and, after Martin Currie, Inc., the Proposed
    Adviser, agreed to reduce its proposed advisory fee and agreed
    to reductions in its fee as the Fund&#146;s assets grow, the
    Board approved the selection of the Proposed Adviser as the
    investment adviser for the Fund, approved the Proposed Agreement
    and agreed to submit the selection of the Proposed Adviser for
    approval by the Fund&#146;s stockholders at the next annual
    stockholder meeting in April 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In making this selection, the Board noted the Proposed
    Adviser&#146;s above average performance in managing a portfolio
    of Taiwan equity securities, the considerable experience of the
    proposed portfolio manager for the Fund in managing portfolios
    of equity securities of companies in the China region and the
    Proposed Adviser&#146;s commitment to
    <FONT style="white-space: nowrap">on-the-ground</FONT>
    research of portfolio companies. The Board also noted that the
    advisory fee agreed to by the Proposed Adviser compared
    favorably with fees charged by advisers of other
    U.S.&#160;registered closed-end funds that invest in the China
    region and with the base advisory fee of the Adviser. The Board
    also considered the terms and conditions of the Proposed
    Agreement and the nature, scope and quality of services that the
    Proposed Adviser is expected to provide to the Fund, including
    compliance services. The Board also based its decision on the
    following considerations, among others, although the Board did
    not identify any consideration that was all important or
    controlling, and each Director attributed different weights to
    the various factors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Nature, Extent and Quality of the Services provided by the
    Adviser.</I>&#160;&#160;The Board reviewed and considered the
    nature and extent of the investment management services to be
    provided by the Proposed Adviser under the Proposed Agreement.
    The Board also reviewed and considered the nature and extent of
    the non-investment management, administrative services to be
    provided by the Proposed Adviser under the Proposed Agreement.
    The Board determined that the Proposed Adviser appeared to be
    capable of providing the Fund with investment management and
    administrative services of above average quality.
</DIV>
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    <BR>
    11
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Performance, Fees and Expenses of the
    Fund.</I>&#160;&#160;The Board noted that the Proposed Adviser
    had not yet begun providing services to the Fund and, therefore,
    that there were limitations on the Board&#146;s ability to
    evaluate the Proposed Adviser&#146;s performance. Based,
    however, on the performance of the Proposed Adviser in managing
    a fund of Taiwan equity securities, the Board concluded that
    there was reason to believe that the Proposed Adviser could
    achieve above average performance over the long term in managing
    the Fund. The Board also considered that advisory fee rates
    under the Proposed Agreement would be lower than the base fee
    rate under the Current Agreement and, unlike the Current
    Agreement, would not increase under the Proposed Agreement if
    the Fund outperformed its benchmark. The Board also noted that
    other expenses of the Fund were not expected to increase as a
    result of the retention of the Proposed Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Economies of Scale.</I>&#160;&#160;The Board considered the
    economy of scale benefits that the Fund&#146;s stockholders
    would be afforded as the management fee rate under the Proposed
    Investment Management Agreement declines as the Fund&#146;s
    assets grow.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other Benefits of the Relationship.</I>&#160;&#160;The Board
    considered whether there were other benefits that the Proposed
    Adviser and its affiliates may derive from their relationship
    with the Fund and concluded that any such benefits were likely
    to be minimal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Resources of the Proposed Investment
    Adviser.</I>&#160;&#160;The Board considered whether the
    Proposed Adviser is financially sound and has the resources
    necessary to perform its obligations under the Proposed
    Agreement, noting that the Proposed Adviser appears to have the
    financial resources necessary to fulfill its obligations under
    the Proposed Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General Conclusions.</I>&#160;&#160;After considering and
    weighing all of the above factors, the Board concluded that it
    would be in the best interest of the Fund and its stockholders
    to approve the Proposed Agreement. In reaching this conclusion,
    the Board did not give particular weight to any single factor
    referenced above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    About the Proposed Adviser</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Martin Currie Inc., the Proposed Adviser, was incorporated in
    New York in 1978 and registered as an investment adviser under
    the Investment Advisers Act of 1940. Martin Currie, Inc. is part
    of the Martin Currie group which is an independent investment
    management business based in Edinburgh, Scotland managing
    US$19.1&#160;billion (as of December&#160;31, 2009)&#160;in
    specialist active equity portfolios for clients in Europe, North
    America and Asia. Martin Currie has 260&#160;employees worldwide
    and maintains 7 offices in 6 countries and territories. Martin
    Currie&#146;s principal offices are located at Saltire Court, 20
    Castle Terrace, Edinburgh, EH1 2ES, UK.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth certain information concerning
    the principal executive officer and each of the directors of
    Martin Currie Inc. Each of these persons is
</DIV>
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    <BR>
    12
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    located at Martin Currie&#146;s principal offices except
    Mr.&#160;Sandison who is located at 1350 Avenue of the Americas,
    Suite 3010, New York, NY 10019.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="68%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Position Held with Proposed Adviser</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Willie Watt
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Executive Officer, President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2001
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Grant Spence
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2010
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Jacqui Hughes
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Head of Risk and Compliance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2006
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Ralph Campbell
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Vice president Chief Finance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2005
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    James Fairweather
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Vice president Chief investment officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1997
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Tim Hall
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Vice president, Head of the investment floor
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2003
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Allan MacLeod
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Vice president, Managing director, sales, marketing and
    client&#160;service
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2003
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Jamie Sandison
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Vice president North American client services and sales
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2005
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Christine Montgomery
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director/Vice president, Portfolio manager, global
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2009
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below lists Martin Currie&#146;s non-executive
    directors. The address for all non-executive directors is
    Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2ES, UK.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="42%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adviser</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>or Employment</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David Watts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Non-Executive Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2002
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member, Martin Currie&#146;s audit, nominations and
    remunerations committees; Director, JP Morgan Income and Growth
    Trust; Consultant, Key Asset Management.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    John Gooch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Non-Executive Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Retired.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Richard DeMartini
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Non-Executive Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member, Martin Currie&#146;s remuneration committee; Chairman of
    the Board, Munder Capital Management; Director, FBR Capital
    Markets and Partners Capital.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Jeremy Sillem
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Non-Executive Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Member, Martin Currie&#146;s nominations committee; Managing
    Partner and Founder, Spencer House Partners.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David Shearer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Non-Executive Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chair, Martin Currie&#146;s audit committee; Chairman, Crest
    Nicholson; Deputy Chairman, Aberdeen New Dawn Investment Trust;
    Senior Independent Director, Renold, STV Group and Superglass
    Holdings; Director, Mithras Investment Trust and Scottish
    Financial Enterprise.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth certain information concerning
    the individual who is anticipated to serve as the Fund&#146;s
    portfolio manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="68%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Position Held with Proposed Adviser</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Chris Ruffle
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Portfolio Manager
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1994
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Required
    Vote</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 1940 Act requires that an investment advisory contract
    between an investment company and an investment adviser be in
    writing, that such contact specify, among other
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    things, the compensation payable to the adviser pursuant thereto
    and that such contracts be approved by the holders of a majority
    of the Fund&#146;s outstanding shares of common stock as defined
    in the 1940 Act and discussed below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approval of the Proposed Agreement will require the affirmative
    vote of a majority of the Fund&#146;s outstanding shares of
    common stock. As defined in the 1940 Act, a &#147;majority of
    the outstanding shares&#148; means the lesser of 67% of the
    voting securities present at the Annual Meeting of Stockholders,
    if a quorum is present, or 50% of the outstanding securities.
    For this purpose, both abstentions and broker non-votes will
    have the effect of a vote to disapprove the Proposed Agreement.
    If this proposal is not approved by stockholders, the Fund will
    continue under the Current Agreement while the Board of
    Directors considers other steps.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A form of the Proposed Agreement is attached as Appendix&#160;C.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE BOARD RECOMMENDS THAT THE SSTOCKHOLDERS VOTE &#147;FOR&#148;
    THE PROPOSAL&#160;TO APPROVE THE PROPOSED AGREEMENT BETWEEN THE
    FUND&#160;AND MARTIN CURRIE.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>


<!-- link1 "PROPOSAL 3 -- APPROVAL OF AN AMENDMENT TO THE FUND&#146;S RESTATED CERTIFICATE OF INCORPORATION, INCREASING THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK FROM 20,000,000 TO 100,000,000" -->


<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;3&#160;&#151;
    APPROVAL OF AN AMENDMENT TO THE FUND&#146;S RESTATED CERTIFICATE
    OF INCORPORATION, INCREASING THE NUMBER OF AUTHORIZED
    SHARES&#160;OF COMMON STOCK<BR>
    FROM 20,000,000 TO 100,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;20, 2010, the Board and all of the Independent
    Directors, voted to approve and recommend to stockholders an
    amendment to Article&#160;Fourth of the Fund&#146;s Restated
    Certificate of Incorporation to increase the number of
    authorized shares of Common Stock from 20,000,000 to 100,000,000
    (the &#147;Share Increase Amendment&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The text of the proposed amendment is set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    RESOLVED, that Article&#160;Fourth of the Fund&#146;s Restated
    Certificate of Incorporation be amended to read as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;FOURTH: Capital Stock. The total number of shares of stock
    which the Corporation shall have authority to issue is
    100,000,000&#160;shares of Common Stock, par value $.01 per
    share (&#147;Common Stock&#148;).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Share Increase Amendment will not change any other aspect of
    Article&#160;Fourth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At March&#160;5, 2010, the Fund had 18,575,112&#160;shares of
    Common Stock outstanding. The Board has determined that the
    1,424,888&#160;shares of presently authorized but unissued
    Common Stock may be insufficient to permit the Fund to pay
    dividends in stock or to make additional offerings of its Common
    Stock in order to raise cash to take advantage of certain
    investment opportunities, if and as they become available. The
    Fund has recently paid dividends in stock and also has a
    dividend reinvestment and cash purchase plan (the
    &#147;Plan&#148;) pursuant to which the Fund may issue
    additional shares to participants in the Plan. In addition, the
    Fund anticipates that it may, in the future, engage in equity
    offerings of its securities for cash through either rights
    offerings to existing stockholders or secondary public or
    private offerings, although the Fund does not have any current
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    plans to make any such additional offerings. In order to permit
    the Fund greater flexibility to effect stock dividends,
    authorize issuance pursuant to the Plan or issue additional
    shares of Common Stock from time to time in order to raise
    capital in public offerings, private offerings or rights
    offerings, as well as for other similar purposes, the Board of
    Directors considers it advisable that the Fund be in a position
    to issue up to approximately 81,424,888 additional shares
    without the requirement of stockholder approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of capital stock of the Fund do not have any preemptive
    rights to subscribe for or purchase any shares of capital stock
    of the Fund, which means that current stockholders do not have a
    prior right to purchase any new issue of Common Stock of the
    Fund in order to maintain their proportionate ownership.
    Consequently, the issuance of additional shares of capital stock
    may dilute the interest of a current stockholder if additional
    shares are issued at less than the then current net asset value
    and the stockholder does not purchase, or is not offered the
    opportunity to purchase, additional shares. Under the 1940 Act,
    the Fund is not permitted to issue additional shares below their
    then current net asset value except by means of a rights
    offering made to the Fund&#146;s stockholders. Pursuant to any
    such rights offering, each stockholder would be given the
    opportunity to purchase an additional number of shares such that
    the stockholder&#146;s proportionate interest in the Fund would
    not be diluted.
</DIV>


<!-- link2 "Required Vote" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Required
    Vote</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approval of the Share Increase Amendment will require the
    affirmative vote of a majority of the outstanding stock entitled
    to vote thereon. For this purpose, abstentions and broker
    non-votes will have the effect of a vote to disapprove the Share
    Increase Amendment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE BOARD RECOMMENDS THAT THE STOCKHOLDERS VOTE &#147;FOR&#148;
    THE SHARE INCREASE AMENDMENT.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"> GENERAL
    INFORMATION</FONT></B>
</DIV>


<!-- link2 "Officers of the Fund" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Officers
    of the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table provides information concerning the officers
    of the Fund. It is anticipated that if the Proposed Agreement is
    approved by stockholders, Mr.&#160;Chen and Ms.&#160;Louie will
    resign.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Officer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>or Employment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name, Address, and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Current Officers</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    *Andrew Chen (45)&#160;<BR>
    24<SUP style="font-size: 85%; vertical-align: top">th</SUP>/F,

    99 Tun<BR>
    Hwa South Road,<BR>
    Section&#160;2,<BR>
    Taipei, Taiwan ROC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    CEO, HSBC Global Asset Management (Taiwan) Limited  (November
    2004-present).
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Officer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>or Employment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name, Address, and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    *Adelina Louie (43)<BR>
    HSBC Global Asset Management<BR>
    (Hong Kong) Limited Level&#160;22<BR>
    HSBC Main Building<BR>
    1 Queen&#146;s Road Central, Hong Kong
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Secretary and Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Deputy Chief Operating Officer, Asia Pacific, HSBC Investments
    (Hong Kong) Limited (May 2006-present); Chief Operating Officer,
    HSBC Global Asset Management (Taiwan) Limited (March 2004-April
    2006).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Richard F. Cook, Jr. (59)<BR>
    Foreside Compliance Services, LLC <BR>
    Three Canal Plaza, Suite&#160;100 Portland, ME 04101
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employee of Foreside Fund Services, LLC (November 2005-January
    2006); Director of Foreside Compliance Services, LLC (January
    2006-present); Chief Compliance Officer, Guinness Atkinson Funds
    (November 2005-present); Chief Compliance Officer, Nomura
    Partners Funds, Inc. (April 2007-present); Founder and Managing
    Member of Northlake, LLC (2002-present).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    William C. Cox (43)<BR>
    2 Avenue de Lafayette,
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;Floor

    Boston, MA 02111
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Senior Director, State Street Bank and Trust
    Company (1997-present).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Elizabeth A. Watson (55)<BR>
    4 Copley Place,
    5<SUP style="font-size: 85%; vertical-align: top">th</SUP> Floor

    Boston, MA 02116
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Managing Counsel, State Street Bank and Trust
    Company (August 2007-present); Vice President and General
    Counsel (May 2004-July 2007), Quantitative Investment Advisors,
    Inc.; Clerk (July 2004-July 2007), Chief Legal Officer (January
    2007-July 2007), Chief Legal Officer (January 2007-July 2007),
    Chief Compliance Officer (July 2004-December 2005), Quantitative
    Group of Funds; President and General Counsel, U.S. Boston
    Capital Corporation (May 2004-July 2007).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Proposed New Officers</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    *Jamie Skinner (49)<BR>
    Martin Currie<BR>
    Investment Management Saltire Court<BR>
    20 Castle Terrance Edinburgh<BR>
    EH1 2ES<BR>
    Scotland United Kingdom
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Head of Client Services, Martin Currie Investment
    Management Limited (October 2004-present); President of the
    China Fund, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    *Chris Ruffle (51)<BR>
    Martin Currie<BR>
    Investment Management Limited <BR>
    Saltire Court <BR>
    20 Castle Terrace<BR>
    Edinburgh, EH12ES Scotland United Kingdom
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, MC China Limited (2006-present); Director, Heartland
    Capital Management Limited, (2006-present); Director, Martin
    Currie Investment Management Limited (1995-2006).
</TD>
</TR>
</TABLE>
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    16
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Officer<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>or Employment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name, Address, and Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Cynthia Morse-Griffin (34)<BR>
    Foreside Compliance Services, LLC<BR>
    Three Canal Plaza, Suite&#160;100 Portland, ME 04101
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Manager, Foreside Compliance Services, LLC (2008-present);
    Assistant Vice President, Citigroup Fund Services, LLC
    (2001-2008).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Elizabeth A. Watson (55)<BR>
    4 Copley Place,
    5<SUP style="font-size: 85%; vertical-align: top">th</SUP> Floor

    Boston, MA 02116
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Managing Counsel, State Street Bank and Trust
    Company (August 2007-present); Vice President and General
    Counsel (May 2004-July 2007), Quantitative Investment Advisors,
    Inc.; Clerk (July 2004-July 2007), Chief Legal Officer (January
    2007-July 2007), Chief Legal Officer (January 2007-July 2007),
    Chief Compliance Officer (July 2004-December 2005), Quantitative
    Group of Funds; President and General Counsel, U.S. Boston
    Capital Corporation (May 2004-July 2007).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Tracie A. Coop (33)<BR>
    4 Copley Place,
    5<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;Floor

    Boston, MA 02116
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Senior Counsel, State Street Bank and Trust
    Company (2007-present); Associate Counsel and Manager, Natixis
    Asset Management Advisors, L.P. (2006-2007); Associate Counsel,
    Natixis Asset Management Advisors, L.P. (2005-2006).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 17%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    &#094; </TD>
    <TD></TD>
    <TD valign="bottom">
    As of June&#160;2, 2008, HSBC Investment (Taiwan) Limited
    changed its name to HSBC Global Asset Management (Taiwan)
    Limited.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Officer is considered to be an &#147;interested person&#148; (as
    defined in the 1940 Act) of the Fund, of the Adviser or of the
    Proposed Adviser.</TD>
</TR>

</TABLE>


<!-- link2 "Fund Administration" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fund&#160;Administration</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    State Street Bank and Trust&#160;Company acts as Administrator
    to the Fund pursuant to an Administration Agreement between the
    Administrator and the Fund. The principal business address of
    the Administrator is State Street Financial Center, One Lincoln
    Street, Boston, Massachusetts 02111.
</DIV>


<!-- link2 "Audit Committee Report" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has reviewed and discussed the Fund&#146;s
    audited financial statements for the fiscal year ended
    August&#160;31, 2009 with management, the Adviser and Tait,
    Weller&#160;&#038; Baker LLP, the Fund&#146;s independent
    registered public accounting firm (&#147;Tait Weller&#148;), and
    has discussed with Tait Weller the matters required to be
    discussed by Statement on Auditing Standards No.&#160;114 (The
    Auditor&#146;s Communications with Those Charged with
    Governance, AU Section&#160;380), as may be modified or
    supplemented. The Audit Committee has received the written
    disclosures and letter from Tait Weller required by Public
    Company Accounting Oversight Board (&#147;PCAOB&#148;)
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rule&#160;3526 (Ethics and Independence Rule&#160;3526,
    Communications with Audit Committees Concerning Independence),
    as may be modified or supplemented, and has discussed with Tait
    Weller its independence. Based on the Audit Committee review and
    discussions referred to in the two preceding sentences, the
    Audit Committee recommended to the Board of Directors that the
    audited financial statements of the Fund for the fiscal year
    ended August&#160;31, 2009 be included in its annual report to
    stockholders and the Fund&#146;s annual report filed with the
    Securities and Exchange Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 27%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    M. Christopher Canavan, Jr., <I>Chairman of the Audit
    Committee</I>
</DIV>

<DIV align="left" style="margin-left: 27%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Joe O. Rogers, <I>Member of the Audit Committee</I>
</DIV>

<DIV align="left" style="margin-left: 27%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Anthony Kai Yiu Lo, <I>Member of the Audit Committee</I>
</DIV>

<DIV align="left" style="margin-left: 27%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael F. Holland, <I>Member of the Audit Committee</I>
</DIV>

<DIV align="left" style="margin-left: 27%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bing Shen, <I>Member of the Audit Committee</I>
</DIV>


<!-- link2 "Independent Registered Public Accounting Firm" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Independent
    Registered Public Accounting Firm</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tait Weller serves as the Fund&#146;s independent registered
    public accounting firm, auditing and reporting on the annual
    financial statements of the Fund and reviewing certain
    regulatory reports and the Fund&#146;s federal income tax
    returns. Tait Weller also performs other professional audit and
    certain allowable non-audit services, including tax services,
    when the Fund engages it to do so. Representatives of Tait
    Weller are expected to be available via telephone at the Meeting
    and will have an opportunity to make a statement if they desire.
    Such representatives are expected to be available to respond to
    appropriate questions at the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Audit Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2009 and August&#160;31, 2008, Tait Weller
    billed the Fund aggregate fees of US$57,700 and US$57,700,
    respectively, for professional services rendered for the audit
    of the Fund&#146;s annual financial statements and review of
    financial statements included in the Fund&#146;s annual report
    to stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Audit-Related Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2009 and August&#160;31, 2008, Tait Weller
    billed the Fund aggregate fees of US$6,800 and US$6,500,
    respectively, for assurances and related services that are
    reasonably related to the performance of the audit or review of
    the Fund&#146;s financial statements and are not reported under
    the section&#160;Audit Fees above. Audit-Related Fees represent
    procedures applied to the semi-annual financial statement
    amounts (reading the semi-annual report and valuation and
    existence procedures on investments) as requested by the
    Fund&#146;s audit committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2009 and August&#160;31, 2008, Tait Weller
    billed the Fund aggregate fees of US$13,200 and US$13,200,
    respectively, for professional services rendered for tax
    compliance, tax advice, and tax planning. The nature of the
    services comprising the Tax Fees was the review of the
    Fund&#146;s income tax returns and tax distribution requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>All Other Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2009 and August&#160;31, 2008, Tait Weller did
    not bill the Fund any fees for products and services other than
    those disclosed above.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Audit Committee Charter requires that the Audit
    Committee pre-approve all audit and non-audit services to be
    provided to the Fund by the Fund&#146;s independent registered
    public accounting firm; provided, however, that the pre-approval
    requirement with respect to non-auditing services to the Fund
    may be waived consistent with the exceptions provided for in the
    Exchange Act. All of the audit and tax services described above
    for which Tait Weller billed the Fund fees for the fiscal years
    ended August&#160;31, 2009 and August&#160;31, 2008 were
    pre-approved by the Audit Committee. For the fiscal years ended
    August&#160;31, 2009 and August&#160;31, 2008, the Fund&#146;s
    Audit Committee did not waive the pre-approval requirement of
    any non-audit services to be provided to the Fund by Tait Weller.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tait Weller did not bill any non-audit fees for services
    rendered to the Fund&#146;s Adviser, or any entity controlling,
    controlled by, or under the common control with the Adviser that
    provides ongoing services to the Fund, for the fiscal years
    ended August&#160;31, 2009 and August&#160;31, 2008.
</DIV>


<!-- link2 "Security Ownership of Certain Beneficial Owners" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Security
    Ownership of Certain Beneficial Owners</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is information with respect to persons who, to
    the knowledge of the management of the Fund, owned beneficially
    more than 5% of the Fund&#146;s outstanding shares as of
    January&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title Of Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Class</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    CEDE &#038; CO FAST<BR>
    P.O.&#160;Box&#160;20<BR>
    New York, New York 10004-9998
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    18,533,306&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    99.78%
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The shares held by Cede&#160;&#038; Co. include the accounts set
    forth below. This information is based on publicly available
    information such are Schedule&#160;13D and 13G disclosures filed
    with the SEC or other similar regulatory filings from foreign
    jurisdictions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title Of Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Class</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    City of London<BR>
    77 Gracechurch Street,<BR>
    London EC3V OAS England
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Has sole power to vote and dispose of 4,639,490&#160;shares.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    25.44%
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Lazard Asset Management LLC<BR>
    30 Rockefeller Plaza<BR>
    New York, New York 10112
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Has sole power to vote and dispose of 1,682,684&#160;shares.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    9.23%
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>


<!-- link2 "Section 16(a) Beneficial Ownership Reporting Compliance" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;16(a) of the Exchange Act requires that the
    Fund&#146;s officers and directors, and beneficial owners of
    more than 10% of any class of equity security registered
    pursuant to Section&#160;12 of the Exchange Act, make certain
    filings on a timely basis under Section&#160;16(a) of the
    Exchange Act. Based solely on a review of copies of such reports
    of ownership furnished to the Fund, the Fund believes that
    during the past fiscal year all of its officers, directors and
    greater than 10% beneficial holders complied with all
</DIV>
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    <BR>
    19
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    applicable filing requirements with one exception. As a result
    of an inadvertent administrative delay, a Form&#160;3 for
    Mr.&#160;Cox was filed late in March 2009.
</DIV>


<!-- link2 "Miscellaneous" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proxies will be solicited by mail and may be solicited in person
    or by telephone or facsimile or other electronic means, by
    officers of the Fund or personnel of the Adviser. The Fund has
    retained The Altman Group, Inc. to assist in the proxy
    solicitation. The total cost of proxy solicitation services,
    including legal and printing fees, is estimated at $48,000, plus
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses. The expenses connected with the solicitation of these
    proxies and with any further proxies which may be solicited by
    the Fund&#146;s officers or agents in person, by telephone or by
    facsimile or other electronic means will be borne by the Fund.
    The Fund will reimburse banks, brokers, and other persons
    holding the Fund&#146;s shares registered in their names or in
    the names of their nominees for their expenses incurred in
    sending proxy material to and obtaining proxies from the
    beneficial owners of such shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that sufficient votes in favor of the proposals set
    forth in the Notice of this Meeting are not received by
    April&#160;26, 2010, the persons named as attorneys in the
    enclosed proxy may propose one or more adjournments of the
    Meeting to permit further solicitation of proxies. Any such
    adjournment will require the affirmative vote of the holders of
    a majority of the shares present in person or by proxy at the
    session of the Meeting to be adjourned. The persons named as
    proxies in the enclosed proxy will vote in favor of such
    adjournment those proxies which they are entitled to vote in
    favor of the proposal for which further solicitation of proxies
    is to be made. They will vote against any such adjournment those
    proxies required to be voted against such proposal. The costs of
    any such additional solicitation and of any adjourned session
    will be borne by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No business other than as set forth herein is expected to come
    before the Meeting, but should any other matter requiring a vote
    of stockholders arise, the persons named in the enclosed proxy
    will vote thereon according to their best judgment in the
    interests of the Fund.
</DIV>


<!-- link2 "Stockholder Proposals" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Proposals</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to submit a stockholder proposal to be considered for
    inclusion in the Fund&#146;s proxy statement for the Fund&#146;s
    2011 Annual Meeting of Stockholders, stockholder proposals must
    be received by the Fund (addressed to The Taiwan Fund&#160;Inc.,
    <FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company, P.O.&#160;Box&#160;5049, 2
    Avenue de Lafayette, Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049)</FONT>
    not later than October&#160;28, 2010. Any stockholder who
    desires to bring a proposal at the Fund&#146;s 2011 Annual
    Meeting of Stockholders without including such proposal in the
    Fund&#146;s proxy statement, must deliver written notice thereof
    to the Secretary of the Fund (addressed to The Taiwan Fund,
    Inc.,
    <FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company, P.O.&#160;Box&#160;5049, 2
    Avenue de Lafayette,
</DIV>
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    <BR>
    20
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049),</FONT>
    not before January&#160;26, 2011 and not later than
    February&#160;25, 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By order of the Board of Directors,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Elizabeth A. Watson
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Assistant Secretary</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    P.O.&#160;Box&#160;5049
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2 Avenue de Lafayette,
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March&#160;12, 2010
</DIV>
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    <BR>
    21
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<!-- link1 "Appendix A" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Taiwan Fund, Inc. (the &#147;Fund&#148;)</FONT></B>
</DIV>


<!-- link1 "AMENDED AUDIT COMMITTEE CHARTER" -->


<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDED
    AUDIT COMMITTEE CHARTER</FONT></B>
</DIV>


<!-- link2 "I. Composition of the Audit Committee" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">I.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Composition
    of the Audit Committee</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall be composed of at least three
    Directors:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;each of whom shall not be an &#147;interested
    person&#148; of the Fund, as defined in Section&#160;2(a)(19) of
    the Investment Company Act of 1940, as amended, or an
    &#147;affiliated person&#148; of the Fund, as described in
    Section&#160;10A(m) of the Securities Exchange Act of 1934, as
    amended (the &#147;1934&#160;Act&#148;);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;each of whom shall not accept any consulting, advisory,
    or other compensatory fee from the Fund (other than fees for
    serving on the Board of Directors or any committee thereof) or
    have any other relationship to the Fund that may interfere with
    the exercise of such person&#146;s independence from the Fund
    and Fund management;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;each of whom shall otherwise satisfy the applicable
    independence requirements for any stock exchange or market
    quotation system on which Fund shares are listed or quoted;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;each of whom shall be financially literate, as such
    qualification is interpreted by the Board of Directors in its
    business judgment, or shall become financially literate within a
    reasonable period of time after his or her appointment to the
    Audit Committee;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;at least one of whom shall have accounting or related
    financial management expertise as the Board of Directors
    interprets such qualification in its business judgment.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall determine whether at least one member
    of the Audit Committee is a &#147;financial expert&#148; as
    defined in rules promulgated by the U.S.&#160;Securities and
    Exchange Commission (the &#147;SEC&#148;) under the
    Sarbanes-Oxley Act of 2002 and shall consider whether any member
    thereof serves on the audit committee of any other public
    companies.
</DIV>


<!-- link2 "II. Purposes of the Audit Committee" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">II.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Purposes
    of the Audit Committee</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee, in its capacity as a committee of the Board
    of Directors, is directly responsible for the appointment,
    compensation, retention and oversight of the Fund&#146;s
    independent accountants, including the resolution of
    disagreements regarding financial reporting between Fund
    management and such independent accountants. The Audit Committee
    should report regularly to the Board of Directors with respect
    to the matters described in Section&#160;III of this Audit
    Committee Charter. The Fund&#146;s independent accountants are
    required to report directly to the Audit Committee.
</DIV>


<!-- link2 "III. Responsibilities and Duties of the Audit Committee" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">III.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Responsibilities
    and Duties of the Audit Committee</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The policies and procedures of the Audit Committee shall remain
    flexible to facilitate its ability to react to changing
    conditions and to generally discharge its
</DIV>
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    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    functions. The following listed responsibilities describe areas
    of attention in broad terms.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To carry out its purposes, the Audit Committee shall have the
    following responsibilities and duties:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;to request information from the Fund&#146;s independent
    accountants which would be material to the Audit Committee
    regarding: (i)&#160;the independent accountant&#146;s
    registration with the Public Company Accounting Oversight Board
    (&#147;PCAOB&#148;) and (ii)&#160;the written findings of the
    PCAOB in connection with the PCAOB&#146;s inspection of the
    Fund&#146;s independent accountants;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;to preapprove all auditing services to be provided to
    the Fund by the Fund&#146;s independent
    accountants<SUP style="font-size: 85%; vertical-align: top">*</SUP>(;

</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;to pre-approve all non-auditing services, including tax
    services, to be provided to the Fund by the Fund&#146;s
    independent accountants; provided, however, that the preapproval
    requirement with respect to the provision of non-auditing
    services to the Fund by the Fund&#146;s independent accountants
    may be waived by the Audit Committee under the circumstances
    described in the
    1934&#160;Act<SUP style="font-size: 85%; vertical-align: top">**</SUP>(;

</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;to ensure that the Fund&#146;s independent accountants
    submit on a periodic basis to the Audit Committee a formal
    written statement delineating all relationships between such
    independent accountants and the Fund, consistent with PCAOB
    Rule&#160;3526, to actively engage in a dialogue with the
    Fund&#146;s independent accountants with respect to any
    disclosed relationships or services that may affect the
    objectivity and independence of such independent accountants,
    including relationships with or services provided to the
    Fund&#146;s other service providers, and, if deemed appropriate
    by the Audit Committee, to recommend that the Board of Directors
    take appropriate action in response to the report of such
    independent accountants to satisfy itself of the independence of
    such independent accountants;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;to receive and consider specific representations from
    the Fund&#146;s independent accountants with respect to the
    independence of such accountants, audit partner rotation, and
    conflicts of interest described in Section&#160;10A(l) of the
    1934&#160;Act, and to consider whether the provision of any
    non-audit services to the Fund by the Fund&#146;s independent
    accountants as described in Section&#160;III(c) of this Audit
    Committee Charter is compatible with maintaining the
    independence of those accountants;
</DIV>
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="text-align:justify; margin-left: 2%; margin-right: 0%; text-indent: -2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (*&#160;&#160;The Audit Committee may delegate to one or more
    designated members of the Audit Committee the authority to grant
    such preapprovals; provided, however, that the Audit Committee
    shall not delegate preapproval of the audit required by the 1934
    Act. The decisions of any member or members of the Audit
    Committee to whom such authority has been given shall be
    reported to the full Audit Committee at each of its scheduled
    meetings.
</DIV>

<DIV align="left" style="text-align:justify; margin-left: 2%; margin-right: 0%; text-indent: -2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (**&#160;The Audit Committee may delegate to one or more
    designated members of the Audit Committee the authority to grant
    such preapprovals. The decisions of any member or members of the
    Audit Committee to whom such authority has been given shall be
    reported to the full Audit Committee at each of its scheduled
    meetings.
</DIV>
<!-- XBRL Footnotes End -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;to review arrangements for annual and special audits
    and the scope of such audits with the Fund&#146;s independent
    accountants;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;to review and discuss the Fund&#146;s audited financial
    statements with Fund management;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;to discuss with the independent accountants those
    matters required by Statement of Accounting Standards
    No.&#160;114 relating to the Fund&#146;s financial statements,
    including, without limitation, any adjustment to such financial
    statements recommended by such independent accountants, or any
    other results of any audit;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to cause to be prepared and to review and submit any
    report, including any recommendation of the Audit Committee,
    required by SEC Rules to be included in the Fund&#146;s annual
    proxy statement;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;to review legal and regulatory matters presented by
    counsel and the Fund&#146;s independent accountants that may
    have a material impact on the Fund&#146;s financial statements;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;to establish and administer policies and procedures
    relating to: (i)&#160;the hiring of employees or former
    employees of the Fund&#146;s independent accountants; and
    (ii)&#160;the resolution of any disagreements between Fund
    management and the Fund&#146;s independent accountants regarding
    accounting
    <FONT style="white-space: nowrap">and/or</FONT>
    financial reporting policies and procedures;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;to consider with the Fund&#146;s independent
    accountants their comments with respect to the quality and
    adequacy of the Fund&#146;s accounting and financial reporting
    policies, practices and internal controls and management&#146;s
    responses thereto, including, without limitation, the effect on
    the Fund of any recommendation of changes in accounting
    principles or practices by management or the independent
    accountants;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;to receive and consider reports from the Fund&#146;s
    independent accountants regarding: (i)&#160;all critical
    accounting policies and practices to be used; (ii)&#160;all
    alternative treatments of financial information within generally
    accepted accounting principles that have been discussed with
    Fund management, ramifications of the use of such alternative
    disclosures and treatments, and the treatment preferred by the
    independent accountants; and (iii)&#160;other material written
    communications between the independent accountants and Fund
    management, such as any management letter or schedule of
    unadjusted differences;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;to receive reports from the principal executive officer
    and the principal financial officer, or persons performing
    similar functions, regarding: (i)&#160;all significant
    deficiencies in the design or operation of Fund internal
    controls that could adversely affect the Fund&#146;s ability to
    record, process, summarize, and report financial data and have
    identified for the Fund&#146;s independent accountants any
    material weaknesses in internal controls; (ii)&#160;any fraud,
    whether or not material, that involves Fund management or other
    employees who have a significant role in the Fund&#146;s
    internal controls; and (iii)&#160;whether or not there were
    significant changes in the Fund&#146;s internal controls or in
    other factors that could significantly affect the Fund&#146;s
    internal controls subsequent to the date of their evaluation,
    including any corrective actions with regard to significant
    deficiencies and material weaknesses;
</DIV>
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    <BR>
    A-3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (o)&#160;to establish procedures for: (i)&#160;the receipt,
    retention, and treatment of complaints received by the Fund
    regarding accounting, internal accounting controls, or auditing
    matters; and (ii)&#160;the confidential, anonymous submission of
    concerns regarding questionable accounting or auditing matters;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (p)&#160;to discuss with Fund management and the Fund&#146;s
    independent auditors policies with respect to risk assessment
    and risk management and the quality and adequacy of the
    Fund&#146;s internal controls and processes that could
    materially affect the Fund&#146;s financial statements and
    financial reporting;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (q)&#160;to assist the Fund, if necessary, in preparing any
    written affirmation or written certification required to be
    filed with any stock exchange on which Fund shares are listed;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (r)&#160;to at least annually, obtain and review a report by the
    independent auditor describing: the firm&#146;s internal
    quality-control procedures; any material issues raised by the
    most recent internal quality-control review, or peer review (if
    any peer review is conducted), of the firm, or by inquiry or
    investigation by governmental or professional authorities,
    within the preceding 5&#160;years, respecting one or more
    independent audits carried out by the firm, and any steps taken
    to deal with any such issue; and (to assess the auditor&#146;s
    independence) all relationships between the independent auditor
    and the Fund;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (s)&#160;to review and reassess the adequacy of this Charter on
    an annual basis and recommend any changes to the Board of
    Directors;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (t)&#160;to perform such other functions consistent with this
    Audit Committee Charter, the Fund&#146;s Certificate of
    Incorporation, the Fund&#146;s By-laws, and applicable law, as
    the Audit Committee or the Board of Directors deems necessary or
    appropriate.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In fulfilling their responsibilities under this Audit Committee
    Charter, it is recognized that members of the Audit Committee
    are not full-time employees of the Fund. As such, it is not the
    duty or responsibility of the Audit Committee or its members to
    conduct &#147;field work&#148; or other types of auditing or
    accounting reviews or procedures. Each member of the Audit
    Committee shall be entitled to rely on (i)&#160;the integrity of
    those persons and organizations inside and outside the Fund from
    which the Audit Committee receives information and (ii)&#160;the
    accuracy of the financial and other information provided to the
    Audit Committee by such persons or organizations, absent actual
    knowledge to the contrary (which actual knowledge shall be
    promptly reported to the Board of Directors).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund management is responsible for maintaining appropriate
    systems for accounting. The Fund&#146;s independent accountants
    are responsible for conducting a proper audit of the Fund&#146;s
    financial statements and are ultimately accountable to the Audit
    Committee. The Audit Committee has the ultimate authority and
    responsibility to select (subject, if applicable, to shareholder
    approval) and evaluate the Fund&#146;s independent accountants,
    to determine the compensation of the Fund&#146;s independent
    accountants and, where appropriate, to replace the Fund&#146;s
    independent accountants.
</DIV>
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    <BR>
    A-4
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link2 "IV. Meetings" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">IV.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Meetings</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall meet regularly with the Fund&#146;s
    independent accountants (outside the presence of Fund
    management) and at least once annually with the representatives
    of Fund management responsible for the financial and accounting
    operations of the Fund. The Audit Committee shall hold special
    meetings at such times as the Audit Committee believes
    appropriate. Members of the Audit Committee may participate in a
    meeting of the Audit Committee by means of conference call or
    similar communications equipment by means of which all persons
    participating in such meeting can hear each other.
</DIV>


<!-- link2 "V. Assistance from Fund Management; Authority to Engage Advisers; Funding" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">V.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Assistance
    from Fund&#160;Management; Authority to Engage Advisers;
    Funding</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The appropriate officers of the Fund shall provide or arrange to
    provide such information, data and services as the Audit
    Committee may request. The Audit Committee shall have the power
    and authority to take all action it believes necessary or
    appropriate to discharge its responsibilities, including the
    power and authority to retain independent counsel and other
    advisers. The Fund shall provide for appropriate funding, as
    determined by the Audit Committee as a committee of the Board of
    Directors, for payment of compensation to: (i)&#160;the
    Fund&#146;s independent accountants and (ii)&#160;any advisers
    employed by the Audit Committee under this Section&#160;V.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Adopted
    October&#160;20, 2003</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Revised July&#160;20, 2009</B>
</DIV>
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    <BR>
    A-5
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<!-- link1 "Appendix B" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;B</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Taiwan Fund, Inc.</FONT></B>
</DIV>


<!-- link1 "NOMINATING COMMITTEE CHARTER" -->


<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOMINATING
    COMMITTEE CHARTER</FONT></B>
</DIV>


<!-- link2 "Purpose of Committee" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Purpose
    of Committee</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the Nominating Committee (the
    &#147;Committee&#148;) of the Board of Directors (the
    &#147;Board&#148;) of The Taiwan Fund, Inc. (the
    &#147;Fund&#148;) is to recommend individuals to the Board for
    nomination as members of the Board and its committees. The
    Committee shall report to the Board on a regular basis and not
    less than once a year.
</DIV>


<!-- link2 "Committee Membership" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Committee
    Membership</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee shall consist solely of three or more members of
    the Board, each of whom is, in the business judgment of the
    Board, &#147;independent&#148; under the rules of the New York
    Stock Exchange, Inc. (the &#147;NYSE&#148;) and
    &#147;non-interested&#148; under the Investment Company Act of
    1940.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Members shall be appointed by the Board and shall serve at the
    pleasure of the Board and for such term or terms as the Board
    may determine. In appointing members of the Committee, the Board
    will take into consideration such factors as it deems
    appropriate including, but not limited to, judgment, skill,
    business experience and diversity.
</DIV>


<!-- link2 "Committee Structure and Operations" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Committee
    Structure and Operations</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board shall designate one member of the Committee as its
    chairperson. In the event of a tie vote on any issue, the
    chairperson&#146;s vote shall decide the issue. The Committee
    shall meet in person or telephonically at least once a year at a
    time and place determined by the Committee chairperson, with
    further meetings to occur when deemed necessary or desirable by
    the Committee or its chairperson. The Committee may request
    members of management or others to attend meetings and provide
    pertinent information as necessary.
</DIV>


<!-- link2 "Committee Duties and Responsibilities" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Committee
    Duties and Responsibilities</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are the duties and responsibilities of the
    Committee:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Make recommendations to the Board from time to time as
    to changes that the Committee believes to be desirable to the
    size of the Board.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Identify individuals believed to be qualified to become
    Board members, and to recommend to the Board the nominees to
    stand for election as directors at the annual meeting of
    stockholders or, if applicable, at a special meeting of
    stockholders. In the case of a vacancy in the office of a
    director (including a vacancy created by an increase in the size
    of the Board), the Committee shall recommend to the Board an
    individual to fill such vacancy either through appointment by
    the Board or through election by stockholders. In nominating
    candidates, the Committee shall take into consideration such
    factors as it deems appropriate. These factors may include
    judgment, skill, diversity, experience with businesses and other
    organizations of comparable size, the interplay of the
    candidate&#146;s experience with the experience of other Board
    members, requirements of the NYSE and the Securities and
    Exchange Commission (the &#147;SEC&#148;) to maintain a minimum
    number of
</DIV>
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    <BR>
    B-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    independent or non-interested directors, requirements of the SEC
    as to disclosure regarding persons with financial expertise on
    the Fund&#146;s audit committee and the extent to which the
    candidate generally would be a desirable addition to the Board
    and any committees of the Board. In the event the Fund is
    legally required, by contract or otherwise, to provide a third
    party with the ability to nominate a director, the selection and
    nomination of such director need not be subject to the
    Committee&#146;s review.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Identify Board members qualified to fill vacancies on
    any committee of the Board (including the Committee) and to
    recommend that the Board appoint the identified member or
    members to the respective committee. In nominating a candidate
    for committee membership, the Committee shall take into
    consideration the factors set forth in the charter of the
    committee, if any, as well as any other factors it deems
    appropriate, including without limitation the consistency of the
    candidate&#146;s experience with the goals of the committee, the
    interplay of the candidate&#146;s experience with the experience
    of other committee members, requirements of the NYSE for
    independent members to serve on the Fund&#146;s audit and
    compensation committees and the Committee, and requirements of
    the SEC as to disclosure regarding persons with financial
    expertise on the Fund&#146;s audit committee.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;To periodically review director and committee member
    compensation and recommend any appropriate changes in
    compensation to the Board.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;To fulfill any other duties or responsibilities
    expressly delegated to the Committee by the Board from time to
    time relating to the nomination of Board and committee members.
</DIV>


<!-- link2 "Performance Evaluation" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Performance
    Evaluation</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee shall produce and provide to the Board an annual
    performance evaluation of the Committee, which evaluation shall
    compare the performance of the Committee with the requirements
    of this charter and set forth the goals and objectives of the
    Committee for the upcoming year. The performance evaluation
    shall also recommend to the Board any improvements to the
    Committee&#146;s charter deemed necessary or desirable by the
    Committee. The performance evaluation by the Committee shall be
    conducted in such manner as the Committee deems appropriate. The
    report to the Board may take the form of an oral report by the
    chairperson of the Committee or any other member of the
    Committee designated by the Committee to make this report.
</DIV>


<!-- link2 "Delegation to Subcommittee" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Delegation
    to Subcommittee</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee may, in its discretion, delegate all or a portion
    of its duties and responsibilities to a subcommittee of the
    Committee.
</DIV>


<!-- link2 "Resources and Authority of the Committee" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Resources
    and Authority of the Committee</FONT></U></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committee shall have the resources and authority appropriate
    to discharge its duties and responsibilities, including the
    authority to retain counsel and other experts or consultants at
    the expense of the Fund. The Committee shall have the sole
    authority to select and retain a consultant or search firm, to
    terminate any consultant or search firm retained by it, and to
    approve the consultant or search firm&#146;s fees and other
    retention terms.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Adopted
    April&#160;25, 2003</FONT></B>
</DIV>
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    <BR>
    B-2
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<!-- link1 "Appendix C" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;C</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Taiwan Fund, Inc.</FONT></B>
</DIV>


<!-- link1 "INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    ADVISORY AND MANAGEMENT AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement, dated as of
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010] between THE TAIWAN FUND, INC., a corporation organized
    under the Delaware Laws of the United States with a registered
    office at
    <FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company, P.O.&#160;Box&#160;5049, 2
    Avenue de Lafayette, Boston, MA
    <FONT style="white-space: nowrap">02206-5409</FONT>
    (the &#145;&#145;<U>Fund</U>&#148;), and MARTIN CURRIE INC., a
    company incorporated in New York and registered as an investment
    adviser with the U.S.&#160;Securities and Exchange Commission
    and authorized and regulated by the Financial Services Authority
    of the United Kingdom, the regulator for financial services
    institutions in the United Kingdom (the &#147;FSA&#148;) (the
    &#147;<U>Investment Manager</U>&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is a closed-end, diversified management investment
    company registered under the Investment Company Act of 1940 (the
    &#147;<U>1940 Act</U>&#148;), the shares of common stock of
    which are registered under the Securities Exchange Act of 1934
    and listed on the New York Stock Exchange. The Fund&#146;s
    investment objective is long-term capital appreciation through
    investment primarily in securities of Republic of China
    companies listed on the Taiwan Stock Exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund desires to retain the Investment Manager to provide
    investment management services with respect to the Fund&#146;s
    assets, and the Investment Manager agrees to provide such
    services, based upon its professional investment judgment and
    within the scope of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NOW, THEREFORE, in consideration of the mutual covenants
    hereafter contained, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Appointment
    of Investment Manager</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Fund hereby employs the Investment Manager for the
    period and on the terms and conditions set forth herein, subject
    at all times to the supervision of the Board of Directors of the
    Fund (the &#147;<U>Board</U>&#148;), to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Make all investment decisions for the assets of the
    Fund (the &#147;<U>Fund Assets</U>&#148;) and to manage the
    investment and reinvestment of the Fund&#160;Assets in
    accordance with the investment objective and policies of the
    Fund, as such investment objective and policies are amended from
    time to time by the Board (or with the concurrence of the
    Fund&#146;s shareholders, in each case in accordance with the
    requirements of the 1940 Act), and subject always to the
    restrictions of the Fund&#146;s Certificate of Incorporation and
    By-Laws, as amended or restated from time to time. Should the
    Board at any time make any definite determination as to
    investment policy and notify the Investment Manager thereof, the
    Investment Manager shall be bound by such determination for the
    period, if any, specified in such notice or until similarly
    notified that such determination has been revoked. The
    Investment Manager shall vote the Fund&#146;s proxies in
    accordance with the
</DIV>
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    <BR>
    C-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund&#146;s proxy voting policies, which may be amended from
    time to time by the Board and communicated to the Investment
    Manager. The Investment Manager shall make such reports to the
    Board concerning such proxy voting as the Board may deem
    necessary or advisable and as may be required by rules and
    regulations under the 1940 Act. The Fund acknowledges that no
    assurance has been or can be provided that the investment
    objective of the Fund can or will be achieved. The Investment
    Manager shall take, on behalf of the Fund, all actions that the
    Investment Manager deems necessary to implement the investment
    policies of the Fund and to place all orders for the purchase or
    sale of portfolio securities for the Fund with brokers or
    dealers selected by the Investment Manager, and in connection
    therewith, the Investment Manager is authorized as agent of the
    Fund to give instructions to the custodians from time to time of
    the Fund&#160;Assets as to deliveries of securities and payments
    of cash for the account of the Fund. In connection with the
    selection of such brokers or dealers and the placing of such
    orders, the Investment Manager is directed at all times to seek
    to use its best efforts to obtain for the Fund the most
    favorable net results available (&#147;<U>best
    execution</U>&#148;). In using its best efforts to obtain for
    the Fund best execution, the Investment Manager shall consider
    all factors it deems relevant, including, by way of
    illustration, price, the size of the transaction, the nature of
    the market security, the amount of the commission, the timing of
    the transaction taking into account market prices and trends,
    the reputation, experience and financial stability of the broker
    or dealer involved and the quality of service rendered by the
    broker or dealer in other transactions. Subject to such policies
    as the Fund may communicate to the Investment Manager in
    writing, the Investment Manager shall not be deemed to have
    acted unlawfully or to have breached any duty created by this
    Agreement solely by reason of its having caused the Fund to pay
    a broker or dealer that provides brokerage and research services
    to the Investment Manager or its affiliates an amount of
    commission for effecting a portfolio investment transaction in
    excess of the amount of commission another broker or dealer
    would have charged for effecting that transaction, if the
    Investment Manager determines in good faith that such amount of
    commission was reasonable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Assist the administrator of the Fund, as requested, in
    the preparation of the Fund&#146;s periodic financial statements
    and in the valuation of the Fund&#160;Assets and the
    determination of its liabilities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Prepare and make available to the Fund pertinent
    research and statistical data;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Maintain or cause to be maintained for the Fund all
    books and records required under the 1940 Act, to the extent
    that such books and records are not maintained or furnished by
    administrators, custodians or other agents of the Fund;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;Provide the Fund with such other services and advice,
    consistent with the foregoing, as the Board may reasonably
    request.
</DIV>
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    <BR>
    C-2
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Investment Manager accepts such appointment and
    agrees during the term of this Agreement to render such
    services, to permit any of its managers, members, officers or
    employees to serve without compensation as directors or officers
    of the Fund if elected to such positions and to assume the
    obligations herein for the compensation herein provided. The
    Investment Manager shall for all purposes herein provided be
    deemed to be an independent contractor and, unless otherwise
    expressly provided or authorized, shall have no authority to act
    for or represent the Fund in any way or otherwise be deemed an
    agent of the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Compensation</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the services and facilities described in Section&#160;1, the
    Fund agrees to pay to the Investment Manager, a fee in
    U.S.&#160;dollars in accordance with the schedule set forth as
    Exhibit&#160;A hereto. For the month and year in which this
    Agreement becomes effective or terminates, there shall be an
    appropriate proration on the basis of the number of days that
    this Agreement is in effect during such month and year,
    respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Investment
    in Fund&#160;Stock</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Manager agrees that it will not make a short sale
    of any shares of the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Non-Exclusivity
    of Services</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nothing herein shall be construed as prohibiting the Investment
    Manager or any of its affiliates from providing investment
    advisory services to, or entering into investment advisory
    agreements with, any other clients (including other registered
    investment companies), including clients which may invest in
    Taiwanese or Chinese equity securities, so long as the
    Investment Manager&#146;s services to the Fund pursuant to this
    Agreement are not materially impaired thereby, except that,
    without the prior written consent of the Fund the Investment
    Manager may not act as the investment adviser or investment
    manager to any other investment company that is listed on the
    New York Stock Exchange and that has the same investment
    strategy as the Fund. The Investment Manager is not obligated to
    purchase or sell for the Fund any security which the Investment
    Manager or its affiliates may purchase or sell for their own
    accounts or the accounts of other clients.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Standard
    of Care; Indemnification</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Manager may rely on information reasonably
    believed by it to be accurate and reliable. Neither the
    Investment Manager nor its officers, managers, members,
    employees, agents or controlling persons (as defined in the 1940
    Act) shall be subject to any liability for any act or omission,
    error of judgment or mistake of law, or for any loss suffered by
    the Fund, in the course of, connected with or arising out of any
    services to be rendered hereunder except by reason of willful
    misfeasance, bad faith or gross negligence on the part of the
    Investment Manager in the performance of its duties or by reason
    of reckless disregard on the part of the Investment Manager of
    its
</DIV>
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    <BR>
    C-3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    obligations and duties under this Agreement. Any person, even
    though also employed by the Investment Manager, who may be or
    become an employee of the Fund shall be deemed, when acting
    within the scope of his employment by the Fund, to be acting in
    such employment solely for the Fund and not as an employee or
    agent of the Investment Manager. In no event shall the
    Investment Manager have any responsibility for the acts or
    omissions of any other adviser of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund shall indemnify and hold harmless the Investment
    Manager, its officers, managers, members, employees, agents,
    controlling persons or other affiliates (each, an
    &#147;<U>Indemnified Party</U>&#148;) for any losses, costs and
    expenses incurred or suffered by any Indemnified Party arising
    from any action, proceeding or claims that may be brought
    against such Indemnified Party in connection with the
    performance or non-performance of its functions under this
    Agreement, except for such losses, costs and expenses resulting
    from willful misfeasance, bad faith or gross negligence in the
    performance of such Indemnified Party&#146;s duties or from
    reckless disregard on the part of such Indemnified Party of such
    Indemnified Party&#146;s obligations and duties under this
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Allocation
    of Charges and Expenses</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Investment Manager shall assume and pay for
    maintaining its staff and personnel and shall at its own expense
    provide the equipment, office space and facilities necessary to
    perform its obligations hereunder. The Investment Manager shall
    pay the salaries and expenses of such of the Fund&#146;s
    officers and employees and any fees and expenses of such of the
    Fund&#146;s directors who are managers, members, officers or
    employees of the Investment Manager or any of its affiliates,
    <I>provided</I>, <I>however</I>, that the Fund, and not the
    Investment Manager, shall bear travel expenses or an appropriate
    fraction thereof of directors and officers of the Fund who are
    managers, members, officers or employees of the Investment
    Manager to the extent that such expenses relate to attendance at
    meetings of the Board or any committee thereof, and
    <I>provided</I>, <I>further</I>, that such expenses are incurred
    in accordance with the Fund&#146;s travel policy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;In addition to the fee of the Investment Manager, the
    Fund shall assume and pay the following expenses: legal fees and
    expenses of counsel to the Fund; auditing and accounting
    expenses; taxes and governmental fees; New York Stock Exchange
    listing fees; dues and expenses incurred in connection with
    membership in investment company organizations; fees and
    expenses of the Fund&#146;s custodian,
    <FONT style="white-space: nowrap">sub-custodian,</FONT>
    transfer agents and registrars; fees and expenses with respect
    to administration, except as may be herein expressly provided
    otherwise; expenses for portfolio pricing services by a pricing
    agent, if any; expenses of preparing share certificates and
    other expenses in connection with the issuance, offering and
    underwriting of shares issued by the Fund; expenses relating to
    investor and public relations; expenses of registering or
    qualifying securities of the Fund for public sale; freight,
    insurance and other charges in connection with the shipment of
    the Fund&#146;s portfolio securities; brokerage commissions or
    other costs of acquiring or disposing of any portfolio holding
    of the Fund; expenses of preparation and distribution of
    reports, notices and dividends to shareholders; expenses of the
    Fund&#146;s
</DIV>
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    <BR>
    C-4
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<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    dividend reinvestment and cash purchase plan; costs of
    stationery; any litigation expenses; and costs of
    stockholder&#146;s and other meetings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Potential
    Conflicts of Interest.</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Subject to applicable statutes and regulations,
    managers, members, officers, employees, agents or owners of the
    Investment Manager may be interested in the Fund as a director,
    officer, agent or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;If the Investment Manager considers the purchase or
    sale of securities for the Fund and other advisory clients of
    the Investment Manager at or about the same time, transactions
    in such securities shall be made for the Fund and such other
    clients in accordance with the Investment Manager&#146;s trade
    allocation procedures, as they may be amended from time to time
    and approved by the Board.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Compliance
    with FSA requirements</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for the Investment Manager to comply with the
    requirements of the FSA, the Fund and the Investment Manager
    will execute a Terms of Business Letter, as such term is defined
    under the FSA rules. The Terms of Business Letter will serve as
    the Fund&#146;s acknowledgement that the Investment Manager has
    made to the Fund certain prescribed disclosures as required by
    the FSA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Duration
    and Termination</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;This Agreement shall be effective for a period of two
    (2)&#160;years from the date hereof and shall continue in effect
    from year to year thereafter, <I>provided </I>that such
    continuance is specifically approved at least annually by
    (i)&#160;a majority of the members of the Board who are neither
    parties to this Agreement nor interested persons of the Fund or
    of the Investment Manager or of any entity regularly furnishing
    investment advisory services with respect to the Fund pursuant
    to an agreement with the Investment Manager, cast in person at a
    meeting called for the purpose of voting on such approval, and
    (ii)&#160;separately by the Board (all directors voting) or by
    vote of a majority of the Fund&#146;s outstanding voting
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;This Agreement may nevertheless be terminated at any
    time, without payment of penalty, by the Investment Manager or
    by the Fund acting pursuant to a vote of the Board or by vote of
    a majority of the Fund&#146;s outstanding securities upon sixty
    (60)&#160;days&#146; written notice. This Agreement shall
    automatically be terminated in the event of its assignment,
    <I>provided</I>, <I>however</I>, that a transaction that does
    not, in accordance with the 1940 Act and applicable rules
    thereunder, result in a change of actual control or management
    of the Investment Manager&#146;s business shall not be deemed to
    be an assignment for the purposes of this Agreement. This
    Agreement shall automatically be terminated if the Investment
    Manager ceases to be a member of the FSA or any successor
    organization. In addition, this Agreement shall be terminated
    upon proper notice if the Investment Manager is required to
    terminate the Agreement on the FSA&#146;s instructions.
</DIV>
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    <BR>
    C-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Termination of this Agreement shall not (i)&#160;affect
    the right of the Investment Manager to receive payments of any
    unpaid balance of the compensation described in Section&#160;2
    earned prior to such termination or (ii)&#160;extinguish the
    Investment Manager&#146;s right of indemnification under
    Section&#160;5.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, the terms &#147;interested person,&#148;
    &#147;assignment&#148; and &#147;vote of a majority of the
    outstanding voting securities&#148; shall have the meanings set
    forth in the 1940 Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Amendment</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement may be amended by mutual agreement, <I>provided
    </I>that if required by the 1940 Act or other applicable law any
    such amendment shall only become effective after the affirmative
    vote of (i)&#160;the holders of a majority of the outstanding
    voting securities of the Fund and (ii)&#160;a majority of the
    members of the Board who are not interested persons of the Fund
    or of the Investment Manager, cast in person at a meeting called
    for the purpose of voting on such approval.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement shall be governed by and construed in accordance
    with the laws of the State of New York, <I>provided</I>,
    <I>however</I>, that nothing herein shall be construed in a
    manner inconsistent with the 1940 Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Notices</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any communication hereunder must be in writing and must be made
    by letter, telex or facsimile. Any communication or document to
    be made or delivered by one person to another pursuant to this
    Agreement shall (unless that other person has by fifteen
    (15)&#160;days&#146; notice to the other specified another
    address) be made or delivered to that other person at the
    following relevant address:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If to the Investment Manager:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Martin Currie Inc.
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Saltire Court
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    20 Castle Terrace
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Edinburgh
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EH1 2ES
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Jamie Skinner
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone No.: +44 131 459 5854 / +44 782 597 1438
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Facsimile No.: +44 131 222 2553
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With copies to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ropes&#160;&#038; Gray
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One International Place
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02110
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: George Braxton Raine
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-6
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone No.: 617 951 7000
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Facsimile No.: 617 951 7050
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If to the Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Taiwan Fund, Inc.
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">c/o&#160;State</FONT>
    Street Bank and Trust&#160;Company
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    P.O.&#160;Box&#160;5409
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2 Avenue de Lafayette, Boston, MA
    <FONT style="white-space: nowrap">02206-5409</FONT>
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Elizabeth A. Watson, Assistant Secretary
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone No.:
    <FONT style="white-space: nowrap">617-662-1118</FONT>
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Facsimile No.:
    <FONT style="white-space: nowrap">617-662-3805</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With copies to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clifford Chance US LLP
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    31&#160;West 52nd Street
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, New York
    <FONT style="white-space: nowrap">10019-6131</FONT>
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Leonard Mackey,&#160;Esq.
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone No.:
    <FONT style="white-space: nowrap">(212)&#160;878-8000</FONT>
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Facsimile No.:
    <FONT style="white-space: nowrap">(212)&#160;878-8375</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and shall, if made by letter, be deemed to have been received
    when delivered by hand or if sent by mail within ten
    (10)&#160;days if the letter is sent by first class mail, and
    shall, if sent by facsimile, be deemed to have been received
    upon production of a transmission report by the machine from
    which the facsimile was sent indicating that the facsimile was
    sent in its entirety to the facsimile number of the recipient
    and provided that a hard copy of the notice so served by
    facsimile is posted that same day as the notice was served by
    electronic means.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Jurisdiction</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each party hereto irrevocably agrees that any suit, action or
    proceeding against either of the Investment Manager or the Fund
    arising out of or relating to this Agreement shall be subject to
    the jurisdiction of the United States District Court for the
    Southern District of New York or the Supreme Court of the State
    of New York, New York County, and each party hereto irrevocably
    submits to the jurisdiction of each such court in connection
    with any such suit, action or proceeding. Each party hereto
    waives any objection to the laying of venue of any such suit,
    action or proceeding in either such court, and waives any claim
    that such suit, action or proceeding has been brought in an
    inconvenient forum. Each party hereto irrevocably consents to
    service of process in connection with any such suit, action or
    proceeding by mailing a copy thereof by registered or certified
    mail, postage prepaid, to its address as set forth in this
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Representation
    and Warranty of the Investment Manager</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Manager represents and warrants that it is duly
    registered as an investment adviser under the
    U.S.&#160;Investment Advisers Act of 1940 and duly licensed by
</DIV>
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    <BR>
    C-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the FSA and that it will use its reasonable efforts to maintain
    effective such registration and license during the term of this
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Representation
    and Warranty of the Fund</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund represents and warrants that it has full legal right to
    enter into this Agreement and to perform the obligations
    hereunder and that it has obtained all necessary consents and
    approvals to enter into this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">16.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Provision
    of Certain Information by the Fund</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund shall furnish the Investment Manager with copies of the
    Fund&#146;s Certificate of Incorporation, By-Laws and
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2,</FONT>
    as amended or restated from time to time, any press releases
    made by the Fund and any reports made by the Fund to its
    shareholders, as soon as practicable after such documents become
    available. The Fund shall furnish the Investment Manager with
    any further documents, materials or information that the
    Investment Manager may reasonably request to enable it to
    perform its duties pursuant to this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">17.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Press
    Releases, Reports, Other Disclosures</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any reports, press releases or other disclosures made by the
    Fund that contain statements about the management of assets by
    the Investment Manager shall be subject to the prior approval of
    the Investment Manager.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">18.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Severability</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any provision of the Agreement is determined by a court of
    competent jurisdiction to be invalid or unenforceable, such
    finding shall not affect the validity or enforceability of the
    remaining portions of this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">19.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Counterparts</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement may be executed in two or more counterparts, each
    of which shall be deemed an original but all of which together
    shall constitute one and the same instrument.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">20.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Captions</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The captions in this Agreement are included for convenience of
    reference only and in no way define any of the provisions hereof
    or otherwise affect their construction or effect.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN WITNESS WHEREOF, the parties have executed this Agreement by
    their officers thereunto duly authorized as of the day and year
    first written above.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Taiwan Fund, Inc.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;
</TD>
    <TD align="left">

</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Harvey Chang
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="10%"></TD>
    <TD width="37%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chairman, Board of Directors
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Martin Currie Inc.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;
</TD>
    <TD align="left">

</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="10%"></TD>
    <TD width="37%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 78%; margin-left: 11%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "EXHIBIT A" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;A</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Manager shall receive a fee for its services
    under the Agreement, computed daily and payable monthly, at the
    annual rate of 0.90% on the first $150&#160;million in total net
    assets under management, 0.80% on the next $150&#160;million in
    total net assets under management and 0.70% on total net assets
    under management over $300&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net asset value of the Fund&#160;Assets shall be determined
    in the manner provided in the Fund&#146;s Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;N-2.</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;BACK OF CARD&#093;
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 225pt">IF YOU HAVE NOT VOTED VIA THE INTERNET <U>OR</U> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN<BR>
THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 80pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Proxy &#150; THE TAIWAN FUND, INC.</B>
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 11pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
ANNUAL MEETING OF STOCKHOLDERS &#150; April&nbsp;26, 2010</B>

</DIV>
<DIV align="justify" style="font-size: 11pt; margin-top: 28pt">The undersigned hereby appoints Joe O. Rogers, Michael F. Holland and Elizabeth A. Watson, and
each of them, the proxies of the undersigned, with full power of substitution to each of them, to
vote all shares of The Taiwan Fund, Inc. which the undersigned is entitled to vote at the Annual
Meeting of Stockholders of The Taiwan Fund, Inc. to be held at the offices of Clifford Chance US
LLP, 31 West 52<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Street, New York, New York 10019, on Monday, April&nbsp;26, 2010 at 10:30
a.m., local time, and at any adjournments thereof, unless otherwise specified in the boxes provided
on the reverse side hereof, for the election of the directors named on the reverse side, for the
approval of the Investment Advisory and Management Agreement, for the approval of the amendment to
the Fund&#146;s Restated Certificate of Incorporation and in their discretion, on any other business
which may properly come before the Meeting or any adjournments thereof. The undersigned hereby
revokes all proxies with respect to such shares heretofore given. The undersigned acknowledges
receipt of the Proxy Statement dated March&nbsp;12, 2010.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 8pt"><B>PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FRONT OF CARD&#093;
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 0pt"><B>THE TAIWAN FUND, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 30%; margin-top: 6pt"><B>Electronic Voting Instructions<BR>
You can vote by Internet or telephone!<BR>
Available 24 hours a day, 7&nbsp;days a week!</B><BR>
Instead of mailing your proxy, you may choose one of the two voting<BR>
methods outlined below to vote your proxy.<BR>
VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR<BR>
<B>Proxies submitted by the Internet or telephone must be received by<BR>
1:00 a.m. Central Time, on April&nbsp;26, 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 30%; margin-top: 6pt"><B>Vote by Internet</B>
</DIV>


<DIV style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Log on to the Internet and go to <B>www.envisionreports.com/TWN</B></TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the steps outlined on the secure website.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 30%; margin-top: 6pt"><B>Vote by Telephone</B>
</DIV>


<DIV style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Call toll free 1-800-652-VOTE (8683)&nbsp;within the United
States, Canada &#038; Puerto Rico any time on a touch tone phone.
There is <B>NO CHARGE </B>to you for the call.</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided by the recorded message.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 10pt">Using a <U><B>black ink</B></U> pen, mark your votes with an <B>X </B>as shown in<BR>
this example. Please do not write outside of the designated areas.

</DIV>
<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><B>Annual Meeting Proxy Card</B>
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">IF YOU HAVE NOT VOTED VIA THE INTERNET <U>OR</U> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH
AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 11pt"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Proposals &#150; The Board of Directors recommends a vote </B><B><U>FOR</U> all the nominees listed
and </B><B><U>FOR</U> Proposals 2 and 3.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors.
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="left"><B>For</B></TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD nowrap align="left"><B>Withhold</B></TD>


    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Withhold</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">01 - Harvey Chang*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02 - Michael F.<br>
Holland*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03 - Christina Liu*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">04 - Joe O. Rogers*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05 - Bing Shen*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>06 - M. Christopher<br>
Canavan, Jr.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">07 - Anthony<br>
Kai Yiu Lo*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" valign="top" align="left">* Each to serve as directors of The Taiwan Fund, Inc. for the next year or until their successors are
elected and qualified.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="justify" style="margin-left:0px; text-indent:-0px">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval of
the Investment
Advisory and
Management
Agreement between
the Fund and Martin
Currie Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="justify" style="margin-left:0px; text-indent:-0px">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval of
an amendment to the
Fund&#146;s Restated
Certificate of
Incorporation,
increasing the
number of
authorized shares
of Common Stock
from 20,000,000 to
100,000,000.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 11pt"><B>B</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Voting Items</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size:6pt">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Change of Address </B>&#150; Please print new address below.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Comments </B>&#150; Please print your comments below.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size:3pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000; border-right: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>

    <TD style="border-right: 0px solid #000000">&nbsp;<br>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000"><br>&nbsp;&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>


    <TD style="border-right: 1px solid #000000">&nbsp;</TD>

    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 6pt"><B>C</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Authorized Signatures &#150; This section must be completed for your vote to be counted. &#150; Date
and Sign Below</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing
as an attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please
give full title.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size:3pt">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="border: 0px solid #000000">Date (mm/dd/yyyy) &#150; Please print date below.&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="border: 0px solid #000000">Signature 1 &#150; Please keep signature within box.&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="border: 0px solid #000000">Signature 2 &#150; Please keep signature within box.
&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 3pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="border: 1px solid #000000">&nbsp;<br>&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="border: 1px solid #000000">&nbsp;<br>&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="border: 1px solid #000000">&nbsp;<br>&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</HTML>
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