<SEC-DOCUMENT>0000950123-11-025594.txt : 20110315
<SEC-HEADER>0000950123-11-025594.hdr.sgml : 20110315
<ACCEPTANCE-DATETIME>20110315165017
ACCESSION NUMBER:		0000950123-11-025594
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20110311
FILED AS OF DATE:		20110315
DATE AS OF CHANGE:		20110315
EFFECTIVENESS DATE:		20110315

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:		11689088

	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>b85522a1def14a.htm
<DESCRIPTION>THE TAIWAN FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>The Taiwan Fund, Inc.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>
<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. )</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="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Filed by the Registrant</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><FONT style="font-family: Wingdings">&#254;</FONT></B></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Filed by a party other than the Registrant</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><FONT style="font-family: Wingdings">&#111;</FONT></B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><FONT style="font-family: Wingdings">&#111;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Preliminary Proxy Statement</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><FONT style="font-family: Wingdings">&#111;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><FONT style="font-family: Wingdings">&#254;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Definitive Proxy Statement</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><FONT style="font-family: Wingdings">&#111;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Definitive Additional Materials</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><FONT style="font-family: Wingdings">&#111;</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Soliciting Material Pursuant to &#167;240.14a-12</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B><FONT style="border-bottom: 0px solid #000000">THE TAIWAN FUND, INC.</FONT></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified in Its Charter)<br>
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(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 align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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="4%" 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 align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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="4%" 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: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">

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

<DIV style="margin-top: 6pt; 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: transparent">
    <B>c/o State Street Bank and Trust Company,</B>
</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: transparent">
    <B>P.O. Box 5049, 2 Avenue de Lafayette,</B>
</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: transparent">
    <B>Boston, Massachusetts 02206-5049</B>
</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: transparent">
    <B>For questions about the Proxy Statement, please call (877)
    864-5056</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: transparent">

    <FONT style="font-family: 'Times New Roman', Times">March&#160;11,
    2011
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; 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: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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;25, 2011.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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; and (2)&#160;the approval of an amendment
    to the Fund&#146;s investment limitations to permit the Fund to
    engage in securities lending.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    FOLLOW-UP 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Thank you very much for your assistance.
</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: transparent">
    Sincerely,
</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: transparent">
    <FONT style="font-variant: SMALL-CAPS">Harvey Chang
    </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: transparent">
    <I>Chairman</I>
</DIV>
<!-- XBRL Pagebreak Begin -->

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

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<!-- TOC -->
<A name="B85522toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#B85522000">Notice of the Annual Meeting of Stockholders</A></TD></TR>
<TR><TD colspan="9"><A HREF="#B85522001">PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#B85522002">IMPORTANT INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#B85522003">PROPOSAL 1 -- ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#B85522004">PROPOSAL 2 -- APPROVAL OF AN AMENDMENT TO THE FUND&#146;S INVESTMENT LIMITATIONS TO PERMIT THE FUND TO ENGAGE IN SECURITIES LENDING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#B85522005">GENERAL INFORMATION</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<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: transparent">
    <B><FONT style="font-size: 14pt">THE TAIWAN FUND, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

<!-- link1 "Notice of the Annual Meeting of Stockholders" -->
<DIV align="left"><A NAME="B85522000"></A></DIV>
<B><FONT style="font-size: 12pt">
    Notice of the Annual Meeting of Stockholders</FONT></B>
</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: transparent">
    <B><FONT style="font-size: 12pt">April&#160;25, 2011</FONT></B>
</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: transparent">
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>&#160;Street,

    New York, New York 10019, on Monday, April&#160;25, 2011 at
    10:30&#160;a.m., local time, for the following purposes:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To elect six directors to serve for the ensuing year.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;To approve an amendment to the Fund&#146;s investment
    limitations to permit the Fund to engage in securities lending.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To transact such other business as may properly come
    before 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has fixed the close of business on
    March&#160;4, 2011 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
    MATERIALS FOR THE MEETING ON APRIL 25, 2011: </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: transparent">
    By order of the Board of Directors
</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: transparent">
    <FONT style="font-variant: SMALL-CAPS">Tracie A. Coop
    </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: transparent">
    <I>Secretary</I>
</DIV>

<DIV style="margin-top: 48pt; 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: transparent">
    March&#160;11, 2011
</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
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<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: transparent">

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="B85522001"></A></DIV>
<B><FONT style="font-size: 12pt">
    PROXY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">
    <B>THE TAIWAN FUND, INC.</B>
</DIV>

<DIV style="margin-top: 6pt; 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: transparent">
    <B>INTRODUCTION</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;Street, New York, New York 10019, on Monday,
    April&#160;25, 2011 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Proxy Statement and the form of proxy card are being mailed
    to stockholders on or about March&#160;11, 2011. 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 and for the amendment to the
    Fund&#146;s investment limitations to permit the Fund to engage
    in securities lending, 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 and 2 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
    Proposal&#160;2.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors has fixed the close of business on
    March&#160;4, 2011 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 18,575,214&#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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Management of the Fund knows of no business other than those
    mentioned in Proposals&#160;1 and 2 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The Fund will furnish, without charge, a copy of its annual
    report for its fiscal year ended August&#160;31, 2010 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>


<!-- link1 "IMPORTANT INFORMATION" -->
<DIV align="left"><A NAME="B85522002"></A></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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 </B>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    <B>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>Find People&#160;&#038; Offices. </I>Next,
    select <I>New York </I>from the drop down menu for office. Click
    on <I>View Office Details</I>. Finally, click on <I>View Map
    </I>to see a map of the location. You may also obtain directions
    by calling 1-212-878-8000.
</DIV>


<!-- link1 "PROPOSAL 1 -- ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="B85522003"></A></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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Persons named in the accompanying form of proxy intend in the
    absence of contrary instruction to vote all proxies for the
    election of the six 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>

<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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;Complex&#148; overseen by the Directors. The
    &#147;Fund&#160;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: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=05 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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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: 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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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: 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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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: 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 colspan="2" nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</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: 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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Companies or Funds</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <B>Independent Current Directors</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" 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.&#160;(71) <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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2003
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Independent Consultant (2000-2010).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director and Chairman of the Board, Bruker Corp.
    <FONT style="white-space: nowrap">(2001-2007).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Harvey Chang (59)<BR>
    21/F, No. 172-1, Section 2,<BR>
    Ji-Lung Road<BR>
    Taipei, Taiwan, ROC 106
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of<BR>
    the Board<BR>
    (since July 2005)<BR>
    and Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2005
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman, Taiwan Fixed Network Ltd. (December
    2010&#160;&#151; present); President and Chief Executive
    Officer, Taiwan Mobile Company Limited (September 2003-December
    2010).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, CX Technology Corp.; Director, Lite-On Technology
    Corp.; Director, Taiwan Mobile Co. Ltd.
    <FONT style="white-space: nowrap">(2006-2010)</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael F. Holland (66)<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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Holland &#038; Company LLC (1995-present).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, The Holland Balanced Fund, Inc., The China Fund, Inc.
    and Reaves Utility Income Fund; Trustee, State Street Master
    Funds and State Street Institutional Investment Trust;
    Blackstone GSO Floating Rate Fund, Inc.
</TD>
</TR>
</TABLE>
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    <BR>
    2
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<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=05 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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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: 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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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: 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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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: 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 colspan="2" nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</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: 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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Companies or Funds</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Anthony Kai Yiu Lo (62)<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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2003
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Shanghai-Century Capital Ltd. (January 2009-present);
    Chairman and Co-CEO, Shanghai Century Acquisition Inc.
    (January&#160;2006-March&#160;2009); Director, Prime Credit Ltd.
    /Advantage Ltd.
    <FONT style="white-space: nowrap">(2004-January</FONT>
    2006); Founder and Managing Director, Prime Credit Ltd.
    (2001-January 2006).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Independent Non-Executive Director and Chairman of the Audit
    Committee, Mecox Lane Limited (October 2010-present); Director,
    Bosera China Fund plc (October 2010-present).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Joe O. Rogers,&#160;Ph.D. (62)<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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1986
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Rogers International LLC (investment
    consultation)(July 2001-present); Visiting Professor Fudan
    University School of Management (August 2010&#160;&#151;
    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 (61)<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="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</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 and Chairman of the Audit Committee, CTCI
    Corporation; Director, Delta Networks, Inc., Independent
    Director, Far Eastern International Bank.
</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: transparent">

</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Leadership
    Structure and Board 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has general oversight responsibility with respect to
    the business and affairs of the Fund. The Board is responsible
    for overseeing the operations of the Fund in accordance with the
    provisions of the 1940 Act, other applicable laws and the
    Fund&#146;s Articles of Incorporation. The Board is composed of
    six Independent Directors and one of the Independent Directors
    serves as Chairman of the Board. Generally, the Board acts by
    majority vote of all of the Directors, including a majority vote
    of the Independent Directors if required by applicable law. The
    Fund&#146;s day-to-day operations are managed by the Adviser and
    other service providers who have been approved by the Board. The
    Board meets periodically throughout the year to oversee the
    Fund&#146;s activities, review contractual arrangements with
    service providers, oversee compliance with regulatory
    requirements and review performance. The Board has determined
    that its leadership structure is appropriate given the size of
    the Board, the extensive experience of each Director with the
    Fund and the nature 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Directors were selected to serve and continue on the Board
    based upon their skills, experience, judgment, analytical
    ability, diligence, ability to work effectively with other
    Directors and a commitment to the interests of stockholders and,
    with respect to the Independent Directors, a demonstrated
    willingness to take an independent and questioning view of
    management. As a result of his substantial prior service as a
    Director of the Fund and, in several cases, as a director of
    other investment companies, each Director currently also has
    considerable familiarity with the Fund, the Adviser and the
    Administrator, and their operations, as well as the special
    regulatory requirements governing registered investment
    companies and the special responsibilities of investment company
    directors. In addition to those qualifications, the following is
    a brief summary of the specific experience, qualifications or
    skills that led to the conclusion, as of the date of this proxy
    statement, that each person identified below should serve as a
    Director for the Fund. References to the
</DIV>
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    3
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<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    qualifications, attributes and skills of the Directors are
    pursuant to requirements of the Securities and Exchange
    Commission (&#147;SEC&#148;), and do not constitute a holding
    out of the Board or any Director as having any special expertise
    and should not be considered to impose any greater
    responsibility or liability on any such person or on the Board
    by reason thereof. As required by rules the SEC has adopted
    under the 1940 Act, the Fund&#146;s Independent Directors select
    and nominate all candidates for Independent Director positions.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>M.&#160;Christopher
    Canavan,&#160;Jr.</I>&#160;&#160;Mr.&#160;Canavan is currently
    the Chairman of the Audit Committee and has served as a Director
    of the Fund since 2003. He has provided financial accounting,
    auditing and consulting services for over 40&#160;years.
    Mr.&#160;Canavan&#146;s experience includes over 27&#160;years
    of service as a partner in PricewaterhouseCoopers, LLP and its
    predecessor firms, and over 10&#160;years of service as an
    independent consultant providing financial consulting services.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Harvey Chang.</I>&#160;&#160;Mr.&#160;Chang is currently the
    Chairman of the Board and has served as a Director of the Fund
    since 2005. He had over 20&#160;years of experience in
    Taiwan&#146;s financial service industry before changing his
    career path to the high tech industry. Positions held in the
    past 15&#160;years include President and CEO of Taiwan Mobile,
    Senior Vice President and CFO of TSMC, and the Chairman of Board
    of China Securities Investment Trust&#160;Corporation.
    Mr.&#160;Chang also serves on the board of other companies
    publicly listed in Taiwan.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Michael F. Holland.</I>&#160;&#160;Mr.&#160;Holland has
    served as a Director of the Fund since 2007. He has worked in
    the investment management industry for over 40&#160;years.
    Mr.&#160;Holland&#146;s experience includes service as the
    Chairman of Holland&#160;&#038; Company (an investment
    management company), which he founded in 1995, and as the chief
    executive officer, chairman or vice chairman of other major
    U.S.&#160;asset management firms including Salomon Brothers
    Asset Management, First Boston Asset Management and
    Oppenheimer&#160;&#038; Co., Inc. He is a regular guest on
    several financial television programs and is regularly quoted in
    leading financial publications. Mr.&#160;Holland also serves on
    the boards of other charitable and listed companies.
</DIV>



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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony Kai Yiu Lo.</I>&#160;&#160;Mr.&#160;Lo has served as
    a Director of the Fund since 2003. He has worked in the
    investment management and investment banking industry for over
    30&#160;years. Mr.&#160;Lo&#146;s experience includes service as
    the founding Chairman and Co-CEO of Shanghai Century Acquisition
    Corporations, which was listed on the American Stock Exchange.
    His experience also includes his role as founder of Advantage
    Limited and Suez Asia Capital Management Co. Ltd. and his
    service as a managing director of ABN Amro Asia Ltd., HG Asia
    Ltd. and Schroders Asia Ltd. Mr.&#160;Lo also serves on the
    boards and audit committees of other companies publicly listed
    in Hong Kong and on the NASDAQ.
</DIV>



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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Joe O. Rogers.</I>&#160;&#160;Mr.&#160;Rogers has served as a
    Director of the Fund since the Fund&#146;s inception in 1986. He
    has provided business and investment consulting services for
    over 30&#160;years. Mr.&#160;Roger&#146;s experience includes
    service as the president, vice president or partner in business
    and investment consulting firms including Rogers International
    LLC, PHH Asia Corporation and PHH Fantus Consulting. He served
    as the U.S.&#160;Ambassador to the Asian Development Bank under
    President Ronald Regan. Mr.&#160;Rogers also served the
    U.S.&#160;House of Representatives in various capacities
    including Executive Director and International Relations
    Counselor of the Republican Conference and served as the chief
    economist and budget advisor to Senator William Armstrong. He
    has also lectured on economics and finance at various
    U.S.&#160;based and internationally based universities and is
    currently Visiting Professor of Finance at Fudan University in
    Shanghai. Mr.&#160;Rogers also serves on the boards of other
    listed companies.
</DIV>



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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Bing Shen.</I>&#160;&#160;Mr. Shen has served as a Director
    of the Fund since 2007. He has worked in financial services,
    including investment management, since 1973.
    Mr.&#160;Shen&#146;s experience includes his service as
    Supervisor and Chairman of the Audit Committee of CTCI
    Corporation, an engineering and construction
</DIV>
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    <BR>
    4
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<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    company listed on the Taiwan Stock Exchange, and a Special
    Observer of the Oversight Committee of DynaFund, a venture
    capital fund. His experience also includes his service at the
    World Bank, International Finance Corporation, and executive
    positions at Morgan Stanley Group, China Development Industrial
    Bank and CBID&#160;&#038; Partners Investment Holding
    Corporation. He also serves on the boards of other listed and
    private companies.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 posted on the
    Fund&#146;s website (www.thetaiwanfund.com). 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, 2010.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    Fund&#146;s Nominating Committee is composed of directors who
    are independent as independence is defined in the New York Stock
    Exchange, Inc.&#146;s listing standards, as may be modified or
    supplemented and are not interested persons of the Fund (as
    defined in Section&#160;2(a)(19) of the 1940 Act) and its
    actions are governed by the Fund&#146;s Nominating Committee
    Charter, which is posted on the Fund&#146;s website
    (www.thetaiwanfund.com). Currently, the Nominating Committee
    does not consider nominees recommended by the stockholders. The
    Nominating and Compensation Committee believes that it is not
    necessary to have such a policy because the Board has had no
    difficulty identifying qualified candidates to serve as
    directors. The Nominating Committee evaluates a candidate&#146;s
    qualifications for Board membership and the candidate&#146;s
    independence from the Fund&#146;s Adviser and other principal
    service providers. The Nominating Committee does not have
    specific minimum qualifications that must be met by candidates
    recommended by the Nominating Committee and there is not a
    specific process for identifying such candidates. In nominating
    candidates, the Nominating Committee takes into consideration
    such factors as it deems appropriate. These factors may include
    judgment, skill, diversity, experience with businesses or other
    organizations of comparable size, the interplay of the
    candidate&#146;s experience with the experience of other Board
    members, requirements of the New York Stock Exchange and the
    Securities and Exchange Commission to maintain a minimum number
    of 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. The Committee believes the
    Board generally benefits from diversity of background,
    experience and views among its members, and considers this a
    factor in evaluating the composition of the Board, but has not
    adopted any specific policy in this regard. The current members
    of the Nominating Committee are Messrs.&#160;Canavan, Chang and
    Lo. The Nominating Committee convened twice during the fiscal
    year ended August&#160;31, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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, Martin Currie Inc. The current
    Directors who are members of the Fair Valuation
</DIV>
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    <BR>
    5
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<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    Committee are Messrs.&#160;Holland, Lo and Rogers. The Fair
    Valuation Committee met once during the fiscal year ended
    August&#160;31, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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. The
    Investment Management Oversight Committee convened three times
    during the fiscal year ended August&#160;31, 2010.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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. Rogers, Holland and Shen. The Share
    Repurchase Program Committee convened did not meet during the
    fiscal year ended August&#160;31, 2010.
</DIV>


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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors of the Fund held four regular meetings
    and one special meeting during the fiscal year ended
    August&#160;31, 2010. For the fiscal year ended August&#160;31,
    2010, 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Oversight</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The day-to-day operations of the Fund, including the management
    of risk, is performed by third party service providers, such as
    the Adviser and Administrator. The Directors are responsible for
    overseeing the Fund&#146;s service providers and thus have
    oversight responsibilities with respect to risk management
    performed by those service providers. Risk management seeks to
    identify and address risks, i.e., events or circumstances that
    could have material adverse effects on the business, operations,
    stockholder services, investment performance or reputation of
    the Fund. The Fund and its service providers employ a variety of
    processes, procedures and controls to identify certain of those
    possible events or circumstances, to lessen the probability of
    their occurrence
    <FONT style="white-space: nowrap">and/or</FONT> to
    mitigate the effects of such events or circumstances if they do
    occur.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not all risks that may affect the Funds can be identified nor
    can controls be developed to eliminate or mitigate their
    occurrence or effects. It may not be practical or cost effective
    to eliminate or mitigate certain risks, the processes and
    controls employed to address certain risks may be limited in
    their effectiveness, and some risks are simply beyond the
    reasonable control of the Fund or the Adviser or other service
    providers. Moreover, it is necessary to bear certain risks (such
    as investment-related risks) to achieve a Fund&#146;s goals. As
    a result of the foregoing and other factors, the Fund&#146;s
    ability to manage risk is subject to substantial limitations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Risk oversight forms part of the Board&#146;s general oversight
    of the Fund and is addressed as part of various Board and
    Committee activities. As part of its regular oversight of the
    Fund, the Board, directly or through a Committee, interacts with
    and reviews reports from, among others, the Adviser, the
    Fund&#146;s Chief Compliance Officer and the independent
    registered public accounting firm, as appropriate, regarding
    risks faced by the Fund. The Board is responsible for overseeing
    the nature, extent and quality of the services provided to the
    Fund by the Adviser and receives information about those
    services at its regular meetings. In addition, on an annual
    basis, in connection with its consideration of whether to renew
    the Advisory Agreement, the Board meets with the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
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<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    Adviser to review the services provided. Among other things, the
    Board regularly considers the Adviser&#146;s adherence to the
    Fund&#146;s investment restrictions and compliance with various
    Fund policies and procedures and with applicable securities
    regulations. The Board has appointed a Chief Compliance Officer
    who oversees the implementation and testing of the Fund&#146;s
    compliance program and reports to the Board regarding compliance
    matters for the Fund and its service providers. The Board, with
    the assistance of the Adviser, reviews investment policies and
    risks in connection with its review of the Fund&#146;s
    performance. In addition, as part of the Board&#146;s oversight
    of the Fund&#146;s advisory and other service provider
    agreements, the Board may periodically consider risk management
    aspects of their operations and the functions for which they are
    responsible.
</DIV>

<DIV style="margin-top: 6pt; 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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 6pt; 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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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;25, 2011.
</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: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&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="3%">&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: 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">
    <B>Aggregate Dollar Range<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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of Equity Securities in<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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>All Funds Overseen or<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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>to be Overseen by<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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director or Nominee in<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>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: 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 Director or 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="bottom">
<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="bottom">
<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="bottom">
<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="bottom">
<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 align="left" valign="bottom">
<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">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joe O. Rogers
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<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: transparent">

</DIV>


<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>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    &#134;&#160;</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 $450,015
    during the fiscal year ended August&#160;31, 2010. 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the aggregate compensation from
    the Fund paid to each director during the fiscal year ended
    August&#160;31, 2010, 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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&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="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&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="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="17%" 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="left" valign="bottom">
&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>Pension or<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">
&nbsp;
</TD>
<TD>
&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="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Retirement<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>Total Compensation<BR>
    </B>
</TD>
<TD>
&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="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Benefits Accrued<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated Annual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From Fund and Fund<BR>
    </B>
</TD>
<TD>
&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="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As Part of Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Benefits Upon<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Complex Paid to<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>Name of Person</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>From Fund(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Expenses</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Directors(2)</B>
</TD>
<TD>
&nbsp;
</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: -10pt; margin-left: 10pt">
    M. Christopher Canavan, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harvey Chang
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,500
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,500
</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: -10pt; margin-left: 10pt">
    Michael F. Holland
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,500
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Benny T. Hu(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,750
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,750
</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: -10pt; margin-left: 10pt">
    Christina Liu(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Kai Yiu Lo
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</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: -10pt; margin-left: 10pt">
    Joe O. Rogers
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bing Shen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</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">
    &#151;
</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">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</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: transparent">

</DIV>

<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>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></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>


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

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Ms.&#160;Liu resigned as a director as of June&#160;24, 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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE BOARD OF DIRECTORS OF THE FUND&#160;RECOMMENDS THAT YOU VOTE
    &#147;FOR&#148; THE ELECTION OF THE SIX NOMINEES FOR DIRECTORS.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<!-- link1 "PROPOSAL 2 -- APPROVAL OF AN AMENDMENT TO THE FUND&#146;S INVESTMENT LIMITATIONS TO PERMIT THE FUND TO ENGAGE IN SECURITIES LENDING" -->
<DIV align="left"><A NAME="B85522004"></A></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;2&#160;&#151;
    APPROVAL OF AN AMENDMENT TO THE FUND&#146;S INVESTMENT<BR>
    LIMITATIONS TO PERMIT THE FUND&#160;TO ENGAGE IN SECURITIES
    LENDING</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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At a meeting of the Fund&#146;s Board of Directors held on
    January&#160;19, 2011, the Directors unanimously voted to
    approve, and to recommend that stockholders of the Fund approve
    amendment to the Fund&#146;s investment limitations to permit
    the Fund to engage in securities lending. The Fund&#146;s
    current investment limitations prevent the Fund from engaging in
    securities lending. The Fund&#146;s investment limitations are
    fundamental policies of the Fund and may not be changed without
    stockholder approval. In addition, the Fund&#146;s investment
    limitations are set forth in the By-Laws of the Fund (the
    &#147;By-Laws&#148;). Accordingly, an amendment to the
    Fund&#146;s investment limitations necessitates an amendment to
    that document as well and, if adopted, this Proposal
    (2)&#160;will authorize an identical amendment to the investment
    limitations set forth in the By-Laws. It is not anticipated that
    the approval of the Proposed Change will result in a material
    modification of the Fund&#146;s investment strategies other than
    permitting the Fund to engage in securities lending.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The text (as stated in the Fund&#146;s Statement of Additional
    Information and the By-Laws) of the Fund&#146;s investment
    limitation limiting its ability to engage in securities lending
    is set forth below. It is proposed that such text of the
    Fund&#146;s Statement of Additional Information and By-Laws be
    amended as set forth below to permit the Fund to engage in
    securities lending.
</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: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 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>Current Investment Limitation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Proposed Investment Limitation</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    The Fund will not make loans, including loans of cash or
    portfolio securities, to any person; for purposes of this
    investment restriction, the term &#147;loans&#148; shall not
    include the purchase of a portion of an issue of publicly
    distributed bonds, debentures or other securities.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Fund will not make loans to other persons except that the
    Fund may lend portfolio securities in an amount not exceeding
    33<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the Fund&#146;s net assets; for purposes of this investment
    restriction, the term &#147;loans&#148; shall not include the
    purchase of a portion of an issue of publicly distributed bonds,
    debentures or other securities.
</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: transparent">

</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks of
    Lending Portfolio 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By lending its portfolio securities, the Fund can increase its
    income by continuing to receive interest or dividends on the
    loaned securities in the form of substitute payments, by
    investing any cash collateral in short-term instruments or by
    obtaining a fee paid by the borrower when securities are used as
    collateral. The Fund observes the following guidelines whenever
    it lends its securities: (1)&#160;the Fund must initially
    receive at least 102% cash collateral or equivalent securities
    from the borrower for U.S.&#160;securities and 105% cash
    collateral or equivalent securities from the borrower for
    foreign securities; (2)&#160;the borrower must increase the
    collateral whenever the market value of the securities loaned
    rises above the level of the value of the collateral;
    (3)&#160;the Fund must be able to terminate the loan at any
    time; (4)&#160;the Fund must receive reasonable compensation on
    the loan, as well as substitute payments for any dividends,
    interest or other distributions on the loaned securities;
    (5)&#160;the Fund may pay only reasonable lending agent and
    custodian fees in connection with the loan; and (6)&#160;the
    Fund does not have the right to vote securities while they are
    being lent; however, the Fund may attempt to call back the loan
    for material events and vote the proxy if time permits.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the borrower defaults on its obligation to return the
    securities loaned because of insolvency or other reasons, the
    Fund could experience delays and costs in recovering the
    securities loaned or in gaining access to the collateral. If the
    Fund is not able to recover the securities loaned, the Fund may
    sell the collateral and purchase a replacement investment in the
    market. The value of the collateral could decrease below the
    value of the replacement security by the time the replacement
    investment is purchased. Loans will be made only to parties
    deemed by the securities lending agent to have the ability to
    perform as a borrower and when, 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: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    Adviser&#146;s judgment, the income earned would justify the
    risks. Cash received as collateral through loan transactions may
    be invested in other securities eligible for purchase by the
    Fund. Cash collateral may be invested in unaffiliated money
    market funds. The investment of cash collateral subjects that
    investment, as well as the securities loaned, to the risk of
    market depreciation. The Fund is obligated to return the
    collateral to the borrower at the termination of the loan. The
    Fund could suffer a loss in the event the Fund must return the
    cash collateral and there are losses on investments made with
    cash collateral.
</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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Approval of an amendment to the Fund&#146;s investment
    limitations to permit the Fund to engage in securities lending
    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 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 amendment. The Fund will continue under its current
    investment limitations if this proposal is not approved by the
    stockholders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE BOARD OF DIRECTORS OF THE FUND&#160;RECOMMENDS THAT YOU VOTE
    &#147;FOR&#148; THE AMENDMENT TO THE FUND&#146;S INVESTMENT
    LIMITATIONS TO PERMIT THE FUND&#160;TO ENGAGE IN SECURITIES
    LENDING.
</DIV>


<!-- link1 "GENERAL INFORMATION" -->
<DIV align="left"><A NAME="B85522005"></A></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: transparent">

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

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information concerning the officers
    of the Fund.
</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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&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="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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 colspan="2" nowrap align="center" valign="bottom">
    <B>Officer<BR>
    </B>
</TD>
<TD>
&nbsp;
</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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    *Jamie Skinner (50)<BR>
    Martin Currie Investment Management Limited<BR>
    Saltire Court<BR>
    20 Castle Terrace<BR>
    Edinburgh, EH12ES<BR>
    Scotland
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Head of Client Services, Martin Currie Investment
    Management Limited (October 2004-present); President, The China
    Fund, Inc. (2009-present); President, Martin Currie Business
    Trust (2010-present).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    *Chris Ruffle (52)<BR>
    Martin Currie Investment Management Limited<BR>
    20 Castle Terrace<BR>
    Edinburgh, EH12ES<BR>
    Scotland
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</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); Vice
    President, The China Fund, Inc. (2008-present).
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->


<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&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="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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 colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&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 colspan="2" nowrap align="center" valign="bottom">
    <B>Officer<BR>
    </B>
</TD>
<TD>
&nbsp;
</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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Richard F. Cook, Jr. (60)<BR>
    Foreside Compliance Services, LLC<BR>
    Three Canal Plaza, Suite&#160;100<BR>
    Portland, ME 04101
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Chief Compliance<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2007
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</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); Managing Member of
    Northlake, LLC (2002-present).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Tracie A. Coop (34)<BR>
    4 Copley Place, 5th&#160;Floor<BR>
    Boston,<BR>
    MA 02116
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</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>
<TR valign="bottom">
<TD align="left" valign="top">
    Cynthia Morse-Griffin (35)<BR>
    Foreside Management Services, LLC<BR>
    Three Canal Plaza, Suite&#160;100<BR>
    Portland, ME 04101
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fund Principal Financial Officer, Foreside Management Services,
    LLC (2008-present); Assistant Vice President, Citigroup Fund
    Services, LLC (2001-2008).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    William C. Cox (44)<BR>
    4 Copley Place,
    5<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;Floor,<BR>

    Boston, MA 02116
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2009
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Senior Director, State Street Bank and Trust
    Company (1997-present).
</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: transparent">

</DIV>

<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>



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

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

<TR>
    <TD align="right" valign="top">
    *&#160;</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 or of the Adviser.</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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Audit Committee has reviewed and discussed the Fund&#146;s
    audited financial statements for the fiscal year ended
    August&#160;31, 2010 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;)
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- 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: transparent">
    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, 2010 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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    M. Christopher Canavan, Jr., <I>Chairman of the Audit
    Committee</I>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Joe O. Rogers, <I>Member of the Audit Committee</I>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony Kai Yiu Lo, <I>Member of the Audit Committee</I>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Michael F. Holland, <I>Member of the Audit Committee</I>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bing Shen, <I>Member of the Audit Committee</I>
</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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Audit Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2010 and August&#160;31, 2009, 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Audit-Related Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2010 and August&#160;31, 2009, Tait Weller
    billed the Fund aggregate fees of US$6,800 and US$6,800,
    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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Tax Fees.</I>&#160;&#160;For the fiscal years ended
    August&#160;31, 2010 and August&#160;31, 2009, 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <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>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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, 2010 and August&#160;31, 2009 were
    pre-approved by the Audit Committee. For the fiscal years ended
    August&#160;31, 2010 and August&#160;31, 2009, 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>
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    <BR>
    12
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<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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, 2010 and August&#160;31, 2009.
</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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    March&#160;4, 2011.
</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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</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 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 nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" 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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Beneficial Owner</B>
</DIV>
</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 nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Class</B>
</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: -10pt; margin-left: 10pt">
    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">
    18,536,257
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    99.79%
</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: transparent">

</DIV>



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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</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 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 nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" 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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Beneficial Owner</B>
</DIV>
</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 nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Class</B>
</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: -10pt; margin-left: 10pt">
    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<BR>
    dispose of 6,217,116&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    33.40%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    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<BR>
    dispose of 6,942,008&#160;shares.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    21.23%
</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: transparent">

</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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 applicable
    filing requirements with one exception.
</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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 to assist in the proxy solicitation.
    The total cost of proxy solicitation services, including legal
    and printing fees, is estimated at $40,000, plus out-of-pocket
    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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
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<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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;25, 2011, 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<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: transparent">

    <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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to submit a stockholder proposal to be considered for
    inclusion in the Fund&#146;s proxy statement for the Fund&#146;s
    2012 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 November&#160;12, 2011. 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, Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049),</FONT>
    not before January&#160;26, 2012 and not later than
    February&#160;25, 2012.
</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: transparent">
    By order of the Board of Directors,
</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: transparent">
    <FONT style="font-variant: SMALL-CAPS">Tracie A. Coop
    </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: transparent">
    <I>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: transparent">
    <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: transparent">
    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: transparent">
    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: transparent">
    Boston, Massachusetts
    <FONT style="white-space: nowrap">02206-5049</FONT>
</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: transparent">
    March&#160;11, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>

<DIV style="FONT-FAMILY: Helvetica,Arial,sans-serif">

<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 12pt; margin-left: 19%; margin-top: 30pt"><B>THE TAIWAN FUND, INC.</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 20pt; margin-left: 3%"><IMG src="b85522a1b8552202.gif" alt="(BAR CODE)">
</DIV>

<DIV align="center" style="margin-top: 110pt; margin-left: 3%">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Using a <U><B>black ink</B></U> pen, mark
your votes with an <b>X</b> as shown in</font><br>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#120;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 48%">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b85522a1b8552201.gif" alt="(BAR CODE)"><br><br><br><IMG src="b85522a1b8552203.gif" alt="(BAR CODE)">
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 3pt"><B>Electronic Voting Instructions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><B>You can vote by
Internet or telephone!<br>
Available 24 hours a day,
7&nbsp;days a week!</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Instead of mailing your proxy, you
may choose one of the two voting<BR>
methods outlined below to vote your
proxy.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">VALIDATION DETAILS ARE LOCATED BELOW
IN THE TITLE BAR.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt"><B>Proxies submitted by the Internet or
telephone must be received by <BR>1:00 a.m., Central Time, on April&nbsp;25, 2011.</B>
</DIV>

<DIV align="center" style="margin-top: -5pt">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="b85522a1b8552204.gif" alt="(INTERNET LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" rowspan="3"><FONT STYLE="font-size: 9pt"><B>Vote by Internet</B></FONT>
<DIV style="margin-left:21px; text-indent:-21px">&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;Log on to the Internet and go to</DIV>
<DIV style="margin-left:21px; text-indent:-21px">&nbsp;&nbsp;&nbsp;<B>&nbsp;</B>&nbsp;&nbsp;&nbsp;<B>www.envisionreports.com/TWN</B></DIV>
<DIV style="margin-left:21px; text-indent:-21px; margin-top: 3pt">&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;Follow the steps outlined on the secured website.</DIV>
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="b85522a1b8552205.gif" alt="(TELEPHONE LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="3"><FONT STYLE="font-size: 9pt"><B>Vote by telephone</B></FONT>
<DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;Call toll free 1-800-652-VOTE (8683)&nbsp;within the USA,<BR>&nbsp;&nbsp; US territories &#038; Canada any time on a
touch tone <BR>&nbsp;&nbsp;&nbsp;telephone. There is <B>NO CHARGE </B>to you for the call.</DIV>
<DIV style="margin-left:21px; text-indent:-21px; margin-top: 3pt">&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;Follow the instructions provided by the recorded message.</DIV>

</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>
<BR clear="all"><BR>


<DIV align=center>
<TABLE style="FONT-SIZE: 8pt" cellSpacing=0 cellPadding=0 width="97%" border=0><!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="60%"></TD>
    <TD width="2%"></TD>
    <TD width="38%"></TD>
    <TD width="5%"></TD></TR>
<!-- End Table Head --><!-- Begin Table Body -->

  <TR style="BACKGROUND: #e7e7e8" vAlign=bottom>
    <TD style="BORDER-TOP: #000000 3px solid; BORDER-BOTTOM: #000000 3px solid; padding-top: 2pt; padding-bottom: 2pt" vAlign=middle noWrap align=left colspan=2><FONT style="FONT-SIZE: 12pt" face=arial><B>Annual Meeting Proxy
    Card</B></FONT></TD>
<td align="center" colspan="2" style="BORDER-TOP: #000000 3px solid; BORDER-BOTTOM: #000000 3px solid; padding-top: 2pt; padding-bottom: 2pt"><IMG src="b85522a1b8552206.gif" alt="(NUMBER)"></td>

</TR>
  <TR>
    <TD style="FONT-SIZE: 3pt" vAlign=top align=left>&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>


<DIV style="MARGIN-TOP: 3pt; FONT-SIZE: 6pt; MARGIN-LEFT: 2%" align=center><FONT style="FONT-SIZE: 9pt">&#9660;</FONT> <B>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.</B>&nbsp;<FONT style="FONT-SIZE: 9pt">&#9660;</FONT></DIV>




<DIV align=center>
<DIV style="BORDER-TOP: #EC008C 2px dashed; MARGIN-TOP: 3pt; FONT-SIZE: 3pt; WIDTH: 100%"></DIV></DIV>
<DIV align=center>

<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 1%" align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="97%" border=0>
  <TR vAlign=bottom>
    <TD colSpan=2 valign="top">

<DIV style="BACKGROUND: #000000; WIDTH: 1%"><FONT color=#ffffff><FONT style="FONT-SIZE: 10pt">&nbsp;<B>A</B></FONT>&nbsp;</FONT></DIV></TD>
    <TD align=left width="97%"><FONT style="FONT-SIZE: 10pt"><B>Proposals  &#151; The Board
      of Directors recommends a vote <U>FOR</U> all the nominees
listed and <U>FOR</U> Proposal 2.</B></FONT>
  </TD></TR></TABLE></DIV>



<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="96%" border=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 3pt" vAlign=bottom>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
  <TR style="FONT-SIZE: 7pt" vAlign=bottom>
    <TD noWrap align=left>1.</TD>
    <TD noWrap align=left>Election of Directors:</TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>Withhold</B></TD>
    <TD noWrap Align=center>&nbsp;</TD>
    <TD noWrap Align=center><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>Withhold</B></TD>

    <TD noWrap Align=center><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>

    <TD noWrap Align=center>&nbsp;</TD>
    <TD noWrap Align=center><b>For</b></TD>
    <TD noWrap Align=center><B>Withhold</B></TD>

<TD noWrap Align=center><B>&nbsp;</B></TD>
<TD noWrap Align=center>&nbsp;</TD>

<TD noWrap Align=center><B></B></TD>
    <TD>&nbsp;</TD>

    <TD noWrap Align=center>&nbsp;</TD>

    <TD style="FONT-SIZE: 26pt" vAlign=top Align=center rowSpan=3><B>+</B>&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top><DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
</TR>

  <TR vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD vAlign=middle nowrap>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">01 - Harvey Chang*
    </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle noWrap align=left>02 - Michael F. Holland*</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>
    <TD>&nbsp;</TD>

    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>


    <TD>&nbsp;</TD>


    <TD vAlign=middle nowrap>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">03 - Joe O. Rogers*
    </DIV></TD>

    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>



    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
  <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top><DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
</TR>

  <TR vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD vAlign=middle>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">04 - Bing Shen*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=middle noWrap align=left>05 - M. Christopher<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canavan, Jr.*</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>
    <TD>&nbsp;</TD>

    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>


    <TD>&nbsp;</TD>
    <TD vAlign=middle noWrap align=left>06 - Anthony Kai Yiu Lo*</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>

    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt" face=Wingdings>&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
  <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD vAlign=top><DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
</TR>



  <TR>
    <TD colSpan=12></TD></TR>
  <TR>
    <TD colSpan=12></TD>
  <TR>
    <TD colSpan=12></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colSpan=15>*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: 7pt" cellSpacing=0 cellPadding=0 width="96%" border=0>
<!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD Align=center width="2%">&nbsp;</TD>
    <TD Align=center width="12%">&nbsp;</TD>
</TR>

  <TR style="FONT-SIZE: 7pt" vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>Against</B></TD>
    <TD>&nbsp;</TD>
    <TD noWrap Align=center><B>Abstain</B></TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD noWrap Align=center></TD>
    <TD noWrap Align=center ></TD>
    <TD noWrap Align=center></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR style="FONT-SIZE: 3pt" vAlign=bottom><!-- Blank Space -->
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top align=left></TD>
    <TD vAlign=top align=left ></TD>
    <TD vAlign=top align=left></TD>
    <TD vAlign=top align=left></TD>
    <TD vAlign=top align=left></TD>
    <TD vAlign=top align=left></TD>
    <TD vAlign=top Align=center width="1%"></TD>
    <TD vAlign=top Align=center width="5%">&nbsp;</TD></TR>
  <TR style="FONT-SIZE: 7pt" vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">2. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left><Div align="justify">The approval of an amendment to the Fund&#146;s
   investment limitations to permit the Fund to engage
   in securities lending.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt"        face=Wingdings>o</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt"        face=Wingdings>o</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center><FONT style="FONT-SIZE: 17pt"        face=Wingdings>o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 7pt" vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="FONT-SIZE: 7pt" vAlign=top align=left colspan="3"><Div align="justify">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>

  <TR vAlign=bottom><!-- Blank Space -->
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left width="30%">&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top Align=center width="1%"></TD>
    <TD vAlign=top Align=center width="5%">&nbsp;</TD></TR>
  <TR vAlign=bottom><!-- Blank Space -->
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top Align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left width="30%">&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD vAlign=top Align=center width="1%"></TD>
    <TD vAlign=top Align=center width="5%">&nbsp;</TD></TR>

<!-- End Table Body --></TABLE></DIV>

<DIV style="MARGIN-LEFT: 2%" align=left>
<TABLE style="FONT-SIZE: 8pt" cellSpacing=0 cellPadding=0 width="97%" border=0><!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT style="FONT-SIZE: 10pt; BACKGROUND: #000000; COLOR: #ffffff">&nbsp;<B>B</B>&nbsp;</FONT><B><FONT style="FONT-SIZE: 10pt">&nbsp;Non-Voting Items</FONT></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><B>Change of Address &#151;
      </B>Please print new address below.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><B>Comments &#151;
      </B>Please print your comments below.</DIV></TD>
<TR valign="bottom" style="FONT-SIZE: 1pt"><!-- Blank Space -->
<td></td>
</tr>


  <TR style="FONT-SIZE: 30px">
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
 <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;</DIV></TD>

</TR><!-- End Table Body --></TABLE></DIV>
<DIV style="MARGIN-TOP: 6pt; MARGIN-LEFT: 1%" align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="97%" border=0>
  <TR vAlign=bottom>
    <TD colSpan=2>
      <DIV style="BACKGROUND: #000000; WIDTH: 1%"><FONT color=#ffffff><FONT style="FONT-SIZE: 10pt">&nbsp;<B>C</B></FONT>&nbsp;</FONT></DIV></TD>
    <TD noWrap align=left width="97%"><FONT        style="FONT-SIZE: 10pt"><B>Authorized Signatures &#151; This section must be
      completed for your vote to be counted. &#151; Date and Sign Below</B></FONT>
  </TD></TR></TABLE></DIV>
<DIV style="MARGIN-TOP: 3pt; FONT-SIZE: 8pt; MARGIN-LEFT: 2%" align=left>Please sign exactly as your name(s) appear(s). When signing as attorney, executor,
administrator, trustee or guardian, please give your full title as such.</DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 7pt" cellSpacing=0 cellPadding=0 width="96%" border=0><!-- Begin Table Head -->

  <TR style="FONT-SIZE: 6pt" vAlign=bottom>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left>
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">Date (mm/dd/yyyy) &#151; Please
      print date below. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>Signature 1 &#151; Please keep signature within the
      box. </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>Signature 2 &#151; Please keep signature within the
      box.</TD></TR>
<TR valign="bottom" style="FONT-SIZE: 1pt"><!-- Blank Space -->
<td></td>
</tr>


  <TR style="FONT-SIZE: 20pt" vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"      align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR><!-- End Table Body --></TABLE></DIV>
<DIV style="MARGIN-LEFT: 2%" align=left>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0 width="97%" border=0><!-- Begin Table Head -->

  <TR vAlign=bottom>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR vAlign=bottom>
    <TD vAlign=top colspan="2">
      <DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><IMG alt="(BAR CODE)" src="b85522a1b8552207.gif"> </DIV></TD>

    <TD style="FONT-SIZE: 26pt" vAlign=top Align=center rowSpan=3><B>+</B>&nbsp;</TD>



    </TR><!-- End Table Body --></TABLE></DIV>



</DIV>
<P style="FONT-SIZE: 10pt" align=center><!-- Folio --><!-- /Folio --></P></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#B85522toc">Table of Contents</A></H5><P>



<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 6pt; margin-top: 350pt"><FONT style="FONT-SIZE: 9pt">&#9660;</FONT><B>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.
<FONT style="FONT-SIZE: 9pt">&#9660;</FONT></B>
</DIV>


<DIV align="Center" style="font-size: 1pt; margin-top: 3pt"><DIV style="width: 100%; border-bottom: 2px dashed #EC008C; FONT-size: 1px"></DIV>
</DIV>

<DIV style="margin-left: 2%; margin-right: 2%">


<DIV align="left" style="font-size: 10pt; margin-top: 40pt">&nbsp;</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 3pt"><B>Proxy &#151; THE TAIWAN FUND, INC.</B>
</DIV>

<DIV align="left" style="font-size: 14pt; margin-top: 3pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 6pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS <BR>
ANNUAL MEETING OF STOCKHOLDERS &#150; APRIL 25, 2011
</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The undersigned hereby appoints Joe O. Rogers, William Cox and Tracie A. Coop, 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
52nd Street, New York, New York 10019, on Monday, April 25, 2011 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 the approval of an
amendment to the Fund's investment limitations to permit the Fund to engage in securities lending
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 11, 2011.

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">PLEASE VOTE, DATE AND SIGN ON OTHER SIDE AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.
</DIV>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
