AMEND
MENT TO
INVESTMENT
ADVISORY
AGREEMENT
This AMENDMENT to the Investment
Advisory Agreement dated as of September 23,
2014 between THE TAIWAN FUND, INC., a
Maryland corporation of Two Avenue De
Lafayette, PO Box 5049 (02206-5049), Xxxxxx
XX 00000 (herein referred to as the "Fund"),
and JF INTERNATIONAL MANAGEMENT,
INC., a corporation organized in the British
Virgin Islands with principal place of business
at 00xx Xxxxx, Xxxxxx Xxxxx, 0 Xxxxxxxxx Xxxx,
Xxxxxxx, Xxxx Xxxx (herein referred to as the
Adviser) (the Agreement) is entered into
effective as of September 1, 2018.
WHERRAS, the Adviser proposes to change
advisory fee; and
WHEREAS, the Fund accepts the proposed
change to such fee.
Capitalized terms used in this Amendment and
not otherwise defined herein shall have the
meanings specified for such terms in the
Agreement.
NOW, THEREFORE, the Fund and the Adviser
agree to modify the Agreement as follows:
1. Section 4. Section 4 of the Agreement
shall be deleted in its entirety and
replaced by the following:
4. The Fund agrees to pay to the Adviser in
United States dollars, as full compensation for
the services to be rendered and expenses to be
borne by the Adviser hereunder, a monthly fee
which, on an annual basis, is equal to 0.75% per
annum of the value of the Fund's average daily
net assets. All fees and charges payable by the
Fund under this Agreement are exclusive of any
taxes and shall be paid free of withholding or
deduction. If there are any taxes imposed on the
remuneration of the Adviser, then the
remuneration will be grossed up accordingly
such that the Adviser will receive an amount for
remuneration as if the taxes were not imposed.
The fees payable to the Adviser shall be
computed and accrued daily and paid monthly.
If the Adviser shall serve for less than any whole
month, the foregoing compensation shall be
prorated.
The value of the net assets of the Fund shall be
detem1ined pursuant to the applicable
provisions of the valuation policies of the Fund,
as amended from time to time.
2. Ratification. Except as modified and
amended hereby, the Agreement is
hereby ratified and confirmed in full
force and effect in accordance with its
terms.
Signature Page to Follow
IN WITNESS WHEREOF, the parties
have executed and delivered this Amendment with
the effective date set forth above.
THE TAIWAN FUND, INC.
By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: Chairman
JF INTERNATIONAL MANAGEMENT INC.
By: /s/ Xxxxxxxxxxx Xxxxxxx
Name: Xxxxxxxxxxx Xxxxxxx
Title: Director
